STARBUCKS CORPSBUX
STARBUCKS CORP Debt Disclosure
Debt
Revolving Credit Facility
During the third quarter of fiscal 2025, we replaced our $3.0 billion unsecured five-year revolving credit facility (the “2021 credit facility”) with a new $3.0 billion unsecured five-year revolving credit facility (the “2025 credit facility”).
Our 2025 credit facility, of which $150.0 million may be used for issuances of letters of credit, is currently set to mature on June 13, 2030. The 2025 credit facility is available for working capital, capital expenditures, and other general corporate purposes, including acquisitions and share repurchases. We have the option, subject to negotiation and agreement with the related banks, to increase the maximum commitment amount by an additional $1.0 billion.
Borrowings under the 2025 credit facility will bear interest at a fluctuating rate based on the Term Secured Overnight Financing Rate (“Term SOFR”), and, for U.S. dollar-denominated loans under certain circumstances, a Base Rate (as defined in the 2025 credit facility), in each case plus an applicable rate. The applicable rate is based on the Company’s long-term credit ratings assigned by Moody’s and Standard & Poor’s rating agencies. The 2025 credit facility contains alternative interest rate provisions specifying rate calculations to be used at such time Term SOFR ceases to be available as a benchmark due to reference rate reform. The “Base Rate” of interest is the highest of (i) the Federal Funds Rate plus 0.50%, (ii) Bank of America’s prime rate, (iii) Term SOFR plus 1.00%, and (iv) 1.00%. Upon the occurrence of any event of default under the 2025 credit facility, interest on the outstanding amount of the indebtedness under the 2025 credit facility will bear interest at a rate per annum equal to 2% in excess of the interest then borne by such borrowings.
The 2025 credit facility contains provisions requiring us to maintain compliance with certain covenants, including a minimum fixed charge coverage ratio, which measures our ability to cover financing expenses. As of September 28, 2025, we were in compliance with all applicable covenants. No amounts were outstanding under our 2025 credit facility as of September 28, 2025, or our 2021 credit facility as of September 29, 2024.
Short-term Debt
Under our commercial paper program, we may issue unsecured commercial paper notes up to a maximum aggregate amount outstanding at any time of $3.0 billion, with individual maturities that may vary but not exceed 397 days from the date of issue. Amounts outstanding under the commercial paper program are required to be backstopped by available commitments under our 2025 credit facility. The proceeds from borrowings under our commercial paper program may be used for working capital needs, capital expenditures, and other corporate purposes, including, but not limited to, business expansion, payment of cash dividends on our common stock, and share repurchases. We had no borrowings outstanding under our commercial paper program as of September 28, 2025, and September 29, 2024. Our total available contractual borrowing capacity for general corporate purposes was $3.0 billion as of September 28, 2025.
Additionally, we hold the following Japanese yen-denominated credit facilities that are available for working capital needs and capital expenditures within our Japanese market:
•A ¥5.0 billion, or $33.4 million, credit facility is currently set to mature on December 30, 2025. Borrowings under this credit facility are subject to terms defined within the facility and will bear interest at a variable rate based on TIBOR plus an applicable margin of 0.400%.
•A ¥10.0 billion, or $66.8 million, credit facility is currently set to mature on March 27, 2026. Borrowings under this credit facility are subject to terms defined within the facility and will bear interest at a variable rate based on TIBOR plus an applicable margin of 0.300%.
As of September 28, 2025 and September 29, 2024, we had no borrowings outstanding under these credit facilities.
Long-term Debt
Components of long-term debt including the associated interest rates and related estimated fair values by calendar maturity (in millions, except interest rates):
| Sep 28, 2025 | Sep 29, 2024 | Stated Interest Rate | Effective Interest Rate (1) | |||||||||||||||||||||||
| Issuance | Face Value | Estimated Fair Value | Face Value | Estimated Fair Value | ||||||||||||||||||||||
| August 2025 notes | $ | — | $ | — | $ | 1,250.0 | $ | 1,243.4 | 3.800 | % | 3.721 | % | ||||||||||||||
| February 2026 notes | 1,000.0 | 1,001.7 | 1,000.0 | 1,008.3 | 4.750 | % | 4.788 | % | ||||||||||||||||||
| June 2026 notes | 500.0 | 494.0 | 500.0 | 486.8 | 2.450 | % | 2.511 | % | ||||||||||||||||||
February 2027 notes | 1,000.0 | 1,009.8 | 1,000.0 | 1,017.8 | 4.850 | % | 4.958 | % | ||||||||||||||||||
| March 2027 notes | 500.0 | 484.7 | 500.0 | 477.1 | 2.000 | % | 2.058 | % | ||||||||||||||||||
| March 2028 notes | 600.0 | 591.9 | 600.0 | 590.3 | 3.500 | % | 3.529 | % | ||||||||||||||||||
| May 2028 notes | 750.0 | 757.1 | — | — | 4.500 | % | 4.719 | % | ||||||||||||||||||
| November 2028 notes | 750.0 | 747.9 | 750.0 | 748.4 | 4.000 | % | 3.958 | % | ||||||||||||||||||
August 2029 notes(2) | 1,000.0 | 978.5 | 1,000.0 | 977.3 | 3.550 | % | 3.840 | % | ||||||||||||||||||
| March 2030 notes | 750.0 | 687.8 | 750.0 | 679.0 | 2.250 | % | 3.084 | % | ||||||||||||||||||
| May 2030 notes | 500.0 | 510.2 | — | — | 4.800 | % | 4.932 | % | ||||||||||||||||||
| November 2030 notes | 1,250.0 | 1,145.9 | 1,250.0 | 1,135.4 | 2.550 | % | 2.582 | % | ||||||||||||||||||
February 2031 notes | 500.0 | 514.2 | 500.0 | 520.8 | 4.900 | % | 5.046 | % | ||||||||||||||||||
| February 2032 notes | 1,000.0 | 918.1 | 1,000.0 | 912.0 | 3.000 | % | 3.155 | % | ||||||||||||||||||
| February 2033 notes | 500.0 | 505.7 | 500.0 | 513.1 | 4.800 | % | 3.798 | % | ||||||||||||||||||
February 2034 notes | 500.0 | 509.9 | 500.0 | 515.0 | 5.000 | % | 5.127 | % | ||||||||||||||||||
| May 2035 notes | 500.0 | 516.6 | — | — | 5.400 | % | 5.510 | % | ||||||||||||||||||
| June 2045 notes | 350.0 | 292.1 | 350.0 | 308.5 | 4.300 | % | 4.348 | % | ||||||||||||||||||
| December 2047 notes | 500.0 | 378.0 | 500.0 | 398.8 | 3.750 | % | 3.765 | % | ||||||||||||||||||
| November 2048 notes | 1,000.0 | 849.6 | 1,000.0 | 903.4 | 4.500 | % | 4.504 | % | ||||||||||||||||||
| August 2049 notes | 1,000.0 | 839.5 | 1,000.0 | 889.0 | 4.450 | % | 4.447 | % | ||||||||||||||||||
| March 2050 notes | 500.0 | 346.0 | 500.0 | 367.9 | 3.350 | % | 3.362 | % | ||||||||||||||||||
| November 2050 notes | 1,250.0 | 889.0 | 1,250.0 | 954.4 | 3.500 | % | 3.528 | % | ||||||||||||||||||
| Total | 16,200.0 | 14,968.2 | 15,700.0 | 14,646.7 | ||||||||||||||||||||||
| Aggregate debt issuance costs and unamortized premium/(discount), net | (109.3) | (113.8) | ||||||||||||||||||||||||
Hedge accounting fair value adjustment(2) | (15.9) | (17.8) | ||||||||||||||||||||||||
| Total | $ | 16,074.8 | $ | 15,568.4 | ||||||||||||||||||||||
(1)Includes the effects of the amortization of any premium or discount and any gain or loss upon settlement of related treasury locks or forward-starting interest rate swaps utilized to hedge the interest rate risk prior to the debt issuance.
(2)Amount includes the change in fair value due to changes in benchmark interest rates related to hedging $350 million of our August 2029 notes. Refer to Note 3, Derivative Financial Instruments, for additional information on our interest rate swap designated as a fair value hedge.
The following table summarizes our long-term debt maturities as of September 28, 2025, by fiscal year (in millions):
| Fiscal Year | Total | ||||
2026 | $ | 1,500.0 | |||
| 2027 | 1,500.0 | ||||
| 2028 | 1,350.0 | ||||
| 2029 | 1,750.0 | ||||
| 2030 | 1,250.0 | ||||
| Thereafter | 8,850.0 | ||||
| Total | $ | 16,200.0 | |||
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Nov 14, 2025 | Showing above |
| 2024 | Nov 20, 2024 | |
| 2022 | Nov 18, 2022 | |
| 2021 | Nov 19, 2021 | |
| 2020 | Nov 12, 2020 | |
| 2019 | Nov 15, 2019 | |
| 2018 | Nov 16, 2018 | |
| 2017 | Nov 17, 2017 | |
| 2016 | Nov 18, 2016 | |
| 2015 | Nov 12, 2015 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.