Starbucks (SBUX) 8-K Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

EXHIBIT 12.1

Starbucks Corporation

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(in millions, except ratios)

	Two Quarters Ended			Fiscal Years Ended
	Mar 29, 2015			Sep 28, 2014			Sep 29, 2013			Sep 30, 2012			Oct 2, 2011			Oct 3, 2010
Earnings/(loss)(1)	$	2,061.6		$	3,159.7		$	(229.9	)	$	2,059.1		$	1,811.1		$	1,437.0
Income from equity investees		(107.7	)		(268.3	)		(251.4	)		(210.7	)		(173.7	)		(148.1	)
Distributed income from equity investees		57.9			139.2			115.6			86.7			85.6			91.4
Amortization of capitalized interest		1.9			3.6			2.6			2.2			1.8			1.2
Fixed charges, excluding capitalized interest		157.0			310.1			237.7			224.5			252.0			266.3
Total earnings/(loss) available for fixed charges	$	2,170.7		$	3,344.3		$	(125.4	)	$	2,161.8		$	1,976.8		$	1,647.8
Fixed charges:
Interest and debt expense(2)	$	36.0		$	70.2		$	38.5		$	35.9		$	37.7		$	37.7
Interest portion of rental expense		123.7			246.0			209.6			191.8			218.7			233.5
Total fixed charges	$	159.7		$	316.2		$	248.1		$	227.7		$	256.4		$	271.2
Ratio of earnings to fixed charges(3)		13.6			10.6			—			9.5			7.7			6.1

⁽¹⁾ Earnings/(loss) represents income/(loss) from continuing operations before income taxes.

⁽²⁾ Includes amortization of debt-related expenses and interest capitalized during the period. Excludes interest on uncertain tax positions, which is recorded in income tax expense/(benefit) in the consolidated statements of earnings.

⁽³⁾ For the fiscal year ended September 29, 2013, our earnings were insufficient to cover fixed charges by $373.5 million.