Starbucks reported QQ4 2024 results characterized by revenue softness and margin discipline amid ongoing investments in growth initiatives and digital acceleration. Revenue came in at $9.0739 billion, down 3.7% year over year, with gross profit of $2.3817 billion and a gross margin of 26.25%. Operating income declined to $1.3069 billion, a 12% YoY decrease, yielding an operating margin of 14.40%, while net income was $0.9092 billion (net margin 10.02%). The company generated solid operating cash flow of $1.5356 billion and free cash flow of $0.7374 billion, reflecting strong cash-generation capability even as top-line growth slowed. The balance sheet presents a striking picture: total assets of $31.339 billion against liabilities of $38.7809 billion, resulting in negative stockholders’ equity of approximately $7.449 billion as of 2024-09-30. Cash and cash equivalents stood at $3.2862 billion with total debt of $25.8031 billion and net debt of $22.5169 billion. Liquidity remains reasonable (current ratio 0.755; quick ratio 0.559; cash ratio 0.362), but leverage and negative equity underscore significant balance-sheet risk alongside strong brand durability, a sizable international footprint, and a robust loyalty program. Management commentary, while not provided in the supplied transcript dataset, historically emphasizes digital channel growth, store-level productivity, and disciplined capex; however, explicit QQ4 2024 guidance was not present in the dataset used for this analysis. Investors should weigh the earnings strength and cash generation against the deleveraging and equity concerns, particularly given the elevated leverage relative to assets.