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What covered companies filed with the SEC, day by day.
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Consolidated net revenues increased 3% to $37.2 billion in fiscal 2025 compared to $36.2 billion in fiscal 2024.¶1
Fiscal 2025 operating income was $2.9 billion compared with $5.4 billion in fiscal 2024, and diluted EPS was $1.63 compared with $3.31.¶2¶3
Restructuring and impairments were $892 million, largely due to costs associated with coffeehouse closures and simplification of the support organization.¶4
Starbucks closed 627 stores in fiscal 2025 as part of its restructuring plan and expects the closures to reduce fiscal 2026 baseline North America company-operated revenues, partially offset by sales transfers to nearby stores.¶5¶6
What changed since last yearRisk factors: 319 sentences against 430 last year · 268 new · 367 gone
new“Changes in the import and export policies, including trade restrictions such as new, increased, threatened, or retaliatory tariffs or quotas, embargoes, sanctions and countersanctions, safeguards, or customs restrictions by the U.S. and foreign governments, have in the past required, and could in the future require, us to change the way we conduct business and such changes have in the past adversely affected, and could in the future adversely affect, our financial condition, results of operations, reputation, and our relationships with customers, suppliers, and employees in the short- or long-term.”¶8
new“Such developments may include difficulties executing strategic initiatives, adapting to shifting consumer preferences, or managing global operations, and challenges stemming from macroeconomic volatility, supply chain pressures and disruptions, or an evolving competitive, regulatory, social, and geopolitical landscape.”¶9
revised“Failures by business partners to comply with applicable laws or meet brand standards may negatively impact our business.”¶10
was“Failures by our licensees or business providers to comply with the laws or regulations of their markets, or to otherwise meet the standards consumers associate with our brand, may negatively impact our business.”¶11
Starbucks returned $2.8 billion to shareholders in fiscal 2025 through dividends and share repurchases.¶7
was“Finally, if we are unable to scale and improve our forecasting, planning, production, and logistics management, we could frustrate our customers, lose sales, or diminish our brand reputation.”¶13
