# Starbucks Corporation (SBUX)

> Source: Nexqual · https://nexqual.com/SBUX · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Starbucks Corporation (SBUX), nexqual.com/SBUX" · informational, not investment advice.

**Price:** USD 101.91 (+2.86% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 99.08 · day 98.68–102.02 · 52w 77.99–110.51 · market cap $116B · NMS

## Key facts
- Last four reported quarters (through Jun 28, 2026): revenue $38.3B, net income $1.98B (5.2% margin), free cash flow $3.64B (SEC filings).
- Valuation: P/E 58.6x (avg 35.7x at the last 3 fiscal year-ends), EV/EBITDA 27.4x, net debt $9.67B.
- 5 of 80 tracked superinvestors hold SBUX (13F, Q2 2026 (1 investor on Q3 2026, filed early)): 0 new, 1 added, 3 reduced, 1 unchanged.
- Insider open-market sales, last ~7 months: 11 Form 4 filings, $1.8M; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.69 on a 1–5 scale) (35 analysts), mean target USD 110.52 (range 82–143).
- Total return with dividends: 1Y +22.3% vs S&P 500 +14.9%; 5Y +0.2% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 0.71, revenue estimate $9.24B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $29.1B | $32.3B | $36.0B | $36.2B | $37.2B | $38.3B |
| Operating income | $4.87B | $4.62B | $5.87B | $5.41B | $2.94B | $2.98B |
| Net income | $4.20B | $3.28B | $4.12B | $3.76B | $1.86B | $1.98B |
| EPS (diluted) | $3.54 | $2.83 | $3.58 | $3.31 | $1.63 | — |
| Free cash flow | $4.52B | $2.56B | $3.68B | $3.32B | $2.44B | $3.64B |
| Operating margin | 16.8% | 14.3% | 16.3% | 15.0% | 7.9% | 7.8% |
| Net margin | 14.5% | 10.2% | 11.5% | 10.4% | 5.0% | 5.2% |
| Revenue growth | +23.6% | +11.0% | +11.6% | +0.6% | +2.8% | — |
| Cash + short-term investments | $6.62B | $3.18B | $3.95B | $3.54B | $3.47B | — |
| Total debt | $14.6B | $14.9B | $15.4B | $15.6B | $16.1B | — |
Fiscal years end Sep. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 28, 2026)
P/E 58.6x · P/S 3.0x · EV/EBITDA 27.4x · EV/Sales 3.3x · P/FCF 31.9x · FCF yield 3.13% · Earnings yield 1.71% · Dividend yield (paid, TTM) 2.42% · Net debt $9.67B · EV $126B
P/E at fiscal year-ends: Sep 2025 51.9x, Sep 2024 29.5x, Oct 2023 25.7x.

## Superinvestors (SEC 13F-HR, Q2 2026)
5 of 80 tracked investors hold SBUX (1 investor on Q3 2026, filed early). Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change | Quarter |
|---|---|---|---|---|---|
| Polen Capital | Polen Capital Management | 3.13% | $363M | Reduced -29.8% | Q2 2026 |
| David Katz | Matrix Asset Advisors | 1.66% | $20.2M | Reduced -2.5% | Q3 2026 |
| Christopher Bloomstran | Semper Augustus | 0.53% | $4.7M | Reduced -81.8% | Q2 2026 |
| Thomas Gayner | Markel Group | 0.49% | $63.7M | Unchanged | Q2 2026 |
| First Eagle Investment | First Eagle Investment Management | <0.01% | $1.7M | Added +3.8% | Q2 2026 |

## Insider sales (SEC Form 4, open-market, last ~7 months)
11 of 11 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-20 | Brewer Brady | ceo, International | 588 | $59K | 0.8% | Yes (adopted December 3, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-10-05 | Brewer Brady | ceo, International | 1,641 | $156K | 2.2% | Yes (adopted December 3, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-09-04 | Brewer Brady | ceo, International | 2,229 | $235K | 3% | Yes (adopted December 3, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-08-05 | Brewer Brady | ceo, International | 2,229 | $236K | 2.9% | Yes (adopted December 3, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-07-06 | Brewer Brady | ceo, International | 2,229 | $232K | 2.8% | Yes (adopted December 3, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-06-11 | Brewer Brady | ceo, International | 588 | $59K | 0.7% | Yes (adopted December 3, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-06-05 | Brewer Brady | ceo, International | 1,641 | $155K | 2% | Yes (adopted December 3, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-05-05 | Brewer Brady | ceo, International | 2,229 | $234K | 2.7% | Yes (adopted December 3, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-04-29 | Kelly Sara | evp, chief partner officer | 2,000 | $210K | 3.4% | Yes (adopted December 3, 2025) | Too little history (no open-market trades in 2025) |
| 2026-04-17 | Brewer Brady | ceo, International | 588 | $59K | 0.7% | Yes (adopted December 3, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-04-06 | Brewer Brady | ceo, International | 1,641 | $148K | 1.9% | Yes (adopted December 3, 2025) | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.69 on a 1–5 scale), 35 analysts; mean target USD 110.52 (low 82, high 143).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-21 | Wells Fargo | Target lowered | Overweight | $125 → $120 |
| 2026-10-20 | Citigroup | Target lowered | Neutral | $112 → $104 |
| 2026-10-09 | DA Davidson | Maintained | Neutral | $110 |
| 2026-10-08 | UBS | Target lowered | Neutral | $112 → $105 |
| 2026-09-29 | JP Morgan | Target lowered | Overweight | $112 → $105 |
| 2026-09-16 | Seaport Global | Initiated | Neutral |  |
| 2026-07-31 | BTIG | Reiterated | Buy | $115 |
| 2026-07-30 | UBS | Target raised | Neutral | $105 → $112 |
| 2026-07-30 | Citigroup | Target raised | Neutral | $108 → $112 |
| 2026-07-30 | BNP Paribas | Target raised | Underperform | $87 → $92 |
| 2026-07-30 | RBC Capital | Target raised | Sector Perform | $110 → $115 |
| 2026-07-30 | DA Davidson | Target raised | Neutral | $102 → $110 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +22.3% | +0.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +22.4% | +0.0% |
| Volatility (annualized) | 27.4% | 32.2% |
| Max drawdown | -16.4% (Aug 2026→Oct 2026) | -37.8% (Dec 2021→Jun 2022) |

## Peers (Restaurants)
MCD (McDonald's Corporation) USD 252.63 +2.59% · YUM (Yum! Brands, Inc.) USD 154.45 +2.12% · CMG (Chipotle Mexican Grill, Inc.) USD 28.14 +0.07% · QSR (Restaurant Brands International) USD 76.41 +3.05% · DRI (Darden Restaurants, Inc.) USD 217.56 +1.42% · YUMC (Yum China Holdings, Inc.) USD 44.76 +0.67%

## More
Full page: https://nexqual.com/SBUX · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in SBUX's own 10-K filed 2025-11-14 (https://www.sec.gov/Archives/edgar/data/829224/000082922425000114/sbux-20250928.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | PepsiCo (PEP) | "A large portion of our Channel Development business operates under a licensed model of the Global Coffee Alliance with Nestlé, while our global ready-to-drink businesses operate under collaborative relationships with Pep…" |
| Partner | Valor Siren Ventures I | "We also hold equity interests in other entities to support our corporate and investment strategies, which are not core to our business, including our limited partnership interest in Valor Siren Ventures I L.P. and Valor …" |

Other companies that name SBUX in their own reports (relationship from SBUX's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| competitor | Arcos Dorados Holdings Inc. (ARCO) | 20-F 2026-04-30 | "In Brazil, we also compete with ZAMP (which franchises Burger King, Popeyes, Starbucks and Subway), Habib's, a Brazilian QSR chain that focuses on low-price Middle Eastern street food, and Bob's, a pr…" |
| competitor | TH International Ltd (THCH) | 20-F 2026-04-30 | "as well as convenience stores and grocery store, with key competitors including Luckin Coffee, Starbucks, COTTI Coffee, and Manner." |
| partner | COMPANHIA DE SANEAMENTO BASICO DO ESTADO DE SAO PAULO-SABESP (SBS) | 20-F 2026-04-29 | "of New Business Development and Revitalization, Managing Partner of Outback Brazil and Starbucks Brazil (2008–2009), and General" |
| partner | UNITED BREWERIES CO INC (CCU) | 20-F 2026-04-29 | "a distribution agreement with Nestlé for RTD coffee drinks with milk and milk drinks with coffee under Nescafé and Starbucks" |
| partner | GENERATION INCOME PROPERTIES, INC. (GIPR) | 10-K 2026-04-01 | "On May 29, 2025, the Company, through the Operating Partnership, entered into a loan transaction with the Company's Chief Executive Officer, for $610,000 to fund closing costs relating to the sale of …" |
| partner | Oatly Group AB (OTLY) | 20-F 2026-03-13 | "Our products are sold globally through a variety of channels, from independent coffee shops to nation-wide partnerships with established franchises like Starbucks, from food retailers like Target and …" |
| supplier | LIFETIME BRANDS, INC (LCUT) | 10-K 2026-03-12 | "The Company's products are sold globally to a diverse customer base including mass market merchants (such as Walmart Inc. ("Walmart") and Target), specialty stores (such as Williams Sonoma and Dunelm)…" |
| supplier | TARGET CORP (TGT) | 10-K 2026-03-11 | "We also sell merchandise through periodic exclusive design and creative partnerships, and shop-in-shop experiences, with partners such as Apple, Levi's, and Ulta Beauty, and generate revenue from in-s…" |
| competitor | FIRSTSUN CAPITAL BANCORP (FSUN) | 10-K 2026-03-06 | "Companies as disparate as PayPal and Starbucks provide payment and exchange services which compete directly with banks in ways not possible traditionally." |
| competitor | Black Rock Coffee Bar, Inc. (BRCB) | 10-K 2026-03-04 | "If our stores cannot compete successfully with other beverage and coffee stores, including Starbucks and Dutch Bros, other specialty coffee stores, drive-thru QSRs and the growing number of coffee del…" |
| competitor | Celsius Holdings, Inc. (CELH) | 10-K 2026-03-02 | "Our direct competitors in the functional energy drink sector include but are not limited to Monster Beverage Corporation, Red Bull GmbH, The Coca-Cola Company, Pepsi, Keurig Dr Pepper Inc., Nestlé S.A…" |
| competitor | BRC Inc. (BRCC) | 10-K 2026-03-02 | "Our competitors include large international food and beverage companies like Nestlé, Starbucks, Monster, and Pepsi, as well as private-label brands and smaller high-growth food and beverage companies." |
| competitor | Monster Beverage Corp (MNST) | 10-K 2026-02-27 | "Our Reign Storm® Total Wellness Energy product line competes directly with CELSIUS, Alani Nu, Bloom, Starbucks Iced Energy, UPTIME Energy, PHORM Energy, ZOA Energy, Bum Energy, Gorilla Mind, and C4 Sm…" |
| competitor | NICOLET BANKSHARES INC (NIC) | 10-K 2026-02-27 | "Companies as disparate as PayPal and Starbucks provide payment and exchange services which compete directly with banks in ways not possible traditionally." |
| partner | Keurig Dr Pepper Inc. (KDP) | 10-K 2026-02-24 | "Our partner brands include Starbucks, Dunkin', Folgers, and Peet's, among others." |

## Revenue by business segment (quarter ended 2026-06-28)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| North America | $7.40B | 79.3% | +6.8% | $1.01B | 13.6% |
| International | $1.32B | 14.2% | -34.2% | $252.8M | 19.1% |
| Channel Development | $587.9M | 6.3% | +21.5% | $306.2M | 52.1% |
| Corporate and Other | $17.1M | 0.2% | -50.4% | -$587.5M | -3435.7% |
| Total revenue | $9.32B | 100% | — | $980.4M | 10.5% |

## Revenue by product line (quarter ended 2026-06-28)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Beverage (1) | $5.44B | 58.4% | -5.4% |
| Other (3) | $2.02B | 21.6% | +5.2% |
| Food (2) | $1.86B | 20.0% | +4.2% |
| Other | $615.8M | 6.6% | +14.5% |
| Total revenue | $9.32B | 100% | — |
The lines above cover 106.6% of total revenue.

## Revenue by region (quarter ended 2026-06-28)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $7.38B | 79.2% | +7.6% |
| Other countries | $1.87B | 20.1% | +4.7% |
| China | $68.7M | 0.7% | -91.5% |
| Total revenue | $9.32B | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.71 | $0.68 | +4.0% | $9.24B | 28 |
| Next quarter (ends 2026-12-31) | $0.75 | $0.76 | -1.1% | $9.58B | 18 |
| Current fiscal year (ends 2026-09-30) | $2.61 | $2.39 | +9.1% | $38.01B | 33 |
| Next fiscal year (ends 2027-09-30) | $3.13 | $3.01 | +3.9% | $38.51B | 33 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-10-30 (includes earnings 2026-10-29): ±6.6%; last 8 reports averaged ±3.7%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 55.9% | ±6.6% |
| 2026-11-06 | 14 | 45.0% | ±7.3% |
| 2026-11-13 | 21 | 43.1% | ±8.7% |
| 2026-11-20 | 28 | 36.9% | ±8.4% |
| 2026-11-27 | 35 | 33.3% | ±8.4% |
| 2026-12-04 | 42 | 30.1% | ±8.2% |
| 2026-12-18 | 56 | 31.6% | ±10.0% |
| 2027-01-15 | 84 | 29.2% | ±11.3% |