[Form 4] STARBUCKS CORP Insider Trading Activity

Rhea-AI Filing Summary

Sara Kelly, Executive Vice President and Chief Partner Officer of Starbucks Corporation (SBUX), reported a non‑derivative transaction dated 09/15/2025 disposing of 146.101 shares of Common Stock at $82.68 per share. The filing indicates the shares were withheld by the issuer to satisfy tax withholding upon vesting of restricted stock units, not sold in the open market. After this withholding the reporting person beneficially owns 46,380.254 shares. The filing notes the total includes 34.6843 shares purchased under the Employee Stock Purchase Plan on 06/30/2025 and 214 shares representing dividend equivalents on unvested time‑based RSUs. The form is signed by attorney‑in‑fact Stephanie A. Tso on 09/17/2025.

Positive

• Transparent reporting of RSU withholding and post‑transaction beneficial ownership provides clear disclosure to investors.
• Employee participation in the Starbucks Employee Stock Purchase Plan (34.6843 shares on 06/30/2025) indicates management alignment with shareholder interests.

Negative

• None.

Insights

Financial Analyst

TL;DR: Routine tax‑withholding of vested RSUs; not a market sale, limited investor impact.

The transaction is a standard internal share withholding to cover tax liabilities when restricted stock units vest. Because the shares were not sold on the open market, this does not increase share supply or signal a deliberate cash‑raise or liquidity event. The post‑transaction beneficial ownership of 46,380.254 shares should be viewed in context of total executive holdings but, on its face, represents routine compensation settlement rather than a trading decision.

Corporate Governance Expert

TL;DR: Disclosure appears complete and timely; shows standard equity compensation administration.

The Form 4 documents customary withholding to satisfy tax obligations on RSU vesting and enumerates other holdings including ESPP purchases and dividend equivalents. The filing includes required identifying information, relationship to issuer, and an attorney‑in‑fact signature, consistent with compliance expectations for Section 16 reporting. There is no indication of unusual governance or insider trading concerns from the facts reported.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

KELLY SARA

(Last) (First) (Middle)

2401 UTAH AVENUE SOUTH

(Street)

SEATTLE WA 98134

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
STARBUCKS CORP [ SBUX ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	evp, chief partner officer

3. Date of Earliest Transaction (Month/Day/Year)
09/15/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/15/2025		F		146.101(1)	D	$82.68	46,380.254(2)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Shares withheld by the issuer to satisfy tax withholding obligations upon vesting of restricted stock units; not an open market transaction.

2. Includes 34.6843 shares purchased on June 30, 2025, pursuant to the Starbucks Employee Stock Purchase Plan, and 214 shares representing dividend equivalents received on unvested time-based restricted stock units.

	/s/ Stephanie A. Tso, attorney-in-fact for Sara Kelly	09/17/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Sara Kelly report on the Form 4 for SBUX?

The Form 4 reports a 09/15/2025 disposition of 146.101 shares at $82.68 that were withheld by the issuer to satisfy tax withholding upon RSU vesting.

Were the shares sold on the open market in the SBUX filing?

No. The filing states the shares were withheld by the issuer to meet tax obligations and were not an open market sale.

How many SBUX shares does the reporting person beneficially own after the transaction?

The reporting person beneficially owns 46,380.254 shares following the reported withholding transaction.

Does the Form 4 mention other recent equity acquisitions for SBUX?

Yes. It notes 34.6843 shares purchased on 06/30/2025 via the Employee Stock Purchase Plan and 214 shares as dividend equivalents on unvested RSUs.

Who signed the Form 4 for Sara Kelly?

The form is signed by Stephanie A. Tso, attorney‑in‑fact for Sara Kelly on 09/17/2025.