Starbucks Corporation (SBUX) Cash Flow Statement
Where SBUX’s cash came from and went, FY2025
September 30, 2025 · U.S. dollars- Cash from operations
- $4.75B −22.1% vs FY2024
- Capital expenditures
- $2.31B 6.2% of revenue
- Free cash flow
- $2.44B 6.6% margin
- Returned to shareholders
- $2.77B 113% of free cash flow
- Change in cash
- −$66.4M cash at year-end $3.22B
Cash from operations
$4.75B
Capital expenditures
−$2.31B
Investments (net)
−$2.49B
Acquisitions & other
+$2.31B
Dividends
−$2.77B
Net borrowing (repayment)
+$493.1M
Shares issued
+$77.0M
Other financing
−$96.7M
Currency & other
−$30.5M
Change in cash
−$66.4M
Drawn to scale: where the cash came from and how it was used. Hover for values.
SBUX operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
SBUX cash flow trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $4.58BFY2016 | $4.75BFY2025 | +0.4%/yr | |
| Capital expenditures | $1.44BFY2016 | $2.31BFY2025 | +5.4%/yr | |
| Free cash flow | $3.13BFY2016 | $2.44BFY2025 | −2.7%/yr | |
| Free cash flow margin | 14.7%FY2016 | 6.6%FY2025 | −8.1 pts | |
| Operating cash flow / net income | 1.62FY2016 | 2.56FY2025 | +0.93 | |
| Stock-based compensation | $218.1MFY2016 | $318.3MFY2025 | +4.3%/yr | |
| Dividends paid | $1.18BFY2016 | $2.77BFY2025 | +10.0%/yr | |
| Share buybacks (net) | $2.00BFY2016 | $0FY2025 | −100.0% | |
| Capex / revenue | 6.8%FY2016 | 6.2%FY2025 | −0.6 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
SBUX cash flow by activity
OperatingInvestingFinancingChange in cash
SBUX net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
SBUX cash flow statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $1.86B | $3.76B | $4.12B | $3.28B | $4.20B | $924.7M | $3.59B | $4.52B | $2.88B | $2.82B |
| Depreciation & amortization | $1.77B | $1.59B | $1.45B | $1.53B | $1.52B | $1.50B | $1.45B | $1.31B | $1.07B | $1.03B |
| Stock-based compensation | $318.3M | $308.3M | $302.7M | $271.5M | $319.1M | $248.6M | $308.0M | $250.3M | $176.0M | $218.1M |
| Change in working capital | −$1.49B | −$1.05B | −$1.13B | −$2.13B | −$501.2M | −$2.68B | $1.65B | $6.91B | $89.7M | $353.0M |
| Other non-cash items | $2.30B | $1.48B | $1.26B | $1.45B | $446.8M | $1.60B | −$1.95B | −$1.05B | −$43.4M | $155.0M |
| Cash from operating activities | $4.75B | $6.10B | $6.01B | $4.40B | $5.99B | $1.60B | $5.05B | $11.94B | $4.17B | $4.58B |
| Investing activities | ||||||||||
| Capital expenditures | −$2.31B | −$2.78B | −$2.33B | −$1.84B | −$1.47B | −$1.48B | −$1.81B | −$1.98B | −$1.52B | −$1.44B |
| Investments (net) | −$2.49B | −$2.70B | −$2.27B | −$238.0M | $56.7M | −$370.2M | −$130.6M | $771.4M | $1.53B | −$877.1M |
| Acquisitions & other investing | $2.31B | $2.78B | $2.33B | −$67.0M | $1.09B | $142.3M | $926.4M | −$1.16B | −$860.0M | $94.5M |
| Cash from investing activities | −$2.49B | −$2.70B | −$2.27B | −$2.15B | −$319.5M | −$1.71B | −$1.01B | −$2.36B | −$850.0M | −$2.22B |
| Financing activities | ||||||||||
| Dividends paid | −$2.77B | −$2.58B | −$2.43B | −$2.26B | −$2.12B | −$1.92B | −$1.76B | −$1.74B | −$1.45B | −$1.18B |
| Share repurchases & issuance (net) | $0 | −$1.27B | −$984.4M | −$4.01B | $215.1M | −$1.70B | −$10.22B | −$7.13B | −$2.04B | −$2.00B |
| Net borrowing (repayment) | $493.1M | $136.5M | $358.6M | $673.1M | −$1.68B | $4.73B | $1.65B | $5.58B | $350.2M | $1.25B |
| Shares issued | $77.0M | $108.0M | $167.4M | $101.6M | $246.2M | $298.8M | $409.8M | $153.9M | $0 | $0 |
| Other financing | −$96.7M | −$111.0M | −$100.4M | −$136.4M | −$312.1M | $309.3M | −$129.1M | −$103.9M | $141.1M | $169.1M |
| Cash from financing activities | −$2.30B | −$3.72B | −$2.99B | −$5.64B | −$3.65B | $1.71B | −$10.06B | −$3.24B | −$3.00B | −$1.75B |
| Summary | ||||||||||
| Net change in cash | −$66.4M | −$265.3M | $733.1M | −$3.64B | $2.10B | $1.66B | −$6.07B | $6.29B | $333.5M | $598.7M |
| Cash at end of period | $3.22B | $3.29B | $3.55B | $2.82B | $6.46B | $4.35B | $2.69B | $8.76B | $2.46B | $2.13B |
| Free cash flow | $2.44B | $3.32B | $3.68B | $2.56B | $4.52B | $114.2M | $3.24B | $9.96B | $2.65B | $3.13B |
| Free cash flow margin | 6.6% | 9.2% | 10.2% | 7.9% | 15.6% | 0.5% | 12.2% | 40.3% | 11.9% | 14.7% |
| Capex / revenue | 6.2% | 7.7% | 6.5% | 5.7% | 5.1% | 6.3% | 6.8% | 8.0% | 6.8% | 6.8% |
| Operating cash flow / net income | 2.56 | 1.62 | 1.46 | 1.34 | 1.43 | 1.73 | 1.40 | 2.64 | 1.45 | 1.62 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $1.04B | $510.8M | $293.3M | $133.1M | $558.4M | $384.2M | $780.9M | $909.3M | $1.05B | $772.4M | $1.02B | $1.22B |
| Depreciation & amortization | $389.7M | $389.2M | $431.9M | $430.8M | $448.0M | $435.3M | $432.2M | $401.4M | $407.4M | $399.2M | $384.4M | $376.5M |
| Stock-based compensation | $71.1M | $93.2M | $126.1M | $74.0M | $66.0M | $77.7M | $100.6M | $71.7M | $63.6M | $78.2M | $94.8M | $74.2M |
| Change in working capital | $198.6M | −$979.8M | −$58.4M | −$267.3M | −$477.2M | −$966.7M | $216.8M | −$127.2M | −$283.5M | −$1.12B | $483.9M | −$46.7M |
| Other non-cash items | −$62.5M | $351.1M | $804.8M | $1.01B | $406.5M | $361.5M | $541.5M | $280.4M | $427.8M | $378.2M | $396.4M | $321.7M |
| Cash from operating activities | $1.64B | $364.5M | $1.60B | $1.38B | $1.00B | $292.0M | $2.07B | $1.54B | $1.67B | $506.0M | $2.38B | $1.95B |
| Investing activities | ||||||||||||
| Capital expenditures | −$291.4M | −$272.7M | −$323.7M | −$456.0M | −$567.4M | −$589.2M | −$692.9M | −$798.2M | −$724.3M | −$659.1M | −$595.9M | −$699.5M |
| Investments (net) | $13.6M | −$9.7M | $26.5M | −$390.5M | −$595.7M | −$644.0M | −$855.2M | −$849.7M | −$585.5M | −$695.2M | −$568.8M | −$864.6M |
| Acquisitions & other investing | $2.50B | −$48.0M | −$25.7M | $456.0M | $567.4M | $589.2M | $692.9M | $798.2M | $724.3M | $659.1M | $595.9M | $699.5M |
| Cash from investing activities | $2.22B | −$330.4M | −$322.9M | −$390.5M | −$595.7M | −$644.0M | −$855.2M | −$849.7M | −$585.5M | −$695.2M | −$568.8M | −$864.6M |
| Financing activities | ||||||||||||
| Dividends paid | −$706.6M | −$706.3M | −$705.1M | −$693.3M | −$693.2M | −$693.0M | −$691.9M | −$646.0M | −$645.5M | −$645.4M | −$648.1M | −$607.0M |
| Share repurchases & issuance (net) | — | — | — | $0 | $0 | $0 | $0 | $0 | −$4.0M | −$2.0M | −$1.27B | −$285.1M |
| Net borrowing (repayment) | −$1.82B | −$1.00B | $2.5M | −$1.25B | $1.75B | $1.1M | −$5.4M | −$25.0M | — | — | — | — |
| Shares issued | $15.4M | $18.8M | $17.7M | $17.4M | $15.2M | $27.3M | $17.1M | $28.8M | $20.8M | $26.1M | $32.3M | $18.0M |
| Other financing | −$4.5M | −$2.1M | −$58.1M | −$6.9M | −$13.3M | −$1.9M | −$74.6M | −$2.3M | −$21.4M | $607.0M | −$526.8M | −$3.6M |
| Cash from financing activities | −$2.51B | −$1.69B | −$743.0M | −$1.93B | $1.06B | −$666.5M | −$754.8M | −$644.5M | −$650.1M | −$14.3M | −$2.41B | −$877.7M |
| Summary | ||||||||||||
| Net change in cash | $1.92B | −$1.88B | $193.6M | −$952.8M | $1.50B | −$1.00B | $385.2M | $107.1M | $415.0M | −$236.3M | −$551.1M | $194.5M |
| Cash at end of period | $3.45B | $1.53B | $3.41B | $3.22B | $4.17B | $2.67B | $3.67B | $3.29B | $3.18B | $2.76B | $3.00B | $3.55B |
| Free cash flow | $1.35B | $91.8M | $1.27B | $925.8M | $434.3M | −$297.2M | $1.38B | $737.4M | $945.8M | −$153.1M | $1.79B | $1.25B |
| Free cash flow margin | 14.5% | 1.0% | 12.9% | 9.7% | 4.6% | −3.4% | 14.7% | 8.1% | 10.4% | −1.8% | 19.0% | 13.3% |
| Capex / revenue | 3.1% | 2.9% | 3.3% | 4.8% | 6.0% | 6.7% | 7.4% | 8.8% | 7.9% | 7.7% | 6.3% | 7.5% |
| Operating cash flow / net income | 1.57 | 0.71 | 5.45 | 10.38 | 1.79 | 0.76 | 2.65 | 1.69 | 1.58 | 0.66 | 2.33 | 1.60 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
SBUX cash generation
In fiscal 2025 (ended September 30, 2025), Starbucks generated $4.7 billion of cash from operations (down 22.1%) and spent $2.3 billion on capital expenditures, leaving free cash flow of $2.4 billion, 6.6% of revenue. It returned $2.8 billion to shareholders through dividends ($2.8 billion) and net share buybacks ($0). Cash and equivalents fell by $66.4 million over the year.
Related: SBUX income statement, SBUX balance sheet, SBUX dividend history. See the SBUX stock overview for the latest quote and news.
SBUX cash flow FAQ
What is Starbucks's free cash flow?
Starbucks's free cash flow was $2.4 billion in fiscal 2025: $4.7 billion of operating cash flow minus $2.3 billion of capital expenditures It was $3.3 billion a year earlier..
How much cash does Starbucks generate from operations?
Starbucks generated $4.7 billion of cash from operating activities in fiscal 2025, 2.56 times its net income of $1.9 billion.
How much does Starbucks spend on capital expenditures?
Starbucks spent $2.3 billion on capital expenditures in fiscal 2025, 6.2% of revenue, compared with $2.8 billion the year before.
How much does Starbucks pay in dividends?
Starbucks paid $2.8 billion in dividends in fiscal 2025, 113.5% of free cash flow.