Starbucks (SBUX) FY2011 results: revenue $11.7 billion, up 9.3% on the year
Starbucks Corp. (SBUX) reported revenue of $11.7 billion for fiscal 2011, the year ended 2 October 2011, up 9.3% on the year before. Net income was $1.2 billion, up 31.7%, and diluted earnings per share $0.81. The figures are the company's own, from the 10-K it filed with the SEC on 18 November 2011.
Revenue
$11.7 billion
+9.3% on the year
FY2007FY2011
Operating margin
14.8%
13.3% a year earlier
FY2007FY2011
Net income
$1.2 billion
+31.7% on the year
FY2007FY2011
Diluted EPS
$0.81
+30.6% on the year
FY2007FY2011
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Revenue
11,700
10,707
9,775
+9.3%
Cost of revenue
4,916
4,416
4,325
+11.3%
Gross profit
6,785
6,291
5,450
+7.9%
Gross margin
58.0%
58.8%
55.8%
Operating income
1,728
1,419
562
+21.8%
Operating margin
14.8%
13.3%
5.7%
Interest expense
33.3
32.7
39.1
+1.8%
Pre-tax income
1,811
1,437
560
+26.0%
Income tax
563
489
168
+15.2%
Effective tax rate
31.1%
34.0%
30.1%
Net income
1,246
946
391
+31.7%
Net margin
10.6%
8.8%
4.0%
Diluted EPS
$0.81
$0.62
$0.26
+30.6%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Operating cash flow
1,612
1,705
1,389
-5.4%
Capital expenditure
532
446
446
+19.3%
Free cash flow
1,080
1,259
943
-14.2%
Free cash flow margin
9.2%
11.8%
9.7%
Cash from investing
-1,020
-790
-421
Cash from financing
-608
-346
-642
Depreciation and amortisation
550
541
563
+1.7%
Share-based compensation
145
114
83.2
+27.8%
Buybacks
556
286
0.0
+94.6%
Dividends paid
390
171
0.0
+127.8%
Dividend per share
$0.28
$0.18
$0.00
+55.6%
Diluted shares, weighted
1,539m
1,528m
1,492m
+0.7%
Shares outstanding at period end
1,490m
1,485m
1,486m
+0.3%
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
4,385
3,675
3,046
+19.3%
Non-controlling interest
2.4
7.6
11.2
-68.4%
Short-term borrowings
n/a
n/a
0.0
Debt
550
549
550
+0.0%
Other liabilities
2,424
2,154
1,970
+12.5%
Total liabilities and equity
7,360
6,386
5,577
+15.3%
Fixed assets
2,355
2,416
2,536
-2.5%
Goodwill
322
262
259
+22.6%
Intangible assets
112
70.8
68.2
+58.1%
Investments
1,010
478
92.7
+111.4%
Cash and equivalents
1,148
1,164
600
-1.4%
Receivables
386
303
271
+27.7%
Inventory
966
543
665
+77.8%
Other assets
1,062
1,149
1,085
-7.6%
Total assets
7,360
6,386
5,577
+15.3%
10-K for the year ended 2 October 2011, filed 18 November 2011: the filing.