EX-99.2

Exhibit 99.2

Starbucks Corporation

Unaudited Pro Forma Condensed Consolidated Financial Statements

The following unaudited pro forma condensed consolidated financial statements are presented to show the effect of the Nestlé transaction and is presented for informational purposes only based on information currently available. The unaudited pro forma condensed consolidated balance sheet as of July 1, 2018, reflects our financial position as if the Nestlé transaction had occurred on July 1, 2018. The unaudited pro forma condensed consolidated statements of earnings for the three quarters ended July 1, 2018 and fiscal year ended October 1, 2017 reflect our earnings as if the Nestlé transaction had occurred on October 3, 2016. The information is not intended to represent or be indicative of what our results of operations or financial position would have been had the transaction occurred on the dates indicated. The unaudited pro forma condensed consolidated financial statements also should not be considered representative of our future results or financial position.

The unaudited pro forma condensed consolidated financial information reflects adjustments that are factually supportable, directly attributable and, for the statements of earnings, are expected to have a continuing impact on our earnings. Accordingly, revenues and expenses directly attributable to the consumer packaged goods (“CPG”) and foodservice businesses, which after the close of the transaction would become licensed to Nestlé, are removed from our consolidated results. The pro forma adjustments also include the recognition of the deferred revenue associated with the upfront payment over the economic life of the arrangement on a straight-line basis. However, the pro forma adjustments do not include any expected product sales to and royalty revenues from Nestlé that would otherwise have been recognized had the transaction closed on the dates mentioned above, as these adjustments are not considered to be factually supportable.

Pro forma adjustments related to the unaudited condensed consolidated balance sheet include adjustments which are directly attributable to the Nestlé transaction and are factually supportable regardless of whether they have a continuing impact or are nonrecurring.

STARBUCKS CORPORATION

PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF EARNINGS

(in millions except per share data)

(unaudited)


Three Quarters Ended July 1, 2018	Historical ⁽¹⁾		Pro forma adjustments ⁽²⁾			Company Pro forma ⁽⁵⁾
Net revenues:
Company-operated stores	$	14,630.3	$	-		$	14,630.3
Licensed stores		1,968.6		-			1,968.6
CPG, foodservice and other		1,817.0		(1,483.3)	⁽³⁾		333.7

Total net revenues		18,415.9		(1,483.3)			16,932.6
Cost of sales including occupancy costs		7,573.7		(866.5)			6,707.2
Store operating expenses		5,351.6		-			5,351.6
Other operating expenses		424.0		(147.9)			276.1
Depreciation and amortization expenses		920.4		(1.1)			919.3
General and administrative expenses		1,253.6		(7.7)			1,245.9
Restructuring and impairments		179.2		-			179.2

Total operating expenses		15,702.5		(1,023.2)			14,679.3
Income from equity investees		213.5		-			213.5

Operating income		2,926.9		(460.1)			2,466.8
Gain resulting from acquisition of joint venture		1,376.4		-			1,376.4
Net gain resulting from divestiture of certain operations		496.3		-			496.3
Interest income and other, net		155.2		-			155.2
Interest expense		(106.4)		-			(106.4)

Earnings before income taxes		4,848.4		(460.1)			4,388.3
Income tax expense		1,086.5		(132.1)	⁽⁴⁾		954.4

Net earnings including noncontrolling interests		3,761.9		(328.0)			3,433.9
Net loss attributable to noncontrolling interests		(0.9)		-			(0.9)

Net earnings attributable to Starbucks	$	3,762.8	$	(328.0)		$	3,434.8

Earnings per share - basic	$	2.69				$	2.46
Earnings per share - diluted	$	2.67				$	2.44

⁽¹⁾ Results for the three quarters ended July 1, 2018 as reported.

⁽²⁾ Reflects the absence of revenues and expenses related to our CPG and foodservice businesses transferred to Nestlé.

⁽³⁾ The proforma adjustment also includes the amortization of the upfront payment in accordance with the economic life of the arrangement.

⁽⁴⁾ Income tax effect on pro forma adjustments was computed based on the applicable jurisdictional statutory tax rates in effect for the period presented.

⁽⁵⁾ Pro forma financial results do not include revenues or cost of sales which we would expect to occur due to our product sales and royalty revenues from the licensing arrangement.

STARBUCKS CORPORATION

PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF EARNINGS

(in millions except per share data)

(unaudited)


Fiscal Year Ended October 1, 2017	Historical ⁽¹⁾		Pro forma adjustments ⁽²⁾			Company Pro forma ⁽⁵⁾
Net revenues:
Company-operated stores	$	17,650.7	$	-		$	17,650.7
Licensed stores		2,355.0		-			2,355.0
CPG, foodservice and other		2,381.1		(1,761.9)	⁽³⁾		619.2

Total net revenues		22,386.8		(1,761.9)			20,624.9
Cost of sales including occupancy costs		9,038.2		(1,036.4)			8,001.8
Store operating expenses		6,493.3		-			6,493.3
Other operating expenses		553.8		(189.8)			364.0
Depreciation and amortization expenses		1,011.4		(2.8)			1,008.6
General and administrative expenses		1,393.3		(8.0)			1,385.3
Restructuring and impairments		153.5		-			153.5

Total operating expenses		18,643.5		(1,237.0)			17,406.5
Income from equity investees		391.4		-			391.4

Operating income		4,134.7		(524.9)			3,609.8
Gain resulting from acquisition of joint venture		-		-			-
Net gain resulting from divestiture of certain operations		93.5		-			93.5
Interest income and other, net		181.8		-			181.8
Interest expense		(92.5)		-			(92.5)

Earnings before income taxes		4,317.5		(524.9)			3,792.6
Income tax expense		1,432.6		(202.9)	⁽⁴⁾		1,229.7

Net earnings including noncontrolling interests		2,884.9		(322.0)			2,562.9
Net earnings attributable to noncontrolling interests		0.2		-			0.2

Net earnings attributable to Starbucks	$	2,884.7	$	(322.0)		$	2,562.7

Earnings per share - basic	$	1.99				$	1.77
Earnings per share - diluted	$	1.97				$	1.75

⁽¹⁾ Results for the year ended October 1, 2017 as reported.

⁽²⁾ Reflects the absence of revenues and expenses related to our CPG and foodservice businesses transferred to Nestlé.

⁽³⁾ The proforma adjustment also includes the amortization of the upfront payment in accordance with the economic life of the arrangement.

⁽⁴⁾ Income tax effect on pro forma adjustments was computed based on the applicable jurisdictional statutory tax rates in effect for the period presented.

⁽⁵⁾ Pro forma financial results do not include revenues or cost of sales which we would expect to occur due to our product sales and royalty revenues from the licensing arrangement.

STARBUCKS CORPORATION

PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET

(in millions except per share data)

(unaudited)


July 1, 2018	Historical ⁽¹⁾		Pro forma adjustments			Company Pro forma
ASSETS
Current assets:
Cash and cash equivalents	$	1,892.1	$	7,150.0	⁽²⁾	$	9,042.1
Short-term investments		84.5		-			84.5
Accounts receivable, net		854.8		-			854.8
Inventories		1,387.4		-			1,387.4
Prepaid expenses and other current assets		1,364.6		(4.0)	⁽³⁾		1,360.6

Total current assets		5,583.4		7,146.0			12,729.4
Long-term investments		261.4		-			261.4
Equity and cost investments		323.4		-			323.4
Property, plant and equipment, net		5,689.6		(3.5)	⁽⁴⁾		5,686.1
Deferred income taxes, net		149.1		-			149.1
Other long-term assets		404.7		-			404.7
Other intangible assets		1,122.9		-			1,122.9
Goodwill		3,647.6		-			3,647.6

TOTAL ASSETS		17,182.1		7,142.5			24,324.6
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable		921.1		-			921.1
Accrued liabilities		2,320.7		41.7	⁽⁵⁾		2,362.4
Insurance reserves		215.4		-			215.4
Stored value card liability		1,444.6		-			1,444.6
Deferred revenue		-		354.1	⁽⁶⁾		354.1
Short-term debt		300.0		-			300.0
Current portion of long-term debt		349.8		-			349.8

Total current liabilities		5,551.6		395.8			5,947.4
Long-term debt		6,149.1		-			6,149.1
Deferred revenue		-		6,788.4	⁽⁶⁾		6,788.4
Other long-term liabilities		1,484.7		-			1,484.7

Total liabilities		13,185.4		7,184.2			20,369.6
Shareholders’ equity
Common stock		1.4		-			1.4
Additional paid-in capital		41.1		-			41.1
Retained earnings		4,150.9		(41.7)	⁽⁷⁾		4,109.2
Accumulated other comprehensive income/(loss)		(202.7)		-			(202.7)

Total shareholders’ equity		3,990.7		(41.7)			3,949.0
Noncontrolling interests		6.0		-			6.0

Total equity		3,996.7		(41.7)			3,955.0

TOTAL LIABILITIES AND EQUITY	$	17,182.1	$	7,142.5		$	24,324.6

⁽¹⁾ Balance sheet as reported at July 1, 2018.

⁽²⁾ Represents cash received at the closing of the transaction.

⁽³⁾ Represents prepaids transferred at the closing of the transaction.

⁽⁴⁾ Represents the net book value of property, plant and equipment transferred at the closing of the transaction.

⁽⁵⁾Represents the recognition of certain liabilities incurred in connection with closing the transaction, primarily related to business taxes, employee-related expenses and transaction costs.

⁽⁶⁾ Represents the current and long-term upfront payment deferral received at close, which is expected to be amortized over its estimated economic life of 40 years.

⁽⁷⁾ Represents the net income impact due to the recognition of certain liabilities upon the close of the transaction.