Starbucks Corporation Revenue & Financials

Starbucks generated $37.18 billion in FY2025 revenue, compared to $36.18 billion in FY2024 and $35.98 billion in FY2023 — growth of approximately 1% year over year in a company that had grown at 10%+ annually through the early 2020s. Net income of $1.856 billion on $37.18 billion in revenue represents a 5.0% net margin, compressed by the restructuring costs associated with the Niccol transition and the ongoing investment in store operations improvements. The company operates approximately 40,000 stores globally, with the majority company-operated in North America and licensed internationally, generating an average revenue per store that reflects significant geographic variation between high-volume urban U.S. Locations and smaller international markets. The U.S. Comparable transaction growth trajectory — which turned negative in several quarters through 2024 — is the metric most closely watched by investors because transaction count is the leading indicator of whether the Niccol turnaround is working. The $5.43 average U.S. Ticket multiplied by approximately 60 million weekly North American transactions generates the revenue base that makes the $37 billion figure real. Price increases have contributed to ticket growth even as transaction counts declined, masking the traffic deterioration in headline revenue figures but not in the comparable store metrics that investors examine. The Nestlé Alliance royalty stream adds revenue without the labor cost structure of retail operations, providing margin support that the standalone retail P&L does not capture. The market capitalization of approximately $92.9 billion implies roughly 2.5x revenue — a premium to most restaurant chains that reflects both the brand's pricing power and the market's expectation that the Niccol operational improvements will restore transaction growth and expand margins back toward the historical range.