v3.26.1
Segment Reporting
 6 Months Ended
Mar. 29, 2026
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. Certain markets within our International operations are in various stages of development and may require more extensive support, relative to their current levels of revenue and operating income, than our North America operations.
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 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 in Part II, Item 8 of our most recently filed 10-K.
Consolidated revenue mix by product type (in millions):
Quarter EndedTwo Quarters Ended
Mar 29, 2026Mar 30, 2025Mar 29, 2026Mar 30, 2025
Beverage (1)
$5,659.0 59 %$5,293.6 60 %$11,603.4 60 %$10,971.6 60 %
Food (2)
1,830.6 19 %1,691.9 19 %3,712.0 19 %3,482.3 19 %
Other (3)
2,041.9 22 %1,776.1 21 %4,131.2 21 %3,705.5 21 %
Total$9,531.5 100 %$8,761.6 100 %$19,446.6 100 %$18,159.4 100 %
(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, serveware, and ready to drink beverages, among other items.

Information by geographic area (in millions):
Quarter Ended
Two Quarters Ended
Mar 29, 2026Mar 30, 2025Mar 29, 2026Mar 30, 2025
Net revenues (1):
United States$6,930.3 $6,403.5 $14,174.3 $13,384.7 
China
809.2 752.1 1,644.9 1,508.8 
Other countries1,792.0 1,606.0 3,627.4 3,265.9 
Total$9,531.5 $8,761.6 $19,446.6 $18,159.4 
Mar 29, 2026Sep 28, 2025
Long-lived assets:
United States$15,645.7 $15,952.7 
China (2)
170.6 4,276.8 
Other countries4,182.0 4,407.9 
Total$19,998.3 $24,637.4 
(1) Includes Channel Development segment and other net revenues.
(2) The fiscal year 2026 balance excludes Starbucks retail operations in China that were classified as held for sale.

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 72% of net revenues from other countries for the quarter and two quarters ended March 29, 2026, and 74% for the quarter and two quarters ended March 30, 2025, respectively.
The financial information below is presented for our reportable operating segments and Corporate and Other (in millions):

Quarter Ended
North AmericaInternational
Channel
Development
Corporate and Other

Total
 March 29, 2026
Total net revenues$6,893.8 $2,051.1 $567.8 $18.8 $9,531.5 
Product and distribution costs2,068.8 749.7 370.5 19.5 3,208.5 
Store operating expenses
3,691.9 716.7 — — 4,408.6 
Other operating expenses56.0 55.6 17.7 1.2 130.5 
Depreciation and amortization expenses299.5 32.6 — 31.3 363.4 
General and administrative expenses92.4 89.0 0.7 436.0 618.1 
Restructuring and impairments5.3 8.8 (0.1)11.1 25.1 
Total operating expenses
6,213.9 1,652.4 388.8 499.1 8,754.2 
Income from equity method investees— (0.1)50.9 — 50.8 
Operating income/(loss)$679.9 $398.6 $229.9 $(480.3)$828.1 
Interest income and other, net37.0 
Interest expense(137.0)
Earnings before income taxes$728.1 
Quarter Ended
North AmericaInternational
Channel
Development
Corporate and Other

Total
 March 30, 2025
Total net revenues$6,472.7 $1,867.1 $409.0 $12.8 $8,761.6 
Product and distribution costs1,807.1 659.8 257.7 13.0 2,737.6 
Store operating expenses3,431.6 744.4 — — 4,176.0 
Other operating expenses68.6 55.1 15.0 — 138.7 
Depreciation and amortization expenses299.2 89.0 — 30.7 418.9 
General and administrative expenses96.6 84.8 1.2 449.7 632.3 
Restructuring and impairments
21.3 16.8 0.9 77.2 116.2 
Total operating expenses
5,724.4 1,649.9 274.8 570.6 8,219.7 
Income from equity method investees— (0.2)59.3 — 59.1 
Operating income/(loss)$748.3 $217.0 $193.5 $(557.8)$601.0 
Interest income and other, net28.4 
Interest expense(127.3)
Earnings before income taxes$502.1 
Two Quarters Ended
North AmericaInternational
Channel
Development
Corporate and Other

Total
 March 29, 2026
Total net revenues$14,174.3 $4,116.0 $1,090.5 $65.8 $19,446.6 
Product and distribution costs4,204.3 1,497.8 723.1 56.9 6,482.1 
Store operating expenses
7,477.0 1,484.0 — — 8,961.0 
Other operating expenses115.8 112.3 31.5 2.1 261.7 
Depreciation and amortization expenses598.3 102.7 — 63.3 764.3 
General and administrative expenses186.7 184.9 1.9 883.3 1,256.8 
Restructuring and impairments45.3 52.4 0.1 15.4 113.2 
Total operating expenses
12,627.4 3,434.1 756.6 1,021.0 17,839.1 
Income from equity method investees— (0.5)111.8 — 111.3 
Operating income/(loss)$1,546.9 $681.4 $445.7 $(955.2)$1,718.8 
Interest income and other, net50.1 
Interest expense(276.0)
Earnings before income taxes$1,492.9 
Two Quarters Ended
North AmericaInternational
Channel
Development
Corporate and Other

Total
 March 30, 2025
Total net revenues$13,544.6 $3,738.4 $845.3 $31.1 $18,159.4 
Product and distribution costs3,774.6 1,306.8 517.5 32.4 5,631.3 
Store operating expenses6,890.1 1,489.0 — — 8,379.1 
Other operating expenses147.0 115.7 28.4 0.2 291.3 
Depreciation and amortization expenses588.1 178.1 — 60.0 826.2 
General and administrative expenses193.9 177.2 3.1 923.8 1,298.0 
Restructuring and impairments
21.3 16.8 0.9 77.2 116.2 
Total operating expenses
11,615.0 3,283.6 549.9 1,093.6 16,542.1 
Income from equity method investees— (0.7)106.2 — 105.5 
Operating income/(loss)$1,929.6 $454.1 $401.6 $(1,062.5)$1,722.8 
Interest income and other, net$56.2 
Interest expense(254.5)
Earnings before income taxes$1,524.5