Starbucks — Apr 29, 2025 release

Contacts: Starbucks Contact, Investor Relations: Starbucks Contact, Media: Tiffany Willis Emily Albright investorrelations@starbucks.com press@starbucks.com 7 STARBUCKS CORPORATION CONSOLIDATED STATEMENTS OF EARNINGS (unaudited, in millions, except per share data) Quarter Ended Quarter Ended Mar 30, 2025 Mar 31, 2024 % Change Mar 30, 2025 Mar 31, 2024 As a % of total net revenues Net revenues: Company-operated stores $ 7,285.0  $ 7,052.6  3.3  % 83.1  % 82.4  % Licensed stores 1,016.0  1,054.5  (3.7) 11.6  12.3  Other 460.6  455.9  1.0  5.3  5.3  Total net revenues 8,761.6   8,563.0   2.3   100.0   100.0   Product and distribution costs 2,737.6  2,648.7  3.4  31.2  30.9  Store operating expenses 4,176.0  3,724.1  12.1  47.7  43.5  Other operating expenses 138.7  132.8  4.4  1.6  1.6  Depreciation and amortization expenses 418.9  371.9  12.6  4.8  4.3  General and administrative expenses 632.3  654.6  (3.4) 7.2  7.6  Restructuring 116.2  —  nm 1.3  —  Total operating expenses 8,219.7  7,532.1  9.1  93.8  88.0  Income from equity investees 59.1  68.0  (13.1) 0.7  0.8  Operating income 601.0   1,098.9   (45.3) 6.9   12.8   Interest income and other, net 28.4  34.1  (16.7) 0.3  0.4  Interest expense (127.3) (140.6) (9.5) (1.5) (1.6) Earnings before income taxes 502.1  992.4  (49.4) 5.7  11.6  Income tax expense 118.0  219.9  (46.3) 1.3  2.6  Net earnings including noncontrolling interests 384.1  772.5  (50.3) 4.4  9.0  Net earnings/(loss) attributable to noncontrolling interests (0.1) 0.1  nm 0.0  0.0  Net earnings attributable to Starbucks $ 384.2   $ 772.4   (50.3) 4.4   % 9.0   % Net earnings per common share - diluted $ 0.34   $ 0.68   (50.0) % Weighted avg. shares outstanding - diluted 1,140.0  1,135.4  Cash dividends declared per share $ 0.61  $ 0.57  Supplemental Ratios: Store operating expenses as a % of company-operated store revenues 57.3  % 52.8  % Effective tax rate including noncontrolling interests 23.5  % 22.2  % 8 Two Quarters Ended Two Quarters Ended Mar 30, 2025 Mar 31, 2024 % Change Mar 30, 2025 Mar 31, 2024 As a % of total net revenues Net revenues: Company-operated stores $ 15,070.3  $ 14,807.9  1.8  % 83.0  % 82.3  % Licensed stores 2,151.7  2,246.6  (4.2) 11.8  12.5  Other 937.4  933.8  0.4  5.2  5.2  Total net revenues 18,159.4   17,988.3   1.0   100.0   100.0   Product and distribution costs 5,631.3  5,629.2  —  31.0  31.3  Store operating expenses 8,379.1  7,575.6  10.6  46.1  42.1  Other operating expenses 291.3  283.2  2.9  1.6  1.6  Depreciation and amortization expenses 826.2  737.2  12.1  4.5  4.1  General and administrative expenses 1,298.0  1,302.6  (0.4) 7.1  7.2  Restructuring 116.2  —  nm 0.6  —  Total operating expenses 16,542.1  15,527.8  6.5  91.1  86.3  Income from equity investees 105.5  123.8  (14.8) 0.6  0.7  Operating income 1,722.8   2,584.3   (33.3) 9.5   14.4   Interest income and other, net 56.2  67.9  (17.2) 0.3  0.4  Interest expense (254.5) (280.7) (9.3) (1.4) (1.6) Earning