Starbucks (SBUX) Q2 FY2025 earnings: revenue $8.8 billion, up 2.3% on the year

Starbucks Corp. (SBUX) reported revenue of $8.8 billion for Q2 FY2025, the quarter ended 30 March 2025, up 2.3% on the same quarter a year earlier. Net income was $384 million, down 50.3% on the year, and diluted earnings per share $0.34. The figures are the company's own, from the 10-Q it filed with the SEC on 29 April 2025.

Revenue

$8.8 billion

+2.3% on the year · -6.8% on the quarter

Q3 FY2023Q2 FY2025

Operating margin

6.9%

12.8% a year earlier

Q3 FY2023Q2 FY2025

Net income

$384 million

-50.3% on the year · -50.8% on the quarter

Q3 FY2023Q2 FY2025

Diluted EPS

$0.34

-50.0% on the year · -50.7% on the quarter

Q3 FY2023Q2 FY2025

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

Income statement (profit and loss)

$ million	Q2 FY2025	Q1 FY2025	Q2 FY2024	On the quarter	On the year
Revenue	8,762	9,398	8,563	-6.8%	+2.3%
Operating income	601	1,122	1,099	-46.4%	-45.3%
Operating margin	6.9%	11.9%	12.8%
Interest expense	127	127	141	+0.1%	-9.5%
Pre-tax income	502	1,022	992	-50.9%	-49.4%
Income tax	118	241	220	-51.1%	-46.3%
Effective tax rate	23.5%	23.6%	22.2%
Net income	384	781	772	-50.8%	-50.3%
Net margin	4.4%	8.3%	9.0%
Diluted EPS	$0.34	$0.69	$0.68	-50.7%	-50.0%

$ 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	Q2 FY2025	Q1 FY2025	Q2 FY2024	On the quarter	On the year
Operating cash flow	292	2,072	506	-85.9%	-42.3%
Capital expenditure	589	693	659	-15.0%	-10.6%
Free cash flow	-297	1,379	-153
Free cash flow margin	-3.4%	14.7%	-1.8%
Cash from investing	-644	-855	-695
Cash from financing	-666	-755	-14.3
Depreciation and amortisation	419	432	372	-3.1%	+12.6%
Share-based compensation	77.8	101	78.2	-22.7%	-0.5%
Buybacks	0.0	0.0	0.0
Dividends paid	693	692	645	+0.2%	+7.4%
Dividend per share	$0.61	$0.61	$0.57	0.0%	+7.0%
Diluted shares, weighted	1,140m	1,138m	1,135m	+0.1%	+0.4%
Shares outstanding at period end	1,136m	1,136m	1,133m	+0.0%	+0.3%

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	Q2 FY2025	Q1 FY2025	Q2 FY2024	On the quarter	On the year
Shareholders' equity	-7,622	-7,472	-8,449
Non-controlling interest	7.1	7.1	7.2	0.0%	-1.4%
Short-term borrowings	n/a	n/a	42.1
Debt	15,572	15,561	15,548	+0.1%	+0.2%
Operating lease liabilities	8,960	8,857	8,180	+1.2%	+9.5%
Other liabilities	14,717	14,940	14,036	-1.5%	+4.9%
Total liabilities and equity	31,633	31,893	29,363	-0.8%	+7.7%
Fixed assets	8,820	8,684	7,817	+1.6%	+12.8%
Goodwill	3,325	3,288	3,229	+1.1%	+3.0%
Intangible assets	169	170	111	-0.7%	+52.9%
Investments	562	513	643	+9.6%	-12.5%
Cash and equivalents	2,671	3,671	2,764	-27.2%	-3.4%
Receivables	1,155	1,242	1,110	-7.0%	+4.0%
Inventory	2,047	1,732	1,744	+18.2%	+17.4%
Other assets	12,883	12,594	11,944	+2.3%	+7.9%
Total assets	31,633	31,893	29,363	-0.8%	+7.7%

Questions

What was Starbucks' revenue in Q2 FY2025?

Starbucks (SBUX) reported revenue of $8.8 billion for Q2 FY2025, the quarter ended 30 March 2025, up 2.3% on the same quarter a year earlier.

How much did Starbucks earn in Q2 FY2025?

Net income for Q2 FY2025 was $384 million, down 50.3% on the year, and diluted earnings per share $0.34.

When did Starbucks report Q2 FY2025 results?

Starbucks filed its 10-Q for the quarter ended 30 March 2025 with the SEC on 29 April 2025.

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 30 March 2025, filed 29 April 2025: the filing.