COSTCO WHOLESALE CORP /NEW COST
Costco Wholesale Corporation and its subsidiaries (Costco or the Company) began operations in 1983, in Seattle, Washington. We are principally engaged in the operation of membership warehouses in the United States (U.S.) and Puerto Rico, Canada, Mexico, Japan, the United Kingdom (U.K.), Korea, Australia, Taiwan, China, Spain, France, Sweden, Iceland, and New Zealand. Costco operated 914, 890, and 861 warehouses worldwide at August 31, 2025, September 1, 2024, and September 3, 2023. The Company operates e-commerce sites in the U.S., Canada, Mexico, the U.K., Korea, Taiwan, Japan, and Australia. Our common stock trades on the NASDAQ Global Select Market, under the symbol "COST."
We report on a 52/53-week fiscal year, consisting of thirteen four-week periods and ending on the Sunday nearest the end of August. The first three quarters consist of three periods each, and the fourth quarter consists of four periods (five weeks in the thirteenth period in a 53-week year). The material seasonal impact in our operations is increased net sales and earnings during the winter holiday season. References to 2025 and 2024 relate to the 52-week fiscal years ended August 31, 2025, and September 1, 2024. References to 2023 relate to the 53-week fiscal year ended September 3, 2023.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $275.24B | $254.45B | $242.29B | $226.95B | $195.93B | $166.76B | $152.70B | $141.58B | $129.03B | $118.72B |
| Cost of revenue | $239.89B | $222.36B | $212.59B | $199.38B | $170.68B | $144.94B | $132.89B | $123.15B | $111.88B | $102.90B |
| Gross profit | $35.35B | $32.09B | $29.70B | $27.57B | $25.25B | $21.82B | $16.46B | $18.42B | $17.14B | $15.82B |
| SG&A | $24.97B | $22.81B | $21.59B | $19.78B | $18.54B | $16.39B | $14.99B | $13.88B | $12.95B | $12.07B |
| Operating income | $10.38B | $9.29B | $8.11B | $7.79B | $6.71B | $5.43B | $4.74B | $4.48B | $4.11B | $3.67B |
| Interest expense | $154.0M | $169.0M | $160.0M | $158.0M | $171.0M | $160.0M | $150.0M | $159.0M | $134.0M | $133.0M |
| Pre-tax income | $10.82B | $9.74B | $8.49B | $7.84B | $6.68B | $5.37B | $4.76B | $4.44B | $4.04B | $3.62B |
| Income tax | $2.72B | $2.37B | $2.19B | $1.93B | $1.60B | $1.31B | $1.06B | $1.26B | $1.32B | $1.24B |
| Net income | $8.10B | $7.37B | $6.29B | $5.84B | $5.01B | $4.00B | $3.66B | $3.13B | $2.68B | $2.35B |
| EPS, basic | 18.24 | 16.59 | 14.18 | 13.17 | 11.30 | 9.05 | 8.32 | 7.15 | 6.11 | 5.36 |
| EPS, diluted | 18.21 | 16.56 | 14.16 | 13.14 | 11.27 | 9.02 | 8.26 | 7.09 | 6.08 | 5.33 |
| Shares, diluted (wtd. avg.) | $444.8M | $444.8M | $444.5M | $444.8M | $444.3M | $443.9M | $442.9M | $441.8M | $440.9M | $441.3M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $14.16B | $9.91B | $13.70B | $10.20B | $11.26B | $12.28B | $8.38B | $6.05B | $4.55B | $3.38B |
| Short-term investments | $1.12B | $1.24B | $1.53B | $846.0M | $917.0M | $1.03B | $1.06B | $1.20B | $1.23B | $1.35B |
| Receivables | $3.20B | $2.72B | $2.29B | $2.24B | $1.80B | $1.55B | $1.53B | $1.67B | $1.43B | $1.25B |
| Inventory | $18.12B | $18.65B | $16.65B | $17.91B | $14.21B | $12.24B | $11.39B | $11.04B | $9.83B | $8.97B |
| Total current assets | $38.38B | $34.25B | $35.88B | $32.70B | $29.50B | $28.12B | $23.48B | $20.29B | $17.32B | $15.22B |
| Property, plant and equipment | $31.91B | $29.03B | $26.68B | $24.65B | $23.49B | $21.81B | $20.89B | $19.68B | $18.16B | $17.04B |
| Goodwill | — | $994.0M | $994.0M | $993.0M | $996.0M | $988.0M | $53.0M | — | — | — |
| Total assets | $77.10B | $69.83B | $68.99B | $64.17B | $59.27B | $55.56B | $45.40B | $40.83B | $36.35B | $33.16B |
| Accounts payable | $19.78B | $19.42B | $17.48B | $17.85B | $16.28B | $14.17B | $11.68B | $11.24B | $9.61B | $7.61B |
| Short-term debt | $75.0M | $103.0M | $1.08B | $73.0M | $799.0M | $95.0M | $1.70B | $90.0M | $86.0M | $1.10B |
| Total current liabilities | $37.11B | $35.46B | $33.58B | $32.00B | $29.44B | $24.84B | $23.24B | $19.93B | $17.50B | $15.57B |
| Long-term debt | $5.71B | $5.79B | $5.38B | $6.48B | $6.69B | $7.51B | $5.12B | $6.49B | $6.57B | $4.06B |
| Total liabilities | $47.94B | $46.21B | $43.94B | $43.52B | $41.19B | $36.85B | $29.82B | $27.73B | $25.27B | $20.83B |
| Retained earnings | $22.65B | $17.62B | $19.52B | $15.59B | $11.67B | $12.88B | $10.26B | $7.89B | $5.99B | $7.69B |
| Total equity | $29.16B | $23.62B | $25.06B | $20.65B | $18.08B | $18.70B | $15.58B | $13.10B | $11.08B | $12.33B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $13.34B | $11.34B | $11.07B | $7.39B | $8.96B | $8.86B | $6.36B | $5.77B | $6.73B | $3.29B |
| Depreciation and amortisation | $2.43B | $2.24B | $2.08B | $1.90B | $1.78B | $1.65B | $1.49B | $1.44B | $1.37B | $1.25B |
| Stock-based compensation | $860.0M | $818.0M | $774.0M | $724.0M | $665.0M | $619.0M | $595.0M | $544.0M | $514.0M | $459.0M |
| Capital expenditure | $5.50B | $4.71B | $4.32B | $3.89B | $3.59B | $2.81B | $3.00B | $2.97B | $2.50B | $2.65B |
| Investing cash flow | -$5.31B | -$4.41B | -$4.97B | -$3.92B | -$3.54B | -$3.89B | -$2.87B | -$2.95B | -$2.37B | -$2.35B |
| Financing cash flow | -$3.77B | -$10.76B | -$2.61B | -$4.28B | -$6.49B | -$1.15B | -$1.15B | -$1.28B | -$3.22B | -$2.42B |
| Dividends paid | $2.18B | $9.04B | $1.25B | $1.50B | $5.75B | $1.48B | $1.04B | $689.0M | $3.90B | $746.0M |
| Buybacks | $903.0M | $700.0M | $676.0M | $439.0M | $496.0M | $196.0M | $247.0M | $328.0M | $469.0M | $486.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000909832-25-000101.
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| TGT | TARGET CORP | $74.70B | 20.2x | -1.7% |
| DG | DOLLAR GENERAL CORP | $29.39B | 19.4x | 5.2% |
| DLTR | DOLLAR TREE, INC. | $24.66B | 21.1x | 10.4% |
| FIVE | FIVE BELOW, INC | $13.88B | 39.0x | 22.9% |
| BJ | BJ's Wholesale Club Holdings, Inc. | $11.77B | 21.3x | 4.7% |
| PSMT | PRICESMART INC | $5.37B | 36.1x | 7.2% |
| OLLI | Ollie's Bargain Outlet Holdings, Inc. | $4.55B | 19.7x | 16.6% |