Company Name, Ticker and SIC Common Shares Outstanding Estimated Price/Share=$139.27 STARBUCKS CORP SBUX 1,142,600 (in 000s at most recent fiscal year end) 5810 Fiscal Year End (YYYY-MM-DD) Actual 2019/09/30 Actual 2020/09/30 Actual 2021/09/30 Actual 2022/09/30 Actual 2023/09/30 Balance Sheet Operating Cash and Market. Sec. 2,757,100 4,632,100 6,455,700 2,818,400 3,551,500 Receivables 879,200 883,400 940,000 1,175,500 1,184,100 Inventories Other Current Assets Total Current Assets PP&E (Net) Investments Intangibles Other Assets Total Assets 1,529,400 1,551,400 1,603,900 2,176,600 1,806,400 488,200 739,500 756,800 848,200 761,400 5,653,900 7,806,400 9,756,400 7,018,700 7,303,400 6,431,700 6,241,400 6,369,500 6,560,500 7,387,100 0 0 281,700 279,100 247,400 4,272,600 4,149,300 4,027,200 3,439,400 3,338,800 2,861,400 11,177,400 10,957,800 10,680,700 11,168,800 19,219,600 29,374,500 31,392,600 27,978,400 29,445,500 Current Debt 0 1,688,700 998,900 1,924,000 1,852,100 Accounts Payable 1,189,700 997,900 1,211,600 1,441,400 1,544,300 Income Taxes Payable 1,291,700 162,700 348,000 139,200 189,300 Other Current Liabilities 3,687,300 4,497,500 5,592,900 5,647,200 5,759,600 Total Current Liabilities 6,168,700 7,346,800 8,151,400 9,151,800 9,345,300 Long-Term Debt 11,167,000 14,659,600 13,616,900 13,119,900 13,547,600 Other Liabilities 8,114,900 15,009,400 14,790,300 14,286,800 14,525,800 Deferred Taxes 0 Total Liabilities 25,450,600 158,100 37,173,900 148,500 36,707,100 118,600 36,677,100 14,600 37,433,300 Noncontrolling Interest Preferred Stock 1,200 0 5,700 6,700 7,900 7,000 0 0 0 Paid in Common Capital (Net) (461,000) 10,500 994,500 (256,800) (739,000) Retained Earnings (5,771,200) (7,815,600) (6,315,700) (8,449,800) (7,255,800) Total Common Equity (6,232,200) (7,805,100) (5,321,200) (8,706,600) (7,994,800) Total Liabilities and Equity 19,219,600 29,374,500 31,392,600 27,978,400 29,445,500 Forecast 2024/09/30 Forecast 2025/09/30 Forecast 2026/09/30 Forecast 2027/09/30 Forecast 2028/09/30 Forecast 2029/09/30 3,940,590 4,372,482 4,853,361 5,389,566 5,981,561 6,578,925 1,313,826 1,457,822 1,618,151 1,796,927 1,994,303 2,193,469 0 0 0 0 0 0 844,816 937,409 1,040,504 1,155,460 1,282,377 1,410,444 6,099,232 6,767,713 7,512,015 8,341,952 9,258,240 10,182,838 8,196,405 9,094,737 10,094,963 11,210,266 12,441,613 13,684,126 274,504 304,590 338,089 375,441 416,680 458,293 3,704,587 4,110,613 4,562,692 5,066,784 5,623,324 6,184,912 12,392,414 13,750,633 15,262,907 16,949,171 18,810,885 20,689,481 30,667,142 34,028,286 37,770,665 41,943,613 46,550,742 51,199,649 1,928,940 2,140,354 2,375,747 2,638,222 2,928,007 3,220,420 0 0 0 0 0 0 210,039 233,059 6,390,601 7,091,016 258,691 7,870,876 287,272 318,826 350,666 8,740,460 9,700,521 10,669,287 8,529,581 9,464,430 10,505,314 11,665,953 12,947,353 14,240,373 14,109,666 15,656,097 17,377,931 19,297,865 21,417,563 23,556,481 16,117,195 17,883,653 19,850,470 22,043,574 24,464,862 26,908,107 16,200 17,975 38,772,642 43,022,155 19,952 47,753,667 22,156 53,029,548 24,590 58,854,368 27,046 64,732,007 7,290 8,089 8,979 9,971 11,066 12,172 0 0 0 0 0 0 (2,787,820) (5,835,659) (9,254,161) (13,079,253) (17,357,075) (22,110,780) (5,324,970) (3,166,299) (737,819) 1,983,346 (8,112,790) (9,001,958) (9,991,980) (11,095,906) 5,042,383 (12,314,692) 8,566,251 (13,544,529) 30,667,142 34,028,286 37,770,665 41,943,613 46,550,742 51,199,649 Forecast 2030/09/30 Forecast 2031/09/30 Forecast 2032/09/30 Forecast 2033/09/30 Forecast 2034/09/30 Forecast 2035/09/30 7,170,331 7,743,387 8,285,014 8,781,895 9,220,990 2,390,649 2,581,710 2,762,293 2,927,958 3,074,356 9,682,039 3,228,073 0 0 0 0 0 0 1,537,235 1,660,091 1,776,210 1,882,735 1,976,872 2,075,716 11,098,214 11,985,189 12,823,517 13,592,588 14,272,218 14,985,828 14,914,247 16,106,201 17,232,782 18,266,292 19,179,607 20,138,587 499,490 539,410 577,140 611,753 642,341 674,458 6,740,898 7,279,634 7,788,823 22,549,342 24,351,497 26,054,811 8,255,946 27,617,409 8,668,743 9,102,180 28,998,280 30,448,194 55,802,191 60,261,931 64,477,072 68,343,988 71,761,188 75,349,247 3,509,916 3,790,431 4,055,560 4,298,786 4,513,725 4,739,411 0 0 0 0 0 382,189 412,734 441,603 468,087 491,492 516,066 11,628,392 12,557,739 13,436,116 14,241,927 14,954,023 15,701,724 15,520,497 16,760,904 17,933,279 19,008,800 19,959,240 20,957,202 25,674,068 27,725,952 29,665,300 31,444,432 33,016,653 34,667,486 29,326,985 31,670,813 33,886,091 35,918,359 37,714,277 39,599,990 29,477 31,833 34,059 70,551,027 76,189,501 81,518,729 36,102 86,407,692 37,907 39,802 90,728,077 95,264,481 13,266 14,326 0 0 15,328 0 16,247 17,060 17,913 0 (27,286,363) (32,881,546) (38,883,180): (45,207,682) (51,846,109) (58,816,457) 12,524,261 16,939,649 21,826,196 27,127,731 (14,762,102) (15,941,896) (17,056,984) (18,079,951) 32,862,160 (18,983,949) 38,883,311 (19,933,146) 55,802,191 60,261,931 64,477,072 68,343,988 71,761,188 75,349,247 Forecasting Assumptions Company Name STARBUCKS CORP Estimated Price/Share=$139.27 Fiscal Year End Date Implied Return on Equity Balance Sheet Assumptions Actual Actual Actual Actual Actual 2019/09/30 2020/09/30 2021/09/30 2022/09/30 2023/09/30 (0.132) (0.640) (0.468) (0.494) Working Capital Assumptions Ending Operating Cash/Sales 10.4% 19.7% 22.2% 8.7% 9.9% Ending Receivables/Sales 3.3% 3.8% 3.2% 3.6% 3.3% Ending Inventories/COGS 0.0% 0.0% 0.0% 0.0% 0.0% Ending Other Current Assets/Sales 1.8% 3.1% 2.6% 2.6% 2.1% Ending Accounts Payable/COGS 0.0% 0.0% 0.0% 0.0% 0.0% Ending Taxes Payable/Sales 4.9% 0.7% 1.2% 0.4% 0.5% Ending Other Current Liabs/Sales 13.9% 19.1% 19.2% 17.5% 16.0% Other Operating Asset Assumptions Ending Net PP&E/Sales 24.3% 26.5% 21.9% 20.3% 20.5% Ending Investments/Sales 0.0% 0.0% 1.0% 0.9% 0.7% Ending Intangibles/Sales 16.1% 17.6% 13.9% 10.7% 9.3% Ending Other Assets/Sales 10.8% 47.5% 37.7% 33.1% 31.0% Other Operating Liability Assumptions Other Liabilities/Sales 30.6% 63.8% 50.9% 44.3% 40.4% Deferred Taxes/Sales 0.0% 0.7% 0.5% 0.4% 0.0% Financing Assumptions Current Debt/Total Assets 0.0% 5.7% 3.2% 6.9% 6.3% Long-Term Debt/Total Assets 58.1% 49.9% 43.4% 46.9% 46.0% Noncontrolling Interest/Total Assets 0.0% 0.0% 0.0% 0.0% 0.0% Preferred Stock/Total Assets 0.0% 0.0% 0.0% 0.0% 0.0% Dividend Payout Ratio 48.9% 207.2% 50.5% 69.0% 59.0% Forecast 2024/09/30 (0.573) Forecast Forecast Forecast Forecast 2025/09/30 2026/09/30 2027/09/30 2028/09/30 (0.600) (0.605) (0.608) (0.613) 9.9% 9.9% 9.9% 9.9% 9.9% 3.3% 3.3% 3.3% 3.3% 3.3% 0.0% 0.0% 0.0% 0.0% 0.0% 2.1% 2.1% 2.1% 2.1% 2.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.5% 0.5% 0.5% 0.5% 0.5% 16.0% 16.0% 16.0% 16.0% 16.0% 20.5% 20.5% 20.5% 20.5% 20.5% 0.7% 0.7% 0.7% 0.7% 0.7% 9.3% 9.3% 9.3% 9.3% 9.3% 31.0% 31.0% 31.0% 31.0% 31.0% 40.4% 40.4% 40.4% 40.4% 40.4% 0.0% 0.0% 0.0% 0.0% 0.0% 6.3% 6.3% 6.3% 6.3% 6.3% 46.0% 46.0% 46.0% 46.0% 46.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 58.1% 57.9% 57.7% 57.6% 57.4% Forecast Forecast Forecast Forecast Forecast Forecast Forecast 2029/09/30 2030/09/30 2031/09/30 2032/09/30 2033/09/30 2034/09/30 2035/09/30 (0.622) (0.621) (0.621) (0.623) (0.619) (0.619) (0.619) 9.9% 9.9% 9.9% 9.9% 9.9% 9.9% 9.9% 3.3% 3.3% 3.3% 3.3% 3.3% 3.3% 3.3% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 2.1% 2.1% 2.1% 2.1% 2.1% 2.1% 2.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 16.0% 16.0% 16.0% 16.0% 16.0% 16.0% 16.0% 20.5% 20.5% 20.5% 20.5% 20.5% 20.5% 20.5% 0.7% 0.7% 0.7% 0.7% 0.7% 0.7% 0.7% 9.3% 9.3% 9.3% 9.3% 9.3% 9.3% 9.3% 31.0% 31.0% 31.0% 31.0% 31.0% 31.0% 31.0% 40.4% 40.4% 40.4% 40.4% 40.4% 40.4% 40.4% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 6.3% 6.3% 6.3% 6.3% 6.3% 6.3% 6.3% 46.0% 46.0% 46.0% 46.0% 46.0% 46.0% 46.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 56.2% 54.9% 53.7% 52.5% 51.2% 50.0% 50.0%