Key Partners
- Coffee producers, traders and exporters; ten farmer support centers (FACT).
- Licensees run 19,476 stores, about 48% of the fleet at FY25 end (FACT).
- Nestlé Global Coffee Alliance — ~$7B prepaid royalty in 2018 (FACT).
- PepsiCo and Nestlé for ready-to-drink beverages (FACT).
- Boyu Capital — 60% of China retail JV, closed April 2026 (FACT).
- Delivery platforms; delivery sales lifted Q3 FY26 ticket (FACT).
Key Activities
- Sourcing and roasting; hedges with futures and collars (FACT).
- Run 21,514 company-operated stores at FY25 end (FACT).
- Supply and support licensees (FACT).
- App — Mobile Order and Pay, card reloads, Rewards (FACT).
- Green Apron Service Model live across US company stores in Q4 FY25 (FACT).
- 627 restructuring closures in Q4 FY25 (FACT).
Key Resources
- Starbucks, Teavana, Ethos and Starbucks Reserve brands (FACT).
- 40,990 stores in 89 markets at FY25 end (FACT).
- $1.75B card balances and unredeemed Stars, Sep 2025 (FACT).
- ~381,000 employees, ~214,000 in US company stores (FACT).
- Roasting and distribution; ten farmer support centers (FACT).
- 40% stake in China JV; owns the brand and IP there (FACT).
Value Propositions
- Handcrafted, customizable drinks; beverages are 73% of store sales (FACT).
- Food attach hit a Q3 record in US company stores, Q3 FY26 (FACT).
- Third place — coffeehouse experience (FACT, company strategy).
- Mobile Order and Pay and delivery for speed (FACT).
- Rewards tiers — Green, Gold, Reserve since Mar 2026 (FACT).
- At-home coffee via Nestlé and ready-to-drink via PepsiCo (FACT).
Customer Relationships
- 35.8M 90-day active US Rewards members, Q3 FY26 (FACT).
- Card registration auto-enrolls in Rewards (FACT).
- Stars expire in six to twelve months, by market (FACT).
- Green, Gold, Reserve levels since Mar 10, 2026 (FACT).
- 60-Star $2 off reward is about a third of redemptions (FACT, Q2 FY26 call).
- Barista service — Green Apron Service Model (FACT).
Channels
- Company-operated coffeehouses and drive-thrus (FACT).
- Licensed stores run by retail and travel operators (FACT).
- Starbucks app — Mobile Order and Pay (FACT).
- Third-party delivery platforms (FACT).
- Grocery and foodservice via Nestlé; ready-to-drink via PepsiCo (FACT).
- Brand marketing — Coachella, Winter Olympics, ChatGPT (FACT, Q2 FY26 call).
Customer Segments
- North America 74%, International 21%, Channel Development 5% of FY25 revenue (FACT).
- US — 16,864 stores at FY25 end (FACT).
- China — 8,011 stores at FY25 end; now a 40% JV (FACT).
- Rewards members and non-members both grew transactions, Q2 FY26 (FACT).
- Licensees as business customers (FACT).
- Grocery and foodservice buyers via Nestlé (FACT).
Cost Structure
- Store operating expenses $17.06B, 55.5% of company store revenue (FACT).
- Product and distribution $11.66B, 31.4% of revenue (FACT).
- Restructuring and impairments $892.0M in FY25 (FACT).
- G&A $2.62B; D&A $1.68B (FACT).
- Capex $2.31B in FY25 (FACT).
- IEEPA tariff refunds offset FY26 tariffs, Q3 FY26 (FACT).
Revenue Streams
- Company-operated stores $30.74B, 82.7% (FACT).
- Licensed stores $4.35B, 11.7% — product margin plus royalty (FACT).
- Other $2.09B, 5.6% — packaged coffee, RTD, Nestlé royalties (FACT).
- Nestlé prepaid royalty — $176.5M a year for 40 years (FACT).
- Breakage $222.4M in FY25 (FACT).
- Channel Development operating margin 47.3% vs North America 11.5% (FACT).