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Starbucks (SBUX) Q2 FY25 earnings results (second quarter fiscal 2025)
10-Q filed Apr 29, 2025
Starbucks (SBUX) reported revenue of $8.8B for the second quarter fiscal 2025 (Q2 FY25), +2% from a year earlier and -7% from the quarter before. Operating margin was 6.9%, net earnings $384M (4.4% of revenue).
Starbucks, Q2 FY25: revenue $8.8B (+2% year over year), operating margin 6.9%, net earnings $384M, operating cash flow $292M. The chart follows the revenue to costs, profit and cash.
| Q2 FY25 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $8.8B | -7% | +2% |
| Operating profit | $601M | -46% | -45% |
| Net earnings | $384M | -51% | -50% |
| Operating cash flow | $292M | -86% | -42% |
What changed
Revenue was $8.8B in Q2 FY25, up 2% year over year and down 7% from the previous quarter. Beverage was the largest line at 60% of revenue. Beverage added $0.13B year over year (up 3%), 67% of the total change. Other Products declined 2%.
Operating profit was $0.60B, a 6.9% margin (down 6.0 points year over year). Operating profit fell $0.50B even though revenue rose $0.20B versus a year earlier, so costs grew faster than sales. Total costs grew 9% against revenue growth of 2%. The fastest-growing cost line was Other operating costs (+11%). Net earnings were $0.38B, down 50% year over year. The effective tax rate was 23.5%.
Operating cash flow was $0.29B (down 42% year over year), 76% of net earnings. Non-cash charges added back $0.44B of depreciation and amortization and $0.08B of share-based compensation. Working capital and other items used $0.61B. Capital expenditures of $0.59B exceeded it, leaving free cash flow of −$0.30B.
Questions
What was Starbucks' revenue in the second quarter fiscal 2025?
Starbucks (SBUX) reported revenue of $8.8B for the second quarter fiscal 2025 (Q2 FY25), +2% from a year earlier and -7% from the quarter before.
Was Starbucks profitable in the second quarter fiscal 2025?
Operating profit was $601M (6.9% of revenue) and net earnings $384M.
Source: Starbucks 10-Q on SEC EDGAR.