SBUX CORP (NASDAQ STOCK EXCHANGE GLOBAL SELECT MARKET) Date: 8 May 2020 Sector: Cyclical Consumer Goods & Services Industry: Restaurants & Bars

Business Summary Starbucks Corporation (Starbucks) is a roaster, marketer and retailer of coffee. As of October 2, 2016, the Company operated in 75 countries. The Company operates through four segments: Amer- icas, which is inclusive of the United States, Canada, and Latin America; China/Asia Pacific (CAP); Europe, Middle East, and Africa (EMEA), and Channel Development. The Company's Americas, Starbucks Corp CAP, and EMEA segments include both company-operated and licensed stores. Its Channel Devel- 2401 Utah Ave S opment segment includes roasted whole bean and ground coffees, teas, Starbucks- and Tazo- SEATTLE branded single-serve products, a range of ready-to-drink beverages, such as , Starbucks WA 98134-1436 Doubleshot and Starbucks Refreshers beverages and other branded products sold across the world United States through channels, such as grocery stores, warehouse clubs, specialty retailers, convenience stores () and the United States foodservice accounts.

Share Performance https://www.starbucks.com/ Price ($): 76.00 52 Week High: 99.72 Currency: USD Volume (millions): 13.3 52 Week Low: 50.02 P/E: 27.04 Employees: 346,000

(Millions) Market Cap: 88,790.80 Shares Outstanding: 1,168.30 Float: 1,165.57

Sales 27900 26500 25100 23800 22400 21000 Oct 17 Sep 18 Sep 19

($ Millions)

In com e 5100 4500 Financial Summary 4000 3400 BRIEF: For the 26 weeks ended 29 March 2020, Starbucks Corporation revenues increased 1% 2900 to $13.09B. Net income decreased 15% to $1.21B. Revenues reflect Americas segment increase 2300 from $4.31B to $9.34B, Channel Development segment increase of 7% to $1.01B, Retail Sales - Oct 17 Sep 18 Sep 19 America Company-operated s increase from $4.09B to $8.33B. Dividend per share increased from ($ Millions) $0.72 to $0.82. Earnings per Share Valuation Ratios Per Share Data 2.82 Price/Earnings (TTM) 27.04 Earnings (TTM) 2.81 2.62 Price/Sales (TTM) 3.33 Sales (TTM) 22.22 2.42 Price/Book (MRQ) -- Book Value (MRQ) (6.45) 2.22 Price/Cashflow (TTM) 18.28 Cash Flow (TTM) 4.05 2.02 Cash (MRQ) 2.33 1.82 Oct 17 Sep 18 Sep 19 Profitability Ratios (%) Management Effectiveness (%) ($) Gross Margin (TTM) 26.89 Return on Equity (TTM) -- Dividends per Share Operating Margin (TTM) 16.93 Return on Assets (TTM) 15.01 1.59 Net Profit Margin (TTM) 12.70 Return on Investment (TTM) 21.44 1.44 1.29 Financial Strength Dividend Information 1.15 Quick Ratio (MRQ) 0.52 Dividend Yield (%) 2.16 1.0 Current Ratio (MRQ) 0.70 Dividend per Share (MRQ) 0.41 0.85 LT Debt/Equity (MRQ) 0.00 Payout Ratio (MRQ) 145.37 Oct 17 Sep 18 Sep 19 (MRQ) Total Debt/Equity 0.00 ($)

TTM: Trailing Twelve Months; MRQ: Most Recent Quarter; MRI: Most Recent Interim. Latest fiscal year: 2019; Most recent quarter: 2; Fiscal year end month: September; 1 All Ratios are calculated for the latest fiscal year end unless otherwise indicated. Data Source: Reuters Fundamentals SBUX STARBUCKS CORP (NASDAQ STOCK EXCHANGE GLOBAL SELECT MARKET) Key Ratios & Statistics

Financial Strength

12 Mo 12 Mo 12 Mo MRQ 3 Year Financial Strength looks at business risk. The Oct 17 Sep 18 Sep 19 Average stronger a company is from a financial standpoint, Quick Ratio 0.84 1.69 0.59 0.52 1.04 the less risky it is. The Quick Ratio compares cash Current Ratio 1.25 2.20 0.92 0.70 1.46 and short-term investments (investments that could be converted to cash very quickly) to the financial LT Debt/Equity 0.72 7.77 (1.79) 0.00 2.23 liabilities they expect to incur within a year's time. Total Debt Equity 0.72 8.07 (1.79) 0.00 2.33

Current Ratio The Current Ratio compares year-ahead liabilities 2.7 to cash on hand now plus other inflows (e.g. Ac- 2.2 counts Receivable) the company is likely to realize 1.7 over that same twelve-month period. 1.2 Current Ratio 0.92 0.7 Total Current Assets 5,653.90 0.2 Total Current Liabilities 6,168.70 12 Mo 12 Mo 12 Mo MRQ 3 Year Oct 17 Sep 18 Sep 19 Av erage The Long Term Debt/Equity Ratio looks at the Quick Ratio: Cash plus Short Term Investments plus Accounts Receivable divided by the Total Cur- company's capital base. A ratio of 1.00 means the rent Liabilities for the same period. Current Ratio: Total Current Assets divided by Total Current company's long-term debt and equity are equal. The Liabilities for the same period. Long Term Debt To Total Equity: Total Long Term Debt divided Total Debt/Equity Ratio includes long-term debt by Total Shareholder Equity. Total Debt to Total Equity: Total Debt divided by Total Shareholder Equity for the same period. and short term debt.

Profitability

12 Mo 12 Mo 12 Mo TTM 3 Year Oct 17 Sep 18 Sep 19 Average These ratios realize overall profitability, or the bot- tom line. Gross Margin (%) 59.63 58.84 67.83 26.89 62.10

Operating Margin (%) 18.47 23.30 17.73 16.93 19.83 Gross Margin (%) 67.83 (%) (%) 12.89 18.28 13.56 12.70 14.91 Gross Profit 17,981.70 Net Profit Margin x 100 x 100 Interest Coverage 44.70 33.82 14.20 -- 30.91 Revenue 26,508.60

Gross Margin (%) Gross Margin shows the amount of revenue left over 81 after deducting direct costs of producing the goods 68 or services. Operating Profit and Operating Margin 54 trace the progress revenue down to another impor- 41 tant level. From gross profit, we now subtract indi- rect costs, often referred to as overhead e.g. facili- 27 ties and salaries associated with headquarters op- 13 12 Mo 12 Mo 12 Mo TTM 3 Year erations. Oct 17 Sep 18 Sep 19 Av erage

Gross Margin: This value measures the percent of revenue left after paying all direct production ex- Finally, Profit Margin shows you how much of each penses. It is calculated as Revenue minus the Cost of Goods Sold divided by the Revenue and multiplied revenue dollar is left after all costs, of any kind, are by 100. Operating Margin: This value measures the percent of revenues remaining after paying all subtracted. These other costs include such items as operating expenses. It is calculated as Operating Income divided by the Total Revenue, multiplied by interest on corporate debt and income taxes. 100. Net Profit Margin: Also known as Return on Sales, this value is the Income After Taxes divided by Total Revenue for the same period and is expressed as a percentage. Interest Coverage: The Operating Income divided by the company's interest obligations.

TTM: Trailing Twelve Months; MRQ: Most Recent Quarter; MRI: Most Recent Interim. Latest fiscal year: 2019; Most recent quarter: 2; Fiscal year end month: September; All Ratios are calculated for the latest fiscal year end unless otherwise indicated. Data Source: Reuters Fundamentals 2 SBUX STARBUCKS CORP (NASDAQ STOCK EXCHANGE GLOBAL SELECT MARKET) Key Ratios & Statistics (cont.)

Management Effectiveness (%)

12 Mo 12 Mo 12 Mo TTM 3 Year A company's ability to operate profitably can be Oct 17 Sep 18 Sep 19 Average measured directly by measuring its return on assets. Return on Equity % 50.90 136.51 (142.18) -- 15.08 ROA (Return On Assets) is the ratio of a company's Return on Assets % 20.11 23.46 16.57 15.01 20.05 net profit to its total assets, expressed as a percent- age. Return on Investments % 28.95 31.58 22.81 21.44 27.78

Return on Assets (%) 16.57 (%) Return on Assets % Income After Taxes 3,594.60 26.3 x 100 x 100 Average Total Assets 21,688.00 23.5 20.6 ROA measures how well a company's management 17.8 uses its assets to generate profits. It is a better mea- 15.0 sure of operating efficiency than ROE, which on- 12.2 ly measures how much profit is generated on the 12 Mo 12 Mo 12 Mo TTM 3 Year Oct 17 Sep 18 Sep 19 Av erage shareholders equity but ignores debt funding. This ratio is particularly relevant for banks which typi- Return On Equity: Income Available to Common Stockholders divided by the Common Equity and cally have huge assets. expressed as a percentage. Return on Assets: This value is the Income After Taxes divided by the Average Total Assets, expressed as a percentage. Return on Investments: Income after taxes divided by the average total long term debt, other long term liabilities and shareholders equity, and expressed as a percentage.

Dividend Information

12 Mo 12 Mo 12 Mo MRQ 3 Year Oct 17 Sep 18 Sep 19 Average The annual dividend is the total amount($) of div- Payout Ratio (%) 50.66 38.89 49.34 145.37 46.30 idends you could expect to receive if you held the stock for a year (assuming no change in the Dividend Per Share 1.00 1.26 1.44 0.41 1.23 company's dividend policy).

Payout Ratio (%) 181 Payout Ratio (%) 49.34 (%) Dividend Per Share 1.44 145 x 100 x 100 Primary EPS 2.92 110 74 The dividend yield is the indicated annual dividend 39 rate expressed as a percentage of the price of the 3 stock, and could be compared to the coupon yield on 12 Mo 12 Mo 12 Mo MRQ 3 Year Oct 17 Sep 18 Sep 19 Av erage a bond. The Payout Ratio tells you what percent of the company's earnings have been given to share- Dividend Per Share: Common Stock Cash Dividends divided by the shares outstanding. Payout Ratio: holders as cash dividends. A low payout ratio indi- This ratio is the percentage of the Primary/Basic Earnings Per Share Excluding Extraordinary Items cates that company has chosen to reinvest most of paid to common stockholders in the form of cash dividends. the profits back into the business.

TTM: Trailing Twelve Months; MRQ: Most Recent Quarter; MRI: Most Recent Interim. Latest fiscal year: 2019; Most recent quarter: 2; Fiscal year end month: September; All Ratios are calculated for the latest fiscal year end unless otherwise indicated. Data Source: Reuters Fundamentals 3 SBUX STARBUCKS CORP (NASDAQ STOCK EXCHANGE GLOBAL SELECT MARKET) Key Ratios & Statistics (cont.)

Per Share Data

12 Mo 12 Mo 12 Mo TTM 3 Year The most important Per-Share Data item is Earn- Oct 17 Sep 18 Sep 19 Growth ings Per Share. That's because ultimately, the price Earning Per Share 1.97 3.24 2.92 2.81 0.15 of your stock is related in some way to the value of Sales Per Share 15.32 17.73 21.50 22.22 0.14 the stream of earnings attributable to that share. 3.81 0.89 (5.26) (6.45) Book Value Earnings Per Share 2.92 Cash Flow 1.97 3.24 2.91 4.05 0.15 Adjusted Income Avail. to Common Shareholders 3,599.20 Cash Per Share 1.88 6.83 2.33 2.33 0.15 Diluted Weighted Average Shares 1,233.20

Earnings Per Share This section also includes the amount of Cash Per 3.66 Share the company had at the time of its most re- 3.24 cent quarterly or annual report. Most of the time, 2.82 this number will be far below the stock price. In 2.39 a healthy industrial company, a Cash Per Share 1.97 figure that is close the stock price might suggest that investors are underestimating the worth of the 1.55 12 Mo 12 Mo 12 Mo TTM company's ongoing business, thereby creating an Oct 17 Sep 18 Sep 19 interesting investment opportunity for you.

EPS Excluding Extraordinary Items: This is the adjusted income available to Common divided by the diluted weighted average shares outstanding. Sales (Revenue) Per Share: Total Revenue divided by the Average Diluted Shares Outstanding. Book Value Per Share: This is defined as the Common Shareholder's Equity divided by the Shares Outstanding. Cash Flow: Cash Flow is defined as the sum of Income After Taxes minus Preferred Dividends and General Partner Distributions plus Deprecia- tion, Depletion and Amortization. Cash Per Share: This is the Total Cash plus Short Term Invest- ments divided by the Shares Outstanding.

TTM: Trailing Twelve Months; MRQ: Most Recent Quarter; MRI: Most Recent Interim. Latest fiscal year: 2019; Most recent quarter: 2; Fiscal year end month: September; All Ratios are calculated for the latest fiscal year end unless otherwise indicated. Data Source: Reuters Fundamentals 4 SBUX STARBUCKS CORP (NASDAQ STOCK EXCHANGE GLOBAL SELECT MARKET) Consensus Estimates

Analyst Recommendations Current As of 1 As of 4 As of 8 As of 13 Consensus Recommendation & Revisions Week Ago Weeks Ago Weeks Ago Weeks Ago HOLD Buy 6 6 6 6 6 Outperform 6 6 7 9 8 Company Fiscal Year End Month Hold 21 21 19 17 17 September Underperform 0 0 0 0 0 Strong Sell 1 1 1 1 1 Last Updated Mean Rating 2.5 2.5 2.5 2.4 2.4 8 May 2020

Consensus Estimate Trends Current As of 1 As of 4 As of 8 As of 13 Week Ago Weeks Ago Weeks Ago Weeks Ago Sales Sales (Millions) 29700 Year Ending Sep 20 23,625.9 24,059.4 26,177.6 27,808.4 28,120.6 28200 Year Ending Sep 21 28,186.6 28,322.9 29,306.7 30,419.5 30,606.0 26700 Quarter Ending Mar 21 6,789.6 6,748.6 6,920.5 7,113.6 7,226.8 25100 Quarter Ending Jun 21 6,980.8 6,973.3 7,436.6 7,759.0 7,802.6 23600 22100 Earnings (Per share) Sep 19 Sep 20 Sep 21 Year Ending Sep 20 1.4 1.5 2.3 2.9 3.0 ($ Millions) Year Ending Sep 21 2.8 2.8 3.1 3.4 3.4

Quarter Ending Jun 21 0.7 0.7 0.8 0.9 0.9 Earnings per Share Quarter Ending Sep 21 0.8 0.8 0.9 0.9 0.9 3.31 2.82 2.34 Consensus Estimate Analysis No. of Mean High Low 1.85 Estimates Estimate Estimate Estimate 1.36 Sales (Millions) 0.87 Year Ending Sep 20 27 23,625.9 24,754.9 22,259.0 Sep 19 Sep 20 Sep 21

Year Ending Sep 21 25 28,186.6 29,692.1 25,942.4 ($) Quarter Ending Mar 21 15 6,789.6 7,035.3 6,391.3 Quarter Ending Jun 21 13 6,980.8 7,314.7 6,276.1 Earnings (Per share) Year Ending Sep 20 31 1.4 1.8 0.2 Year Ending Sep 21 30 2.8 3.1 2.2 Quarter Ending Jun 21 15 0.7 0.8 0.4 Quarter Ending Sep 21 15 0.8 0.9 0.7 LT Growth Rate 3 9.5 20.0 3.1

Quarter Historical Surprises Estimate Actual Difference Surprise (%) Sales (Millions) March 2020 5,886.01 5,995.70 109.69 1.86 December 2019 7,112.78 7,097.10 15.68 0.22 September 2019 6,687.96 6,747.00 59.04 0.88 June 2019 6,674.75 6,823.00 148.25 2.22 Earnings (Per share) March 2020 0.34 0.32 0.02 6.46 December 2019 0.76 0.79 0.03 4.14 September 2019 0.70 0.70 0.00 0.20 June 2019 0.72 0.78 0.06 7.72

Data Source: Reuters Fundamentals 5 SBUX STARBUCKS CORP (NASDAQ STOCK EXCHANGE GLOBAL SELECT MARKET) Annual Income Statement Type of Update UPD UPD UPD Total Revenue 27900 ($ Millions) ($ Millions) ($ Millions) 53Weeks 52Weeks 52Weeks 26500 1 Oct 17 30 Sep 18 29 Sep 19 25100 Total Revenue 22,386.8 24,719.5 26,508.6 23800 Cost of Revenue,Total 9,038.2 10,174.5 8,526.9 22400 Gross Profit 13,348.6 14,545.0 17,981.7 21000 Selling/General/Admin.Expenses 7,886.6 8,952.2 12,317.7 Oct 17 Sep 18 Sep 19

Research & Development ------($ Millions) Depreciation/Amortization 1,011.4 1,247.0 1,377.3 Interest Expense/Income Net Op. ------Gross Profit Unusual Income/Expense 153.5 (1,651.2) (487.0) 19500 Other Operating Expenses,Total 553.8 539.3 371.0 18000 Total Operating Expense 18,252.1 18,960.6 21,807.9 16400 Operating Income 4,134.7 5,758.9 4,700.7 14900 Interest Expense/Income Net Non Op. 275.3 -- -- 13300 Gain/(Loss) on Sale of Assets ------11800 Oct 17 Sep 18 Sep 19 Other, Net ------Income Before Tax 4,317.5 5,780.0 4,466.2 ($ Millions) Income Tax - Total 1,432.6 1,262.0 871.6 Operating Income Income After Tax 2,884.9 4,518.0 3,594.6 6300 Minority Interest (0.2) 0.3 4.6 5800 Equity In Affiliates ------5200 U.S. GAAP Adjustment ------4700 Net Income Before Extra. Items 2,884.7 4,518.3 3,599.2 4100 Accounting Change ------3600 Discontinued Operations ------Oct 17 Sep 18 Sep 19

Extraodinary Item ------($ Millions) Tax on Extraordinary Items ------Net Income 2,884.7 4,518.3 3,599.2 Net In com e Preferred Dividends ------5100 General Partner's Distributions ------4500 Inc. Avail. to Common Excl. Extra. Items 2,884.7 4,518.3 3,599.2 4000 Inc. Avail. to Common Incl. Extra. Items 2,884.7 4,518.3 3,599.2 3400 Basic Weighted Average Shares 1,461.5 1,394.6 1,233.2 2900 Basic EPS Excl. Extra. Items 1.974 3.240 2.919 2300 Basic EPS Incl. Extra. Items 1.974 3.240 2.919 Oct 17 Sep 18 Sep 19 Dilution Adjustment ------($ Millions) Diluted Net Income 2,884.700 4,518.300 3,599.200 Diluted Normalized EPS Diluted Weighted Average Shares 1,461.500 1,394.600 1,233.200 2.82 Diluted EPS Excl. Extra. Items 1.974 3.240 2.919 2.62 Diluted EPS Incl. Extra. Items 1.974 3.240 2.919 2.42 Div's per Share - Common Stock 1.000 1.260 1.440 2.22 Gross Dividends - Common Stock ------2.02 Interest Expense, Supplemental 92.500 170.300 331.000 1.82 Interest Capitalized, Supplemental ------Oct 17 Sep 18 Sep 19 Depreciation, Supplemental 1,067.100 1,305.900 1,449.300 ($ Millions) Total Special Items 95.800 (1,651.200) (464.000) Normalized Income Before Tax 4,413.300 4,128.800 4,002.200 Effect of Special Items on Inc. Taxes 31.788 (360.522) (90.552) Inc. Taxes Excl. Impact Special Items 1,464.390 901.478 781.048 Normalized Income After Tax 2,948.910 3,227.320 3,221.150 Normalized Income Available to Common 2,948.710 3,227.620 3,225.750 Basic Normalized EPS 2.018 2.314 2.616 Diluted Normalized EPS 2.018 2.314 2.616 Auditor EY EY DHS Auditor Opinion UNO UNO UWE Source Document PRESS PRESS PRESS

Data Source: Reuters Fundamentals 6 SBUX STARBUCKS CORP (NASDAQ STOCK EXCHANGE GLOBAL SELECT MARKET) Annual Balance Sheet Type of Update UPD UPD UPD Cash & Short Term Investments 11000 ($ Millions) ($ Millions) ($ Millions) 1 Oct 17 30 Sep 18 29 Sep 19 8900 Cash ------6900 Cash and Equivalents 2,462.3 8,756.3 2,686.6 4800 Short Term Investments 228.6 181.5 70.5 2700 Cash and Short Term Investments 2,690.9 8,937.8 2,757.1 600 Accounts Receivable(Trade), Net 870.4 693.1 879.2 Oct 17 Sep 18 Sep 19 Notes Receivable - Short Term ------($ Millions) Other Receivables ------Total Receivables, Net 870.4 693.1 879.2 Total Current Assets 14900 Total Inventory 1,364.0 1,400.5 1,529.4 12500 Prepaid Expenses 358.1 1,462.8 488.2 10100 Other Current Assets ------7700 Total Current Assets 5,283.4 12,494.2 5,653.9 5300 Property/Plant/Equipment - Gross ------Accumulated Depreciation ------2900 Oct 17 Sep 18 Sep 19 Property/Plant/Equip., Net 4,919.5 5,929.1 6,431.7 ($ Millions) Goodwill, Net 1,539.2 3,541.6 3,490.8

Intangibles, Net 441.4 1,042.2 781.8 Total Deb t Long Term Investments 1,023.9 602.4 616.0 13600 Note Receivable - Long Term ------11200 Other Long Term Assets, Total 1,158.2 546.9 2,245.4 8800 Other Assets, Total ------6300 Total Assets 14,365.6 24,156.4 19,219.6 3900 Accounts Payable 782.5 1,179.3 1,189.7 1500 Payable/Accrued ------Oct 17 Sep 18 Sep 19

Accrued Expenses 1,934.5 2,298.4 3,499.5 ($ Millions) Notes Payable/Short Term Debt ------Current Port. LT Debt/Capital Leases 0.0 349.9 0.0 Total Equity 9300 Other Current Liabilities, Total 1,503.7 1,856.6 1,479.5 5500 Total Current Liabilities 4,220.7 5,684.2 6,168.7 1600 Long Term Debt 3,932.6 9,090.2 11,167.0 - 2300 Capital Lease Obligations ------Total Long Term Debt 3,932.6 9,090.2 11,167.0 - 6200 Total Debt 3,932.6 9,440.1 11,167.0 - 10100 Oct 17 Sep 18 Sep 19 Deferred Income Tax ------($ Millions) Minority Interest 6.9 6.3 1.2 Other Liabilities, Total 755.3 8,206.2 8,114.9 Total Common Shares Outstanding Total Liabilities 8,915.5 22,986.9 25,451.8 1510 Redeemable Preferred Stock ------1430 Preferred Stock(Non Redeemable), Net ------1350 Common Stock 1.4 1.3 1.2 1270 Additional Paid-In Capital 41.1 41.1 41.1 1180 Retained Earnings/Accum. Deficit 5,563.2 1,457.4 (5,771.2) 1100 Treasury Stock - Common ------Oct 17 Sep 18 Sep 19

ESOP Debt Guarantee ------($ Millions) Unrealized Gain/Loss ------Other Equity, Total (155.6) (330.3) (503.3) Total Equity 5,450.1 1,169.5 (6,232.2) Total Liability & Shareholders' Equity 14,365.6 24,156.4 19,219.6 Total Common Shares Outstanding 1,431.6 1,309.1 1,184.6 Total Preferred Stock Shares Outs. ------Auditor EY EY DHS Auditor Opinion UNO UNO UWE Source Document PRESS PRESS PRESS

Data Source: Reuters Fundamentals 7 SBUX STARBUCKS CORP (NASDAQ STOCK EXCHANGE GLOBAL SELECT MARKET) Annual Cash Flow Statement Type of Update UPD UPD UPD Total Cash from Operating Activities 14500 ($ Millions) ($ Millions) ($ Millions) 53Weeks 52Weeks 52Weeks 11900 1 Oct 17 30 Sep 18 29 Sep 19 9300 Net Income/Starting Line 2,884.9 4,518.3 3,594.6 6800 Depreciation/Depletion 1,067.1 1,305.9 1,449.3 4200 Amortization ------1600 Deferred Taxes 95.1 714.9 (1,495.4) Oct 17 Sep 18 Sep 19

Non-Cash Items 37.5 (1,741.5) (367.0) ($ Millions) Cash Receipts ------Cash Payments ------Capital Expenditures Cash Taxes Paied 1,389.1 1,176.9 470.1 - 1370 Cash Interest Paid 96.6 137.1 299.5 - 1520 Changes in Working Capital 89.7 7,140.2 1,865.5 - 1670 Total Cash from Operating Activities 4,174.3 11,937.8 5,047.0 - 1820 Capital Expenditures (1,519.4) (1,976.4) (1,806.6) - 1980 Other Investing Cash Flow Items, Total 669.4 (385.1) 795.8 - 2130 Oct 17 Sep 18 Sep 19 Total Cash from Investing Activities (850.0) (2,361.5) (1,010.8) Financing Cash Flow Items (409.7) (103.9) (129.1) ($ Millions) Total Cash Dividends Paid (1,450.4) (1,743.4) (1,761.3) Issue of Stock Insurance/Retirement of Stock, Net (1,891.7) (6,979.6) (9,812.5) 700 Insurance/Retirement of Debt, Net 750.2 5,584.1 1,646.0 - 1900 Total Cash from Financing Activities (3,001.6) (3,242.8) (10,056.9) - 4500 Foreign Exchange Effects 10.8 (39.5) (49.0) - 7200 Net Change in Cash 333.5 6,294.0 (6,069.7) - 9800 Depreciation, Supplemental 1,067.1 1,305.9 1,449.3 - 12500 Cash Interest Paid, Supplemental 96.6 137.1 299.5 Oct 17 Sep 18 Sep 19

Cash Taxes Paid, Supplemental 1,389.1 1,176.9 470.1 ($ Millions) Auditor EY EY DHS Auditor Opinion UNO UWE UWE Issue of Debt Source Document PRESS PRESS PRESS 7000 5600 4200 2800 1400 0 Oct 17 Sep 18 Sep 19

($ Millions)

Net Change in Cash 10400 6300 2200 - 1900 - 6100 - 10200 Oct 17 Sep 18 Sep 19

($ Millions)

Data Source: Reuters Fundamentals 8 SBUX STARBUCKS CORP (NASDAQ STOCK EXCHANGE GLOBAL SELECT MARKET) Quarterly Income Statement Type of Update UPD UPD UPD UPD UPD Total Revenue 7460 ($ Millions) ($ Millions) ($ Millions) ($ Millions) ($ Millions) 13Weeks 13Weeks 13Weeks 13Weeks 13Weeks 7100 31 Mar 19 30 Jun 19 29 Sep 19 29 Dec 19 29 Mar 20 6730 Total Revenue 6,305.9 6,823.0 6,747.0 7,097.1 5,995.7 6360 Cost of Revenue,Total 2,603.8 2,808.6 2,139.6 2,236.4 4,719.1 6000 Gross Profit 3,702.1 4,014.4 4,607.4 4,860.7 1,276.6 5630 Selling/General/Admin.Expenses 2,425.2 2,498.7 3,167.9 3,255.7 406.5 Mar 19 Ju n 19 Sep 19 Dec 19 Mar 20

Research & Development ------($ Millions) Depreciation/Amortization 356.2 343.1 344.7 351.0 356.3 Interest Expense/Income Net Op. ------Gross Profit Unusual Income/Expense 22.0 (564.1) 11.8 6.3 (0.7) 6100 Other Operating Expenses,Total 82.3 89.6 91.6 101.8 95.0 4900 Total Operating Expense 5,427.2 5,099.9 5,663.7 5,877.3 5,508.3 3700 Operating Income 878.7 1,723.1 1,083.3 1,219.8 487.4 2500 Interest Expense/Income Net Non Op. ------1300 Gain/(Loss) on Sale of Assets ------100 Mar 19 Ju n 19 Sep 19 Dec 19 Mar 20 Other, Net ------Income Before Tax 820.0 1,676.9 1,004.0 1,143.8 390.2 ($ Millions) Income Tax - Total 161.2 303.7 201.5 258.5 65.4 Operating Income Income After Tax 658.8 1,373.2 802.5 885.3 324.8 2140 Minority Interest 4.4 (0.4) 0.4 0.4 3.6 1720 Equity In Affiliates ------1310 U.S. GAAP Adjustment ------900 Net Income Before Extra. Items 663.2 1,372.8 802.9 885.7 328.4 490 Accounting Change ------80 Discontinued Operations ------Mar 19 Ju n 19 Sep 19 Dec 19 Mar 20

Extraodinary Item ------($ Millions) Tax on Extraordinary Items ------Net Income 663.2 1,372.8 802.9 885.7 328.4 Net In com e Preferred Dividends ------1720 General Partner's Distributions ------1370 Inc. Avail. to Common Excl. Extra. Items 663.2 1,372.8 802.9 885.7 328.4 1030 Inc. Avail. to Common Incl. Extra. Items 663.2 1,372.8 802.9 885.7 328.4 690 Basic Weighted Average Shares 1,250.7 1,211.2 1,205.6 1,180.4 1,171.8 340 Basic EPS Excl. Extra. Items 0.530 1.133 0.666 0.750 0.280 0 Basic EPS Incl. Extra. Items 0.530 1.133 0.666 0.750 0.280 Mar 19 Ju n 19 Sep 19 Dec 19 Mar 20 Dilution Adjustment ------($ Millions) Diluted Net Income 663.200 1,372.800 802.900 885.700 328.400 Diluted Normalized EPS Diluted Weighted Average Shares 1,250.700 1,223.000 1,205.600 1,191.000 1,180.700 0.97 Diluted EPS Excl. Extra. Items 0.530 1.122 0.666 0.744 0.278 0.79 Diluted EPS Incl. Extra. Items 0.530 1.122 0.666 0.744 0.278 0.62 Div's per Share - Common Stock 0.360 0.360 0.360 0.410 0.410 0.45 Gross Dividends - Common Stock ------480.000 477.400 0.28 Interest Expense, Supplemental 73.900 86.400 95.700 85.200 106.900 0.11 Interest Capitalized, Supplemental ------Mar 19 Ju n 19 Sep 19 Dec 19 Mar 20 Depreciation, Supplemental 356.200 343.100 365.700 315.100 323.200 ($ Millions) Total Special Items 96.600 (490.900) 18.300 6.300 (0.700) Normalized Income Before Tax 916.600 1,186.000 1,022.300 1,150.100 389.500 Effect of Special Items on Inc. Taxes 18.990 (88.906) 3.673 1.424 (0.117) Inc. Taxes Excl. Impact Special Items ------Normalized Income After Tax 736.410 971.206 817.127 890.176 324.217 Normalized Income Available to Common 740.810 970.806 817.527 890.576 327.817 Basic Normalized EPS 0.592 0.802 0.678 0.754 0.280 Diluted Normalized EPS 0.592 0.794 0.678 0.748 0.278 Source Document PRESS PRESS PRESS 10-Q 10-Q Fiscal Period 2 3 4 1 2

Data Source: Reuters Fundamentals 9 SBUX STARBUCKS CORP (NASDAQ STOCK EXCHANGE GLOBAL SELECT MARKET) Quarterly Balance Sheet Type of Update UPD UPD UPD UPD UPD Cash & Short Term Investments 5700 ($ Millions) ($ Millions) ($ Millions) ($ Millions) ($ Millions) 31 Mar 19 30 Jun 19 29 Sep 19 29 Dec 19 29 Mar 20 4800 Cash ------3900 Cash and Equivalents 2,055.1 4,763.3 2,686.6 3,040.5 2,572.3 3000 Short Term Investments 76.6 72.1 70.5 68.4 52.9 2100 Cash and Short Term Investments 2,131.7 4,835.4 2,757.1 3,108.9 2,625.2 1200 Accounts Receivable(Trade), Net 703.6 790.6 879.2 908.1 941.0 Mar 19 Ju n 19 Sep 19 Dec 19 Mar 20 Notes Receivable - Short Term ------($ Millions) Other Receivables 196.4 107.5 -- 141.0 390.8 Total Receivables, Net 900.0 898.1 879.2 1,049.1 1,331.8 Total Current Assets 8700 Total Inventory 1,443.0 1,517.2 1,529.4 1,408.7 1,492.2 7700 Prepaid Expenses 457.7 470.6 488.2 309.8 270.6 6800 Other Current Assets 19.9 13.5 -- 23.2 30.1 5900 Total Current Assets 4,952.3 7,734.8 5,653.9 5,899.7 5,749.9 5000 Property/Plant/Equipment - Gross 13,667.2 13,855.0 -- 22,782.5 22,841.9 Accumulated Depreciation (7,531.7) (7,667.2) -- (8,033.1) (8,194.1) 4000 Mar 19 Ju n 19 Sep 19 Dec 19 Mar 20 Property/Plant/Equip., Net 6,135.5 6,187.8 6,431.7 14,749.4 14,647.8 ($ Millions) Goodwill, Net 3,603.5 3,564.7 3,490.8 3,515.9 3,493.0

Intangibles, Net 918.3 853.2 781.8 739.1 678.7 Total Deb t Long Term Investments 561.2 562.9 616.0 611.1 619.7 15600 Note Receivable - Long Term ------14000 Other Long Term Assets, Total 1,471.1 1,991.0 2,245.4 2,216.1 2,289.8 12400 Other Assets, Total ------10800 Total Assets 17,641.9 20,894.4 19,219.6 27,731.3 27,478.9 9200 Accounts Payable 1,096.7 1,145.4 1,189.7 1,085.6 997.7 7600 Payable/Accrued ------Mar 19 Ju n 19 Sep 19 Dec 19 Mar 20

Accrued Expenses 1,336.7 1,528.0 3,499.5 2,603.1 2,519.9 ($ Millions) Notes Payable/Short Term Debt 75.0 0.0 -- 497.9 1,107.1 Current Port. LT Debt/Capital Leases 0.0 0.0 0.0 498.7 1,249.4 Total Equity - 3300 Other Current Liabilities, Total 2,765.0 3,222.4 1,479.5 3,990.2 2,391.7 - 4300 Total Current Liabilities 5,273.4 5,895.8 6,168.7 8,675.5 8,265.8 - 5400 Long Term Debt 9,141.5 11,159.1 11,167.0 10,653.2 11,658.7 - 6500 Capital Lease Obligations ------Total Long Term Debt 9,141.5 11,159.1 11,167.0 10,653.2 11,658.7 - 7500 Total Debt 9,216.5 11,159.1 11,167.0 11,649.8 14,015.2 - 8600 Mar 19 Ju n 19 Sep 19 Dec 19 Mar 20 Deferred Income Tax ------($ Millions) Minority Interest 1.7 1.6 1.2 0.8 (2.8) Other Liabilities, Total 8,262.2 8,158.5 8,114.9 15,161.7 15,087.3 Total Common Shares Outstanding Total Liabilities 22,678.8 25,215.0 25,451.8 34,491.2 35,009.0 1224 Redeemable Preferred Stock ------1210 Preferred Stock(Non Redeemable), Net ------1196 Common Stock 1.2 1.2 1.2 1.2 1.2 1182 Additional Paid-In Capital 41.1 41.1 41.1 41.1 41.1 1168 Retained Earnings/Accum. Deficit (4,807.7) (4,013.9) (5,771.2) (6,414.8) (7,050.6) 1154 Treasury Stock - Common ------Mar 19 Ju n 19 Sep 19 Dec 19 Mar 20

ESOP Debt Guarantee ------($ Millions) Unrealized Gain/Loss 0.1 3.2 -- 3.2 5.6 Other Equity, Total (271.6) (352.2) (503.3) (390.6) (527.4) Total Equity (5,036.9) (4,320.6) (6,232.2) (6,759.9) (7,530.1) Total Liability & Shareholders' Equity 17,641.9 20,894.4 19,219.6 27,731.3 27,478.9 Total Common Shares Outstanding 1,210.0 1,206.5 1,184.6 1,174.5 1,168.1 Total Preferred Stock Shares Outs. ------Source Document 10-Q 10-Q PRESS 10-Q 10-Q Fiscal Period 2 3 4 1 2

Data Source: Reuters Fundamentals 10 SBUX STARBUCKS CORP (NASDAQ STOCK EXCHANGE GLOBAL SELECT MARKET) Quarterly Cash Flow Statement Type of Update UPD UPD UPD UPD UPD Total Operating Activities 6300 ($ Millions) ($ Millions) ($ Millions) ($ Millions) ($ Millions) 26Weeks 39Weeks 52Weeks 13Weeks 26Weeks 5000 31 Mar 19 30 Jun 19 29 Sep 19 29 Dec 19 29 Mar 20 3800 Net Income/Starting Line 1,419.0 2,792.2 3,594.6 885.3 1,210.1 2500 Depreciation/Depletion 723.5 1,083.6 1,449.3 369.2 746.9 1300 Amortization ------0 Deferred Taxes (714.5) (1,243.5) (1,495.4) 10.4 47.7 Mar 19 Ju n 19 Sep 19 Dec 19 Mar 20

Non-Cash Items 159.4 (408.7) (367.0) 327.4 694.3 ($ Millions) Cash Receipts ------Cash Payments ------Capital Expenditures Cash Taxes Paied 168.8 126.2 470.1 92.1 (1,726.2) 80 Cash Interest Paid 132.7 219.9 299.5 87.2 186.3 - 390 Changes in Working Capital 1,182.0 1,715.2 1,865.5 243.8 (2,224.2) - 870 Total Cash from Operating Activities 2,769.4 3,938.8 5,047.0 1,836.1 474.8 - 1340 Capital Expenditures (845.6) (1,280.7) (1,806.6) (394.3) (758.3) - 1810 Other Investing Cash Flow Items, Total 134.6 774.2 795.8 8.0 10.4 - 2280 Mar 19 Ju n 19 Sep 19 Dec 19 Mar 20 Total Cash from Investing Activities (711.0) (506.5) (1,010.8) (386.3) (747.9) Financing Cash Flow Items (56.2) (123.7) (129.1) (78.4) (98.0) ($ Millions) Total Cash Dividends Paid (894.5) (1,330.7) (1,761.3) (484.2) (965.2) Issue of Stock Insurance/Retirement of Stock, Net (7,552.2) (7,614.4) (9,812.5) (1,058.3) (1,633.5) 1900 Insurance/Retirement of Debt, Net (275.0) 1,646.0 1,646.0 497.9 2,846.8 - 1100 Total Cash from Financing Activities ------4000 Foreign Exchange Effects 18.3 (2.5) (49.0) 27.1 8.7 - 6900 Net Change in Cash (6,701.2) (3,993.0) (6,069.7) 353.9 (114.3) - 9800 Depreciation, Supplemental 723.5 1,083.6 1,449.3 369.2 746.9 - 12700 Cash Interest Paid, Supplemental 132.7 219.9 299.5 87.2 186.3 Mar 19 Ju n 19 Sep 19 Dec 19 Mar 20

Cash Taxes Paid, Supplemental 168.8 126.2 470.1 92.1 (1,726.2) ($ Millions) Source Document 10-Q 10-Q PRESS 10-Q 10-Q Fiscal Period 2 3 4 1 2 Issue of Debt 3900 2800 1800 800 - 300 - 1300 Mar 19 Ju n 19 Sep 19 Dec 19 Mar 20

($ Millions)

Net Change in Cash 2700 400 - 2000 - 4300 - 6700 - 9100 Mar 19 Ju n 19 Sep 19 Dec 19 Mar 20

($ Millions)

Data Source: Reuters Fundamentals 11 SBUX STARBUCKS CORP (NASDAQ STOCK EXCHANGE GLOBAL SELECT MARKET) Further Information

Internet Information Home Page: https://www.starbucks.com/

Officers Myron Ullman Independent Chairman of the Board Kevin Johnson President, Chief Executive Officer, Director Independent Vice Chairman of the Board Patrick Grismer Chief Financial Officer, Executive Vice President John Culver Group President - International, Channel Development and Global Coffee & Tea Rosalind Brewer Chief Operating Officer, Group President - Americas, Director Rachel Gonzalez Executive Vice President, General Counsel, Secretary Lucy Helm Executive Vice President, Chief Partner Officer Jill Walker Senior Vice President, Corporate Financial Services, Chief Accounting Officer Richard Allison Independent Director Andrew Campion Independent Director Mary Dillon Independent Director Isabel Ge Mahe Independent Director Jorgen Knudstorp Independent Director Satya Nadella Independent Director Joshua Ramo Independent Director Clara Shih Independent Director Javier Teruel Independent Director

Starbucks Corp Group Headquarters: 2401 Utah Ave S, SEATTLE, WA 98134-1436, United States,

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Data Source: Reuters Fundamentals 12