Analysis of Reportable Segments
Starbucks Corp. operates in 3 segments: North America; International; and Channel Development.
Segment Profit Margin
Starbucks Corp., profit margin by reportable segment
| Oct 1, 2023 | Oct 2, 2022 | Oct 3, 2021 | Sep 27, 2020 | Sep 29, 2019 | Sep 30, 2018 | |
|---|---|---|---|---|---|---|
| North America | 20.68% | 19.20% | 20.83% | 11.06% | 20.56% | 21.60% |
| International | 16.44% | 12.01% | 18.00% | 7.09% | 16.00% | 16.82% |
| Channel Development | 51.09% | 44.33% | 49.52% | 35.70% | 35.00% | 40.36% |
Based on: 10-K (reporting date: 2023-10-01), 10-K (reporting date: 2022-10-02), 10-K (reporting date: 2021-10-03), 10-K (reporting date: 2020-09-27), 10-K (reporting date: 2019-09-29), 10-K (reporting date: 2018-09-30).
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | North America | North America segment profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level. |
| International | International segment profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level. | |
| Channel Development | Channel Development segment profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |
Segment Profit Margin: North America
Starbucks Corp.; North America; segment profit margin calculation
| Oct 1, 2023 | Oct 2, 2022 | Oct 3, 2021 | Sep 27, 2020 | Sep 29, 2019 | Sep 30, 2018 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Operating income (loss) | 5,495,700) | 4,486,500) | 4,259,300) | 1,801,700) | 3,728,100) | 3,614,400) |
| Total net revenues | 26,569,600) | 23,370,800) | 20,447,900) | 16,296,200) | 18,130,400) | 16,732,200) |
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | 20.68% | 19.20% | 20.83% | 11.06% | 20.56% | 21.60% |
Based on: 10-K (reporting date: 2023-10-01), 10-K (reporting date: 2022-10-02), 10-K (reporting date: 2021-10-03), 10-K (reporting date: 2020-09-27), 10-K (reporting date: 2019-09-29), 10-K (reporting date: 2018-09-30).
1 2023 Calculation
Segment profit margin = 100 × Operating income (loss) ÷ Total net revenues
= 100 × 5,495,700 ÷ 26,569,600 = 20.68%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | North America | North America segment profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level. |
Segment Profit Margin: International
Starbucks Corp.; International; segment profit margin calculation
| Oct 1, 2023 | Oct 2, 2022 | Oct 3, 2021 | Sep 27, 2020 | Sep 29, 2019 | Sep 30, 2018 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Operating income (loss) | 1,230,900) | 833,200) | 1,245,700) | 370,600) | 1,011,300) | 928,900) |
| Total net revenues | 7,487,600) | 6,940,100) | 6,921,600) | 5,230,600) | 6,319,300) | 5,521,600) |
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | 16.44% | 12.01% | 18.00% | 7.09% | 16.00% | 16.82% |
Based on: 10-K (reporting date: 2023-10-01), 10-K (reporting date: 2022-10-02), 10-K (reporting date: 2021-10-03), 10-K (reporting date: 2020-09-27), 10-K (reporting date: 2019-09-29), 10-K (reporting date: 2018-09-30).
1 2023 Calculation
Segment profit margin = 100 × Operating income (loss) ÷ Total net revenues
= 100 × 1,230,900 ÷ 7,487,600 = 16.44%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | International | International segment profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level. |
Segment Profit Margin: Channel Development
Starbucks Corp.; Channel Development; segment profit margin calculation
| Oct 1, 2023 | Oct 2, 2022 | Oct 3, 2021 | Sep 27, 2020 | Sep 29, 2019 | Sep 30, 2018 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Operating income (loss) | 967,600) | 817,300) | 789,100) | 687,200) | 697,500) | 927,100) |
| Total net revenues | 1,893,800) | 1,843,600) | 1,593,600) | 1,925,000) | 1,992,600) | 2,297,300) |
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | 51.09% | 44.33% | 49.52% | 35.70% | 35.00% | 40.36% |
Based on: 10-K (reporting date: 2023-10-01), 10-K (reporting date: 2022-10-02), 10-K (reporting date: 2021-10-03), 10-K (reporting date: 2020-09-27), 10-K (reporting date: 2019-09-29), 10-K (reporting date: 2018-09-30).
1 2023 Calculation
Segment profit margin = 100 × Operating income (loss) ÷ Total net revenues
= 100 × 967,600 ÷ 1,893,800 = 51.09%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Channel Development | Channel Development segment profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |
Segment Return on Assets (Segment ROA)
Starbucks Corp., ROA by reportable segment
| Oct 1, 2023 | Oct 2, 2022 | Oct 3, 2021 | Sep 27, 2020 | Sep 29, 2019 | Sep 30, 2018 | |
|---|---|---|---|---|---|---|
| North America | 50.56% | 44.73% | 40.29% | 16.81% | 83.84% | 82.50% |
| International | 15.30% | 9.69% | 12.35% | 3.92% | 15.04% | 14.93% |
| Channel Development | 512.50% | 626.28% | 629.27% | 416.48% | 527.61% | 625.57% |
Based on: 10-K (reporting date: 2023-10-01), 10-K (reporting date: 2022-10-02), 10-K (reporting date: 2021-10-03), 10-K (reporting date: 2020-09-27), 10-K (reporting date: 2019-09-29), 10-K (reporting date: 2018-09-30).
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | North America | North America segment ROA improved from 2021 to 2022 and from 2022 to 2023. |
| International | International segment ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. | |
| Channel Development | Channel Development segment ROA deteriorated from 2021 to 2022 and from 2022 to 2023. |
Segment ROA: North America
Starbucks Corp.; North America; segment ROA calculation
| Oct 1, 2023 | Oct 2, 2022 | Oct 3, 2021 | Sep 27, 2020 | Sep 29, 2019 | Sep 30, 2018 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Operating income (loss) | 5,495,700) | 4,486,500) | 4,259,300) | 1,801,700) | 3,728,100) | 3,614,400) |
| Total assets | 10,869,100) | 10,029,900) | 10,571,800) | 10,717,400) | 4,446,700) | 4,380,900) |
| Segment Profitability Ratio | ||||||
| Segment ROA1 | 50.56% | 44.73% | 40.29% | 16.81% | 83.84% | 82.50% |
Based on: 10-K (reporting date: 2023-10-01), 10-K (reporting date: 2022-10-02), 10-K (reporting date: 2021-10-03), 10-K (reporting date: 2020-09-27), 10-K (reporting date: 2019-09-29), 10-K (reporting date: 2018-09-30).
1 2023 Calculation
Segment ROA = 100 × Operating income (loss) ÷ Total assets
= 100 × 5,495,700 ÷ 10,869,100 = 50.56%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | North America | North America segment ROA improved from 2021 to 2022 and from 2022 to 2023. |
Segment ROA: International
Starbucks Corp.; International; segment ROA calculation
| Oct 1, 2023 | Oct 2, 2022 | Oct 3, 2021 | Sep 27, 2020 | Sep 29, 2019 | Sep 30, 2018 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Operating income (loss) | 1,230,900) | 833,200) | 1,245,700) | 370,600) | 1,011,300) | 928,900) |
| Total assets | 8,045,300) | 8,602,800) | 10,083,300) | 9,449,700) | 6,724,600) | 6,219,900) |
| Segment Profitability Ratio | ||||||
| Segment ROA1 | 15.30% | 9.69% | 12.35% | 3.92% | 15.04% | 14.93% |
Based on: 10-K (reporting date: 2023-10-01), 10-K (reporting date: 2022-10-02), 10-K (reporting date: 2021-10-03), 10-K (reporting date: 2020-09-27), 10-K (reporting date: 2019-09-29), 10-K (reporting date: 2018-09-30).
1 2023 Calculation
Segment ROA = 100 × Operating income (loss) ÷ Total assets
= 100 × 1,230,900 ÷ 8,045,300 = 15.30%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | International | International segment ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |
Segment ROA: Channel Development
Starbucks Corp.; Channel Development; segment ROA calculation
| Oct 1, 2023 | Oct 2, 2022 | Oct 3, 2021 | Sep 27, 2020 | Sep 29, 2019 | Sep 30, 2018 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Operating income (loss) | 967,600) | 817,300) | 789,100) | 687,200) | 697,500) | 927,100) |
| Total assets | 188,800) | 130,500) | 125,400) | 165,000) | 132,200) | 148,200) |
| Segment Profitability Ratio | ||||||
| Segment ROA1 | 512.50% | 626.28% | 629.27% | 416.48% | 527.61% | 625.57% |
Based on: 10-K (reporting date: 2023-10-01), 10-K (reporting date: 2022-10-02), 10-K (reporting date: 2021-10-03), 10-K (reporting date: 2020-09-27), 10-K (reporting date: 2019-09-29), 10-K (reporting date: 2018-09-30).
1 2023 Calculation
Segment ROA = 100 × Operating income (loss) ÷ Total assets
= 100 × 967,600 ÷ 188,800 = 512.50%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Channel Development | Channel Development segment ROA deteriorated from 2021 to 2022 and from 2022 to 2023. |
Segment Asset Turnover
Starbucks Corp., asset turnover by reportable segment
| Oct 1, 2023 | Oct 2, 2022 | Oct 3, 2021 | Sep 27, 2020 | Sep 29, 2019 | Sep 30, 2018 | |
|---|---|---|---|---|---|---|
| North America | 2.44 | 2.33 | 1.93 | 1.52 | 4.08 | 3.82 |
| International | 0.93 | 0.81 | 0.69 | 0.55 | 0.94 | 0.89 |
| Channel Development | 10.03 | 14.13 | 12.71 | 11.67 | 15.07 | 15.50 |
Based on: 10-K (reporting date: 2023-10-01), 10-K (reporting date: 2022-10-02), 10-K (reporting date: 2021-10-03), 10-K (reporting date: 2020-09-27), 10-K (reporting date: 2019-09-29), 10-K (reporting date: 2018-09-30).
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | North America | North America segment asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023. |
| International | International segment asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023. | |
| Channel Development | Channel Development segment asset turnover ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Segment Asset Turnover: North America
Starbucks Corp.; North America; segment asset turnover calculation
| Oct 1, 2023 | Oct 2, 2022 | Oct 3, 2021 | Sep 27, 2020 | Sep 29, 2019 | Sep 30, 2018 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Total net revenues | 26,569,600) | 23,370,800) | 20,447,900) | 16,296,200) | 18,130,400) | 16,732,200) |
| Total assets | 10,869,100) | 10,029,900) | 10,571,800) | 10,717,400) | 4,446,700) | 4,380,900) |
| Segment Activity Ratio | ||||||
| Segment asset turnover1 | 2.44 | 2.33 | 1.93 | 1.52 | 4.08 | 3.82 |
Based on: 10-K (reporting date: 2023-10-01), 10-K (reporting date: 2022-10-02), 10-K (reporting date: 2021-10-03), 10-K (reporting date: 2020-09-27), 10-K (reporting date: 2019-09-29), 10-K (reporting date: 2018-09-30).
1 2023 Calculation
Segment asset turnover = Total net revenues ÷ Total assets
= 26,569,600 ÷ 10,869,100 = 2.44
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | North America | North America segment asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023. |
Segment Asset Turnover: International
Starbucks Corp.; International; segment asset turnover calculation
| Oct 1, 2023 | Oct 2, 2022 | Oct 3, 2021 | Sep 27, 2020 | Sep 29, 2019 | Sep 30, 2018 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Total net revenues | 7,487,600) | 6,940,100) | 6,921,600) | 5,230,600) | 6,319,300) | 5,521,600) |
| Total assets | 8,045,300) | 8,602,800) | 10,083,300) | 9,449,700) | 6,724,600) | 6,219,900) |
| Segment Activity Ratio | ||||||
| Segment asset turnover1 | 0.93 | 0.81 | 0.69 | 0.55 | 0.94 | 0.89 |
Based on: 10-K (reporting date: 2023-10-01), 10-K (reporting date: 2022-10-02), 10-K (reporting date: 2021-10-03), 10-K (reporting date: 2020-09-27), 10-K (reporting date: 2019-09-29), 10-K (reporting date: 2018-09-30).
1 2023 Calculation
Segment asset turnover = Total net revenues ÷ Total assets
= 7,487,600 ÷ 8,045,300 = 0.93
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | International | International segment asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023. |
Segment Asset Turnover: Channel Development
Starbucks Corp.; Channel Development; segment asset turnover calculation
| Oct 1, 2023 | Oct 2, 2022 | Oct 3, 2021 | Sep 27, 2020 | Sep 29, 2019 | Sep 30, 2018 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Total net revenues | 1,893,800) | 1,843,600) | 1,593,600) | 1,925,000) | 1,992,600) | 2,297,300) |
| Total assets | 188,800) | 130,500) | 125,400) | 165,000) | 132,200) | 148,200) |
| Segment Activity Ratio | ||||||
| Segment asset turnover1 | 10.03 | 14.13 | 12.71 | 11.67 | 15.07 | 15.50 |
Based on: 10-K (reporting date: 2023-10-01), 10-K (reporting date: 2022-10-02), 10-K (reporting date: 2021-10-03), 10-K (reporting date: 2020-09-27), 10-K (reporting date: 2019-09-29), 10-K (reporting date: 2018-09-30).
1 2023 Calculation
Segment asset turnover = Total net revenues ÷ Total assets
= 1,893,800 ÷ 188,800 = 10.03
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Channel Development | Channel Development segment asset turnover ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Total net revenues
Starbucks Corp., total net revenues by reportable segment
US$ in thousands
| Oct 1, 2023 | Oct 2, 2022 | Oct 3, 2021 | Sep 27, 2020 | Sep 29, 2019 | Sep 30, 2018 | |
|---|---|---|---|---|---|---|
| North America | 26,569,600) | 23,370,800) | 20,447,900) | 16,296,200) | 18,130,400) | 16,732,200) |
| International | 7,487,600) | 6,940,100) | 6,921,600) | 5,230,600) | 6,319,300) | 5,521,600) |
| Channel Development | 1,893,800) | 1,843,600) | 1,593,600) | 1,925,000) | 1,992,600) | 2,297,300) |
| Corporate and Other | 24,600) | 95,800) | 97,500) | 66,200) | 66,300) | 168,400) |
| Total | 35,975,600) | 32,250,300) | 29,060,600) | 23,518,000) | 26,508,600) | 24,719,500) |
Based on: 10-K (reporting date: 2023-10-01), 10-K (reporting date: 2022-10-02), 10-K (reporting date: 2021-10-03), 10-K (reporting date: 2020-09-27), 10-K (reporting date: 2019-09-29), 10-K (reporting date: 2018-09-30).
Operating income (loss)
Starbucks Corp., operating income (loss) by reportable segment
US$ in thousands
| Oct 1, 2023 | Oct 2, 2022 | Oct 3, 2021 | Sep 27, 2020 | Sep 29, 2019 | Sep 30, 2018 | |
|---|---|---|---|---|---|---|
| North America | 5,495,700) | 4,486,500) | 4,259,300) | 1,801,700) | 3,728,100) | 3,614,400) |
| International | 1,230,900) | 833,200) | 1,245,700) | 370,600) | 1,011,300) | 928,900) |
| Channel Development | 967,600) | 817,300) | 789,100) | 687,200) | 697,500) | 927,100) |
| Corporate and Other | (1,823,400) | (1,519,200) | (1,422,000) | (1,297,800) | (1,359,000) | (1,587,100) |
| Total | 5,870,800) | 4,617,800) | 4,872,100) | 1,561,700) | 4,077,900) | 3,883,300) |
Based on: 10-K (reporting date: 2023-10-01), 10-K (reporting date: 2022-10-02), 10-K (reporting date: 2021-10-03), 10-K (reporting date: 2020-09-27), 10-K (reporting date: 2019-09-29), 10-K (reporting date: 2018-09-30).
Total assets
Starbucks Corp., total assets by reportable segment
US$ in thousands
| Oct 1, 2023 | Oct 2, 2022 | Oct 3, 2021 | Sep 27, 2020 | Sep 29, 2019 | Sep 30, 2018 | |
|---|---|---|---|---|---|---|
| North America | 10,869,100) | 10,029,900) | 10,571,800) | 10,717,400) | 4,446,700) | 4,380,900) |
| International | 8,045,300) | 8,602,800) | 10,083,300) | 9,449,700) | 6,724,600) | 6,219,900) |
| Channel Development | 188,800) | 130,500) | 125,400) | 165,000) | 132,200) | 148,200) |
| Corporate and Other | 10,342,300) | 9,215,200) | 10,612,100) | 9,042,400) | 7,916,100) | 13,407,400) |
| Total | 29,445,500) | 27,978,400) | 31,392,600) | 29,374,500) | 19,219,600) | 24,156,400) |
Based on: 10-K (reporting date: 2023-10-01), 10-K (reporting date: 2022-10-02), 10-K (reporting date: 2021-10-03), 10-K (reporting date: 2020-09-27), 10-K (reporting date: 2019-09-29), 10-K (reporting date: 2018-09-30).