Starbucks Corporation

Starbucks’ 2026 10-Q presents a company with substantial global reach and consistent operational expansion. The MD&A introduces Starbucks as the premier roaster, marketer, and retailer of specialty coffee globally, operating in 90 markets. As of March 29, 2026, the company reported more than 41,000 company-operated and licensed stores, reflecting a 1% increase from the prior year. Total net revenues for the quarter ended March 29, 2026, reached $9,531.5 million, an increase from $8,761.6 million in the comparable prior-year quarter, driven by growth in both company-operated and licensed store revenues.

The forensic scores generally reflect a stable financial position. Beneish’s 1999 eight-ratio earnings-manipulation detector, the M-Score, registered at -2.8796, which is below the -1.78 threshold, suggesting a lower risk of earnings manipulation. Altman’s Z″ — a 1968 bankruptcy-distress index — stood at 2.67, placing the company squarely in the “safe” zone, above the 2.60 benchmark. The Piotroski F-Score, a 9-point fundamental strength scan, came in at 5.0. This score indicates a neutral fundamental strength, neither weak (below 4) nor strong (7 or above).

The MD&A provides an overview of the company’s operational structure, detailing three reportable segments: North America, International, and Channel Development. The International segment encompasses a broad geographic scope, including China, Japan, Asia Pacific, Europe, Middle East, Africa, Latin America, and the Caribbean. Beyond its retail footprint, Starbucks also sells consumer-packaged goods, primarily through the Global Coffee Alliance established with Nestlé and other strategic partnerships. This diversified approach to market penetration and product distribution underscores the company’s established operational model.

This filing offers a snapshot of Starbucks’ financial performance and global operational scale for the reported period. While the forensic scores indicate a sound financial footing and low manipulation risk, the document does not provide a forward-looking assessment of market dynamics, competitive pressures, or shifts in consumer preferences that could impact future performance. The quantitative metrics and descriptive overview are backward-looking, and while they inform an understanding of the company’s current state, they cannot predict whether the security is mispriced in the broader market.