Starbucks Corporation FY 2025 10-K, explained in plain English

Key financials — as reported

Total revenue	$37.2B
Gross margin	— not reported
Operating income	$2.9B
Net income	$1.9B
Diluted EPS	$1.63
Cash & equivalents	— not reported
Total assets	$32.0B
Long-term debt	$16.1B

Key takeaway

Fiscal 2025 revenue reached $37.18 billion but net income of $1.86 billion and diluted EPS of $1.63 were notably compressed relative to revenue scale.

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Beneath the surface

Deferred revenue (current $1.84B plus noncurrent $5.77B, totaling ~$7.6B) is very large relative to total assets, reflecting the scale of the Starbucks Rewards/gift card loyalty liability that could pressure future margins if redemption patterns shift.

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