星巴克 2025年度报告

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. YesNoIndicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. YesNo Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 duringthe preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements forthe past 90 days. YesNo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerginggrowth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 ofthe Exchange Act. Large accelerated filerAcceleratedfilerNon-accelerated filerSmallerreportingcompanyEmerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new orrevised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by anyof the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). YesNo The aggregate market value of common stock held by non-affiliates of the registrant as of the last business day of the registrant’s most recently completedsecond fiscal quarter, based upon the closing sale price of the registrant’s common stock on March 30, 2025 as reported on the Nasdaq Global Select Market was$111.0 billion. As of November 7, 2025, there were 1,137.1 million shares of the registrant’s Common Stock outstanding. DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s definitive Proxy Statement for the registrant’s Annual Meeting of Shareholders to be held on March 25, 2026, have been incorporatedby reference into Part III of this Annual Report on Form 10-K where indicated. Except as expressly incorporated by reference, the registrant’s Proxy Statementshall not be deemed to be part of this report. STARBUCKS CORPORATIONForm 10-KFor the Fiscal Year Ended September 28, 2025 TABLE OF CONTENTS PARTI Item1BusinessItem1ARisk FactorsItem1BUnresolved Staff CommentsItem1CCybersecurityItem2PropertiesItem3Legal ProceedingsItem4Mine Safety Disclosures PARTII Item5Market for the Registrant’s Common Equity, Related Shareholder Matters,and Issuer Purchases ofEquity Securities26Item6Reserved28Item7Management’s Discussion and Analysis of Financial Condition and Results of Operations28Item7AQuantitative and Qualitative Disclosures About Market Risk42Item8Financial Statements and Supplementary Data43Index for Notes to Consolidated Financial Statements48Report of Independent Registered Public Accounting Firm86Item9Changes in and Disagreements with Accountants on Accounting and Financial Disclosure88Item9AControls and Procedures88Item9BOther Information90Item9CDisclosure Regarding Foreign Jurisdictions that Prevent Inspections90 PARTIII Item10Directors, Executive Officers,and Corporate Governance91Item11Executive Compensation91Item12Security Ownership of Certain Beneficial Owners and Management and Related ShareholderMatters91Item13Certain Relationships and Related Transactions and Director Independence91Item14Principal Accountant Fees and Services91 PARTIV CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K includes “forward-looking” statements within the meaning of the Private SecuritiesLitigation Reform Act of 1995 regarding future events and the future results of Starbucks Corporation (together with itssubsidiaries) that are based on our current expectations, estimates, forecasts, and projections about our business, our resultsof operations, the industry in which we operate, our economic and market outlook, and the beliefs and assumptions of ourmanagement. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or currentfacts. They often include words such as “believes,”“expects,”“anticipates,”“estimates,”“intends,”“plans,”“seeks,” or words ofsimilar meaning, or future or conditional verbs, such as “will,”“should,”“could,”“may,”“aims,”“intends,” or “projects,” andsimilar expressions intended to identify forward-looking statements, although not all forward-looking statements contain theseidentifying words. By their nature, forward-looking statements involve risks, uncertainties, and other factors (many beyond ourcontrol) that could cause ou