Starbucks Corp (NASDAQ: SBUX) is a coffeehouse company that operates and licenses retail stores selling beverages, food, and related products. Revenue comes primarily from company-operated stores, with smaller contributions from licensed store royalties and product sales. As of September 28, 2025, Starbucks operated 21,514 company-operated stores and had a further network of licensed locations across North America, Asia Pacific, Europe, the Middle East, Africa, Latin America, and the Caribbean. Total net revenues were $37.2 billion in FY2025, with company-operated stores generating $30.7 billion (82.7% of total). North America accounted for $27.4 billion in segment revenue, while International contributed $7.8 billion. The company employed approximately 381,000 people worldwide as of September 28, 2025. Brian Niccol serves as chairman and chief executive officer, having joined from Chipotle Mexican Grill. A "Back to Starbucks" restructuring plan resulted in $892 million in charges and 627 store closures in Q4 FY2025.

Revenue model

Transactional revenue from company-operated coffeehouses (82.7% of FY2025 total net revenues at $30.7 billion). Licensed store royalties and product and equipment sales to licensees contributed $4.4 billion (11.7%). An "Other" category contributed $2.1 billion (5.6%), including consumer packaged goods and foodservice channels. North America licensed stores generated $2.6 billion and International licensed stores generated $1.8 billion in FY2025.

Products and services

Beverages (including coffee, espresso drinks, tea, and cold beverages), food items, and branded merchandise sold through company-operated coffeehouses. Royalties and product and equipment sales to licensed store operators. Consumer packaged goods and foodservice products included in the "Other" revenue segment.

Customers and end markets

Individual retail consumers purchasing beverages and food at coffeehouses. Licensed store operators (including international partners) who pay royalties and purchase products and equipment. End markets span urban, suburban, office, university, and off-highway locations across multiple continents.

Value-chain role

Vertically integrated coffeehouse retailer and brand licensor. Operates its own roasting, manufacturing, warehousing, and distribution infrastructure in the U.S. Licenses the brand and supplies products to third-party operators internationally and in select domestic markets. Runs proprietary digital platforms including mobile ordering, payment systems, and a loyalty rewards program.

Geographic exposure

North America is the dominant segment at $27.4 billion total net revenues in FY2025, with 11,018 company-operated stores (10,047 in the U.S., 967 in Canada, as of September 28, 2025). International contributed $7.8 billion, with 10,496 company-operated stores including 8,009 in China and 1,883 in Japan as of September 28, 2025. International licensed stores are present across Asia Pacific, Europe, Middle East, Africa, Latin America, and the Caribbean.

Source: SEC 10-K, filed 2025-11-14

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