STARBUCKS CORP (SBUX) Risk Factors

Recent key developments

Concrete developments — dated events, named agreements and instruments, legal proceedings — that STARBUCKS CORP surfaced in its latest filing.

• One Big Beautiful Bill Act, enacted in the U.S. in July 2025July 2025
• Recent tariffs imposed or threatened to be imposed by the U.S. on other countries, and any retaliation measures taken by such countries
• Effective July 1, 2024, the U.S. Department of Labor increased the minimum salary threshold for overtime-exempt employees under the Fair Labor Standards ActJuly 1, 2024
• California Assembly Bill 1228 increased minimum wage and established working hour and condition standards for certain partners in California
• EU's Corporate Sustainability Reporting Directive
• California's new climate change disclosure requirements
• Laws and regulations imposed by the SEC, Nasdaq, and foreign jurisdictions, including trade, labor, healthcare, food and beverage, sanitation, safety, environmental, labeling, anti-bribery and corruption, and merchandise laws
• OECD's Pillar Two initiative establishing a 15% global minimum tax, with several countries where the company operates having enacted implementing legislation as of September 28, 2025September 28, 2025
• EU's GDPR and U.K. equivalent impose strict data protection requirements
• China's PIPL and Data Security Law impose civil and criminal liabilities
• California Consumer Privacy Act (CCPA) and other state privacy laws include private rights of action
• Back to Starbucks plan and related guidance
• See Note 16 for certain legal proceedings in which we are involved
• Unions have secured representation rights at around 6% of more than 10,000 U.S. company-operated stores; Starbucks is engaged in collective bargaining for initial contracts at union-represented stores
• Starbucks brand recognized throughout most of the world and has received high ratings in global brand value studies
• North America operating segment accounted for 74% of total net revenues in fiscal year 20252025
• Channel Development business is heavily reliant on Nestlé, which holds global rights to distribute certain Starbucks branded packaged goods
• Operating in 89 global markets