Starbucks — Jan 28, 2026 release

Contacts: Starbucks Contact, Investor Relations: Starbucks Contact, Media: Catherine Park 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 Dec 28, 2025 Dec 29, 2024 % Change Dec 28, 2025 Dec 29, 2024 As a % of total net revenues Net revenues: Company-operated stores $ 8,188.0  $ 7,785.3  5.2  % 82.6  % 82.8  % Licensed stores 1,130.4  1,135.7  (0.5) 11.4  12.1  Other 596.7  476.8  25.1  6.0  5.1  Total net revenues 9,915.1   9,397.8   5.5   100.0   100.0   Product and distribution costs 3,273.6  2,893.7  13.1  33.0  30.8  Store operating expenses 4,552.3  4,203.0  8.3  45.9  44.7  Other operating expenses 131.2  152.5  (14.0) 1.3  1.6  Depreciation and amortization expenses 400.9  407.6  (1.6) 4.0  4.3  General and administrative expenses 638.8  665.8  (4.1) 6.4  7.1  Restructuring and impairments 88.1  —  nm 0.9  —  Total operating expenses 9,084.9  8,322.6  9.2  91.6  88.6  Income from equity investees 60.6  46.5  30.3  0.6  0.5  Operating income 890.8   1,121.7   (20.6) 9.0   11.9   Interest income and other, net 13.0  27.8  (53.2) 0.1  0.3  Interest expense (139.0) (127.2) 9.3  (1.4) (1.4) Earnings before income taxes 764.8  1,022.3  (25.2) 7.7  10.9  Income tax expense 471.6  241.4  95.4  4.8  2.6  Net earnings including noncontrolling interests 293.2  780.9  (62.5) 3.0  8.3  Net earnings/(loss) attributable to noncontrolling interests (0.1) 0.1  (200.0) 0.0  0.0  Net earnings attributable to Starbucks $ 293.3   $ 780.8   (62.4) 3.0   % 8.3   % Net earnings per common share - diluted $ 0.26   $ 0.69   (62.3) % Weighted avg. shares outstanding - diluted 1,141.9  1,138.4  Cash dividends declared per share $ 0.62  $ 0.61  Supplemental Ratios: Store operating expenses as a % of company-operated store revenues 55.6  % 54.0  % Effective tax rate including noncontrolling interests 61.7  % 23.6  % 8 Segment Results ( in millions ) North America Dec 28, 2025 Dec 29, 2024 % Change Dec 28, 2025 Dec 29, 2024 Quarter Ended As a % of North America total net revenues Net revenues: Company-operated stores $ 6,635.5  $ 6,367.9  4.2  % 91.1  % 90.0  % Licensed stores 643.2  702.7  (8.5) 8.8  9.9  Other 1.8  1.3  38.5  0.0  0.0  Total net revenues 7,280.5   7,071.9   2.9   100.0   100.0   Product and distribution costs 2,135.5  1,967.5  8.5  29.3  27.8  Store operating expenses 3,785.1  3,458.4  9.4  52.0  48.9  Other operating expenses 59.8  78.4  (23.7) 0.8  1.1  Depreciation and amortization expenses 298.8  289.0  3.4  4.1  4.1  General and administrative expenses 94.3  97.3  (3.1) 1.3  1.4  Restructuring and impairments 40.0  —  nm 0.5  —  Total operating expenses 6,413.5  5,890.6  8.9  88.1  83.3  Operating income $ 867.0   $ 1,181.3   (26.6) % 11.9   % 16.7   % Supplemental Ratio: Store operating expenses as a % of company-operated store revenues 57.0  % 54.3  % International Dec 28, 2025 Dec 29, 2