STARBUCKS CORP (SBUX)

Starbucks Corporation, formed in 1985 and traded on Nasdaq under the symbol "SBUX," is the premier roaster, marketer, and retailer of specialty coffee in the world, operating in 89 markets as of the fiscal year ended September 28, 2025. The company purchases and roasts high-quality coffees sold through company-operated and licensed stores, along with handcrafted beverages, tea, and food items, and also sells products under brands including Teavana, Ethos, and Starbucks Reserve. Starbucks operates through three reportable segments: North America (74% of fiscal 2025 net revenues), International (21%), and Channel Development (5%), with company-operated stores generating 83% of total net revenues and licensed stores contributing 12%.

As of fiscal year-end, Starbucks had 40,990 total stores globally—21,514 company-operated (52%) and 19,476 licensed (48%)—with North America accounting for 18,311 stores and International for 22,679. In the fourth quarter of fiscal 2024, the company launched its "Back to Starbucks" strategy focused on supporting employees, enhancing customer experience, reestablishing community coffeehouse positioning, and strengthening the brand; this led to a fiscal 2025 fourth-quarter restructuring plan involving coffeehouse closures (including 627 stores) and transformation of support functions. The Channel Development segment includes packaged coffee, single-serve products, and ready-to-drink beverages sold through the Global Coffee Alliance with Nestlé and collaborations with PepsiCo and others.

Starbucks maintains ten farmer support centers worldwide to secure high-quality green coffee supply, using a mix of fixed-price and price-to-be-fixed purchase commitments and hedging instruments to manage coffee price volatility driven by weather, geopolitical conditions, and market factors. The company also relies on suppliers for dairy, plant-based alternatives, tea, food products, and packaging materials. As of September 28, 2025, Starbucks employed approximately 381,000 people worldwide (223,000 in the U.S. and 158,000 internationally), with significant investment in human capital through programs such as the Starbucks College Achievement Plan, Bean Stock equity grants, comprehensive healthcare, extended parental leave, and the Green Apron Service Model for consistent customer experience; approximately 6% of U.S. company-operated stores are unionized.

Leadership includes Brian Niccol as chairman and CEO (since September 2024, previously CEO of Chipotle and Taco Bell), Cathy R. Smith as CFO (since March 2025), Mike Grams as COO (since June 2025), Brady Brewer as CEO of Starbucks International, Sara Kelly as chief partner officer, and Pilar Ramos as chief legal officer (since November 2025). The company faces competition from specialty coffee retailers, quick-service restaurants, and ready-to-drink beverage makers, and maintains numerous trademarks, copyrights, and patents, including material marks such as Starbucks, Starbucks Reserve, and Frappuccino. Starbucks Cards and the Starbucks Rewards loyalty program remain central to customer engagement, and the business experiences moderate seasonality, with lower revenues typically in the second fiscal quarter and higher cash flows in the first quarter due to holiday card loading.