Starbucks (SBUX) Q3 FY2023 earnings: revenue $9.2 billion, up 12.5% on the year

Starbucks Corp. (SBUX) reported revenue of $9.2 billion for Q3 FY2023, the quarter ended 2 July 2023, up 12.5% on the same quarter a year earlier. Net income was $1.1 billion, up 25.1% on the year, and diluted earnings per share $0.99. The figures are the company's own, from the 10-Q it filed with the SEC on 1 August 2023.

Revenue

$9.2 billion

+12.5% on the year · +5.1% on the quarter

Q4 FY2021Q3 FY2023

Operating margin

17.3%

15.9% a year earlier

Q4 FY2021Q3 FY2023

Net income

$1.1 billion

+25.1% on the year · +25.7% on the quarter

Q4 FY2021Q3 FY2023

Diluted EPS

$0.99

+25.3% on the year · +25.3% on the quarter

Q4 FY2021Q3 FY2023

this quarterthe same quarter a year earlierHover a bar for its figure.

Income statement (profit and loss)

$ million	Q3 FY2023	Q2 FY2023	Q3 FY2022	On the quarter	On the year
Revenue	9,168	8,720	8,150	+5.1%	+12.5%
Operating income	1,584	1,328	1,296	+19.3%	+22.3%
Operating margin	17.3%	15.2%	15.9%
Interest expense	141	136	123	+3.4%	+14.5%
Pre-tax income	1,464	1,210	1,192	+21.1%	+22.8%
Income tax	322	301	278	+7.0%	+15.8%
Effective tax rate	22.0%	24.9%	23.4%
Net income	1,142	908	913	+25.7%	+25.1%
Net margin	12.5%	10.4%	11.2%
Diluted EPS	$0.99	$0.79	$0.79	+25.3%	+25.3%

$ million except per share.

Free 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	Q3 FY2023	Q2 FY2023	Q3 FY2022	On the quarter	On the year
Operating cash flow	1,703	768	1,265	+121.8%	+34.6%
Capital expenditure	632	485	424	+30.3%	+49.3%
Free cash flow	1,071	282	841	+279.2%	+27.3%
Free cash flow margin	11.7%	3.2%	10.3%
Cash from investing	-499	-628	-495
Cash from financing	-830	-276	-1,364
Depreciation and amortisation	342	342	357	+0.1%	-4.1%
Share-based compensation	69.2	74.1	57.3	-6.6%	+20.8%
Buybacks	220	288	15.5	-23.6%	+1,319.4%
Dividends paid	607	609	562	-0.3%	+8.1%
Dividend per share	$0.53	$0.53	$0.49	0.0%	+8.2%
Diluted shares, weighted	1,150m	1,153m	1,151m	-0.2%	-0.0%
Shares outstanding at period end	1,145m	1,146m	1,147m	-0.1%	-0.2%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q3 FY2023	Q2 FY2023	Q3 FY2022	On the quarter	On the year
Shareholders' equity	-8,349	-8,507	-8,666
Non-controlling interest	7.0	7.5	7.6	-6.7%	-7.9%
Short-term borrowings	34.5	52.8	200	-34.7%	-82.8%
Debt	15,380	15,434	14,930	-0.3%	+3.0%
Operating lease liabilities	7,691	7,754	7,554	-0.8%	+1.8%
Other liabilities	13,969	13,869	14,131	+0.7%	-1.1%
Total liabilities and equity	28,733	28,609	28,156	+0.4%	+2.0%
Fixed assets	7,054	6,819	6,408	+3.4%	+10.1%
Goodwill	3,251	3,412	3,451	-4.7%	-5.8%
Intangible assets	124	131	203	-4.9%	-38.8%
Investments	502	631	369	-20.5%	+35.8%
Cash and equivalents	3,357	3,072	3,178	+9.3%	+5.6%
Receivables	1,140	1,186	1,146	-3.8%	-0.5%
Inventory	1,987	2,001	2,133	-0.7%	-6.8%
Other assets	11,318	11,358	11,268	-0.4%	+0.5%
Total assets	28,733	28,609	28,156	+0.4%	+2.0%

Questions

What was Starbucks' revenue in Q3 FY2023?

Starbucks (SBUX) reported revenue of $9.2 billion for Q3 FY2023, the quarter ended 2 July 2023, up 12.5% on the same quarter a year earlier.

How much did Starbucks earn in Q3 FY2023?

Net income for Q3 FY2023 was $1.1 billion, up 25.1% on the year, and diluted earnings per share $0.99.

When did Starbucks report Q3 FY2023 results?

Starbucks filed its 10-Q for the quarter ended 2 July 2023 with the SEC on 1 August 2023.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	8,147	8,050	7,636	8,150	8,414	8,714	8,720	9,168	9,374	9,425	8,563	9,114	9,074	9,398	8,762	9,456	9,569	9,915	9,532	9,323
Operating income	1,482	1,178	949	1,296	1,196	1,253	1,328	1,584	1,706	1,485	1,099	1,518	1,307	1,122	601	936	278	891	828	980
Operating margin	18%	15%	12%	16%	14%	14%	15%	17%	18%	16%	13%	17%	14%	12%	7%	10%	3%	9%	9%	11%
Interest expense	121	115	119	123	125	130	136	141	143	140	141	141	140	127	127	142	146	139	137	135
Pre-tax income	2,247	1,062	876	1,192	1,101	1,135	1,210	1,464	1,593	1,379	992	1,404	1,194	1,022	502	819	164	765	728	1,419
Tax rate	21%	23%	23%	23%	20%	25%	25%	22%	23%	26%	22%	25%	24%	24%	24%	32%	19%	62%	30%	26%
Net income	1,764	816	674	913	878	855	908	1,142	1,219	1,024	772	1,055	909	781	384	558	133	293	511	1,045
Net margin	22%	10%	9%	11%	10%	10%	10%	12%	13%	11%	9%	12%	10%	8%	4%	6%	1%	3%	5%	11%
Diluted EPS	$1.48	$0.69	$0.58	$0.79	$0.76	$0.74	$0.79	$0.99	$1.06	$0.90	$0.68	$0.93	$0.80	$0.69	$0.34	$0.49	$0.12	$0.26	$0.45	$0.91
Operating cash flow	1,521	1,871	162	1,265	1,100	1,593	768	1,703	1,945	2,384	506	1,670	1,536	2,072	292	1,002	1,382	1,598	364	1,642
Capital expenditure	484	417	455	424	546	517	485	632	700	596	659	724	798	693	589	567	456	324	273	291
Free cash flow	1,036	1,454	-293	841	554	1,076	282	1,071	1,246	1,788	-153	946	737	1,379	-297	434	926	1,274	91.8	1,350
Buybacks	0.0	-3,521	7,518	15.5	0.0	191	288	220	285	1,267	0.0	0.0	0.0	0.0	0.0	0.0	0.0	n/a	n/a	n/a
Dividends paid	531	576	563	562	562	608	609	607	607	648	645	646	646	692	693	693	693	705	706	707
Shares outstanding	1,180m	1,150m	1,147m	1,147m	1,148m	1,149m	1,146m	1,145m	1,143m	1,132m	1,133m	1,133m	1,134m	1,136m	1,136m	1,137m	1,137m	1,139m	1,140m	1,140m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 2 July 2023, filed 1 August 2023: the filing.