# Who are Starbucks Corp's customers? Who does Starbucks Corp earn revenue from?
Canonical: https://valuechain.wiki/starbucks · Facet: customers · Updated: 2026-09-11T19:25:10.069912+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Starbucks Corp's confirmed revenue counterparties include 이마트, Nestlé, Target Corporation plus 3 undisclosed/aggregate relationships. Per the valuechain.wiki graph: 6 revenue edges, backed by 8 dated sources, 2 of them primary filings (as of 2026-09-11).

### 소비자·직영점 (company-operated) (high)
- metric: Amount $30.7B · FY2025 · Company-operated store revenue (82.7% of net revenue)
- note: Coffee and beverages sold to consumers at company-operated stores are 82.7% of revenue ($30.7B), so revenue tracks consumer spending and China operations as a proxy.
- [confirms] Starbucks (EN, filing, published 2025-11-14) https://www.sec.gov/Archives/edgar/data/829224/000082922425000114/sbux-20250928.htm: "FY2025 total net revenues were about $37.2 billion, with company-operated store revenue the largest component."
- [confirms] Starbucks (IR) (EN, ir, published 2025-10-29) https://investor.starbucks.com/news/financial-releases/news-details/2025/Starbucks-Reports-Q4-and-Full-Fiscal-Year-2025-Results/default.aspx: "Fiscal 2025 net revenue was $37.2B (+3%), with company-operated stores $30.7B (82.7%), licensed $4.4B (11.7%) and other $2.1B; 40,990 stores including 8,011 in China."

### 이마트 (high)  → /emart.md
- metric: Market share 67.5% · 2021~ · E-Mart stake in SCK
- note: E-mart holds 67.5% of Starbucks Korea (SCK), which pays license royalties to Starbucks. For Starbucks, E-mart (via SCK) is a royalty revenue source.
- [confirms] GIC (EN, ir, published 2021-07-27) https://www.gic.com.sg/newsroom/all/starbucks-transitions-retail-business-in-south-korea-to-e-mart-and-gic/: "E-Mart increased its stake in Starbucks Coffee Korea to 67.5% and GIC took 32.5%, with E-Mart continuing to operate about 1,500 Starbucks stores in Korea."

### Nestlé (high)  → /nestle.md
- metric: Amount 7.15 USD10억 · 2018 선급 · Starbucks CPG rights acquisition (perpetual license)
- note: Under the 2018 Global Coffee Alliance, Nestlé acquired perpetual rights to Starbucks CPG products and pays royalties. For Starbucks, Nestlé is that royalty revenue source.
- [confirms] Starbucks (EN, ir, published 2018-05-07) https://investor.starbucks.com/news/financial-releases/news-details/2018/Starbucks-and-Nestl-Form-Global-Coffee-Alliance-to-Elevate-and-Expand-Consumer-Packaged-Goods-and-Foodservice-Categories-Around-the-World/default.aspx: "Nestle paid Starbucks $7.15 billion in closing consideration for a perpetual license to market, sell and distribute Starbucks packaged coffee and tea in global at-home and away-from-home channels outside Starbucks stores."
- [confirms] CNBC (EN, news, published 2018-05-07) https://www.cnbc.com/2018/05/07/nestle-to-pay-7-point-15-billion-to-starbucks-in-coffee-tie-up.html: "Nestle is paying $7.15 billion for the rights to Starbucks' consumer business, with Starbucks remaining licensor and supplier of the coffee."

### 라이선스 파트너·채널 (licensed·CPG) (mid)
- metric: Amount $4.4B · FY2025 · Licensed-store revenue (11.7% of net revenue)
- note: Licensed-store revenue of $4.4B (11.7%) and channel development/CPG of $2.1B, the capital-light way to extend the store network.
- [confirms] Starbucks (IR) (EN, ir, published 2025-10-29) https://investor.starbucks.com/news/financial-releases/news-details/2025/Starbucks-Reports-Q4-and-Full-Fiscal-Year-2025-Results/default.aspx: "Licensed-store revenue was $4.4B (11.7%) and other channel revenue $2.1B."

### 리워드 멤버십 (충성 고객) (mid)
- note: The Starbucks Rewards loyalty program drives repeat visits and prepaid loading, recycling consumer spend; US active members are around 34.6 million.
- [mentions] Starbucks (IR) (EN, ir, published 2025-10-29) https://investor.starbucks.com/news/financial-releases/news-details/2025/Starbucks-Reports-Q4-and-Full-Fiscal-Year-2025-Results/default.aspx: "The Starbucks Rewards loyalty program is described as a key driver of repeat visits and digital revenue."

### 타깃 (mid)  → /target.md
- note: Starbucks Corp has a relationship with Target under which Target operates licensed Starbucks cafés inside its stores and prepares and sells Starbucks items, while counterparty-specific terms such as license fees and product procurement payments are not disclosed.
- [mentions] SEC EDGAR (EN, filing, published 2026-03-11) https://www.sec.gov/Archives/edgar/data/27419/000002741926000016/tgt-20260131.htm: "amenities such as Starbucks"
- [mentions] Target Corporation (EN, ir, published 2023-10-03) https://corporate.target.com/press/fact-sheet/2022/11/about-target-drive-up-with-starbucks,-our-new-fulfillment-feature: "more than 1,700 stores"
- [confirms] Target Corporation (EN, ir, published 2012-02-15) https://corporate.target.com/press/release/2012/02/target-names-starbucks-coffee-retailer-for-canada-stores: "Target opened its first Starbucks licensed store location in the United States in 1999."

Reverse side: https://valuechain.wiki/starbucks/suppliers.md · Ripple: https://valuechain.wiki/starbucks/ripple.md

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Full node: https://valuechain.wiki/starbucks.md · JSON: https://valuechain.wiki/starbucks.json