Starbucks (SBUX) FY2019 results: revenue $26.5 billion, up 7.2% on the year
Starbucks Corp. (SBUX) reported revenue of $26.5 billion for fiscal 2019, the year ended 29 September 2019, up 7.2% on the year before. Net income was $3.6 billion, down 20.3%, and diluted earnings per share $2.92. The figures are the company's own, from the 10-K it filed with the SEC on 15 November 2019.
Revenue
$26.5 billion
+7.2% on the year
FY2012FY2019
Operating margin
15.4%
15.7% a year earlier
FY2012FY2019
Net income
$3.6 billion
-20.3% on the year
FY2012FY2019
Diluted EPS
$2.92
-9.9% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
26,509
24,720
22,387
+7.2%
Cost of revenue
8,527
7,931
7,066
+7.5%
Gross profit
17,982
16,789
15,321
+7.1%
Gross margin
67.8%
67.9%
68.4%
Operating income
4,078
3,883
4,135
+5.0%
Operating margin
15.4%
15.7%
18.5%
Interest expense
331
170
92.5
+94.4%
Pre-tax income
4,466
5,780
4,318
-22.7%
Income tax
872
1,262
1,433
-30.9%
Effective tax rate
19.5%
21.8%
33.2%
Net income
3,599
4,518
2,885
-20.3%
Net margin
13.6%
18.3%
12.9%
Diluted EPS
$2.92
$3.24
$1.97
-9.9%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
5,047
11,938
4,252
-57.7%
Capital expenditure
1,807
1,976
1,519
-8.6%
Free cash flow
3,240
9,961
2,732
-67.5%
Free cash flow margin
12.2%
40.3%
12.2%
Cash from investing
-1,011
-2,362
-850
Cash from financing
-10,057
-3,243
-3,079
Depreciation and amortisation
1,449
1,306
1,067
+11.0%
Share-based compensation
308
250
176
+23.1%
Buybacks
10,222
7,134
2,042
+43.3%
Dividends paid
1,761
1,743
1,450
+1.0%
Dividend per share
$1.49
$1.32
$0.00
+12.9%
Diluted shares, weighted
1,233m
1,395m
1,462m
-11.6%
Shares outstanding at period end
1,185m
1,309m
1,432m
-9.5%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
-6,232
1,170
5,450
Non-controlling interest
1.2
6.3
6.9
-81.0%
Short-term borrowings
0.0
0.0
0.0
Debt
11,167
9,440
3,933
+18.3%
Operating lease liabilities
0.0
n/a
n/a
Other liabilities
14,284
13,540
4,976
+5.5%
Total liabilities and equity
19,220
24,156
14,366
-20.4%
Fixed assets
6,432
5,929
4,920
+8.5%
Goodwill
3,491
3,542
1,539
-1.4%
Intangible assets
782
1,042
441
-25.0%
Investments
290
449
771
-35.3%
Cash and equivalents
2,687
8,756
2,462
-69.3%
Receivables
879
693
870
+26.9%
Inventory
1,529
1,400
1,364
+9.2%
Other assets
3,130
2,344
1,998
+33.5%
Total assets
19,220
24,156
14,366
-20.4%
10-K for the year ended 29 September 2019, filed 15 November 2019: the filing.