v3.25.3
Segment Reporting
 12 Months Ended
Sep. 28, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
We have three reportable operating segments: 1) North America, which is inclusive of the U.S. and Canada; 2) International, which is inclusive of China, Japan, Asia Pacific, Europe, Middle East, Africa, Latin America, and the Caribbean; and 3) Channel Development.
North America and International operations sell coffee and other beverages, complementary food, packaged coffees, single-serve coffee products, and a focused selection of merchandise through company-operated stores and licensed stores. Our North America segment is our most mature business and has achieved significant scale.
Channel Development revenues include packaged coffee, tea, foodservice products, and ready-to-drink beverage sales to customers outside of our company-operated and licensed stores. Most of our Channel Development revenues are from product sales to, and royalty revenues from, Nestlé through the Global Coffee Alliance.
Our CODM, who is our chief executive officer, evaluates the performance of our operating segments based primarily on net revenues and operating income, which represents earnings before other income and expenses and income taxes. Financial information and forecasts are reviewed by our CODM at the segment level, and are used to evaluate performance, monitor actual results versus forecasts, and allocate resources for the consolidated entity. Our CODM does not use total assets by segment as a basis for decision making.
The accounting policies of the operating segments are the same as those described in Note 1, Summary of Significant Accounting Policies and Estimates.
Consolidated revenue mix by product type (in millions):
Fiscal Year EndedSep 28, 2025Sep 29, 2024Oct 1, 2023
Beverage(1)
$22,539.9 61 %$21,883.9 60 %$21,684.8 60 %
Food(2)
7,049.9 19 %6,749.2 19 %6,585.1 18 %
Other(3)
7,594.6 20 %7,543.1 21 %7,705.7 22 %
Total$37,184.4 100 %$36,176.2 100 %$35,975.6 100 %
(1)     “Beverage” represents sales within our company-operated stores.
(2)     “Food” represents sales within our company-operated stores.
(3)     “Other” primarily consists of packaged and single-serve coffees and teas, royalty and licensing revenues, beverage-related ingredients, and serveware, among other items.
Information by geographic area (in millions):
Fiscal Year EndedSep 28, 2025Sep 29, 2024Oct 1, 2023
Net revenues(1):
United States$27,124.7 $26,707.4 $26,398.3 
China3,160.8 3,008.2 3,081.5 
Other countries6,898.9 6,460.6 6,495.8 
Total$37,184.4 $36,176.2 $35,975.6 
Sep 28, 2025Sep 29, 2024
Long-lived assets:
United States$15,952.7 $15,878.4 
China4,276.8 4,514.2 
Other countries4,407.9 4,099.3 
Total$24,637.4 $24,491.9 
(1)Includes Channel Development segment and other net revenues.
No customer accounts for 10% or more of our revenues. Revenues are shown based on the geographic location of our customers. Revenues from countries other than the U.S. and China consist primarily of revenues from Japan, Canada, and the U.K., which together account for approximately 73%, 72%, and 71% of net revenues from other countries for fiscal years 2025, 2024, and 2023, respectively.
The financial information below is presented for our reportable operating segments and Corporate and Other for the fiscal years ended September 28, 2025, September 29, 2024, and October 1, 2023.
(in millions)
North AmericaInternational
Channel
Development
Corporate and Other

Total
Fiscal 2025
Total net revenues$27,373.1 $7,819.9 $1,871.7 $119.7 $37,184.4 
Product and distribution costs7,628.7 2,749.8 1,168.3 111.4 11,658.2 
Store operating expenses
13,973.3 3,085.6 — — 17,058.9 
Other operating expenses281.6 242.0 60.2 0.8 584.6 
Depreciation and amortization expenses1,196.3 363.9 — 124.5 1,684.7 
General and administrative expenses483.3 344.3 5.8 1,783.8 2,617.2 
Restructuring and impairments653.2 82.5 1.9 154.4 892.0 
Total operating expenses
24,216.4 6,868.1 1,236.2 2,174.9 34,495.6 
Income from equity method investees— (1.8)249.6 — 247.8 
Operating income/(loss)$3,156.7 $950.0 $885.1 $(2,055.2)$2,936.6 
Interest income and other, net113.3 
Interest expense(542.6)
Earnings before income taxes$2,507.3 
(in millions)
North AmericaInternational
Channel
Development
Corporate and Other

Total
Fiscal 2024
Total net revenues$27,009.5 $7,338.9 $1,769.8 $58.0 $36,176.2 
Product and distribution costs7,478.0 2,575.2 1,075.4 52.0 11,180.6 
Store operating expenses12,467.1 2,819.4 — — 15,286.5 
Other operating expenses280.9 225.1 58.4 1.2 565.6 
Depreciation and amortization expenses1,052.4 338.3 — 121.9 1,512.6 
General and administrative expenses375.8 338.8 7.7 1,801.0 2,523.3 
Total operating expenses
21,654.2 6,296.8 1,141.5 1,976.1 31,068.6 
Income from equity method investees— 3.6 297.6 — 301.2 
Operating income/(loss)$5,355.3 $1,045.7 $925.9 $(1,918.1)$5,408.8 
Interest income and other, net122.8 
Interest expense(562.0)
Earnings before income taxes$4,969.6 
(in millions)
North AmericaInternational
Channel
Development
Corporate and Other

Total
Fiscal 2023
Total net revenues$26,569.6 $7,487.6 $1,893.8 $24.6 $35,975.6 
Product and distribution costs7,530.4 2,608.4 1,250.1 20.2 11,409.1 
Store operating expenses11,959.2 2,761.1 — — 14,720.3 
Other operating expenses263.8 219.0 54.6 2.0 539.4 
Depreciation and amortization expenses910.1 335.1 0.1 117.3 1,362.6 
General and administrative expenses389.7 335.8 8.4 1,707.4 2,441.3 
Restructuring and impairments20.7 — — 1.1 21.8 
Total operating expenses
21,073.9 6,259.4 1,313.2 1,848.0 30,494.5 
Income from equity method investees— 2.7 295.7 — 298.4 
Other segment items(1)
— — 91.3 — 91.3 
Operating income/(loss)$5,495.7 $1,230.9 $967.6 $(1,823.4)$5,870.8 
Interest income and other, net81.2 
Interest expense(550.1)
Earnings before income taxes$5,401.9 
(1) Includes gain from sale of assets.