Starbucks Corp (SBUX US) - Standardized

In Millions of USD except Per Share FY 2012 FY 2013 FY 2014 FY 2015

12 Months Ending 09/30/2012 09/29/2013 09/28/2014 09/27/2015
Total Assets
+ Cash, Cash Equivalents & STI 2,037.0 3,233.8 1,843.8 1,611.4
+ Cash & Cash Equivalents 1,188.6 2,575.7 1,708.4 1,530.1
+ ST Investments 848.4 658.1 135.4 81.3
+ Accounts & Notes Receiv 485.9 561.4 631.0 719.0
+ Accounts Receivable, Net 485.9 561.4 631.0 719.0
+ Notes Receivable, Net 0.0 0.0 0.0 0.0
+ Inventories 1,241.5 1,111.2 1,090.9 1,306.4
+ Raw Materials 933.5 728.4 671.2 809.1
+ Work In Process 0.0 0.0 0.0 0.0
+ Finished Goods 181.6 243.3 265.7 318.3
+ Other Inventory 126.4 139.5 154.0 179.0
+ Other ST Assets 435.2 565.0 603.0 334.2
+ Derivative & Hedging Assets — 9.5 28.7 50.8
+ Deferred Tax Assets 238.7 277.3 317.4 —
+ Taxes Receivable — — — —
+ Misc ST Assets 196.5 278.2 256.9 283.4
Total Current Assets 4,199.6 5,471.4 4,168.7 3,971.0
+ Property, Plant & Equip, Net 2,658.9 3,200.5 3,519.0 4,088.3
+ Property, Plant & Equip 6,903.1 7,782.1 8,581.1 9,641.8
- Accumulated Depreciation 4,244.2 4,581.6 5,062.1 5,553.5
+ LT Investments & Receivables 116.0 58.3 318.4 312.5
+ LT Investments 116.0 58.3 318.4 312.5
+ Other LT Assets 1,244.7 2,786.5 2,746.8 4,044.5
+ Total Intangible Assets 542.8 1,137.7 1,129.7 2,095.8
+ Goodwill 399.1 862.9 856.2 1,575.4
+ Other Intangible Assets 143.7 274.8 273.5 520.4
+ Deferred Tax Assets — 967.0 903.3 1,180.8
+ Derivative & Hedging Assets — 0.0 0.0 54.7
+ Investments in Affiliates 459.9 496.5 514.9 352.0
+ Misc LT Assets 242.0 185.3 198.9 361.2
Total Noncurrent Assets 4,019.6 6,045.3 6,584.2 8,445.3
Total Assets 8,219.2 11,516.7 10,752.9 12,416.3

Liabilities & Shareholders' Equity

+ Payables & Accruals 1,689.3 4,526.2 2,045.7 2,420.3
+ Accounts Payable 398.1 491.7 533.7 684.2
+ Accrued Taxes 138.3 125.0 272.0 259.0
+ Interest & Dividends Payable 157.4 195.8 0.0 0.0
+ Other Payables & Accruals 995.5 3,713.7 1,240.0 1,477.1
+ ST Debt 0.0 0.0 0.0 0.0
 + ST Borrowings 0.0 0.0 0.0 0.0
+ ST Lease Liabilities 0.0 0.0 0.0 —
+ ST Finance Leases 0.0 0.0 0.0 —
+ ST Operating Leases — — — —
+ Current Portion of LT Debt 0.0 0.0 — 0.0
+ Other ST Liabilities 520.5 851.1 993.0 1,227.8
+ Deferred Revenue 510.2 653.7 794.5 983.8
+ Derivatives & Hedging — 18.9 2.4 19.2
+ Misc ST Liabilities 10.3 178.5 196.1 224.8
Total Current Liabilities 2,209.8 5,377.3 3,038.7 3,648.1
+ LT Debt 549.6 1,299.4 2,048.3 2,347.5
+ LT Borrowings 549.6 1,299.4 2,048.3 2,347.5
+ LT Lease Liabilities 0.0 0.0 0.0 —
+ LT Finance Leases 0.0 0.0 0.0 —
+ LT Operating Leases — — — —
+ Other LT Liabilities 345.3 357.7 392.2 600.9
+ Accrued Liabilities 0.0 0.0 0.0 0.0
+ Pension Liabilities 0.0 0.0 0.0 0.0
+ Pensions 0.0 0.0 0.0 0.0
+ Other Post-Ret Benefits 0.0 0.0 0.0 0.0
+ Deferred Revenue 0.0 0.0 0.0 0.0
+ Deferred Tax Liabilities — 10.1 6.9 43.4
+ Derivatives & Hedging — 3.0 18.0 14.5
+ Misc LT Liabilities 345.3 344.6 367.3 543.0
Total Noncurrent Liabilities 894.9 1,657.1 2,440.5 2,948.4
Total Liabilities 3,104.7 7,034.4 5,479.2 6,596.5
+ Preferred Equity and Hybrid Capital 0.0 0.0 0.0 0.0
+ Share Capital & APIC 40.1 282.9 40.1 42.6
+ Common Stock 0.7 0.8 0.7 1.5
+ Additional Paid in Capital 39.4 282.1 39.4 41.1
- Treasury Stock 0.0 0.0 0.0 0.0
+ Retained Earnings 5,046.2 4,130.3 5,206.6 5,974.8
+ Other Equity 22.7 67.0 25.3 -199.4
Equity Before Minority Interest 5,109.0 4,480.2 5,272.0 5,818.0
+ Minority/Non Controlling Interest 5.5 2.1 1.7 1.8
Total Equity 5,114.5 4,482.3 5,273.7 5,819.8
Total Liabilities & Equity 8,219.2 11,516.7 10,752.9 12,416.3

Reference Items
Accounting Standard US GAAP US GAAP US GAAP US GAAP
Shares Outstanding 1,498.6 1,506.4 1,499.1 1,485.1
Number of Treasury Shares 0.0 0.0 0.0 0.0
Pension Obligations — 0.0 0.0 0.0
Future Minimum Operating Lease Obligation 4,050.2 4,576.6 4,944.6 5,657.6
Capital Leases - Total 0.0 0.0 0.0 —
Options Granted During Period 6.8 7.2 6.2 6.4
Options Outstanding at Period End 66.2 44.0 39.6 33.6
Net Debt -1,487.4 -1,934.4 204.5 736.1
Net Debt to Equity -29.08 -43.16 3.88 12.65
Tangible Common Equity Ratio 59.48 32.20 43.04 36.07
Current Ratio 1.90 1.02 1.37 1.09
Cash Conversion Cycle 36.16 37.59 31.79 29.35
Cash Held Overseas — 994.4 1,400.0 1,000.0
Number of Employees 160,000.00 238,000.00 191,000.00 238,000.00
Source: Bloomberg Right click to show data transparency (not supported for all values)
 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021
10/02/2016 10/01/2017 09/30/2018 09/29/2019 09/27/2020 10/03/2021

2,263.2 2,690.9 8,937.8 2,757.1 4,632.1 6,617.9 6,617.9

2,128.8 2,462.3 8,756.3 2,686.6 4,350.9 6,455.7
134.4 228.6 181.5 70.5 281.2 162.2
768.8 870.4 693.1 879.2 883.4 940.0 940.0
768.8 870.4 693.1 879.2 883.4 940.0
0.0 0.0 0.0 0.0 0.0 0.0
1,378.5 1,364.0 1,400.5 1,529.4 1,551.4 1,603.9 1,603.9
862.0 842.1 869.8 933.0 888.2 903.8
0.0 0.0 0.0 0.0 0.0 0.0
308.6 301.1 273.1 288.0 293.9 329.3
207.9 220.8 257.6 308.4 369.3 370.8
350.0 358.1 1,462.8 488.2 739.5 594.6 594.6
27.7 24.4 10.4 12.6 15.6 147.6
— — — — — —
— — — — 356.9 20.7
322.3 333.7 1,452.4 475.6 367.0 426.3
4,760.5 5,283.4 12,494.2 5,653.9 7,806.4 9,756.4 9,756.4
4,533.8 4,919.5 5,929.1 6,431.7 14,375.5 14,605.5
10,573.3 11,584.0 13,197.1 14,273.5 22,289.4 23,064.8
6,039.5 6,664.5 7,268.0 7,841.8 7,913.9 8,459.3
1,141.7 542.3 267.7 220.0 206.1 281.7
1,141.7 542.3 267.7 220.0 206.1 281.7
3,893.5 3,620.4 5,465.4 6,914.0 6,986.5 6,749.0
2,235.9 1,980.6 4,583.8 4,272.6 4,149.3 4,027.2
1,719.6 1,539.2 3,541.6 3,490.8 3,597.2 3,677.3
516.3 441.4 1,042.2 781.8 552.1 349.9
885.4 795.4 134.7 1,765.8 1,789.9 1,874.8
6.4 13.4 24.5 26.3 87.3 84.3
354.5 481.6 334.7 396.0 478.7 268.5
411.3 349.4 387.7 453.3 481.3 494.2
9,569.0 9,082.2 11,662.2 13,565.7 21,568.1 21,636.2
14,329.5 14,365.6 24,156.4 19,219.6 29,374.5 31,392.6

2,711.7 2,700.6 3,684.9 4,894.0 2,945.5 4,296.5

730.6 782.5 1,179.3 1,189.7 997.9 1,211.6
368.4 226.6 286.6 1,468.4 260.9 566.0
0.0 0.0 445.4 485.7 0.0 578.1
1,612.7 1,691.5 1,773.6 1,750.2 1,686.7 1,940.8
400.0 0.0 349.9 0.0 2,937.5 2,250.2
 0.0 0.0 0.0 0.0 438.8 0.0
— — — — 1,248.8 1,251.3
— — — — 0.0 0.0
— — — — 1,248.8 1,251.3
400.0 0.0 349.9 0.0 1,249.9 998.9
1,435.2 1,520.1 1,649.4 1,274.7 1,463.8 1,604.7
1,171.2 1,288.5 1,642.9 1,269.0 1,456.5 1,596.1
18.0 16.4 6.5 5.7 7.3 8.6
246.0 215.2 0.0 0.0 0.0 0.0
4,546.9 4,220.7 5,684.2 6,168.7 7,346.8 8,151.4
3,202.2 3,932.6 9,090.2 11,167.0 22,321.3 21,354.9
3,202.2 3,932.6 9,090.2 11,167.0 14,659.6 13,616.9
— — — — 7,661.7 7,738.0
— — — — 0.0 0.0
— — — — 7,661.7 7,738.0
689.7 755.3 8,206.2 8,114.9 7,505.8 7,200.8
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 4.4 6,775.7 6,744.4 6,598.5 6,463.0
— — — — — —
71.6 22.1 43.5 12.5 79.3 8.2
618.1 728.8 1,387.0 1,358.0 828.0 729.6
3,891.9 4,687.9 17,296.4 19,281.9 29,827.1 28,555.7
8,438.8 8,908.6 22,980.6 25,450.6 37,173.9 36,707.1
0.0 0.0 0.0 0.0 0.0 0.0
42.6 42.5 42.4 42.3 375.1 847.3
1.5 1.4 1.3 1.2 1.2 1.2
41.1 41.1 41.1 41.1 373.9 846.1
0.0 0.0 0.0 0.0 0.0 0.0
5,949.8 5,563.2 1,457.4 -5,771.2 -7,815.6 -6,315.7
-108.4 -155.6 -330.3 -503.3 -364.6 147.2
5,884.0 5,450.1 1,169.5 -6,232.2 -7,805.1 -5,321.2
6.7 6.9 6.3 1.2 5.7 6.7
5,890.7 5,457.0 1,175.8 -6,231.0 -7,799.4 -5,314.5
14,329.5 14,365.6 24,156.4 19,219.6 29,374.5 31,392.6

US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP

1,460.5 1,431.6 1,309.1 1,184.6 1,173.3 1,180.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
7,270.4 8,598.0 9,353.8 10,230.9 10,089.6 10,129.9
— — — — 0.0 0.0
6.1 7.1 3.9 0.5 0.1 0.0
31.3 31.4 27.3 15.2 9.2 5.2
 1,339.0 1,241.7 502.3 8,409.9 20,626.7 16,987.2
22.73 22.75 42.72 — — —
30.17 28.01 -17.44 -70.28 -47.39 -34.16
1.05 1.25 2.20 0.92 1.06 1.20
29.20 27.70 19.95 16.31 22.47 20.18
1,600.0 2,100.0 1,300.0 2,000.0 2,000.0 2,900.0
254,000.00 277,000.00 291,000.00 346,000.00 349,000.00 383,000.00
orted for all values)
Starbucks Corp (SBUX US) - BBG Adjusted
In Millions of USD except Per Share FY 2015 FY 2016 FY 2017
12 Months Ending 09/27/2015 10/02/2016 10/01/2017
Revenue SALES_REV 19,162.7 21,315.9 22,386.8
+ Sales & Services Revenue IS_SALES_A 17,300.8 19,161.7 20,005.7
+ Other Revenue IS_OTHER_ 1,861.9 2,154.2 2,381.1
- Cost of Revenue IS_COGS_T 13,198.6 14,573.3 15,552.2
+ Cost of Goods & Services IS_COG_AND 13,198.6 14,573.3 15,552.2
Gross Profit GROSS_PRO 5,964.1 6,742.6 6,834.6
+ Other Operating Income IS_OTHER_O 0.0 318.2 391.4
- Operating Expenses IS_OPERATI 2,308.5 2,888.9 2,874.8
+ Selling, General & Admin IS_SG&A_EX 1,424.6 1,657.5 1,691.0
+ Selling & Marketing IS_SELLING 227.9 248.6 282.6
+ General & Administrative IS_GENERAL 1,196.7 1,408.9 1,408.4
+ Research & Development IS_OPEX_R& 0.0 0.0 0.0
+ Depreciation & Amortization IS_DEPRECI 893.9 980.8 1,011.4
+ Other Operating Expense IS_OTHER_ -10.0 250.6 172.4
Operating Income (Loss) IS_OPER_IN 3,655.6 4,171.9 4,351.2
- Non-Operating (Income) Loss IS_NONOP_ 27.5 -21.3 -89.3
+ Interest Expense IS_INT_EXP 70.5 81.3 92.5
+ Foreign Exch (Gain) Loss IS_FOREIGN 0.0 0.0 0.0
+ Other Non-Op (Income) Loss IS_OTHER_N -43.0 -102.6 -181.8
Pretax Income (Loss), Adjusted PRETAX_INC 3,628.1 4,193.2 4,440.5
- Abnormal Losses (Gains) IS_ABNORMA -274.9 -5.4 123.0
+ Merger/Acquisition Expense IS_MERGER_ -336.0 — 61.6
+ Disposal of Assets IS_GAIN_LO — — —
+ Early Extinguishment of Debt IS_G_L_ON_ 61.1 — —
+ Asset Write-Down IS_IMPAIRM — — —
+ Impairment of Goodwill IS_IMPAIRM — — 87.2
+ Gain/Loss on Sale/Acquisition of Busin IS_SALE_OF — -5.4 -92.1
+ Legal Settlement IS_LEGAL_L — — —
+ Restructuring IS_RESTRU — — 6.0
+ Sale of Investments IS_GAIN_LO — — —
+ Other Abnormal Items IS_OTHER_O — — 60.3
Pretax Income (Loss), GAAP PRETAX_INC 3,903.0 4,198.6 4,317.5
- Income Tax Expense (Benefit) IS_INC_TAX 1,143.7 1,379.7 1,432.6
+ Current Income Tax IS_CURRENT 1,123.3 1,089.1 1,318.4
+ Deferred Income Tax IS_DEFERRE 20.4 290.6 114.2
Income (Loss) from Cont Ops IS_INC_BEF 2,759.3 2,818.9 2,884.9
- Net Extraordinary Losses (Gains) XO_GL_NET 0.0 0.0 0.0
+ Discontinued Operations IS_DISCONT 0.0 0.0 0.0
+ XO & Accounting Changes IS_EXTRAO 0.0 0.0 0.0
Income (Loss) Incl. MI NI_INCLUDI 2,759.3 2,818.9 2,884.9
- Minority Interest MIN_NONCON 1.9 1.2 0.2
Net Income, GAAP NET_INCOM 2,757.4 2,817.7 2,884.7
- Preferred Dividends IS_TOT_CAS 0.0 0.0 0.0
- Other Adjustments OTHER_ADJ 0.0 0.0 0.0
Net Income Avail to Common, GAAP EARN_FOR_ 2,757.4 2,817.7 2,884.7

Net Income Avail to Common, Adj EARN_FOR_ 2,578.7 2,814.2 2,995.2

Net Abnormal Losses (Gains) IS_NET_ABN -178.7 -3.5 110.5
Net Extraordinary Losses (Gains) XO_GL_NET 0.0 0.0 0.0

Basic Weighted Avg Shares IS_AVG_NU 1,495.9 1,471.6 1,449.5

Basic EPS, GAAP IS_EPS 1.84 1.91 1.99
Basic EPS from Cont Ops, GAAP IS_EARN_BE 1.84 1.91 1.99
Basic EPS from Cont Ops, Adjusted IS_BASIC_E 1.72 1.91 2.07

Diluted Weighted Avg Shares IS_SH_FOR_ 1,513.4 1,486.7 1,461.5

Diluted EPS, GAAP IS_DILUTED 1.82 1.90 1.97
Diluted EPS from Cont Ops, GAAP IS_DIL_EPS 1.82 1.90 1.97
Diluted EPS from Cont Ops, Adjusted IS_DIL_EPS 1.70 1.90 2.05

Reference Items
Accounting Standard ACCOUNTIN US GAAP US GAAP US GAAP
EBITDA EBITDA 4,589.4 5,202.0 5,418.3
EBITDA Margin (T12M) EBITDA_MAR 23.95 24.40 24.20
EBITA EBITA 3,745.5 4,278.5 4,464.4
EBIT EBIT 3,655.6 4,171.9 4,351.2
Gross Margin GROSS_MAR 31.12 31.63 30.53
Operating Margin OPER_MARG 19.08 19.57 19.44
Profit Margin PROF_MARG 13.46 13.20 13.38
Sales per Employee ACTUAL_SA 80,515.55 83,920.87 80,818.77
Dividends per Share EQY_DPS 0.68 0.85 1.05
Total Cash Common Dividends IS_TOT_CA 1,016.2 1,246.2 1,522.0
Capitalized Interest Expense IS_CAP_INT 3.6 — —
Depreciation Expense IS_DEPR_EX 843.9 923.5 953.9
Rental Expense BS_CURR_R 1,137.8 1,223.2 1,329.2
Source: Bloomberg Right click to show data transparency (not supported for all values)
 FY 2018 FY 2019 FY 2020 FY 2021 Last 12M FY 2022 Est FY 2023 Est
09/30/2018 09/29/2019 09/27/2020 10/03/2021 01/02/2022 09/30/2022 09/30/2023
24,719.5 26,508.6 23,518.0 29,060.6 30,361.6 32,784.7 35,744.5
22,067.3 23,633.6 21,190.9 26,377.0 27,441.0
2,652.2 2,875.0 2,327.1 2,683.6 2,920.6
17,402.9 19,020.5 18,458.9 20,652.0 21,674.9
17,402.9 19,020.5 18,458.9 20,652.0 21,674.9
7,316.6 7,488.1 5,059.1 8,408.6 8,686.7 22,541.8 24,614.7
301.2 298.0 322.5 385.3 342.9
3,122.8 3,215.6 3,248.4 3,531.9 3,552.3
1,968.5 2,029.0 1,922.2 2,215.5 1,967.2
260.3 245.7 258.8 305.1
1,708.2 1,783.3 1,663.4 1,910.4 1,967.2
0.0 — 0.0 0.0
1,247.0 1,377.3 1,431.3 1,441.7 1,441.7
-92.7 -190.7 -105.1 -125.3 143.4
4,495.0 4,570.5 2,133.2 5,262.0 5,477.3 5,467.3 6,271.5
-21.1 234.5 397.3 379.7 389.6
170.3 331.0 437.0 469.8 464.3
0.0 0.0 0.0 0.0
-191.4 -96.5 -39.7 -90.1 -74.7
4,516.1 4,336.0 1,735.9 4,882.3 5,087.7 5,050.2 5,871.7
-1,263.9 -130.2 571.5 -474.6 -523.5
285.5 274.6 290.9 219.5 199.6
— — — —
— — — —
— — — 80.9
37.6 10.5 — —
-1,871.8 -622.8 — -864.5
— — — —
239.0 146.2 280.6 89.5
— — — —
45.8 61.3 — — 43.2
5,780.0 4,466.2 1,164.4 5,356.9 5,611.2 5,050.2 5,871.7
1,262.0 871.6 239.7 1,156.6 1,216.9
535.2 2,320.4 268.2 1,281.6
726.8 -1,448.8 -28.5 -125.0
4,518.0 3,594.6 924.7 4,200.3 4,394.3 3,793.5 4,450.9
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
4,518.0 3,594.6 924.7 4,200.3 4,394.3
-0.3 -4.6 -3.6 1.0 1.2
 4,518.3 3,599.2 928.3 4,199.3 4,393.1 3,793.5 4,450.9
0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0
4,518.3 3,599.2 928.3 4,199.3 4,393.1 3,793.5 4,450.9

3,754.6 3,498.5 1,379.8 3,824.4 3,979.5 3,857.4 4,456.1

-763.7 -100.7 451.5 -374.9 -413.6
0.0 0.0 0.0 0.0 0.0

1,382.7 1,221.2 1,172.8 1,177.6 1,169.6

3.27 2.95 0.79 3.57 3.73 3.27 3.90
3.27 2.95 0.79 3.57 3.73 3.27 3.90
2.72 2.86 1.18 3.25 3.38 3.34 3.91

1,394.6 1,233.2 1,181.8 1,185.5 1,176.6

3.24 2.92 0.79 3.54 3.71 3.27 3.90
3.24 2.92 0.79 3.54 3.71 3.27 3.90
2.69 2.84 1.17 3.22 3.36 3.34 3.91

US GAAP US GAAP US GAAP US GAAP

5,800.9 6,019.8 5,210.0 8,365.3 8,555.3 6,857.9 7,716.1
23.47 22.71 22.15 28.79 28.18 20.92 21.59
4,740.4 4,875.3 4,002.4 7,147.0 7,287.8
4,495.0 4,570.5 2,133.2 5,262.0 5,477.3 5,467.3 6,271.5
29.60 28.25 21.51 28.93 28.61 68.76 68.86
18.18 17.24 9.07 18.11 18.04 16.68 17.55
15.19 13.20 5.87 13.16 13.11 11.77 12.47
84,946.74 76,614.45 67,386.82 75,876.24
1.32 1.49 1.68 2.29 1.88 1.96 2.13
1,825.2 1,819.6 1,970.3 2,697.2 2,201.0
— — — —
1,060.5 1,144.5 1,207.6 1,218.3 1,267.5
1,625.2 1,666.0 2,441.1 2,559.7 2,542.2
ency (not supported for all values)
5,262.0
STARBUCKS Balance / Análisis Vertical
(USD millones, %)

2012 2013 2014 2015 2016

Activos Corrientes 4,200 5,471 4,169 3,971 4,761

Caja y equivalentes 2,037 3,234 1,844 1,611 2,263

Cuentas por cobrar 486 561 631 719 769
Inventarios 1,242 1,111 1,091 1,306 1,379
Otros activos corrientes 435 565 603 334 350

Activos No Corrientes 4,020 6,045 6,584 8,445 9,569

Propiedad Planta y Equipo Neta 2,659 3,201 3,519 4,088 4,534

Propiedad Planta y Equipo Bruto 6,903 7,782 8,581 9,642 10,573
Depreciación acumulada 4,244 4,582 5,062 5,554 6,040
Cuentas por cobrar a LP y otras inversione 116 58 318 313 1,142
Otros activos no corrientes 1,245 2,787 2,747 4,045 3,894

TOTAL ACTIVOS 8,219 11,517 10,753 12,416 14,330

Pasivo Corriente 2,608 5,869 3,572 4,332 5,278

Cuentas por pagar proveedores y otros 1,689 4,526 2,046 2,420 2,712
Cuentas por pagar proveedores 398 492 534 684 731
Deuda a corto plazo 0 0 0 0 400
Otras deudas a corto plazo 521 851 993 1,228 1,435

Pasivos No Corrientes 895 1,657 2,441 2,948 3,892

Deuda a largo plazo 550 1,299 2,048 2,348 3,202

Otros pasivos a largo plazo 345 358 392 601 690

TOTAL PASIVOS 3,503 7,526 6,013 7,281 9,169

TOTAL PATRIMONIO 4,716 3,991 4,740 5,136 5,160

2012 2013 2014 2015 2016

Activos Corrientes 51.1% 47.5% 38.8% 32.0% 33.2%

Caja y equivalentes 24.8% 28.1% 17.1% 13.0% 15.8%
Cuentas por cobrar 5.9% 4.9% 5.9% 5.8% 5.4%
Inventarios 15.1% 9.6% 10.1% 10.5% 9.6%
Otros activos corrientes 5.3% 4.9% 5.6% 2.7% 2.4%

Activos No Corrientes 48.9% 52.5% 61.2% 68.0% 66.8%

Propiedad Planta y Equipo Neta 32.3% 27.8% 32.7% 32.9% 31.6%

Propiedad Planta y Equipo Bruto 84.0% 67.6% 79.8% 77.7% 73.8%
Depreciación acumulada 51.6% 39.8% 47.1% 44.7% 42.1%
Cuentas por cobrar a LP y otras inversione 1.4% 0.5% 3.0% 2.5% 8.0%
Otros activos no corrientes 15.1% 24.2% 25.5% 32.6% 27.2%

TOTAL ACTIVOS 100.0% 100.0% 100.0% 100.0% 100.0%

Pasivo Corriente 31.7% 51.0% 33.2% 34.9% 36.8%

Cuentas por pagar 20.6% 39.3% 19.0% 19.5% 18.9%

Deuda a corto plazo 0.0% 0.0% 0.0% 0.0% 2.8%
Otras deudas a corto plazo 6.3% 7.4% 9.2% 9.9% 10.0%

Pasivos No Corrientes 10.9% 14.4% 22.7% 23.7% 27.2%

Deuda a largo plazo 6.7% 11.3% 19.0% 18.9% 22.3%

Otros pasivos a largo plazo 4.2% 3.1% 3.6% 4.8% 4.8%

TOTAL PASIVOS 42.6% 65.3% 55.9% 58.6% 64.0%

TOTAL PATRIMONIO 57.4% 34.7% 44.1% 41.4% 36.0%

2017 2018 2019 2020 2021 2022 2023

5,283 12,494 5,654 7,806 9,756 9686 10291

2,691 8,938 2,757 4,632 6,618 6262 6735

870 693 879 883 940 997 1043
1,364 1,401 1,529 1,551 1,604 1651 1705
358 1,463 488 740 595 776 809

9,082 11,662 13,566 21,568 21,636 21594 23480

4,920 5,929 6,432 14,376 14,606 13300 14550

11,584 13,197 14,274 22,289 23,065 22361 24101
6,665 7,268 7,842 7,914 8,459 9060 9551
542 268 220 206 282 390 398
3,620 5,465 6,914 6,987 6,749 7904 8533

14,366 24,156 19,220 29,375 31,393 31280 33771

5,003 6,864 7,358 8,345 9,363 9338 9971

2,701 3,685 4,894 2,946 4,297 4206 4390

783 1,179 1,190 998 1,212 1343 1438
0 350 0 2,938 2,250 1976 2227
1,520 1,649 1,275 1,464 1,605 1814 1916

4,688 17,296 19,282 29,827 28,556 30288 33768

3,933 9,090 11,167 22,321 21,355 21096 23526

755 8,206 8,115 7,506 7,201 9191 10241

9,691 24,160 26,640 38,172 37,919 39626 43738

4,675 -4 -7,421 -8,797 -6,526 -8347 -9967

2017 2018 2019 2020 2021 2022 2023

36.8% 51.7% 29.4% 26.6% 31.1% 27% 26%

18.7% 37.0% 14.3% 15.8% 21.1% 19% 18%
6.1% 2.9% 4.6% 3.0% 3.0% 3% 3%
9.5% 5.8% 8.0% 5.3% 5.1% 4% 3%
2.5% 6.1% 2.5% 2.5% 1.9% 2% 2%

63.2% 48.3% 70.6% 73.4% 68.9% 73% 74%

34.2% 24.5% 33.5% 48.9% 46.5% 43% 45%

80.6% 54.6% 74.3% 75.9% 73.5% 70% 69%
46.4% 30.1% 40.8% 26.9% 26.9% 27% 25%
3.8% 1.1% 1.1% 0.7% 0.9% 2% 1%
25.2% 22.6% 36.0% 23.8% 21.5% 28% 28%

100.0% 100.0% 100.0% 100.0% 100.0% 100% 100%

34.8% 28.4% 38.3% 28.4% 29.8% 29% 28%

18.8% 15.3% 25.5% 10.0% 13.7% 12% 10%

0.0% 1.4% 0.0% 10.0% 7.2% 7% 8%
10.6% 6.8% 6.6% 5.0% 5.1% 6% 6%

32.6% 71.6% 100.3% 101.5% 91.0% 112% 123%

27.4% 37.6% 58.1% 76.0% 68.0% 77% 84%

5.3% 34.0% 42.2% 25.6% 22.9% 35% 39%

67.5% 100.0% 138.6% 129.9% 120.8% 141% 151%

32.5% 0.0% -38.6% -29.9% -20.8% -41% -51%

 2024 2025

10896 11502

7207 7680
1089 1135
1758 1811
842 875

25367 27253

15800 17049
25841 27581
10041 10532
406 413
9162 9791

36263 38755

10604 11236

4574 4759
1533 1628
2478 2730
2018 2120

37247 40727

25956 28386
11291 12341

47851 51963

-11588 -13208

2024 2025

24% 22%
18% 18%
2% 2%
2% 1%
1% 1%

76% 78%

46% 48%
68% 68%
22% 20%
1% 1%
29% 29%

100% 100%

27% 26%

9% 7%
8% 9%
5% 5%

134% 146%

92% 100%
43% 46%

161% 172%

-61% -72%
STARBUCKS Estado de Pérdidas y Ganancias - Análisis Vertical
(USD millones, %)

2012 2013 2014 2015 2016

Ventas 19,163 21,316

Costo de Ventas 13,199 14,573
Costo de Ventas (productos y dirstribución) 7,788 8,509
Costo de ventas (gasto operativo de las tiendas) 5,411 6,064
Margen Bruto 5,964 6,743

Otros ingresos operativos (+) 0 318.2

Gastos operativos (-) 2,309 2,889

Gastos de personal 1,425 1,658
Depreciación y Amortización 894 981
Otros gastos operativos -10 251

Intereses (-) 71 81
Otros gastos extraordinarios (-) 826 954

Utilidad Bruta 2,759 2,819

Impuestos 1,144 1,380
Utilidad Neta 1,616 1,439

2012 2013 2014 2015 2016

Ventas 100.0% 100.0%

Costo de Ventas 68.9% 68.4%
Margen Bruto 31.1% 31.6%

Otros ingresos operativos (+) 0.0% 1.5%

Gastos operativos (-) 12.0% 13.6%

Gastos de personal 7.4% 7.8%
Depreciación y Amortización 4.7% 4.6%
Otros gastos operativos -0.1% 1.2%

Intereses (-) 0.4% 0.4%

Otros gastos extraordinarios (-) 4.3% 4.5%

Utilidad Bruta 14.4% 13.2%

Impuestos 6.0% 6.5%
Utilidad Neta 8.4% 6.8%
2017 2018 2019 2020 2021 2022 2023

22,387 24,720 26,509 23,518 29,061 29,270 30,635

15,552 17,403 19,021 18,459 20,652 21,780 22,980
9,034 7,930 8,527 7,695 8,739 8,420 8,446
6,518 9,473 10,494 10,764 11,913 13,360 14,534
6,835 7,317 7,488 5,059 8,409 7,491 7,656

391.4 301.2 298 322.5 385.3 441 479

2,875 3,123 3,216 3,248 3,532 3,703 3,872

1,691 1,969 2,029 1,922 2,216 2,307 2,423
1,011 1,247 1,377 1,431 1,442 1,613 1,717
172 -93 -191 -105 -125 - 217 - 268

93 170 331 437 470 543 620

982 -495 347 449 207 - 33 - 158

2,885 4,518 3,595 925 4,200 3,278 3,322

1,433 1,262 872 240 1,157 669 569
1,452 3,256 2,723 685 3,044 2,609 2,753

2017 2018 2019 2020 2021 2022 2023

100.0% 100.0% 100.0% 100.0% 100.0% 100% 100%

69.5% 70.4% 71.8% 78.5% 71.1% 75% 76%
30.5% 29.6% 28.2% 21.5% 28.9% 25% 24%

1.7% 1.2% 1.1% 1.4% 1.3% 2% 2%

12.8% 12.6% 12.1% 13.8% 12.2% 13% 13%

7.6% 8.0% 7.7% 8.2% 7.6% 8% 8%
4.5% 5.0% 5.2% 6.1% 5.0% 6% 6%
0.8% -0.4% -0.7% -0.4% -0.4% -1% -1%

0.4% 0.7% 1.2% 1.9% 1.6% 2% 2%

4.4% -2.0% 1.3% 1.9% 0.7% -1% -1%

12.9% 18.3% 13.6% 3.9% 14.5% 10% 10%

6.4% 5.1% 3.3% 1.0% 4.0% 2% 1%
6.5% 13.2% 10.3% 2.9% 10.5% 9% 9%
 2024 2025

32,000 33,365
24,180 25,380
8,471 8,497
15,709 16,883
7,821 7,986

518 556

4,041 4,210
2,538 2,654
1,821 1,925
- 319 - 370

696 773
- 283 - 408

3,367 3,411
469 369
2,898 3,042

2024 2025

100% 100%
77% 78%
23% 22%

2% 2%

13% 13%
8% 8%
6% 6%
-1% -1%

3% 3%
-2% -3%

9% 9%
0% 0%
9% 9%
STARBUCKS Balance / Análisis Horizontal
(USD millones, %)

2012 2013 2014 2015 2016

Activos Corrientes 4,200 5,471 4,169 3,971 4,761

Caja y equivalentes 2,037 3,234 1,844 1,611 2,263

Cuentas por cobrar 486 561 631 719 769
Inventarios 1,242 1,111 1,091 1,306 1,379
Otros activos corrientes 435 565 603 334 350

Activos No Corrientes 4,020 6,045 6,584 8,445 9,569

Propiedad Planta y Equipo Neta 2,659 3,201 3,519 4,088 4,534

Propiedad Planta y Equipo Bruto 6,903 7,782 8,581 9,642 10,573
Depreciación acumulada 4,244 4,582 5,062 5,554 6,040
Cuentas por cobrar a LP y otras inversione 116 58 318 313 1,142
Otros activos no corrientes 1,245 2,787 2,747 4,045 3,894

TOTAL ACTIVOS 8,219 11,517 10,753 12,416 14,330

Pasivo Corriente 2,608 5,869 3,572 4,332 5,278

Cuentas por pagar proveedores y otros 1,689 4,526 2,046 2,420 2,712
Cuentas por pagar proveedores 398 492 534 684 731
Deuda a corto plazo 0 0 0 0 400
Otras deudas a corto plazo 521 851 993 1,228 1,435

Pasivos No Corrientes 895 1,657 2,441 2,948 3,892

Deuda a largo plazo 550 1,299 2,048 2,348 3,202

Otros pasivos a largo plazo 345 358 392 601 690

TOTAL PASIVOS 3,503 7,526 6,013 7,281 9,169

TOTAL PATRIMONIO 4,716 3,991 4,740 5,136 5,160

2013 2014 2015 2016

Activos Corrientes 30.3% -23.8% -4.7% 19.9%

Caja y equivalentes 58.8% -43.0% -12.6% 40.4%
Cuentas por cobrar 15.5% 12.4% 13.9% 6.9%
Inventarios -10.5% -1.8% 19.8% 5.5%
Otros activos corrientes 29.8% 6.7% -44.6% 4.7%

Activos No Corrientes 50.4% 8.9% 28.3% 13.3%

Propiedad Planta y Equipo Neta 20.4% 10.0% 16.2% 10.9%

Propiedad Planta y Equipo Bruto 12.7% 10.3% 12.4% 9.7%
Depreciación acumulada 7.9% 10.5% 9.7% 8.8%
Cuentas por cobrar a LP y otras inversiones -49.7% 446.1% -1.9% 265.3%
Otros activos no corrientes 123.9% -1.4% 47.2% -3.7%

TOTAL ACTIVOS 40.1% -6.6% 15.5% 15.4%

Pasivo Corriente 125.0% -39.1% 21.3% 21.8%

Cuentas por pagar 167.9% -54.8% 18.3% 12.0%

Deuda a corto plazo
Otras deudas a corto plazo 63.5% 16.7% 23.6% 16.9%

Pasivos No Corrientes 85.2% 47.3% 20.8% 32.0%

Deuda a largo plazo 136.4% 57.6% 14.6% 36.4%

Otros pasivos a largo plazo 3.6% 9.6% 53.2% 14.8%

TOTAL PASIVOS 114.9% -20.1% 21.1% 25.9%

TOTAL PATRIMONIO -15.4% 18.8% 8.3% 0.5%

2017 2018 2019 2020 2021 2022 2023

5,283 12,494 5,654 7,806 9,756 9,686 10,291

2,691 8,938 2,757 4,632 6,618 6,262 6,735

870 693 879 883 940 997 1,043
1,364 1,401 1,529 1,551 1,604 1,651 1,705
358 1,463 488 740 595 776 809

9,082 11,662 13,566 21,568 21,636 21,594 23,480

4,920 5,929 6,432 14,376 14,606 13,300 14,550

11,584 13,197 14,274 22,289 23,065 22,361 24,101
6,665 7,268 7,842 7,914 8,459 9,060 9,551
542 268 220 206 282 390 398
3,620 5,465 6,914 6,987 6,749 7,904 8,533

14,366 24,156 19,220 29,375 31,393 31,280 33,771

5,003 6,864 7,358 8,345 9,363 9,338 9,971

2,701 3,685 4,894 2,946 4,297 4,206 4,390

783 1,179 1,190 998 1,212 1,343 1,438
0 350 0 2,938 2,250 1,976 2,227
1,520 1,649 1,275 1,464 1,605 1,814 1,916

4,688 17,296 19,282 29,827 28,556 30,288 33,768

3,933 9,090 11,167 22,321 21,355 21,096 23,526

755 8,206 8,115 7,506 7,201 9,191 10,241

9,691 24,160 26,640 38,172 37,919 39,626 43,738

4,675 -4 -7,421 -8,797 -6,526 - 8,347 - 9,967

2017 2018 2019 2020 2021 2,022 2,023

11.0% 136.5% -54.7% 38.1% 25.0% 35% 38%

18.9% 232.1% -69.2% 68.0% 42.9% 66% 72%
13.2% -20.4% 26.9% 0.5% 6.4% 2% 1%
-1.1% 2.7% 9.2% 1.4% 3.4% 7% 7%
2.3% 308.5% -66.6% 51.5% -19.6% 47% 50%

-5.1% 28.4% 16.3% 59.0% 0.3% 17% 16%

8.5% 20.5% 8.5% 123.5% 1.6% 46% 50%

9.6% 13.9% 8.2% 56.2% 3.5% 23% 25%
10.3% 9.1% 7.9% 0.9% 6.9% 5% 4%
-52.5% -50.6% -17.8% -6.3% 36.7% -50% -73%
-7.0% 51.0% 26.5% 1.0% -3.4% -15% -23%

0.3% 68.2% -20.4% 52.8% 6.9% 21% 22%

-5.2% 37.2% 7.2% 13.4% 12.2% -4% -9%

-0.4% 36.4% 32.8% -39.8% 45.9% -8% -15%

-23.4%
5.9% 8.5% -22.7% 14.8% 9.6% -12% -17%

20.5% 269.0% 11.5% 54.7% -4.3% 50% 48%

22.8% 131.1% 22.8% 99.9% -4.3% 30% 25%

9.5% 986.5% -1.1% -7.5% -4.1% 183% 196%

5.7% 149.3% 10.3% 43.3% -0.7% 25% 22%

-9.4% -100.1% 211920.0% 18.6% -25.8% 58842% 65903%

 2024 2025

10,896 11,502

7,207 7,680
1,089 1,135
1,758 1,811
842 875

25,367 27,253

15,800 17,049
25,841 27,581
10,041 10,532
406 413
9,162 9,791

36,263 38,755

10,604 11,236

4,574 4,759
1,533 1,628
2,478 2,730
2,018 2,120

37,247 40,727

25,956 28,386
11,291 12,341

47,851 51,963

- 11,588 - 13,208

2,024 2,025

41% 44%
 78% 84%
0% -1%
8% 9%
53% 56%

15% 14%

55% 59%
26% 28%
4% 3%
-95% -118%
-31% -39%

22% 23%

-14% -19%

-21% -28%

-22% -28%

46% 44%

20% 14%
209% 222%

19% 16%

72964% 80026%
STARBUCKS Estado de Pérdidas y Ganancias - Análisis Horizontal
(USD millones, %)

2012 2013 2014 2015 2016

Ventas 19,163 21,316

Costo de Ventas 13,199 14,573
Margen Bruto 5,964 6,743

Otros ingresos operativos (+) 0 318.2

Gastos operativos (-) 2,309 2,889

Gastos de personal 1,425 1,658
Depreciación y Amortización 894 981
Otros gastos operativos -10 251

Intereses (-) 71 81
Otros gastos extraordinarios (-) 826 954

Utilidad Bruta 2,759 2,819

Impuestos 1,144 1,380
Utilidad Neta 1,616 1,439

2012 2013 2014 2015 2016

Ventas 11.2%
Costo de Ventas 10.4%
Margen Bruto 13.1%

Otros ingresos operativos (+)

Gastos operativos (-) 25.1%

Gastos de personal 16.3%
Depreciación y Amortización 9.7%
Otros gastos operativos -2606.0%

Intereses (-) 15.3%

Otros gastos extraordinarios (-) 15.5%

Utilidad Bruta 2.2%

Impuestos 20.6%
Utilidad Neta -10.9%
Horizontal

2017 2018 2019 2020 2021 2022 2023

22,387 24,720 26,509 23,518 29,061 29,270 30,635

15,552 17,403 19,021 18,459 20,652 21,780 22,980
6,835 7,317 7,488 5,059 8,409 7,491 7,656

391.4 301.2 298 322.5 385.3 441 479

2,875 3,123 3,216 3,248 3,532 3,703 3,872

1,691 1,969 2,029 1,922 2,216 2,307 2,423
1,011 1,247 1,377 1,431 1,442 1,613 1,717
172 -93 -191 -105 -125 - 217 - 268

93 170 331 437 470 543 620

982 -495 347 449 207 - 33 - 158

2,885 4,518 3,595 925 4,200 3,278 3,322

1,433 1,262 872 240 1,157 669 569
1,452 3,256 2,723 685 3,044 2,609 2,753

2017 2018 2019 2020 2021 2,022 2,023

5.0% 10.4% 7.2% -11.3% 23.6% 9% 9%

6.7% 11.9% 9.3% -3.0% 11.9% 5% 5%
1.4% 7.1% 2.3% -32.4% 66.2% 26% 30%

23.0% -23.0% -1.1% 8.2% 19.5% 13% 15%

-0.5% 8.6% 3.0% 1.0% 8.7% -1% -3%

2.0% 16.4% 3.1% -5.3% 15.3% 4% 3%
3.1% 23.3% 10.4% 3.9% 0.7% 3% 1%
-31.2% -153.8% 105.7% -44.9% 19.2% 883% 1264%

13.8% 84.1% 94.4% 32.0% 7.5% 44% 45%

3.0% -150.3% -170.2% 29.4% -54.0% -83% -91%

2.3% 56.6% -20.4% -74.3% 354.2% 199% 240%

3.8% -11.9% -30.9% -72.5% 382.5% 205% 249%
0.9% 124.2% -16.4% -74.8% 344.3% 202% 242%
 2024 2025

32,000 33,365
24,180 25,380
7,821 7,986

518 556

4,041 4,210
2,538 2,654
1,821 1,925
- 319 - 370

696 773
- 283 - 408

3,367 3,411
469 369
2,898 3,042

2,024 2,025

9% 9%
4% 3%
35% 39%

17% 20%

-5% -8%
2% 0%
0% -2%
1645% 2026%

45% 46%
-100% -108%

282% 323%
294% 339%
283% 323%
STARBUCKS
(USD millones, %)

Crecimiento de Ventas (%)

Patrimonio / Activos (%)

Pasivo / Patrimonio (%)

Margen Bruto (1) (%)

Margen Bruto (2) (%)
Gasto Operativo / Ventas
Gasto Operativo / Activos
Salarios / Ventas
Otros ingresos op. / Ventas
Otros gastos extraord. / Ventas

ROE (Utilidad / Patrimonio)

ROA (Utilidad / Activos)
Utilidad / Ventas

Días de cobro cuentas por cobrar

Días por pagar proveedores
Días de inventario

NOF

Caja bancos / Pasivo Corriente

Activo corriente / Pasivo corriente

Salarios / Ventas

Activo Fijo / Ventas

Gasto de depreciacion / Activo Fijo

Impuestos / Utilidad bruta

Margen Bruto (1)

Margen Bruto (2)

Ventas diarias ($ mill)

Compras diarias ($ mill)

Dias CxC + Dias de Inventario - Días en C

Requerimiento de caja para crecer (SI/N
Indicadores

2016 2017 2018 2019 2020 2021 2022 2023

11.2% 5.0% 10.4% 7.2% -11.3% 23.6% 8.7% 8.9%

41.4% 36.0% 32.5% 0.0% -38.6% -29.9% -54.4% -71.9%

74.3% 188.6% 126.9% 141.8% 177.7% 207.3% 217.5% 236.0%

40.6% 39.9% 40.4% 32.1% 32.2% 32.7% 29.2% 27.2%

31.1% 31.6% 30.5% 29.6% 28.2% 21.5% 22.9% 21.2%
12.0% 13.6% 12.8% 12.6% 12.1% 13.8% 13.3% 13.4%
21.6% 20.0% 16.2% 14.8% 13.4% 11.6% 9.2% 7.1%
7.8% 7.6% 8.0% 7.7% 8.2% 7.6% 7.9% 7.9%
1.5% 1.7% 1.2% 1.1% 1.4% 1.3% 1.2% 1.1%
4.3% 4.5% 4.4% -2.0% 1.3% 1.9% -0.4% -1.2%

28.0% 29.5% 139.4% -73.4% -8.4% -39.7% -54.0% -73.0%

10.8% 10.1% 16.9% 12.6% 2.8% 10.0% 7.5% 6.7%
6.8% 6.5% 13.2% 10.3% 2.9% 10.5% 8.8% 9.0%

13.0 14.0 10.1 11.9 13.5 11.6 1173.6% 1155.7%

30.9 31.2 53.5 50.2 46.7 49.9 5756.5% 6151.4%
58.3 54.4 63.6 64.6 72.6 66.1 7269.0% 7538.8%

1,417 1,452 914 1,219 1,437 1,332 127892.7% 127428.7%

47.5% 50.9% 71.5% 48.8% 59.3% 67.8% 68.0% 71.0%

90.2% 105.6% 182.0% 76.8% 93.5% 104.2% 101.6% 99.6%

7.8% 7.6% 8.0% 7.7% 8.2% 7.6% 7.9% 7.9%

47.4% 49.5% 50.1% 51.8% 77.7% 78.0% 83.1% 89.9%

9.7% 9.1% 10.1% 10.0% 7.8% 6.4% 6.8% 6.2%

48.9% 49.7% 27.9% 24.2% 25.9% 27.5% 15.8% 10.6%

Considera solo los costos de materias primas y transporte

Considera materias primas, transporte y todos los gastos operativos imputables al proceso de venta

59.2 62.2 68.7 73.6 65.3 80.7 80.49 83.97

 23.6 25.1 22.0 23.7 21.4 24.3 22.72 22.54

40.4 37.2 20.1 26.3 39.4 27.8 26.86 25.43

SI SI SI SI SI SI SI SI
 2024 2025 Average Desvest Prom + 1 desvest Prom + 2 desvest

9.2% 9.5% 7.5% 14.4% 8.6% 9.6%

-89.4% -106.9%
254.5% 273.0%

25.1% 23.1% 34.3% 4.0% 35.7% 37.1%

19.5% 17.8% 27.5% 4.1% 28.6% 29.7%
13.5% 13.6% 12.9% 0.7% 12.9% 13.0%
5.1% 3.0% 14.0% 2.0% 14.3% 14.6%
7.9% 7.9% 7.9% 0.3% 7.9% 7.9%
1.1% 1.0% 1.3% 0.1% 1.3% 1.3%
-2.0% -2.8% 1.4% 2.6% 1.4% 1.5%

-92.0% -111.0%
5.8% 5.0%
9.1% 9.3%

1137.8% 1119.8% 11.8 1.4 13.2 14.6

6546.3% 6941.2% 50.1 2.8 52.9 55.7
7808.6% 8078.4% 66.7 4.1 70.8 74.8

126964.7% 126500.7% 1,226 226 1,451

74.0% 77.0% 61.9% 10.1%

97.5% 95.5% 114.2% 46.6%

7.9% 7.9% 7.9% 0.3% 7.9% 7.9%

96.7% 103.6% 64.4% 15.6% 74.4% 84.5%

5.6% 5.0% 8.6% 1.8% 8.7% 8.9%

5.5% 0.3% 26.4% 1.7% 26.9% 27.3%

87.46 90.94
22.36 22.18

24.00 22.57
SI SI
STARBUCKS Indicadores
(USD millones, %)

2021 2022 2023 2024 2025

Crecimiento de Ventas (%) 23.6% 9% 9% 9% 9%

Patrimonio / Activos (%) -29.9% -54% -72% -89% -107%

Pasivo / Patrimonio (%) 207.3% 217% 236% 254% 273%

Margen Bruto (1) (%) 32.7% 29% 27% 25% 23%

Margen Bruto (2) (%) 21.5% 23% 21% 19% 18%
Gasto Operativo / Ventas 13.8% 13% 13% 14% 14%
Gasto Operativo / Activos 11.6% 9% 7% 5% 3%
Salarios / Ventas 7.6% 8% 8% 8% 8%
Otros ingresos op. / Ventas 1.3% 1% 1% 1% 1%
Otros gastos extraord. / Ventas 1.9% 0% -1% -2% -3%

ROE (Utilidad / Patrimonio) -39.7% -54% -73% -92% -111%

ROA (Utilidad / Activos) 10.0% 8% 7% 6% 5%
Utilidad / Ventas 10.5% 9% 9% 9% 9%

Días de cobro cuentas por cobrar 11.6 11.7 11.6 11.4 11.2
Días por pagar proveedores 49.9 57.6 61.5 65.5 69.4
Días de inventario 66.1 72.7 75.4 78.1 80.8

NOF 1,332 1,279 1,274 1,270 1,265

Caja bancos / Pasivo Corriente 67.8% 0.68046634 0.71015139 0.73983645 0.7695215

Activo corriente / Pasivo corrient 104.2% 1.01601589 0.99562554 0.97523519 0.95484485

Salarios / Ventas 7.6% 0.07869582 0.07892131 0.07914681 0.0793723

Activo Fijo / Ventas 78.0% 0.83052913 0.89896026 0.96739139 1.03582252

Gasto de depreciacion / Activo Fi 6.4% 0.06785138 0.06194642 0.05604146 0.0501365

Impuestos / Utilidad bruta 27.5% 0.15846475 0.10648256 0.05450038 0.00251819

Margen Bruto (1) Considera solo los costos de materias primas y transporte
Margen Bruto (2) Considera materias primas, transporte y todos los gastos operativos imputables al proceso de

Ventas diarias ($ mill) 80.7 80.5 84.0 87.5 90.9

Compras diarias ($ mill) 24.3 22.7 22.5 22.4 22.2

Dias CxC + Dias de Inventario - D 27.8 26.9 25.4 24.0 22.6

Requerimiento de caja para crece SI SI SI SI SI
imputables al proceso de venta