STARBUCKS CORPSBUX

STARBUCKS CORP Leases Disclosure

10-KFiled Nov 14, 20252 min read
Leases
The components of lease costs (in millions):
Year Ended
Sep 28, 2025Sep 29, 2024Oct 1, 2023
Operating lease costs(1)
$2,097.0 $1,723.5 $1,601.0 
Variable lease costs1,245.7 1,130.7 1,050.3 
Short-term lease costs21.0 26.8 28.0 
Total lease costs$3,363.7 $2,881.0 $2,679.3 
(1)Includes immaterial amounts of sublease income and rent concessions.
The following table includes supplemental information (in millions):
Year Ended
Sep 28, 2025Sep 29, 2024Oct 1, 2023
Cash paid related to operating lease liabilities$1,901.4 $1,672.5 $1,657.2 
Operating lease liabilities arising from obtaining ROU assets(1)
1,980.8 2,263.9 1,893.4 
Sep 28, 2025Sep 29, 2024Oct 1, 2023
Weighted-average remaining operating lease term8.6 years8.6 years8.5 years
Weighted-average operating lease discount rate3.7 %3.4 %3.1 %
(1)Includes leases obtained in the acquisition of 23.5 Degrees Topco Limited in the first quarter of fiscal 2025.
Finance lease assets are recorded in property, plant and equipment, net with the corresponding lease liabilities included in accrued liabilities and other long-term liabilities on the consolidated balance sheet. These balances were not material as of September 28, 2025, and September 29, 2024. Finance lease costs were also immaterial for the fiscal years ended September 28, 2025, September 29, 2024, and October 1, 2023.
Minimum future maturities of operating lease liabilities (in millions):
Fiscal YearTotal
2026$1,940.6 
20271,757.3 
20281,548.4 
20291,360.4 
20301,190.3 
Thereafter4,592.2 
Total lease payments12,389.2 
Less imputed interest(1,852.5)
Total$10,536.7 
As of September 28, 2025, we have entered into operating leases that have not yet commenced of $823.5 million, primarily related to real estate leases. These leases will commence between fiscal year 2026 and fiscal year 2028 with lease terms of 5
years to 20 years. Lease exit costs associated with our restructuring efforts primarily relate to the closure of certain Starbucks company-operated stores, and are recognized in line with store closure timing. Total lease exit costs of $239.3 million were recorded in restructuring and impairments on the consolidated statement of earnings in fiscal 2025. See Note 18, Restructuring, to the consolidated financial statements included in Item 8 of Part II of this 10-K, for further discussion.
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Historical Timeline

Fiscal YearFiled
2025Nov 14, 2025Showing above
2024Nov 20, 2024
2023Nov 17, 2023
2022Nov 18, 2022
2021Nov 19, 2021
2020Nov 12, 2020
2019Nov 15, 2019
2018Nov 16, 2018
2017Nov 17, 2017
2016Nov 18, 2016
2015Nov 12, 2015

About Leases Disclosures

Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.

Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.

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