| Changes in Deferred Revenue Balance Related to Stored Value Cards and Loyalty Program |
Changes in our deferred revenue balance related to our stored value cards and loyalty program (in millions): | | | | | | Quarter Ended March 29, 2026 | Total | Stored value cards and loyalty program at December 28, 2025 | $ | 2,073.3 | | | Revenue deferred - card activations, card reloads and Stars earned | 3,577.0 | | | Revenue recognized - card and Stars redemptions and breakage | (3,900.8) | | Other (1) | (4.4) | | Divestiture (2) | 8.5 | | Stored value cards and loyalty program at March 29, 2026 (3) | $ | 1,753.6 | | | | Quarter Ended March 30, 2025 | Total | Stored value cards and loyalty program at December 29, 2024 | $ | 2,213.1 | | | Revenue deferred - card activations, card reloads and Stars earned | 3,496.8 | | | Revenue recognized - card and Stars redemptions and breakage | (3,862.9) | | Other (1) | 6.2 | | Stored value cards and loyalty program at March 30, 2025 (3) | $ | 1,853.2 | | | | Two Quarters Ended March 29, 2026 | Total | Stored value cards and loyalty program at September 28, 2025 | $ | 1,751.7 | | | Revenue deferred - card activations, card reloads and Stars earned | 7,931.7 | | | Revenue recognized - card and Stars redemptions and breakage | (7,724.4) | | Other(1) | (5.7) | | Divestiture (2) | (199.7) | | Stored value cards and loyalty program at March 29, 2026 (3) | $ | 1,753.6 | | | | Two Quarters Ended March 30, 2025 | Total | Stored value cards and loyalty program at September 29, 2024 | $ | 1,718.7 | | | Revenue deferred - card activations, card reloads and Stars earned | 7,911.2 | | | Revenue recognized - card and Stars redemptions and breakage | (7,755.8) | | Other(1) | (20.9) | | Stored value cards and loyalty program at March 30, 2025 (3) | $ | 1,853.2 | |
(1)“Other” primarily consists of changes in the stored value cards and loyalty program balances resulting from foreign currency translation. (2)The decrease was a result of Starbucks retail operations in China being classified as held for sale. (3)As of March 29, 2026, and March 30, 2025, approximately $1.6 billion and $1.7 billion, respectively, of these amounts were current.
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