Stock Analysis on Net

Starbucks Corp. (NASDAQ:SBUX)

Analysis of Reportable Segments 

Microsoft Excel

Segment Profit Margin

Starbucks Corp., profit margin by reportable segment

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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).