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Starbucks SBUX Licensed Stores — Revenue

Other product segments

Company-Operated Stores
$30.74B+3.3%

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Other financials

Income statement

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Revenue$9.3B-1.4%
Operating income$980.4M+4.8%
Net income$1.0B+87.2%
EPS (diluted)$0.91+85.7%

Balance sheet

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Cash & equivalents$3.4B-17.3%
Total debt$22.4B-19.6%
Total equity-$7.7B+0.2%
Total assets$28.3B-15.9%

Cash flow

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Operating cash flow$1.6B+63.9%
CapEx$291.4M-48.6%
Free cash flow$1.4B+211%

Valuation

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Market cap$120.84B+19.5%
Enterprise value$139.82B+12.0%
P/E61×+22.5×
P/S3.2×+0.4×

Profitability

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Gross margin72.3%—
Operating margin7.8%-3.0pp
Net margin5.2%-2.0pp
FCF margin9.5%—

Returns & leverage

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Return on equity136.5%—
Debt / equity7.8×—
Current ratio0.8×0.0×

Where this comes from

Reported directly by Starbucks in its filing.

Tagged under the XBRL concept us-gaap:Revenues.

The source filing: Starbucks’s 10-K, filed November 14, 2025.

Filed
Nov 14, 2025
Fiscal year
FY2025
Accession
0000829224-25-000114
Fiscal Year EndedSep 28,2025Sep 29,2024Oct 1,2023
Net revenues:
Company-operated stores$30,744.8$29,765.9$29,462.3
Licensed stores4,350.44,505.14,512.7
Other2,089.21,905.22,000.6
Total net revenues37,184.436,176.235,975.6
Product and distribution costs11,658.211,180.611,409.1
Store operating expenses17,058.915,286.514,720.3
Other operating expenses584.6565.6539.4

Item 8. Financial Statements and Supplementary Data

FAQ

What is Starbucks's licensed stores — revenue?
Starbucks (SBUX) reported licensed stores — revenue of $1.09B in Q3 2025.
How has Starbucks's licensed stores — revenue changed year-over-year?
Starbucks's licensed stores — revenue decreased by 3.4% year-over-year, from $1.13B to $1.09B.
What is the long-term trend for Starbucks's licensed stores — revenue?
Over 4 years (2021 to 2025), Starbucks's licensed stores — revenue has grown at a 12.8% compound annual growth rate (CAGR), from $2.68B to $4.35B.
What does licensed stores — revenue mean?
This metric represents the total revenue generated from stores operated by third-party partners under a licensing agreement rather than by the company directly. It includes royalties, initial licensing fees, and the sale of proprietary products or equipment to these partners. This segment allows the company to expand its brand footprint and market presence with lower capital expenditure compared to company-operated locations.

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