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)

	Quarter Ended			Fiscal Years Ended
	December 27, 2015			Sep 27, 2015			Sep 28, 2014			Sep 29, 2013			Sep 30, 2012			Oct 2, 2011
Earnings/(loss)(1)	$	1,049.6		$	3,903.0		$	3,159.7		$	(229.9	)	$	2,059.1		$	1,811.1
Income from equity investees		(64.1	)		(249.9	)		(268.3	)		(251.4	)		(210.7	)		(173.7	)
Distributed income from equity investees		69.3			148.2			139.2			115.6			86.7			85.6
Amortization of capitalized interest		1.1			4.1			3.6			2.6			2.2			1.8
Fixed charges, excluding capitalized interest		84.4			326.5			310.1			237.7			224.5			252.0
Total earnings/(loss) available for fixed charges	$	1,140.3		$	4,131.9		$	3,344.3		$	(125.4	)	$	2,161.8		$	1,976.8
Fixed charges:
Interest and debt expense(2)	$	16.9		$	74.2		$	70.2		$	38.5		$	35.9		$	37.7
Interest portion of rental expense		67.9			256.0			246.0			209.6			191.8			218.7
Total fixed charges	$	84.8		$	330.2		$	316.2		$	248.1		$	227.7		$	256.4
Ratio of earnings to fixed charges(3)		13.4			12.5			10.6			—			9.5			7.7

⁽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. Fiscal 2013 results include a pretax charge of $2,784.1 million resulting from the conclusion of our arbitration with Kraft Foods Global, Inc.