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Starbucks cash flow, quarter by quarter

Latest: Q3 FY26 · from the cash-flow statements filed with the SEC

Free cash flow$1.4B in Q3 FY26 · $3.6B over twelve months

Operating cash flow$1.6B
Capital spending−$291M
Free cash flow+$1.4B
Cash / net income1.6×

Analysis

In Q3 FY26, Starbucks generated $1.6B of operating cash flow and spent $291M on capital projects, leaving free cash flow of $1.4B.

Over the twelve months to Jun 28, 2026, operating cash flow was $5.0B; the largest uses were net borrowing (+) / repaid (−) ($4.1B), dividends ($2.8B), capital spending ($1.3B); besides operations, cash came from other investing ($2.5B), shares issued ($69.3M); the cash balance fell by $723M.

Operating cash flow was $1.6B against net income of $1.0B — 1.6× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$390M, income taxes payable +$369M, impairments +$260M.

Free cash flow

Starbucks: free cash flow by quarterStarbucks: free cash flow by quarter$737MQ4 FY24$1.4BQ1 FY25−$297MQ2 FY25$434MQ3 FY25$926MQ4 FY25$1.3BQ1 FY26$91.8MQ2 FY26$1.4BQ3 FY26
Operating cash flow less capital spending.
Starbucks: operating cash flow against capital spendingStarbucks: operating cash flow against capital spendingOperating cash flowCapital spending$1.5B$798MQ4 FY24$2.1B$693MQ1 FY25$292M$589MQ2 FY25$1.0B$567MQ3 FY25$1.4B$456MQ4 FY25$1.6B$324MQ1 FY26$364M$273MQ2 FY26$1.6B$291MQ3 FY26
Latest (Q3 FY26): Operating cash flow $1.6B, Capital spending $291M.

Capital allocation, year by year

Starbucks: where the cash came from (up) and went (down), by fiscal yearStarbucks: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY21: Operating cash flow $6.0BFY21: Net borrowing −$1.7BFY21: Shares issued $246MFY21: Asset sales $1.2BFY21: Capital spending −$1.5BFY21: Dividends −$2.1B$7.4BFY21FY22: Operating cash flow $4.4BFY22: Net borrowing $673MFY22: Shares issued $102MFY22: Asset sales $59.3MFY22: Capital spending −$1.8BFY22: Buybacks −$4.0BFY22: Dividends −$2.3B$5.2BFY22FY23: Operating cash flow $6.0BFY23: Net borrowing $359MFY23: Shares issued $167MFY23: Asset sales $110MFY23: Capital spending −$2.3BFY23: Buybacks −$984MFY23: Dividends −$2.4B$6.6BFY23FY24: Operating cash flow $6.1BFY24: Net borrowing $136MFY24: Shares issued $108MFY24: Capital spending −$2.8BFY24: Buybacks −$1.3BFY24: Dividends −$2.6B$6.3BFY24FY25: Operating cash flow $4.7BFY25: Net borrowing $493MFY25: Shares issued $77.0MFY25: Capital spending −$2.3BFY25: Acquisitions −$177MFY25: Dividends −$2.8B$5.3BFY25
Over these 5 years operating cash flow totalled $27.2B; the largest uses were dividends ($12.2B) and capital spending ($10.7B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$3.6B
Debt$13.3B
Net debt$9.7B
Due within a year$1.5B

Starbucks funds itself: free cash flow was $3.6B over the last twelve months, and $3.6B of cash and investments stands against $13.3B of debt ($1.5B due within a year, 2.4× covered by cash).

Starbucks: debt maturities by year (FY25)Starbucks: debt maturities by year (FY25)$1.5BYear 1$1.5BYear 2$1.4BYear 3$1.8BYear 4$1.2BYear 5$8.8BAfter year 5
Principal due in each year as disclosed in the annual report, against $3.6B of cash and investments now.

Where the cash came from and went

Starbucks: sources (+) and uses (−) of cash, Q3 FY26Starbucks: sources (+) and uses (−) of cash, Q3 FY26Other investing$2.5BCash drawn (+) / kept (−)−$1.9BNet borrowing (+) / repaid (−)−$1.8BOperating cash flow$1.6BDividends−$707MNot reconciled$564MCapital spending−$291MShares issued$15.4MTaxes on employees’ shares−$4.5M
Starbucks: sources (+) and uses (−) of cash, TTM to Q3 FY26Starbucks: sources (+) and uses (−) of cash, TTM to Q3 FY26Operating cash flow$5.0BNet borrowing (+) / repaid (−)−$4.1BDividends−$2.8BOther investing$2.5BCapital spending−$1.3BCash drawn (+) / kept (−)$723MTaxes on employees’ shares−$71.5MShares issued$69.3MExchange rates−$11.6MOther financing−$100K

From profit to cash

Starbucks: net income to operating cash flow, Q3 FY26Starbucks: net income to operating cash flow, Q3 FY26Net income$1.0BDepreciation & amortization$390MStock-based pay$71.1MDeferred taxes−$111MImpairments$260MOther non-cash$8.3MReceivables−$50.8MInventory−$54.4MPayables$186MDeferred revenue−$52.0MIncome taxes payable$369MOther operating capital$204MOperating cash flow$1.6B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 FY26$1.6B−$291M—−$707M−$1.8B$15.4M−$1.9B$1.4B
Q2 FY26$364M−$273M—−$706M—$18.8M$1.9B$91.8M
Q1 FY26$1.6B−$324M—−$705M$2.5M$17.7M−$194M$1.3B
Q4 FY25$1.4B−$456M—−$693M−$1.2B$17.4M$953M$926M
Q3 FY25$1.0B−$567M—−$693M$1.7B$15.2M−$1.5B$434M
Q2 FY25$292M−$589M—−$693M$1.1M$27.3M$1.0B−$297M
Q1 FY25$2.1B−$693M−$177M−$692M−$5.4M$17.1M−$385M$1.4B
Q4 FY24$1.5B−$798M—−$646M−$25.0M$28.8M−$107M$737M

Starbucks: income statement and cash flow

Starbucks, Q4 FY26: revenue $9.1B (-4% year over year), operating margin 10.8%. The chart follows the revenue to costs, profit and cash.

Starbucks: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.