One of the world's largest coffeehouse chains, Starbucks roasts and sells specialty coffee and serves drinks, food, and packaged goods at tens of thousands of stores across dozens of markets, with names like the Starbucks Card and Rewards program. Three Seattle partners—a teacher, a writer, and a history teacher—opened its first shop at Pike Place Market in 1971. The name came from Moby-Dick's first mate, chosen after the founders rejected "Pequod" because "Pee-quod" sounded unappetizing.
Starbucks approves restructuring plan with ~$400M in charges under 'Back to Starbucks' strategy
On May 13, 2026, Starbucks' Board approved further actions under its 'Back to Starbucks' strategy to streamline support organizations and non-retail facilities.
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The plan targets ~$400 million in restructuring charges, with ~$280 million non-cash (impairment of long-lived assets, including right-of-use lease assets) and ~$120 million cash (employee separation benefits).
Charges relate primarily to reassessing Starbucks Reserve and Roastery locations and optimizing the non-retail support facility portfolio.
A majority of plan actions are expected to be completed by the end of fiscal year 2026, with a significant portion of charges incurred in fiscal year 2026.
The company previously communicated $2 billion in cost savings initiatives and that nearly 90% of its international coffeehouses are licensed.
2.05 Costs Associated with Exit or Disposal Activities
Starbucks completes China joint venture with Boyu Capital, which now holds 60% of retail ops
Starbucks will remain owner and licensor of the global brand and intellectual property to the joint venture.
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On April 2, 2026, Starbucks announced the closing of its previously announced joint venture with Boyu Capital.
Funds managed by Boyu Capital acquired a 60% interest in Starbucks' China retail operations; Starbucks retains 40%.
The joint venture oversees approximately 8,000 company-operated coffeehouses in China, with a long-term aspiration to grow to as many as 20,000 locations.
The transaction was reported under Item 7.01 Regulation FD Disclosure, with a press release furnished as Exhibit 99.1.
7.01 Regulation FD Disclosure · 9.01 Financial Statements and Exhibits
Starbucks shareholders elect 11 directors and approve say-on-pay at 2026 annual meeting.
At the March 25, 2026 annual meeting, all 11 nominated directors were elected, with Marissa Mayer receiving the most 'for' votes (867,967,230) and Andy Campion the fewest (764,749,951).
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Shareholders approved, on a nonbinding advisory basis, executive compensation for named executive officers (774,932,476 for, 99,362,557 against).
Ratification of Deloitte & Touche LLP as independent auditor for fiscal year 2026 was approved (965,325,253 for, 38,304,225 against).
A shareholder proposal to replace supermajority voting requirements with majority voting was approved (823,985,324 for, 17,573,051 against).
Five other shareholder proposals—on independent board chair, healthcare coverage reports, diagnostic tools, and religious charities—were all defeated.
5.07 Submission of Matters to a Vote of Security Holders