Costco Wholesale (COST) Financials

$979.32 +15.91 (+1.65%)

As of 04:00 PM Eastern

Annual Income Statements for Costco Wholesale

This table shows Costco Wholesale's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	2,377	2,350	2,679	3,134	3,659	4,002	5,007	5,844	6,292	7,367
Consolidated Net Income / (Loss)	2,409	2,376	2,714	3,179	3,704	4,059	5,079	5,915	6,292	7,367
Net Income / (Loss) Continuing Operations	2,409	2,376	2,714	3,179	3,704	4,059	5,079	5,915	6,292	7,367
Total Pre-Tax Income	3,604	3,619	4,039	4,442	4,765	5,367	6,680	7,840	8,487	9,740
Total Operating Income	3,624	3,672	4,111	4,480	4,737	5,435	6,708	7,793	8,114	9,285
Total Gross Profit	15,134	15,818	17,143	18,424	19,817	21,822	25,245	27,572	29,704	32,095
Total Revenue	116,199	118,719	129,025	141,576	152,703	166,761	195,929	226,954	242,290	254,453
Operating Revenue	116,199	118,719	129,025	141,576	152,703	166,761	195,929	226,954	242,290	254,453
Total Cost of Revenue	101,065	102,901	111,882	123,152	132,886	144,939	170,684	199,382	212,586	222,358
Operating Cost of Revenue	101,065	102,901	111,882	123,152	132,886	144,939	170,684	199,382	212,586	222,358
Total Operating Expenses	11,510	12,146	13,032	13,944	15,080	16,387	18,537	19,779	21,590	22,810
Selling, General & Admin Expense	11,445	12,068	12,950	13,876	14,994	16,387	18,537	19,779	21,590	22,810
Total Other Income / (Expense), net	-20	-53	-72	-38	28	-68	-28	47	373	455
Interest Expense	124	133	134	159	150	160	171	158	160	169
Interest & Investment Income	104	80	62	121	178	92	143	205	533	624
Income Tax Expense	1,195	1,243	1,325	1,263	1,061	1,308	1,601	1,925	2,195	2,373
Net Income / (Loss) Attributable to Noncontrolling Interest	32	26	35	45	45	57	72	71	0.00	0.00
Basic Earnings per Share	$5.41	$5.36	$6.11	$7.15	$8.32	$9.05	$11.30	$13.17	$14.18	$16.59
Weighted Average Basic Shares Outstanding	439.46M	438.59M	438.44M	438.52M	439.76M	442.30M	443.09M	443.65M	443.85M	443.91M
Diluted Earnings per Share	$5.37	$5.33	$6.08	$7.09	$8.26	$9.02	$11.27	$13.14	$14.16	$16.56
Weighted Average Diluted Shares Outstanding	442.72M	441.26M	440.94M	441.83M	442.92M	443.90M	444.35M	444.76M	444.45M	444.76M
Weighted Average Basic & Diluted Shares Outstanding	437.41M	437.13M	438.50M	438.30M	439.66M	882.46M	883.65M	885.21M	442.74M	443.07M
Cash Dividends to Common per Share	$6.51	$1.70	$8.90	$2.14	$2.44	-	-	-	$3.84	$19.36

This table shows Costco Wholesale's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Net Income / (Loss) Attributable to Common Shareholders	1,868	1,364	1,466	1,302	2,160	1,589	1,743	1,681	2,354	1,798	1,788
Consolidated Net Income / (Loss)	1,878	1,364	1,466	1,302	2,160	1,589	1,743	1,681	2,354	1,798	1,788
Net Income / (Loss) Continuing Operations	1,878	1,364	1,466	1,302	2,160	1,589	1,743	1,681	2,354	1,798	1,788
Total Pre-Tax Income	2,516	1,770	1,983	1,771	2,963	2,106	2,237	2,284	3,113	2,306	2,422
Total Operating Income	2,497	1,751	1,903	1,679	2,781	1,984	2,062	2,197	3,042	2,196	2,316
Total Gross Profit	8,533	6,668	6,843	6,473	9,720	7,342	7,302	7,342	10,109	8,042	7,979
Total Revenue	72,091	54,437	55,266	53,648	78,939	57,799	58,442	58,515	79,697	62,151	63,723
Operating Revenue	72,091	54,437	55,266	53,648	78,939	57,799	58,442	58,515	79,697	62,151	63,723
Total Cost of Revenue	63,558	47,769	48,423	47,175	69,219	50,457	51,140	51,173	69,588	54,109	55,744
Operating Cost of Revenue	63,558	47,769	48,423	47,175	69,219	50,457	51,140	51,173	69,588	54,109	55,744
Total Operating Expenses	6,036	4,917	4,940	4,794	6,939	5,358	5,240	5,145	7,067	5,846	5,663
Selling, General & Admin Expense	6,036	4,917	4,940	4,794	6,939	5,358	5,240	5,145	7,067	5,846	5,663
Total Other Income / (Expense), net	19	19	80	92	182	122	175	87	71	110	106
Interest Expense	48	34	34	36	56	38	41	41	49	37	36
Interest & Investment Income	67	53	114	128	238	160	216	128	120	147	142
Income Tax Expense	638	406	517	469	803	517	494	603	759	508	634
Basic Earnings per Share	$4.20	$3.07	$3.30	$2.94	$4.87	$3.58	$3.93	$3.79	$5.29	$4.05	$4.03
Weighted Average Basic Shares Outstanding	443.65M	443.84M	443.88M	443.81M	443.85M	443.83M	443.89M	443.89M	443.91M	443.99M	443.98M
Diluted Earnings per Share	$4.20	$3.07	$3.30	$2.93	$4.86	$3.58	$3.92	$3.78	$5.28	$4.04	$4.02
Weighted Average Diluted Shares Outstanding	444.76M	444.53M	444.48M	444.36M	444.45M	444.40M	444.75M	444.83M	444.76M	444.89M	444.89M
Weighted Average Basic & Diluted Shares Outstanding	885.21M	443.73M	443.48M	443.15M	442.74M	443.73M	443.50M	443.34M	443.07M	443.90M	443.68M
Cash Dividends to Common per Share	-	-	-	-	-	$1.02	-	-	-	$1.16	$1.16

This table details how cash moves in and out of Costco Wholesale's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Change in Cash & Equivalents	-2,062	-1,422	1,167	1,509	2,329	3,893	-1,019	-1,055	3,497	-3,794
Net Cash From Operating Activities	4,285	3,292	-6,726	5,774	6,356	8,861	8,958	7,392	11,068	11,339
Net Cash From Continuing Operating Activities	4,285	3,292	6,726	5,774	6,356	8,861	8,958	7,392	11,068	11,339
Net Income / (Loss) Continuing Operations	2,409	2,376	2,714	3,179	3,704	4,059	5,079	5,915	6,292	7,367
Consolidated Net Income / (Loss)	2,409	2,376	-2,714	3,179	3,704	4,059	5,079	5,915	6,292	7,367
Depreciation Expense	1,127	1,255	-1,370	1,437	1,492	1,645	1,781	1,900	2,077	2,237
Non-Cash Adjustments To Reconcile Net Income	303	402	-500	538	604	855	1,095	1,140	1,681	1,124
Changes in Operating Assets and Liabilities, net	446	-741	-2,142	620	556	2,302	1,003	-1,563	1,018	611
Net Cash From Investing Activities	-2,480	-2,345	-2,366	-2,947	-2,865	-3,891	-3,535	-3,915	-4,972	-4,409
Net Cash From Continuing Investing Activities	-2,480	-2,345	-2,366	-2,947	-2,865	-3,891	-3,535	-3,915	-4,972	-4,409
Purchase of Property, Plant & Equipment	-2,393	-2,649	-2,502	-2,969	-2,998	-2,810	-3,588	-3,891	-4,323	-4,710
Purchase of Investments	-1,501	-1,432	-1,279	-1,060	-1,094	-1,626	-1,331	-1,121	-1,622	-1,470
Sale and/or Maturity of Investments	1,434	1,709	1,385	1,078	1,231	1,678	1,446	1,145	937	1,790
Other Investing Activities, net	-20	27	30	4.00	-4.00	30	-62	-48	36	-19
Net Cash From Financing Activities	-3,449	-2,419	-3,218	-1,281	-1,147	-1,147	-6,488	-4,283	-2,614	-10,764
Net Cash From Continuing Financing Activities	-2,324	-2,419	-3,218	-1,281	-1,147	-1,147	-6,488	-4,283	-2,614	-10,764
Repayment of Debt	-17	-1,339	-2,200	-127	-98	-3,134	94	-806	-1,010	-1,997
Repurchase of Common Equity	-481	-486	-469	-328	-247	-196	-496	-439	-676	-700
Payment of Dividends	-2,865	-746	-3,904	-689	-1,038	-1,479	-5,748	-2,548	-1,251	-9,041
Issuance of Debt	51	291	3,793	0.00	298	3,992	41	53	917	1,426
Other Financing Activities, net	-137	-139	-438	-137	-62	-330	-379	-543	-594	-452
Effect of Exchange Rate Changes	-418	50	25	-37	-15	70	46	-249	15	40
Cash Interest Paid	117	123	-131	143	141	124	149	145	125	129
Cash Income Taxes Paid	1,186	953	-1,185	1,204	1,187	1,052	1,527	1,940	2,234	2,319

This table details how cash moves in and out of Costco Wholesale's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Net Change in Cash & Equivalents	-990	653	2,114	-477	1,207	3,311	-7,916	1,309	-498	1,001	1,449
Net Cash From Operating Activities	2,506	2,610	3,192	1,541	3,725	4,651	731	2,999	2,958	3,260	2,748
Net Cash From Continuing Operating Activities	2,506	2,610	3,192	1,541	3,725	4,651	731	3,034	2,923	3,260	2,748
Net Income / (Loss) Continuing Operations	1,878	1,364	1,466	1,302	2,160	1,589	1,743	1,681	2,354	1,798	1,788
Consolidated Net Income / (Loss)	1,878	1,364	1,466	1,302	2,160	1,589	1,743	1,681	2,354	1,798	1,788
Depreciation Expense	601	447	470	472	688	501	514	516	706	548	552
Non-Cash Adjustments To Reconcile Net Income	238	634	276	474	297	561	160	185	218	463	209
Changes in Operating Assets and Liabilities, net	-211	165	980	-707	580	2,000	-1,686	652	-355	451	199
Net Cash From Investing Activities	-1,487	-1,057	-808	-1,282	-1,825	-366	-1,386	-954	-1,703	-985	-1,022
Net Cash From Continuing Investing Activities	-1,487	-1,057	-808	-1,282	-1,825	-366	-1,386	-954	-1,703	-985	-1,022
Purchase of Property, Plant & Equipment	-1,259	-1,057	-890	-820	-1,556	-1,040	-1,031	-1,062	-1,577	-1,264	-1,137
Purchase of Investments	-533	-253	-143	-551	-675	-200	-519	-288	-463	-247	-98
Sale and/or Maturity of Investments	305	274	238	82	343	878	151	412	349	541	211
Other Investing Activities, net	-	-21	-13	7.00	63	-4.00	13	-16	-12	-15	2.00
Net Cash From Financing Activities	-1,940	-863	-352	-735	-664	-974	-7,276	-698	-1,816	-1,193	-241
Net Cash From Continuing Financing Activities	-1,940	-863	-352	-735	-664	-974	-7,276	-698	-1,816	-1,193	-241
Repayment of Debt	397	10	-560	-316	-144	-173	-236	-227	-1,359	-194	-195
Repurchase of Common Equity	-185	-141	-143	-162	-230	-162	-160	-162	-216	-207	-205
Issuance of Debt	-122	29	450	188	250	642	239	245	300	133	237
Other Financing Activities, net	-183	-361	-99	-46	-88	-376	-12	-39	-27	-410	-78
Effect of Exchange Rate Changes	-69	-37	82	-1.00	-29	0.00	15	-38	63	-81	-36
Cash Interest Paid	43	52	10	24	39	52	10	28	39	44	11
Cash Income Taxes Paid	819	214	422	807	791	210	987	252	870	401	397

This table presents Costco Wholesale's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Total Assets	33,017	33,163	36,347	40,830	45,400	55,556	59,268	64,166	68,994	69,831
Total Current Assets	16,779	15,218	17,317	20,289	23,485	28,120	29,505	32,696	35,879	34,246
Cash & Equivalents	4,801	3,379	4,546	6,055	8,384	12,277	11,258	10,203	13,700	9,906
Short-Term Investments	1,618	1,350	1,233	1,204	1,060	1,028	917	846	1,534	1,238
Accounts Receivable	1,224	1,252	1,432	1,669	1,535	1,550	1,803	2,241	2,285	2,721
Inventories, net	8,908	8,969	9,834	11,040	11,395	12,242	14,215	17,907	16,651	18,647
Other Current Assets	228	268	272	321	1,111	1,023	1,312	1,499	1,709	1,734
Plant, Property, & Equipment, net	15,401	17,043	18,161	19,681	20,890	21,807	23,492	24,646	26,684	29,032
Total Noncurrent Assets	837	902	869	860	1,025	5,629	6,271	6,824	6,431	6,553
Other Noncurrent Operating Assets	837	902	869	860	1,025	5,629	6,271	6,824	6,431	6,553
Total Liabilities & Shareholders' Equity	33,017	33,163	36,347	40,830	45,400	55,556	59,268	64,166	68,994	69,831
Total Liabilities	22,174	20,831	25,268	27,727	29,816	36,851	41,190	43,519	43,936	46,209
Total Current Liabilities	16,539	15,575	17,495	19,926	23,237	24,844	29,441	31,998	33,583	35,464
Accounts Payable	9,011	7,612	9,608	11,237	11,679	14,172	16,278	17,848	17,483	19,421
Accrued Expenses	-	-	-	-	-	1,393	1,671	1,911	2,150	2,435
Current Deferred Revenue	1,269	1,362	1,498	1,624	1,711	1,851	2,042	2,174	2,337	2,501
Current Employee Benefit Liabilities	2,468	2,629	2,703	2,994	3,176	3,605	4,090	4,381	4,278	4,794
Other Current Liabilities	1,695	2,003	2,725	2,924	4,972	3,728	4,561	5,611	6,254	6,313
Total Noncurrent Liabilities	5,635	5,256	7,773	7,801	6,579	12,007	11,749	11,521	10,353	10,745
Long-Term Debt	4,852	4,061	6,573	6,487	5,124	7,514	6,692	6,484	5,377	5,794
Other Noncurrent Operating Liabilities	783	1,195	1,200	1,314	1,455	4,493	5,057	5,037	4,976	4,951
Commitments & Contingencies	0.00	0.00	0.00	-	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	10,843	12,332	11,079	13,103	15,584	18,705	18,078	20,647	25,058	23,622
Total Preferred & Common Equity	10,617	12,079	10,778	12,799	15,243	18,284	17,564	20,642	25,058	23,622
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	10,617	12,079	10,778	12,799	15,243	18,284	17,564	20,642	25,058	23,622
Common Stock	5,220	5,492	5,804	6,111	6,421	6,702	7,035	6,886	7,342	7,831
Retained Earnings	6,518	7,686	5,988	7,887	10,258	12,879	11,666	15,585	19,521	17,619
Accumulated Other Comprehensive Income / (Loss)	-1,121	-1,099	-1,014	-1,199	-1,436	-1,297	-1,137	-1,829	-1,805	-1,828

This table presents Costco Wholesale's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Total Assets	64,166	66,027	66,848	66,752	68,994	73,723	66,323	67,911	69,831	73,386	73,224
Total Current Assets	32,696	34,150	34,330	34,289	35,879	40,080	32,146	33,288	34,246	37,523	36,897
Cash & Equivalents	10,203	10,856	12,970	12,493	13,700	17,011	9,095	10,404	9,906	10,907	12,356
Short-Term Investments	846	817	735	1,215	1,534	853	1,226	1,095	1,238	920	802
Accounts Receivable	2,241	2,312	2,714	2,502	2,285	2,542	2,779	2,583	2,721	2,963	3,060
Inventories, net	17,907	18,571	16,081	16,324	16,651	18,001	17,075	17,430	18,647	20,979	18,754
Other Current Assets	1,499	1,594	1,830	1,755	1,709	1,673	1,971	1,776	1,734	1,754	1,925
Plant, Property, & Equipment, net	24,646	25,144	25,724	25,931	26,684	27,168	27,601	28,062	29,032	29,336	29,809
Total Noncurrent Assets	6,824	6,733	6,794	6,532	6,431	6,475	6,576	6,561	6,553	6,527	6,518
Other Noncurrent Operating Assets	6,824	6,733	6,794	6,532	6,431	6,475	6,576	6,561	6,553	6,527	6,518
Total Liabilities & Shareholders' Equity	64,166	66,027	66,848	66,752	68,994	73,723	66,323	67,911	69,831	73,386	73,224
Total Liabilities	43,519	44,551	44,049	43,179	43,936	47,576	45,563	46,140	46,209	48,935	47,647
Total Current Liabilities	31,998	33,067	32,516	31,708	33,583	36,768	34,688	35,361	35,464	38,289	36,999
Accounts Payable	17,848	18,348	16,407	16,853	17,483	20,357	17,494	18,844	19,421	21,793	18,610
Accrued Expenses	1,911	1,959	2,016	2,076	2,150	2,207	2,268	2,339	2,435	2,444	2,491
Current Deferred Revenue	2,174	2,322	2,412	2,436	2,337	2,462	2,541	2,553	2,501	2,683	2,824
Current Employee Benefit Liabilities	4,381	4,317	4,483	4,117	4,278	4,474	4,801	4,365	4,794	4,785	5,150
Other Current Liabilities	5,611	6,050	7,122	6,226	6,254	6,188	6,504	6,183	6,313	6,584	7,924
Total Noncurrent Liabilities	11,521	11,484	11,533	11,471	10,353	10,808	10,875	10,779	10,745	10,646	10,648
Long-Term Debt	6,484	6,472	6,506	6,497	5,377	5,866	5,865	5,834	5,794	5,745	5,755
Other Noncurrent Operating Liabilities	5,037	5,012	5,027	4,974	4,976	4,942	5,010	4,945	4,951	4,901	4,893
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	20,647	21,476	22,799	23,573	25,058	26,147	20,760	21,771	23,622	24,451	25,577
Total Preferred & Common Equity	20,642	21,471	22,794	23,568	25,058	26,147	20,760	21,771	23,622	24,451	25,577
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	20,642	21,471	22,794	23,568	25,058	26,147	20,760	21,771	23,622	24,451	25,577
Common Stock	6,886	6,984	7,125	7,213	7,342	7,491	7,622	7,704	7,831	7,903	8,049
Retained Earnings	15,585	16,412	17,341	18,035	19,521	20,499	14,980	15,989	17,619	18,700	19,770
Accumulated Other Comprehensive Income / (Loss)	-1,829	-1,925	-1,672	-1,680	-1,805	-1,843	-1,842	-1,922	-1,828	-2,152	-2,242

This table displays calculated financial ratios and metrics derived from Costco Wholesale's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	3.16%	2.17%	8.68%	9.73%	7.86%	9.21%	17.49%	15.83%	6.76%	5.02%
EBITDA Growth	11.81%	3.70%	-44.37%	115.87%	5.27%	13.66%	19.90%	14.18%	5.14%	13.06%
EBIT Growth	12.55%	1.32%	11.96%	8.98%	5.74%	14.74%	23.42%	16.17%	4.12%	14.43%
NOPAT Growth	15.19%	-0.48%	14.58%	16.07%	14.85%	11.63%	24.08%	15.28%	2.31%	16.75%
Net Income Growth	15.37%	-1.37%	14.23%	17.13%	16.51%	9.58%	25.13%	16.46%	6.37%	17.09%
EPS Growth	15.48%	-0.74%	14.07%	16.61%	16.50%	9.20%	24.94%	16.59%	7.76%	16.95%
Operating Cash Flow Growth	7.56%	-23.17%	-304.31%	185.85%	10.08%	39.41%	1.09%	-17.48%	49.73%	2.45%
Free Cash Flow Firm Growth	27.14%	-90.46%	1,675.24%	-27.24%	18.13%	29.43%	16.01%	-33.86%	88.82%	-16.28%
Invested Capital Growth	2.58%	20.88%	-6.98%	4.62%	4.36%	0.35%	2.96%	20.61%	0.79%	12.85%
Revenue Q/Q Growth	0.22%	0.66%	4.66%	1.51%	2.06%	3.66%	4.98%	4.33%	2.91%	0.30%
EBITDA Q/Q Growth	2.04%	1.90%	-91.19%	123.91%	-23.87%	7.57%	4.95%	2.80%	3.78%	2.48%
EBIT Q/Q Growth	1.83%	0.96%	-86.20%	120.89%	0.36%	9.38%	5.44%	2.93%	3.63%	2.89%
NOPAT Q/Q Growth	2.97%	0.56%	-86.26%	121.57%	1.01%	9.64%	4.76%	3.19%	2.78%	4.05%
Net Income Q/Q Growth	3.13%	0.30%	5.73%	3.96%	1.56%	7.81%	6.06%	3.21%	4.69%	2.70%
EPS Q/Q Growth	3.07%	0.57%	5.56%	3.96%	1.47%	7.89%	5.92%	3.46%	4.89%	2.60%
Operating Cash Flow Q/Q Growth	4.54%	-26.67%	-242.41%	178.05%	13.16%	28.20%	-12.69%	-5.55%	12.38%	-6.34%
Free Cash Flow Firm Q/Q Growth	5.26%	-87.07%	-83.77%	114.51%	31.42%	71.05%	-20.85%	-19.35%	23.78%	-16.85%
Invested Capital Q/Q Growth	5.22%	17.74%	40.69%	4.42%	-1.43%	-10.43%	-0.31%	5.82%	-0.49%	6.94%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	13.02%	13.32%	13.29%	13.01%	12.98%	13.09%	12.88%	12.15%	12.26%	12.61%
EBITDA Margin	4.09%	4.15%	2.12%	4.18%	4.08%	4.25%	4.33%	4.27%	4.21%	4.53%
Operating Margin	3.12%	3.09%	3.19%	3.16%	3.10%	3.26%	3.42%	3.43%	3.35%	3.65%
EBIT Margin	3.12%	3.09%	3.19%	3.16%	3.10%	3.26%	3.42%	3.43%	3.35%	3.65%
Profit (Net Income) Margin	2.07%	2.00%	2.10%	2.25%	2.43%	2.43%	2.59%	2.61%	2.60%	2.90%
Tax Burden Percent	66.84%	65.65%	67.19%	71.57%	77.73%	75.63%	76.03%	75.45%	74.14%	75.64%
Interest Burden Percent	99.45%	98.56%	98.25%	99.15%	100.59%	98.75%	99.58%	100.60%	104.60%	104.90%
Effective Tax Rate	33.16%	34.35%	32.81%	28.43%	22.27%	24.37%	23.97%	24.55%	25.86%	24.36%
Return on Invested Capital (ROIC)	23.23%	20.67%	22.42%	26.40%	29.01%	31.65%	38.63%	39.80%	37.09%	40.53%
ROIC Less NNEP Spread (ROIC-NNEP)	24.30%	-26.35%	14.53%	-22.17%	27.69%	32.89%	39.04%	39.02%	32.92%	35.62%
Return on Net Nonoperating Assets (RNNOA)	-2.61%	-0.17%	0.76%	-0.10%	-3.19%	-7.98%	-11.02%	-9.25%	-9.56%	-10.26%
Return on Equity (ROE)	20.63%	20.50%	23.19%	26.29%	25.82%	23.68%	27.62%	30.55%	27.53%	30.27%
Cash Return on Invested Capital (CROIC)	20.68%	1.76%	29.66%	21.88%	24.74%	31.30%	35.72%	21.11%	36.31%	28.45%
Operating Return on Assets (OROA)	10.98%	11.10%	11.83%	11.61%	10.99%	10.77%	11.68%	12.63%	12.19%	13.38%
Return on Assets (ROA)	7.30%	7.18%	7.81%	8.24%	8.59%	8.04%	8.85%	9.58%	9.45%	10.61%
Return on Common Equity (ROCE)	20.24%	20.08%	22.64%	25.63%	25.24%	23.15%	26.91%	30.14%	27.53%	30.27%
Return on Equity Simple (ROE_SIMPLE)	22.69%	19.67%	25.18%	24.84%	24.30%	22.20%	28.92%	28.66%	25.11%	31.19%
Net Operating Profit after Tax (NOPAT)	2,422	2,411	2,762	3,206	3,682	4,110	5,100	5,880	6,015	7,023
NOPAT Margin	2.08%	2.03%	2.14%	2.26%	2.41%	2.46%	2.60%	2.59%	2.48%	2.76%
Net Nonoperating Expense Percent (NNEP)	-1.07%	47.02%	7.89%	48.56%	1.32%	-1.24%	-0.41%	0.77%	4.17%	4.91%
Cost of Revenue to Revenue	86.98%	86.68%	86.71%	86.99%	87.02%	86.91%	87.12%	87.85%	87.74%	87.39%
SG&A Expenses to Revenue	9.85%	10.17%	10.04%	9.80%	9.82%	9.83%	9.46%	8.72%	8.91%	8.96%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	9.91%	10.23%	10.10%	9.85%	9.88%	9.83%	9.46%	8.72%	8.91%	8.96%
Earnings before Interest and Taxes (EBIT)	3,624	3,672	4,111	4,480	4,737	5,435	6,708	7,793	8,114	9,285
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	4,751	4,927	2,741	5,917	6,229	7,080	8,489	9,693	10,191	11,522
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.89	5.08	5.79	7.26	7.81	7.79	10.86	11.01	9.35	16.75
Price to Tangible Book Value (P/TBV)	4.89	5.08	5.79	7.26	7.81	7.79	10.86	11.01	9.35	16.75
Price to Revenue (P/Rev)	0.45	0.52	0.48	0.66	0.78	0.85	0.97	1.00	0.97	1.55
Price to Earnings (P/E)	21.86	26.10	23.29	29.66	32.53	35.60	38.09	38.87	37.24	53.70
Dividend Yield	5.51%	1.21%	6.26%	1.01%	0.90%	1.04%	3.01%	0.66%	0.73%	2.28%
Earnings Yield	4.57%	3.83%	4.29%	3.37%	3.07%	2.81%	2.63%	2.57%	2.69%	1.86%
Enterprise Value to Invested Capital (EV/IC)	4.92	4.86	5.35	7.45	9.01	10.55	13.93	13.78	13.85	21.25
Enterprise Value to Revenue (EV/Rev)	0.45	0.52	0.49	0.65	0.76	0.82	0.95	0.98	0.93	1.53
Enterprise Value to EBITDA (EV/EBITDA)	10.92	12.59	23.17	15.64	18.74	19.38	21.98	22.97	22.13	33.88
Enterprise Value to EBIT (EV/EBIT)	14.32	16.89	15.45	20.66	24.65	25.24	27.81	28.58	27.80	42.04
Enterprise Value to NOPAT (EV/NOPAT)	21.43	25.72	22.99	28.87	31.71	33.38	36.58	37.87	37.50	55.59
Enterprise Value to Operating Cash Flow (EV/OCF)	12.11	18.84	0.00	16.03	18.37	15.48	20.83	30.13	20.38	34.43
Enterprise Value to Free Cash Flow (EV/FCFF)	24.07	301.35	17.38	34.82	37.18	33.76	39.57	71.41	38.30	79.19
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.57	0.42	0.59	0.50	0.44	0.41	0.41	0.32	0.26	0.25
Long-Term Debt to Equity	0.45	0.33	0.59	0.50	0.33	0.40	0.37	0.31	0.21	0.25
Financial Leverage	-0.11	0.01	0.05	0.00	-0.12	-0.24	-0.28	-0.24	-0.29	-0.29
Leverage Ratio	2.83	2.86	2.97	3.19	3.01	2.94	3.12	3.19	2.91	2.85
Compound Leverage Factor	2.81	2.81	2.92	3.16	3.02	2.91	3.11	3.21	3.05	2.99
Debt to Total Capital	36.14%	29.50%	37.24%	33.42%	30.45%	28.92%	29.30%	24.10%	20.49%	19.98%
Short-Term Debt to Total Capital	7.56%	6.29%	0.00%	0.46%	7.58%	0.36%	3.12%	0.27%	3.43%	0.35%
Long-Term Debt to Total Capital	28.58%	23.22%	37.24%	32.96%	22.87%	28.56%	26.17%	23.83%	17.06%	19.63%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	1.33%	1.45%	1.71%	1.54%	1.52%	1.60%	2.01%	0.02%	0.00%	0.00%
Common Equity to Total Capital	62.53%	69.05%	61.06%	65.04%	68.03%	69.48%	68.69%	75.88%	79.51%	80.02%
Debt to EBITDA	1.29	1.05	2.40	1.11	1.10	1.07	0.88	0.68	0.63	0.51
Net Debt to EBITDA	-0.06	0.09	0.29	-0.12	-0.42	-0.80	-0.55	-0.46	-0.86	-0.46
Long-Term Debt to EBITDA	1.02	0.82	2.40	1.10	0.82	1.06	0.79	0.67	0.53	0.50
Debt to NOPAT	2.53	2.14	2.38	2.05	1.85	1.85	1.47	1.12	1.07	0.84
Net Debt to NOPAT	-0.12	0.18	0.29	-0.21	-0.71	-1.39	-0.92	-0.76	-1.46	-0.75
Long-Term Debt to NOPAT	2.00	1.68	2.38	2.02	1.39	1.83	1.31	1.10	0.89	0.83
Altman Z-Score	5.57	6.02	5.63	6.12	6.43	6.04	6.73	7.42	7.54	9.55
Noncontrolling Interest Sharing Ratio	1.88%	2.07%	2.37%	2.50%	2.25%	2.22%	2.54%	1.34%	0.01%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.01	0.98	0.99	1.02	1.01	1.13	1.00	1.02	1.07	0.97
Quick Ratio	0.46	0.38	0.41	0.45	0.47	0.60	0.47	0.42	0.52	0.39
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	2,156	206	3,653	2,658	3,140	4,064	4,715	3,119	5,888	4,930
Operating Cash Flow to CapEx	179.06%	124.27%	-268.82%	194.48%	212.01%	315.34%	249.67%	189.98%	256.03%	240.74%
Free Cash Flow to Firm to Interest Expense	17.39	1.55	27.26	16.72	20.93	25.40	27.57	19.74	36.80	29.17
Operating Cash Flow to Interest Expense	34.56	24.75	-50.19	36.31	42.37	55.38	52.39	46.78	69.18	67.09
Operating Cash Flow Less CapEx to Interest Expense	15.26	4.83	-68.87	17.64	22.39	37.82	31.40	22.16	42.16	39.22
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	3.52	3.59	3.71	3.67	3.54	3.30	3.41	3.68	3.64	3.67
Accounts Receivable Turnover	97.98	95.90	96.14	91.31	95.32	108.11	116.87	112.24	107.07	101.66
Inventory Turnover	11.64	11.51	11.90	11.80	11.85	12.26	12.90	12.41	12.30	12.60
Fixed Asset Turnover	7.69	7.32	7.33	7.48	7.53	7.81	8.65	9.43	9.44	9.13
Accounts Payable Turnover	11.55	12.38	12.99	11.82	11.60	11.21	11.21	11.69	12.03	12.05
Days Sales Outstanding (DSO)	3.73	3.81	3.80	4.00	3.83	3.38	3.12	3.25	3.41	3.59
Days Inventory Outstanding (DIO)	31.36	31.71	30.67	30.93	30.81	29.76	28.29	29.40	29.67	28.97
Days Payable Outstanding (DPO)	31.60	29.48	28.09	30.89	31.47	32.55	32.56	31.24	30.33	30.29
Cash Conversion Cycle (CCC)	3.48	6.03	6.38	4.04	3.17	0.59	-1.15	1.42	2.75	2.27
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	10,559	12,764	11,873	12,421	12,963	13,009	13,394	16,155	16,282	18,375
Invested Capital Turnover	11.15	10.18	10.47	11.66	12.03	12.84	14.84	15.36	14.94	14.68
Increase / (Decrease) in Invested Capital	266	2,205	-891	548	542	46	385	2,761	127	2,093
Enterprise Value (EV)	51,901	62,017	63,500	92,570	116,756	137,200	186,569	222,685	225,557	390,376
Market Capitalization	51,959	61,332	62,405	92,948	119,036	142,475	190,739	227,172	234,333	395,623
Book Value per Share	$24.16	$27.57	$24.57	$29.19	$34.66	$41.41	$39.73	$46.60	$56.55	$53.28
Tangible Book Value per Share	$24.16	$27.57	$24.57	$29.19	$34.66	$41.41	$39.73	$46.60	$56.55	$53.28
Total Capital	16,978	17,493	17,652	19,680	22,407	26,314	25,569	27,204	31,516	29,519
Total Debt	6,135	5,161	6,573	6,577	6,823	7,609	7,491	6,557	6,458	5,897
Total Long-Term Debt	4,852	4,061	6,573	6,487	5,124	7,514	6,692	6,484	5,377	5,794
Net Debt	-284	432	794	-682	-2,621	-5,696	-4,684	-4,492	-8,776	-5,247
Capital Expenditures (CapEx)	2,393	2,649	2,502	2,969	2,998	2,810	3,588	3,891	4,323	4,710
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-4,896	-3,986	-5,957	-6,806	-7,497	-9,934	-11,312	-10,278	-11,857	-12,259
Debt-free Net Working Capital (DFNWC)	1,523	743	-178	453	1,947	3,371	863	771	3,377	-1,115
Net Working Capital (NWC)	240	-357	-178	363	248	3,276	64	698	2,296	-1,218
Net Nonoperating Expense (NNE)	13	35	48	27	-22	51	21	-35	-277	-344
Net Nonoperating Obligations (NNO)	-284	432	794	-682	-2,621	-5,696	-4,684	-4,492	-8,776	-5,247
Total Depreciation and Amortization (D&A)	1,127	1,255	-1,370	1,437	1,492	1,645	1,781	1,900	2,077	2,237
Debt-free, Cash-free Net Working Capital to Revenue	-4.21%	-3.36%	-4.62%	-4.81%	-4.91%	-5.96%	-5.77%	-4.53%	-4.89%	-4.82%
Debt-free Net Working Capital to Revenue	1.31%	0.63%	-0.14%	0.32%	1.28%	2.02%	0.44%	0.34%	1.39%	-0.44%
Net Working Capital to Revenue	0.21%	-0.30%	-0.14%	0.26%	0.16%	1.96%	0.03%	0.31%	0.95%	-0.48%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$0.00	$8.32	$9.05	$11.30	$13.17	$14.18	$16.59
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	0.00	0.00	439.76M	442.30M	443.09M	443.65M	443.85M	443.91M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$8.26	$9.02	$11.27	$13.14	$14.16	$16.56
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	0.00	0.00	442.92M	443.90M	444.35M	444.76M	444.45M	444.76M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	0.00	0.00	439.66M	882.46M	883.65M	885.21M	442.74M	443.07M
Normalized Net Operating Profit after Tax (NOPAT)	2,466	2,462	2,817	3,255	3,749	4,110	5,100	5,880	6,015	7,023
Normalized NOPAT Margin	2.12%	2.07%	2.18%	2.30%	2.46%	2.46%	2.60%	2.59%	2.48%	2.76%
Pre Tax Income Margin	3.10%	3.05%	3.13%	3.14%	3.12%	3.22%	3.41%	3.45%	3.50%	3.83%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	29.23	27.61	30.68	28.18	31.58	33.97	39.23	49.32	50.71	54.94
NOPAT to Interest Expense	19.54	18.13	20.61	20.16	24.55	25.69	29.83	37.21	37.60	41.56
EBIT Less CapEx to Interest Expense	9.93	7.69	12.01	9.50	11.59	16.41	18.25	24.70	23.69	27.07
NOPAT Less CapEx to Interest Expense	0.24	-1.79	1.94	1.49	4.56	8.13	8.84	12.59	10.58	13.69
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	118.93%	31.40%	143.85%	21.67%	28.02%	36.44%	113.17%	43.08%	19.88%	122.72%
Augmented Payout Ratio	138.90%	51.85%	161.13%	31.99%	34.69%	41.27%	122.94%	50.50%	30.63%	132.22%

This table displays calculated financial ratios and metrics derived from Costco Wholesale's official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	15.02%	8.09%	6.48%	2.00%	9.50%	6.18%	5.75%	9.07%	0.96%	7.53%	9.04%
EBITDA Growth	9.32%	3.44%	5.56%	-3.20%	11.98%	13.06%	8.55%	26.13%	8.04%	10.42%	11.34%
EBIT Growth	9.76%	3.43%	5.02%	-6.25%	11.37%	13.31%	8.36%	30.85%	9.39%	10.69%	12.32%
NOPAT Growth	10.80%	0.50%	5.93%	-8.22%	8.77%	10.94%	14.20%	31.00%	13.47%	14.38%	6.42%
Net Income Growth	10.86%	1.41%	11.06%	-5.10%	15.02%	16.50%	18.90%	29.11%	8.98%	13.15%	2.58%
EPS Growth	11.70%	3.02%	13.01%	-3.62%	15.71%	16.61%	18.79%	29.01%	8.64%	12.85%	2.55%
Operating Cash Flow Growth	-14.76%	-19.89%	696.01%	25.59%	48.64%	78.20%	-77.10%	94.61%	-20.59%	-29.91%	275.92%
Free Cash Flow Firm Growth	-169.16%	36.02%	-95.35%	128.47%	311.81%	230.26%	-247.20%	475.27%	-89.09%	-154.62%	1,007.46%
Invested Capital Growth	20.61%	25.84%	9.33%	7.18%	0.79%	-6.83%	10.90%	5.02%	12.85%	20.62%	4.54%
Revenue Q/Q Growth	37.07%	-24.49%	1.52%	-2.93%	47.14%	-26.78%	1.11%	0.12%	36.20%	-22.02%	2.53%
EBITDA Q/Q Growth	39.42%	-29.05%	7.96%	-9.36%	61.27%	-28.37%	3.66%	5.32%	38.15%	-26.79%	4.52%
EBIT Q/Q Growth	39.42%	-29.88%	8.68%	-11.77%	65.63%	-28.66%	3.93%	6.55%	38.46%	-27.81%	5.46%
NOPAT Q/Q Growth	38.58%	-27.60%	4.26%	-12.26%	64.24%	-26.16%	7.33%	0.64%	42.26%	-25.57%	-0.15%
Net Income Q/Q Growth	36.88%	-27.37%	7.48%	-11.19%	65.90%	-26.44%	9.69%	-3.56%	40.04%	-23.62%	-0.56%
EPS Q/Q Growth	38.16%	-26.90%	7.49%	-11.21%	65.87%	-26.34%	9.50%	-3.57%	39.68%	-23.48%	-0.50%
Operating Cash Flow Q/Q Growth	104.24%	4.15%	22.30%	-51.72%	141.73%	24.86%	-84.28%	310.26%	-1.37%	10.21%	-15.71%
Free Cash Flow Firm Q/Q Growth	-84.59%	-123.66%	103.43%	100.94%	1,273.43%	37.55%	-103.88%	885.33%	-73.95%	-788.71%	164.42%
Invested Capital Q/Q Growth	5.82%	1.18%	-4.10%	4.38%	-0.49%	-6.47%	14.15%	-1.16%	6.94%	-0.03%	-1.06%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	11.84%	12.25%	12.38%	12.07%	12.31%	12.70%	12.49%	12.55%	12.68%	12.94%	12.52%
EBITDA Margin	4.30%	4.04%	4.29%	4.01%	4.39%	4.30%	4.41%	4.64%	4.70%	4.42%	4.50%
Operating Margin	3.46%	3.22%	3.44%	3.13%	3.52%	3.43%	3.53%	3.75%	3.82%	3.53%	3.63%
EBIT Margin	3.46%	3.22%	3.44%	3.13%	3.52%	3.43%	3.53%	3.75%	3.82%	3.53%	3.63%
Profit (Net Income) Margin	2.61%	2.51%	2.65%	2.43%	2.74%	2.75%	2.98%	2.87%	2.95%	2.89%	2.81%
Tax Burden Percent	74.64%	77.06%	73.93%	73.52%	72.90%	75.45%	77.92%	73.60%	75.62%	77.97%	73.82%
Interest Burden Percent	100.76%	101.09%	104.20%	105.48%	106.54%	106.15%	108.49%	103.96%	102.33%	105.01%	104.58%
Effective Tax Rate	25.36%	22.94%	26.07%	26.48%	27.10%	24.55%	22.08%	26.40%	24.38%	22.03%	26.18%
Return on Invested Capital (ROIC)	39.71%	39.04%	39.76%	34.26%	38.37%	40.30%	41.38%	41.80%	42.38%	42.44%	39.85%
ROIC Less NNEP Spread (ROIC-NNEP)	39.41%	38.78%	38.83%	33.17%	36.37%	39.15%	38.79%	40.71%	41.62%	41.43%	38.40%
Return on Net Nonoperating Assets (RNNOA)	-9.34%	-10.67%	-11.58%	-9.37%	-10.56%	-13.19%	-9.35%	-10.59%	-11.99%	-13.92%	-8.93%
Return on Equity (ROE)	30.38%	28.37%	28.17%	24.88%	27.81%	27.11%	32.03%	31.20%	30.39%	28.52%	30.92%
Cash Return on Invested Capital (CROIC)	21.11%	17.25%	30.83%	30.08%	36.31%	46.13%	28.18%	35.35%	28.45%	24.40%	36.84%
Operating Return on Assets (OROA)	12.74%	11.42%	12.42%	11.28%	12.82%	12.07%	13.19%	14.15%	13.99%	12.43%	13.76%
Return on Assets (ROA)	9.58%	8.89%	9.57%	8.75%	9.96%	9.67%	11.15%	10.82%	10.83%	10.18%	10.62%
Return on Common Equity (ROCE)	29.97%	27.99%	27.80%	24.57%	27.81%	27.10%	32.03%	31.20%	30.39%	28.52%	30.92%
Return on Equity Simple (ROE_SIMPLE)	0.00%	27.64%	26.67%	25.50%	0.00%	24.92%	32.73%	32.95%	0.00%	30.98%	29.80%
Net Operating Profit after Tax (NOPAT)	1,864	1,349	1,407	1,234	2,027	1,497	1,607	1,617	2,300	1,712	1,710
NOPAT Margin	2.59%	2.48%	2.55%	2.30%	2.57%	2.59%	2.75%	2.76%	2.89%	2.76%	2.68%
Net Nonoperating Expense Percent (NNEP)	0.31%	0.26%	0.93%	1.09%	2.00%	1.15%	2.60%	1.09%	0.77%	1.01%	1.45%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	4.52%	-	-	-	5.67%	5.46%
Cost of Revenue to Revenue	88.16%	87.75%	87.62%	87.93%	87.69%	87.30%	87.51%	87.45%	87.32%	87.06%	87.48%
SG&A Expenses to Revenue	8.37%	9.03%	8.94%	8.94%	8.79%	9.27%	8.97%	8.79%	8.87%	9.41%	8.89%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	8.37%	9.03%	8.94%	8.94%	8.79%	9.27%	8.97%	8.79%	8.87%	9.41%	8.89%
Earnings before Interest and Taxes (EBIT)	2,497	1,751	1,903	1,679	2,781	1,984	2,062	2,197	3,042	2,196	2,316
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	3,098	2,198	2,373	2,151	3,469	2,485	2,576	2,713	3,748	2,744	2,868
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	11.01	10.43	9.42	9.11	9.35	9.73	15.43	16.01	16.75	17.47	18.60
Price to Tangible Book Value (P/TBV)	11.01	10.43	9.42	9.11	9.35	9.73	15.43	16.01	16.75	17.47	18.60
Price to Revenue (P/Rev)	1.00	0.97	0.92	0.91	0.97	1.04	1.29	1.37	1.55	1.65	1.80
Price to Earnings (P/E)	38.87	38.05	35.48	35.77	37.24	39.05	47.14	48.60	53.70	56.38	62.43
Dividend Yield	0.66%	0.69%	0.74%	0.77%	0.73%	0.69%	2.64%	2.57%	2.28%	2.02%	0.43%
Earnings Yield	2.57%	2.63%	2.82%	2.80%	2.69%	2.56%	2.12%	2.06%	1.86%	1.77%	1.60%
Enterprise Value to Invested Capital (EV/IC)	13.78	13.38	13.24	12.68	13.85	16.00	18.23	20.02	21.25	22.92	25.77
Enterprise Value to Revenue (EV/Rev)	0.98	0.95	0.89	0.88	0.93	0.99	1.27	1.36	1.53	1.63	1.77
Enterprise Value to EBITDA (EV/EBITDA)	22.97	22.40	20.99	21.12	22.13	23.25	29.67	30.60	33.88	35.74	38.80
Enterprise Value to EBIT (EV/EBIT)	28.58	27.87	26.14	26.49	27.80	29.18	37.26	38.12	42.04	44.33	48.04
Enterprise Value to NOPAT (EV/NOPAT)	37.87	37.17	34.80	35.44	37.50	39.51	49.78	50.97	55.59	58.17	63.82
Enterprise Value to Operating Cash Flow (EV/OCF)	30.13	32.44	21.77	21.06	20.38	18.58	29.76	28.42	34.43	42.32	39.15
Enterprise Value to Free Cash Flow (EV/FCFF)	71.41	86.45	44.87	43.60	38.30	33.45	68.03	58.03	79.19	102.74	71.52
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.32	0.30	0.29	0.28	0.26	0.27	0.33	0.32	0.25	0.24	0.23
Long-Term Debt to Equity	0.31	0.30	0.29	0.28	0.21	0.22	0.28	0.27	0.25	0.24	0.23
Financial Leverage	-0.24	-0.28	-0.30	-0.28	-0.29	-0.34	-0.24	-0.26	-0.29	-0.34	-0.23
Leverage Ratio	3.19	3.22	3.04	2.96	2.91	2.93	3.06	2.97	2.85	2.91	3.01
Compound Leverage Factor	3.21	3.25	3.17	3.12	3.10	3.12	3.32	3.09	2.92	3.05	3.15
Debt to Total Capital	24.10%	23.35%	22.40%	21.61%	20.49%	20.99%	25.07%	24.10%	19.98%	19.03%	18.37%
Short-Term Debt to Total Capital	0.27%	0.25%	0.26%	0.00%	3.43%	3.26%	3.90%	3.76%	0.35%	0.00%	0.00%
Long-Term Debt to Total Capital	23.83%	23.10%	22.14%	21.61%	17.06%	17.73%	21.17%	20.34%	19.63%	19.03%	18.37%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.02%	0.02%	0.02%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	75.88%	76.63%	77.58%	78.38%	79.51%	79.01%	74.93%	75.90%	80.02%	80.97%	81.63%
Debt to EBITDA	0.68	0.67	0.67	0.66	0.63	0.66	0.65	0.61	0.51	0.49	0.48
Net Debt to EBITDA	-0.46	-0.53	-0.72	-0.73	-0.86	-1.04	-0.32	-0.41	-0.46	-0.52	-0.61
Long-Term Debt to EBITDA	0.67	0.66	0.66	0.66	0.53	0.56	0.55	0.52	0.50	0.49	0.48
Debt to NOPAT	1.12	1.11	1.10	1.11	1.07	1.13	1.09	1.02	0.84	0.79	0.78
Net Debt to NOPAT	-0.76	-0.87	-1.19	-1.23	-1.46	-1.77	-0.53	-0.68	-0.75	-0.84	-1.01
Long-Term Debt to NOPAT	1.10	1.10	1.09	1.11	0.89	0.95	0.92	0.86	0.83	0.79	0.78
Altman Z-Score	7.15	6.97	6.92	7.02	7.28	7.07	8.34	8.67	9.26	9.21	10.08
Noncontrolling Interest Sharing Ratio	1.34%	1.34%	1.32%	1.25%	0.01%	0.01%	0.01%	0.01%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.02	1.03	1.06	1.08	1.07	1.09	0.93	0.94	0.97	0.98	1.00
Quick Ratio	0.42	0.42	0.51	0.51	0.52	0.56	0.38	0.40	0.39	0.39	0.44
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-897	-2,007	69	138	1,900	2,614	-101	796	207	-1,428	920
Operating Cash Flow to CapEx	199.05%	246.93%	358.65%	187.93%	239.40%	447.21%	70.90%	282.39%	187.57%	257.91%	241.69%
Free Cash Flow to Firm to Interest Expense	-18.69	-59.02	2.03	3.84	33.93	68.79	-2.47	19.41	4.23	-38.59	25.55
Operating Cash Flow to Interest Expense	52.21	76.76	93.88	42.81	66.52	122.39	17.83	73.15	60.37	88.11	76.33
Operating Cash Flow Less CapEx to Interest Expense	25.98	45.68	67.71	20.03	38.73	95.03	-7.32	47.24	28.18	53.95	44.75
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	3.68	3.55	3.61	3.61	3.64	3.52	3.74	3.77	3.67	3.52	3.78
Accounts Receivable Turnover	112.24	108.87	94.78	104.80	107.07	101.22	90.60	99.78	101.66	94.03	90.46
Inventory Turnover	12.41	11.44	12.66	12.19	12.30	11.77	13.15	13.15	12.60	11.60	12.87
Fixed Asset Turnover	9.43	9.42	9.42	9.40	9.44	9.39	9.33	9.40	9.13	9.16	9.20
Accounts Payable Turnover	11.69	10.72	12.31	11.99	12.03	11.12	12.86	12.44	12.05	10.72	12.78
Days Sales Outstanding (DSO)	3.25	3.35	3.85	3.48	3.41	3.61	4.03	3.66	3.59	3.88	4.04
Days Inventory Outstanding (DIO)	29.40	31.90	28.84	29.94	29.67	31.00	27.76	27.75	28.97	31.48	28.35
Days Payable Outstanding (DPO)	31.24	34.05	29.66	30.43	30.33	32.81	28.38	29.35	30.29	34.04	28.57
Cash Conversion Cycle (CCC)	1.42	1.20	3.03	2.99	2.75	1.80	3.41	2.06	2.27	1.32	3.82
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	16,155	16,346	15,676	16,362	16,282	15,229	17,384	17,183	18,375	18,369	18,174
Invested Capital Turnover	15.36	15.75	15.62	14.89	14.94	15.56	15.05	15.13	14.68	15.41	14.85
Increase / (Decrease) in Invested Capital	2,761	3,356	1,338	1,096	127	-1,117	1,708	821	2,093	3,140	790
Enterprise Value (EV)	222,685	218,788	207,586	207,427	225,557	243,593	316,908	344,038	390,376	421,045	468,390
Market Capitalization	227,172	223,913	214,704	214,633	234,333	254,511	320,284	348,626	395,623	427,127	475,793
Book Value per Share	$46.60	$48.51	$51.37	$53.14	$56.55	$59.06	$46.79	$49.09	$53.28	$55.19	$57.62
Tangible Book Value per Share	$46.60	$48.51	$51.37	$53.14	$56.55	$59.06	$46.79	$49.09	$53.28	$55.19	$57.62
Total Capital	27,204	28,019	29,381	30,070	31,516	33,093	27,705	28,682	29,519	30,196	31,332
Total Debt	6,557	6,543	6,582	6,497	6,458	6,946	6,945	6,911	5,897	5,745	5,755
Total Long-Term Debt	6,484	6,472	6,506	6,497	5,377	5,866	5,865	5,834	5,794	5,745	5,755
Net Debt	-4,492	-5,130	-7,123	-7,211	-8,776	-10,918	-3,376	-4,588	-5,247	-6,082	-7,403
Capital Expenditures (CapEx)	1,259	1,057	890	820	1,556	1,040	1,031	1,062	1,577	1,264	1,137
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-10,278	-10,519	-11,815	-11,127	-11,857	-13,472	-11,783	-12,495	-12,259	-12,593	-13,260
Debt-free Net Working Capital (DFNWC)	771	1,154	1,890	2,581	3,377	4,392	-1,462	-996	-1,115	-766	-102
Net Working Capital (NWC)	698	1,083	1,814	2,581	2,296	3,312	-2,542	-2,073	-1,218	-766	-102
Net Nonoperating Expense (NNE)	-14	-15	-59	-68	-133	-92	-136	-64	-54	-86	-78
Net Nonoperating Obligations (NNO)	-4,492	-5,130	-7,123	-7,211	-8,776	-10,918	-3,376	-4,588	-5,247	-6,082	-7,403
Total Depreciation and Amortization (D&A)	601	447	470	472	688	501	514	516	706	548	552
Debt-free, Cash-free Net Working Capital to Revenue	-4.53%	-4.55%	-5.04%	-4.73%	-4.89%	-5.48%	-4.74%	-4.93%	-4.82%	-4.87%	-5.02%
Debt-free Net Working Capital to Revenue	0.34%	0.50%	0.81%	1.10%	1.39%	1.79%	-0.59%	-0.39%	-0.44%	-0.30%	-0.04%
Net Working Capital to Revenue	0.31%	0.47%	0.77%	1.10%	0.95%	1.35%	-1.02%	-0.82%	-0.48%	-0.30%	-0.04%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$4.20	$3.07	$3.30	$2.94	$4.87	$3.58	$3.93	$3.79	$5.29	$4.05	$4.03
Adjusted Weighted Average Basic Shares Outstanding	443.65M	443.84M	443.88M	443.81M	443.85M	443.83M	443.89M	443.89M	443.91M	443.99M	443.98M
Adjusted Diluted Earnings per Share	$4.20	$3.07	$3.30	$2.93	$4.86	$3.58	$3.92	$3.78	$5.28	$4.04	$4.02
Adjusted Weighted Average Diluted Shares Outstanding	444.76M	444.53M	444.48M	444.36M	444.45M	444.40M	444.75M	444.83M	444.76M	444.89M	444.89M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	885.21M	443.73M	443.48M	443.15M	442.74M	443.73M	443.50M	443.34M	443.07M	443.90M	443.68M
Normalized Net Operating Profit after Tax (NOPAT)	1,864	1,349	1,407	1,234	2,027	1,497	1,607	1,617	2,300	1,712	1,710
Normalized NOPAT Margin	2.59%	2.48%	2.55%	2.30%	2.57%	2.59%	2.75%	2.76%	2.89%	2.76%	2.68%
Pre Tax Income Margin	3.49%	3.25%	3.59%	3.30%	3.75%	3.64%	3.83%	3.90%	3.91%	3.71%	3.80%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	52.02	51.50	55.97	46.64	49.66	52.21	50.29	53.59	62.08	59.35	64.33
NOPAT to Interest Expense	38.83	39.69	41.38	34.29	36.20	39.39	39.19	39.44	46.95	46.28	47.49
EBIT Less CapEx to Interest Expense	25.79	20.41	29.79	23.86	21.88	24.84	25.15	27.68	29.90	25.19	32.75
NOPAT Less CapEx to Interest Expense	12.60	8.60	15.20	11.51	8.42	12.03	14.04	13.54	14.76	12.11	15.91
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	43.08%	43.78%	42.73%	44.03%	19.88%	26.94%	130.45%	125.18%	122.72%	114.19%	20.26%
Augmented Payout Ratio	50.50%	52.93%	52.73%	54.53%	30.63%	37.64%	140.96%	135.13%	132.22%	124.02%	30.63%

Frequently Asked Questions About Costco Wholesale's Financials

When does Costco Wholesale's fiscal year end?

According to the most recent income statement we have on file, Costco Wholesale's financial year ends in September. Their financial year 2024 ended on September 1, 2024.

How has Costco Wholesale's net income changed over the last 9 years?

Costco Wholesale's net income appears to be on an upward trend, with a most recent value of $7.37 billion in 2024, rising from $2.41 billion in 2015. The previous period was $6.29 billion in 2023.

What is Costco Wholesale's operating income?

Costco Wholesale's total operating income in 2024 was $9.29 billion, based on the following breakdown:

Total Gross Profit: $32.10 billion
Total Operating Expenses: $22.81 billion

How has Costco Wholesale revenue changed over the last 9 years?

Over the last 9 years, Costco Wholesale's total revenue changed from $116.20 billion in 2015 to $254.45 billion in 2024, a change of 119.0%.

How much debt does Costco Wholesale have?

Costco Wholesale's total liabilities were at $46.21 billion at the end of 2024, a 5.2% increase from 2023, and a 108.4% increase since 2015.

How much cash does Costco Wholesale have?

In the past 9 years, Costco Wholesale's cash and equivalents has ranged from $3.38 billion in 2016 to $13.70 billion in 2023, and is currently $9.91 billion as of their latest financial filing in 2024.

How has Costco Wholesale's book value per share changed over the last 9 years?

Over the last 9 years, Costco Wholesale's book value per share changed from 24.16 in 2015 to 53.28 in 2024, a change of 120.6%.

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This page (NASDAQ:COST) was last updated on 4/14/2025 by MarketBeat.com Staff

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Costco Wholesale (COST) Financials

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Costco Wholesale (COST) Financials

Annual Income Statements for Costco Wholesale

Quarterly Income Statements for Costco Wholesale

Annual Cash Flow Statements for Costco Wholesale

Quarterly Cash Flow Statements for Costco Wholesale

Annual Balance Sheets for Costco Wholesale

Quarterly Balance Sheets for Costco Wholesale

Annual Metrics and Ratios for Costco Wholesale

Quarterly Metrics and Ratios for Costco Wholesale

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