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Financial Analysis

This document contains Starbucks Corporation's balance sheet and income statement for the years 2019, 2018, and 2017. The balance sheet shows that total assets decreased from $24.2 billion in 2018 to $19.2 billion in 2019, while total liabilities increased from $23 billion to $25.5 billion over the same period. The income statement indicates that net revenues increased from $19.7 billion in 2018 to $21.5 billion from company-operated stores in 2019, while revenues from licensed stores rose from $2.7 billion to $2.9 billion.

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105 views

Financial Analysis

This document contains Starbucks Corporation's balance sheet and income statement for the years 2019, 2018, and 2017. The balance sheet shows that total assets decreased from $24.2 billion in 2018 to $19.2 billion in 2019, while total liabilities increased from $23 billion to $25.5 billion over the same period. The income statement indicates that net revenues increased from $19.7 billion in 2018 to $21.5 billion from company-operated stores in 2019, while revenues from licensed stores rose from $2.7 billion to $2.9 billion.

Uploaded by

Rince
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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STARBUCKS CORPORATION

BALANCE SHEET
(in millions, except per share data)

2019 2018 2017


ASSETS
Current assets:
Cash and cash equivalents $ 2,686.6 $ 8,756.3 $ 2,462.3
Short-term investments 70.5 181.5 228.6
Accounts receivable, net 879.2 693.1 870.4
Inventories 1,529.4 1,400.5 1,364.0
Prepaid expenses and other current assets 488.2 1,462.8 358.1
Total current assets 5,653.9 12,494.2 5,283.4
Long-term investments 220.0 267.7 542.3
Equity investments 396.0 334.7 481.6
Property, plant and equipment, net 6,431.7 5,929.1 4,919.5
Deferred income taxes, net 1,765.8 134.7 795.4
Other long-term assets 479.6 412.2 362.8
Other intangible assets 781.8 1,042.2 441.4
Goodwill 3,490.8 3,541.6 1,539.2
TOTAL ASSETS $ 19,219.6 $ 24,156.4 $ 14,365.6
LIABILITIES AND SHAREHOLDERS' EQUITY/(DEFICIT)
Current liabilities:
Accounts payable $ 1,189.7 $ 1,179.3 $ 782.5
Accrued liabilities 3,474.6 2,298.4 1,934.5
Insurance reserves 235.4 213.7 215.2
Stored value card liability and current portion of deferred revenue 1,269.0 1,642.9 1,288.5
Current portion of long-term debt - 349.9 -
Total current liabilities 6,168.7 5,684.2 4,220.7
Long-term debt 11,167.0 9,090.2 3,932.6
Other long-term liabilities 8,114.9 8,206.2 755.3
Total liabilities 25,450.6 22,980.6 8,908.6
Shareholders’ equity/(deficit):
Common stock ($0.001 par value) — authorized, 2,400.0 shares; issued
and outstanding, 1,184.6 and 1,309.1 shares, respectively 1.2 1.3 1.4
Additional paid-in capital 41.1 41.1 41.1
Retained earnings/(deficit) (5,771.2) 1,457.4 5,563.2
Accumulated other comprehensive loss (503.3) (330.3) (155.6)
Total shareholders’ equity/(deficit) (6,232.2) 1,169.5 5,450.1
Noncontrolling interests 1.2 6.3 6.9
Total equity/(deficit) (6,231.0) 1,175.8 5,457.0
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY/(DEFICIT) $ 19,219.6 $ 24,156.4 $ 14,365.6

STARBUCKS CORPORATION
COMMON-SIZE COMPARATIVE BALANCE SHEET
(in millions, except per share data)

2019 2018 2017


ASSETS
Current assets:
Cash and cash equivalents $ 2,686.6 $ 8,756.3 $ 2,462.3
Short-term investments 70.5 181.5 228.6
Accounts receivable, net 879.2 693.1 870.4
Inventories 1,529.4 1,400.5 1,364.0
Prepaid expenses and other current assets 488.2 1,462.8 358.1
Total current assets 5,653.9 12,494.2 5,283.4
Long-term investments 220.0 267.7 542.3
Equity investments 396.0 334.7 481.6
Property, plant and equipment, net 6,431.7 5,929.1 4,919.5
Deferred income taxes, net 1,765.8 134.7 795.4
Other long-term assets 479.6 412.2 362.8
Other intangible assets 781.8 1,042.2 441.4
Goodwill 3,490.8 3,541.6 1,539.2
TOTAL ASSETS $ 19,219.6 $ 24,156.4 $ 14,365.6
LIABILITIES AND SHAREHOLDERS' EQUITY/(DEFICIT)
Current liabilities:
Accounts payable $ 1,189.7 $ 1,179.3 $ 782.5
Accrued liabilities 3,474.6 2,298.4 1,934.5
Insurance reserves 235.4 213.7 215.2
Stored value card liability and current portion of deferred revenue 1,269.0 1,642.9 1,288.5
Current portion of long-term debt - 349.9 -
Total current liabilities 6,168.7 5,684.2 4,220.7
Long-term debt 11,167.0 9,090.2 3,932.6
Other long-term liabilities 8,114.9 8,206.2 755.3
Total liabilities 25,450.6 22,980.6 8,908.6
Shareholders’ equity/(deficit):
Common stock ($0.001 par value) — authorized, 2,400.0 shares; issued
and outstanding, 1,184.6 and 1,309.1 shares, respectively 1.2 1.3 1.4
Additional paid-in capital 41.1 41.1 41.1
Retained earnings/(deficit) (5,771.2) 1,457.4 5,563.2
Accumulated other comprehensive loss (503.3) (330.3) (155.6)
Total shareholders’ equity/(deficit) (6,232.2) 1,169.5 5,450.1
Noncontrolling interests 1.2 6.3 6.9
Total equity/(deficit) (6,231.0) 1,175.8 5,457.0
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY/(DEFICIT) $ 19,219.6 $ 24,156.4 $ 14,365.6

STARBUCKS CORPORATION
COMMON-SIZE COMPARATIVE INCOME STATEMENT
(in millions, except per share data)

2019 2018 2017


Net revenues:
Company-operated stores $ 21,544.4 $ 19,690.3 $ 17,650.7
Licensed stores 2,875.0 2,652.2 2,355.0
Other 2,089.2 2,377.0 2,381.1
Total net revenues 26,508.6 24,719.5 22,386.8
Cost of sales (8,526.9) (7,930.7) (7,065.8)
Store operating expenses (10,493.6) (9,472.2) (8,486.4)
Other operating expenses (371.0) (554.9) (518.0)
Depreciation and amortization expenses (1,377.3) (1,247.0) (1,011.4)
General and administrative expenses (1,824.1) (1,708.2) (1,408.4)
Restructuring and impairments (135.8) (224.4) (153.5)
Total operating expenses (22,728.7) (21,137.4) (18,643.5)
Income from equity investees 298.0 301.2 391.4
Operating Income 4,077.9 3,883.3 4,134.7
Gain resulting from acquisition of joint venture - 1,376.4 -
Net gain(loss) resulting from divestiture of certain operations 622.8 499.2 93.5
Interest income and other, net 96.5 191.4 181.8
Interest expense (331.0) (170.3) (92.5)
Earnings before income taxes 4,466.2 5,780.0 4,317.5
Income tax expense (871.6) (1,262.0) (1,432.6)
Net earnings including non-controlling interests 3,594.6 4,518.0 2,884.9
Net earnings/(loss) attributable to non-controlling interests (4.6) (0.3) 0.2
Net earnings attributable to Starbucks $ 3,599.2 $ 4,518.3 $ 2,884.7

Earnings per share — basic $ 2.95 $ 3.27 $ 1.99


Earnings per share — diluted $ 2.92 $ 3.24 $ 1.97
Weighted average shares outstanding:
Basic Shares Outstanding 1,221.20 1,382.70 1,449.50
Diluted Shares Outstanding 1,233.20 1,394.60 1,461.50

STARBUCKS CORPORATION
INCOME STATEMENT
(in millions, except per share data)

2019 2018 2017


Net revenues:
Company-operated stores $ 21,544.4 $ 19,690.3 $ 17,650.7
Licensed stores 2,875.0 2,652.2 2,355.0
Other 2,089.2 2,377.0 2,381.1
Total net revenues 26,508.6 24,719.5 22,386.8
Cost of sales (8,526.9) (7,930.7) (7,065.8)
Store operating expenses (10,493.6) (9,472.2) (8,486.4)
Other operating expenses (371.0) (554.9) (518.0)
Depreciation and amortization expenses (1,377.3) (1,247.0) (1,011.4)
General and administrative expenses (1,824.1) (1,708.2) (1,408.4)
Restructuring and impairments (135.8) (224.4) (153.5)
Total operating expenses (22,728.7) (21,137.4) (18,643.5)
Income from equity investees 298.0 301.2 391.4
Operating Income 4,077.9 3,883.3 4,134.7
Gain resulting from acquisition of joint venture - 1,376.4 -
Net gain(loss) resulting from divestiture of certain operations 622.8 499.2 93.5
Interest income and other, net 96.5 191.4 181.8
Interest expense (331.0) (170.3) (92.5)
Earnings before income taxes 4,466.2 5,780.0 4,317.5
Income tax expense (871.6) (1,262.0) (1,432.6)
Net earnings including non-controlling interests 3,594.6 4,518.0 2,884.9
Net earnings/(loss) attributable to non-controlling interests (4.6) (0.3) 0.2
Net earnings attributable to Starbucks $ 3,599.2 $ 4,518.3 $ 2,884.7

Earnings per share — basic $ 2.95 $ 3.27 $ 1.99


Earnings per share — diluted $ 2.92 $ 3.24 $ 1.97
Weighted average shares outstanding:
Basic Shares Outstanding 1,221.20 1,382.70 1,449.50
Diluted Shares Outstanding 1,233.20 1,394.60 1,461.50
CORPORATION
CE SHEET
ept per share data)
TREND ANALYSIS
2016 2015 2019 2018 2017 2016 2015

$ 2,128.8 $ 1,530.1 175.58% 572.27% 160.92% 139.13% 100.00%


134.4 81.3 86.72% 223.25% 281.18% 165.31% 100.00%
768.8 719.0 122.28% 96.40% 121.06% 106.93% 100.00%
1,378.5 1,306.4 117.07% 107.20% 104.41% 105.52% 100.00%
347.4 334.2 146.08% 437.70% 107.15% 103.95% 100.00%
4,757.9 3,971.0 142.38% 314.64% 133.05% 119.82% 100.00%
1,141.7 312.5 70.40% 85.66% 173.54% 365.34% 100.00%
354.5 352.0 112.50% 95.09% 136.82% 100.71% 100.00%
4,533.8 4,088.3 157.32% 145.03% 120.33% 110.90% 100.00%
885.4 1,180.8 149.54% 11.41% 67.36% 74.98% 100.00%
403.3 415.9 115.32% 99.11% 87.23% 96.97% 100.00%
516.3 520.4 150.23% 200.27% 84.82% 99.21% 100.00%
1,719.6 1,575.4 221.58% 224.81% 97.70% 109.15% 100.00%
$ 14,312.5 $ 12,416.3 154.79% 194.55% 115.70% 115.27% 100.00%

$ 730.6 $ 684.2 173.88% 172.36% 114.37% 106.78% 100.00%


1,999.1 1,755.3 197.95% 130.94% 110.21% 113.89% 100.00%
246.0 224.8 104.72% 95.06% 95.73% 109.43% 100.00%
1,171.2 983.8 128.99% 167.00% 130.97% 119.05% 100.00%
399.9 - #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
4,546.8 3,648.1 169.09% 155.81% 115.70% 124.63% 100.00%
3,185.3 2,347.5 475.70% 387.23% 167.52% 135.69% 100.00%
689.7 600.9 1350.46% 1365.65% 125.69% 114.78% 100.00%
8,421.8 6,596.5 385.82% 348.38% 135.05% 127.67% 100.00%

1.5 1.5 80.00% 86.67% 93.33% 100.00% 100.00%


41.1 41.1 100.00% 100.00% 100.00% 100.00% 100.00%
5,949.8 5,974.8 -96.59% 24.39% 93.11% 99.58% 100.00%
(108.4) (199.4) 252.41% 165.65% 78.03% 54.36% 100.00%
5,884.0 5,818.0 -107.12% 20.10% 93.68% 101.13% 100.00%
6.7 1.8 66.67% 350.00% 383.33% 372.22% 100.00%
5,890.7 5,819.8 -107.07% 20.20% 93.77% 101.22% 100.00%
$ 14,312.5 $ 12,416.3 154.79% 194.55% 115.70% 115.27% 100.00%

CORPORATION
ARATIVE BALANCE SHEET
ept per share data)
COMMON-SIZE PERCENTAGE
2016 2015 2019 2018 2017 2016 2015

$ 2,128.8 $ 1,530.1 13.98% 36.25% 17.14% 14.87% 12.32%


134.4 81.3 0.37% 0.75% 1.59% 0.94% 0.65%
768.8 719.0 4.57% 2.87% 6.06% 5.37% 5.79%
1,378.5 1,306.4 7.96% 5.80% 9.49% 9.63% 10.52%
347.4 334.2 2.54% 6.06% 2.49% 2.43% 2.69%
4,757.9 3,971.0 29.42% 51.72% 36.78% 33.24% 31.98%
1,141.7 312.5 1.14% 1.11% 3.77% 7.98% 2.52%
354.5 352.0 2.06% 1.39% 3.35% 2.48% 2.83%
4,533.8 4,088.3 33.46% 24.54% 34.25% 31.68% 32.93%
885.4 1,180.8 9.19% 0.56% 5.54% 6.19% 9.51%
403.3 415.9 2.50% 1.71% 2.53% 2.82% 3.35%
516.3 520.4 4.07% 4.31% 3.07% 3.61% 4.19%
1,719.6 1,575.4 18.16% 14.66% 10.71% 12.01% 12.69%
$ 14,312.5 $ 12,416.3 100.00% 100.00% 100.00% 100.00% 100.00%

$ 730.6 $ 684.2 6.19% 4.88% 5.45% 5.10% 10.37%


1,999.1 1,755.3 18.08% 9.51% 13.47% 13.97% 26.61%
246.0 224.8 1.22% 0.88% 1.50% 1.72% 3.41%
1,171.2 983.8 6.60% 6.80% 8.97% 8.18% 14.91%
399.9 - 0.00% 1.45% 0.00% 2.79% 0.00%
4,546.8 3,648.1 32.10% 23.53% 29.38% 31.77% 55.30%
3,185.3 2,347.5 58.10% 37.63% 27.38% 22.26% 35.59%
689.7 600.9 42.22% 33.97% 5.26% 4.82% 9.11%
8,421.8 6,596.5 132.42% 95.13% 62.01% 58.84% 100.00%

1.5 1.5 0.01% 0.01% 0.01% 0.01% 0.01%


41.1 41.1 0.21% 0.17% 0.29% 0.29% 0.33%
5,949.8 5,974.8 -30.03% 6.03% 38.73% 41.57% 48.12%
(108.4) (199.4) -2.62% -1.37% -1.08% -0.76% -1.61%
5,884.0 5,818.0 -32.43% 4.84% 37.94% 41.11% 46.86%
6.7 1.8 0.01% 0.03% 0.05% 0.05% 0.01%
5,890.7 5,819.8 -32.42% 4.87% 37.99% 41.16% 46.87%
$ 14,312.5 $ 12,416.3 100.00% 100.00% 100.00% 100.00% 100.00%

CORPORATION
ATIVE INCOME STATEMENT
ept per share data)

COMMON-SIZE PERCENTAGE
2016 2015 2019 2018 2017 2016 2015

$ 16,844.1 $ 15,197.3 81.27% 79.65% 78.84% 79.02% 79.31%


2,154.2 1,861.9 10.85% 10.73% 10.52% 10.11% 9.72%
2,317.6 2,103.5 7.88% 9.62% 10.64% 10.87% 10.98%
21,315.9 19,162.7 100.00% 100.00% 100.00% 100.00% 100.00%
(8,511.1) (7,787.5) -32.17% -32.08% -31.56% -39.93% -40.64%
(6,064.3) (5,411.1) -39.59% -38.32% -37.91% -28.45% -28.24%
(545.4) (522.4) -1.40% -2.24% -2.31% -2.56% -2.73%
(980.8) (893.9) -5.20% -5.04% -4.52% -4.60% -4.66%
(1,360.6) (1,196.7) -6.88% -6.91% -6.29% -6.38% -6.24%
- - -0.51% -0.91% -0.69% 0.00% 0.00%
(17,462.2) (15,811.6) -85.74% -85.51% -83.28% -81.92% -82.51%
318.2 249.9 1.12% 1.22% 1.75% 1.49% 1.30%
4,171.9 3,601.0 15.38% 15.71% 18.47% 19.57% 18.79%
- 390.6 0.00% 5.57% 0.00% 0.00% 2.04%
- (61.1) 2.35% 2.02% 0.42% 0.00% -0.32%
108.0 43.0 0.36% 0.77% 0.81% 0.51% 0.22%
(81.3) (70.5) -1.25% -0.69% -0.41% -0.38% -0.37%
4,198.6 3,903.0 16.85% 23.38% 19.29% 19.70% 20.37%
(1,379.7) (1,143.7) -3.29% -5.11% -6.40% -6.47% -5.97%
2,818.9 2,759.3 13.56% 18.28% 12.89% 13.22% 14.40%
1.2 1.9 -0.02% 0.00% 0.00% 0.01% 0.01%
$ 2,817.7 $ 2,757.4 13.58% 18.28% 12.89% 13.22% 14.39%

$ 1.91 $ 1.84
$ 1.90 $ 7.82

1,471.60 1,495.90
1,486.70 1,513.40

CORPORATION
STATEMENT
ept per share data)

TREND ANALYSIS
2016 2015 2019 2018 2017 2016 2015

$ 16,844.1 $ 15,197.3 141.76% 129.56% 116.14% 110.84% 100.00%


2,154.2 1,861.9 154.41% 142.45% 126.48% 115.70% 100.00%
2,317.6 2,103.5 99.32% 113.00% 113.20% 110.18% 100.00%
21,315.9 19,162.7 138.33% 129.00% 116.82% 111.24% 100.00%
(8,511.1) (7,787.5) 109.49% 101.84% 90.73% 109.29% 100.00%
(6,064.3) (5,411.1) 193.93% 175.05% 156.83% 112.07% 100.00%
(545.4) (522.4) 71.02% 106.22% 99.16% 104.40% 100.00%
(980.8) (893.9) 154.08% 139.50% 113.14% 109.72% 100.00%
(1,360.6) (1,196.7) 152.43% 142.74% 117.69% 113.70% 100.00%
- - #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
(17,462.2) (15,811.6) 143.75% 133.68% 117.91% 110.44% 100.00%
318.2 249.9 119.25% 120.53% 156.62% 127.33% 100.00%
4,171.9 3,601.0 113.24% 107.84% 114.82% 115.85% 100.00%
- 390.6 0.00% 352.38% 0.00% 0.00% 100.00%
- (61.1) -1019.31% -817.02% -153.03% 0.00% 100.00%
108.0 43.0 224.42% 445.12% 422.79% 251.16% 100.00%
(81.3) (70.5) 469.50% 241.56% 131.21% 115.32% 100.00%
4,198.6 3,903.0 114.43% 148.09% 110.62% 107.57% 100.00%
(1,379.7) (1,143.7) 76.21% 110.34% 125.26% 120.63% 100.00%
2,818.9 2,759.3 130.27% 163.74% 104.55% 102.16% 100.00%
1.2 1.9 -242.11% -15.79% 10.53% 63.16% 100.00%
$ 2,817.7 $ 2,757.4 130.53% 163.86% 104.62% 102.19% 100.00%

$ 1.91 $ 1.84 160.33% 177.72% 108.15% 103.80% 100.00%


$ 1.90 $ 7.82 37.34% 41.43% 25.19% 24.30% 100.00%

1,471.60 1,495.90 81.64% 92.43% 96.90% 98.38% 100.00%


1,486.70 1,513.40 81.49% 92.15% 96.57% 98.24% 100.00%

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