Dollar Amounts
USD (Millions)
Balance sheet data in USD (millions)
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Over the five-year period Starbucks’ total assets moved only modestly (from $31,392.6m in 2021 to $32,019.7m in 2025, ≈ +2.0%), but that hides a sharp trough in 2022 (assets fell ~10.9% year-over-year to $27,978.4m) followed by a steady recovery through 2025. Total liabilities, by contrast, have risen steadily from $36,707.1m to $40,108.9m (≈ +9.3%), creating a growing gap between obligations and resources. Stockholders’ equity is negative in every year and has deteriorated overall from −$5,321.2m in 2021 to −$8,096.6m in 2025 (an increase in the deficit of about $2,775m, or ~52% worse), with the largest single-year hit occurring in 2022 when the equity deficit jumped markedly. A negative and widening equity position means liabilities exceed assets—commonly driven in retail and restaurant chains by large lease obligations, debt issuance, and shareholder returns (buybacks/dividends) combined with accumulated deficits. For Starbucks, the pattern here (modest asset growth but faster liability growth) raises leverage and refinancing/covenant risk relative to 2021, even if it does not by itself prove distress—companies in the restaurant/retail sector often carry significant lease liabilities and can sustain negative equity when cash flow generation is strong. Key items to monitor: operating cash flow trends, debt maturities and interest coverage, lease-related liabilities, and capital return policies; continued liability growth without commensurate asset or cash-flow improvement would increase financial vulnerability.
This analysis is for informational purposes only and does not constitute financial advice or recommendations for any investment decisions. Please consult with a qualified financial professional for personalized guidance.