Starbucks: leaders came and went.

1. Leaders came and went. Starbucks filed 41 leadership changes since 2016, more than 90% of large retailers (the median is 25). The day after each, its shares moved a median 0.2 points against its sector. The news was rarely news.
2. Seven decisions on record. Stratrix has verified seven of Starbucks's big decisions, each with what happened next. The hardest year after: "Mobile and Drive-Thru Hit 70% of Sales, and Starbucks Vowed to Finally Build Its Third Place", with its shares 30 points behind the S&P 500 over the next year. The best: "Starbucks Is Quietly Running a Bank. You Just Can't Withdraw From It", 101 points ahead of the S&P 500 over the next three years.
3. Profitable every year. Starbucks made money in each of its last ten fiscal years, from $0.9 billion (fiscal 2020) to $4.5 billion (fiscal 2018).

Financial results

As reported in its annual filings. Losses in red.

Stratrix Decision Cases

• 2024Mobile and Drive-Thru Hit 70% of Sales, and Starbucks Vowed to Finally Build Its Third PlaceToo early to call · shares −30 pts vs the S&P 500 over a year
• 2024Starbucks Borrowed Schultz's Words and Ran Chipotle's PlaybookHeld in part · shares +1 pts vs the S&P 500 over a year
• 2017Starbucks Sold China a Premium Price Tag, Then Watched Its Share Fall From 34% to 14%Stood · shares −1 pts vs the S&P 500 over 3 years
• 2014Starbucks Built a Frictionless Front Door and Forgot the Kitchen Couldn't Keep UpHeld in part · shares +14 pts vs the S&P 500 over 3 years
• 2009Starbucks Is Quietly Running a Bank. You Just Can't Withdraw From It.Stood · shares +101 pts vs the S&P 500 over 3 years
• 2008Schultz Returned as Starbucks CEO in 2008 — Chairing the Board That Had Installed His SuccessorStood · shares +86 pts vs the S&P 500 over 3 years
• 2008The Starbucks Turnaround Math Only Works If You Measure From the BottomStood · shares +86 pts vs the S&P 500 over 3 years