Segment Reporting (Tables)

12 Months Ended

Sep. 28, 2025

Consolidated Revenue Mix by Product Type

Consolidated revenue mix by product type (in millions):


Fiscal Year Ended	Sep 28, 2025				Sep 29, 2024				Oct 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

Information by geographic area (in millions):


Fiscal Year Ended	Sep 28, 2025		Sep 29, 2024		Oct 1, 2023
Net revenues(1):
United States	$	27,124.7	$	26,707.4	$	26,398.3
China	3,160.8		3,008.2		3,081.5
Other countries	6,898.9		6,460.6		6,495.8
Total	$	37,184.4	$	36,176.2	$	35,975.6

			Sep 28, 2025		Sep 29, 2024
Long-lived assets:
United States			$	15,952.7	$	15,878.4
China			4,276.8		4,514.2
Other countries			4,407.9		4,099.3
Total			$	24,637.4	$	24,491.9

(1)Includes Channel Development segment and other net revenues.

Financial Information for Reportable Operating Segments and All Other Segments

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 America		International		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 costs	7,628.7		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 expenses	281.6		242.0		60.2		0.8		584.6
Depreciation and amortization expenses	1,196.3		363.9		—		124.5		1,684.7
General and administrative expenses	483.3		344.3		5.8		1,783.8		2,617.2
Restructuring and impairments	653.2		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, net									113.3
Interest expense									(542.6)
Earnings before income taxes									$	2,507.3


(in millions)	North America		International		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 costs	7,478.0		2,575.2		1,075.4		52.0		11,180.6
Store operating expenses	12,467.1		2,819.4		—		—		15,286.5
Other operating expenses	280.9		225.1		58.4		1.2		565.6
Depreciation and amortization expenses	1,052.4		338.3		—		121.9		1,512.6
General and administrative expenses	375.8		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, net									122.8
Interest expense									(562.0)
Earnings before income taxes									$	4,969.6


(in millions)	North America		International		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 costs	7,530.4		2,608.4		1,250.1		20.2		11,409.1
Store operating expenses	11,959.2		2,761.1		—		—		14,720.3
Other operating expenses	263.8		219.0		54.6		2.0		539.4
Depreciation and amortization expenses	910.1		335.1		0.1		117.3		1,362.6
General and administrative expenses	389.7		335.8		8.4		1,707.4		2,441.3
Restructuring and impairments	20.7		—		—		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, net									81.2
Interest expense									(550.1)
Earnings before income taxes									$	5,401.9