COSTCO WHOLESALE CORP /NEW financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data COSTCO WHOLESALE CORP /NEW files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	118,719	129,025	141,576	152,703	166,761	195,929	226,954	242,290	254,453	275,235
Cost of revenue	102,901	111,882	123,152	132,886	144,939	170,684	199,382	212,586	222,358	239,886
Gross profit	15,818	17,143	18,424	16,465	21,822	25,245	27,572	29,704	32,095	35,349
Selling, general and administrative	12,068	12,950	13,876	14,994	16,387	18,537	19,779	21,590	22,810	24,966
Operating income	3,672	4,111	4,480	4,737	5,435	6,708	7,793	8,114	9,285	10,383
Interest expense	133	134	159	150	160	171	158	160	169	154
Pre-tax income	3,619	4,039	4,442	4,765	5,367	6,680	7,840	8,487	9,740	10,818
Income tax	1,243	1,325	1,263	1,061	1,308	1,601	1,925	2,195	2,373	2,719
Net income to minority interests	26	35	45	45	57	72	71	0	0
Net income	2,350	2,679	3,134	3,659	4,002	5,007	5,844	6,292	7,367	8,099
EBITDA	4,927	5,481	5,917	6,229	7,080	8,489	9,693	10,191	11,522	12,809
EPS, basic	5.36	6.11	7.15	8.32	9.05	11.30	13.17	14.18	16.59	18.24
EPS, diluted	5.33	6.08	7.09	8.26	9.02	11.27	13.14	14.16	16.56	18.21
Shares, basic (weighted)	439	438	439	440	442	443	444	444	444	444
Shares, diluted (weighted)	441	441	442	443	444	444	445	444	445	445
Dividend per share	1.70	8.90	2.14	2.44				3.84	19.36	4.92

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	3,379	4,546	6,055	8,384	12,277	11,258	10,203	13,700	9,906	14,161
Short-term investments	1,350	1,233	1,204	1,060	1,028	917	846	1,534	1,238	1,123
Receivables	1,252	1,432	1,669	1,535	1,550	1,803	2,241	2,285	2,721	3,203
Inventory	8,969	9,834	11,040	11,395	12,242	14,215	17,907	16,651	18,647	18,116
Other current assets	268	272	321	1,111	1,023	1,312	1,499	1,709	1,734	1,777
Total current assets	15,218	17,317	20,289	23,485	28,120	29,505	32,696	35,879	34,246	38,380
Property, plant and equipment	17,043	18,161	19,681	20,890	21,807	23,492	24,646	26,684	29,032	31,909
Lease right-of-use assets				0	2,788	2,890	2,774	2,713	2,617	2,725
Goodwill				53	988	996	993	994	994
Other non-current assets	902	869	860	1,025	2,841	3,381	4,050	3,718	3,936	4,085
Total assets	33,163	36,347	40,830	45,400	55,556	59,268	64,166	68,994	69,831	77,099
Accounts payable	7,612	9,608	11,237	11,679	14,172	16,278	17,848	17,483	19,421	19,783
Accrued liabilities	2,629	2,703	2,994	3,176	1,393	1,671	1,911	2,150	2,435	2,677
Deferred revenue	1,362	1,498	1,624	1,711	1,851	2,042	2,174	2,337	2,501	2,854
Short-term debt	1,100	86	90	1,699	95	799	73	1,081	103	75
Total current liabilities	15,575	17,495	19,926	23,237	24,844	29,441	31,998	33,583	35,464	37,108
Long-term debt	4,061	6,573	6,487	5,124	7,514	6,692	6,484	5,377	5,794	5,713
Lease liabilities				0	2,558	2,642	2,482	2,426	2,375	2,460
Other non-current liabilities	1,195	1,200	1,314	1,455	1,935	2,415	2,555	2,550	2,576	2,654
Total liabilities	20,831	25,268	27,727	29,816	36,851	41,190	43,519	43,936	46,209	47,935
Total debt	5,161	6,659	6,613	6,852	7,657	7,531	6,557	6,458	5,897	5,788
Paid-in capital	5,490	5,800	6,107	6,417	6,698	7,031	6,884	7,340	7,829	8,282
Retained earnings	7,686	5,988	7,887	10,258	12,879	11,666	15,585	19,521	17,619	22,650
Other comprehensive income	-1,099	-1,014	-1,199	-1,436	-1,297	-1,137	-1,829	-1,805	-1,828	-1,770
Shareholders' equity	12,079	10,778	12,799	15,243	18,284	17,564	20,642	25,058	23,622	29,164
Minority interests	253	301	304	341	421	514	5	0
Total equity	12,332	11,079	13,103	15,584	18,705	18,078	20,647	25,058	23,622	29,164
Total liabilities and equity	33,163	36,347	40,830	45,400	55,556	59,268	64,166	68,994	69,831	77,099
Shares outstanding	438	437	438	440	441	442	443	443	443	443

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	2,376	2,714	3,179	3,704	4,059	5,079	5,915	6,292	7,367	8,099
Depreciation and amortization	1,255	1,370	1,437	1,492	1,645	1,781	1,900	2,077	2,237	2,426
Stock-based compensation	459	514	544	595	619	665	724	774	818	860
Change in inventory	-25	-894	-1,313	-536	-791	-1,892	-4,003	1,228	-2,068	559
Change in payables	-1,532	2,258	1,561	322	2,261	1,838	1,891	-382	1,938	404
Cash from operations	3,292	6,726	5,774	6,356	8,861	8,958	7,392	11,068	11,339	13,335
Capital expenditures	-2,649	-2,502	-2,969	-2,998	-2,810	-3,588	-3,891	-4,323	-4,710	-5,498
Purchases of investments	-1,432	-1,279	-1,060	-1,094	-1,626	-1,331	-1,121	-1,622	-1,470	-1,028
Sales and maturities of investments	1,709	202	39	1,231	1,678	1,446	1,145	937	1,790	1,141
Cash from investing	-2,345	-2,366	-2,947	-2,865	-3,891	-3,535	-3,915	-4,972	-4,409	-5,311
Debt issued	185	3,782	0	298	3,992	0	0	0	498	0
Debt repaid	-1,288	-2,200	-86	-89	-3,200	-94	-800	-75	-1,077	-103
Share buybacks	-486	-469	-328	-247	-196	-496	-439	-676	-700	-903
Dividends paid	-746	-3,904	-689	-1,038	-1,479	-5,748	-1,498	-1,251	-9,041	-2,183
Cash from financing	-2,419	-3,218	-1,281	-1,147	-1,147	-6,488	-4,283	-2,614	-10,764	-3,775
Exchange rate effect	50	25	-37	-15	70	46	-249	15	40	6
Net change in cash	-1,422	1,167	1,509	2,329	3,893	-1,019	-1,055	3,497	-3,794	4,255
Free cash flow	643	4,224	2,805	3,358	6,051	5,370	3,501	6,745	6,629	7,837
Interest paid	123	131	143	141	124	149	145	125	129	106
Income taxes paid	953	1,185	1,204	1,187	1,052	1,527	1,940	2,234	2,319	2,917

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to May 10, 2026; growth uses fiscal years. Valuation uses the share price of $922.77 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	3.8%	Operating income / revenue.
Net margin	3.0%	Net income / revenue.
Return on equity (ROE)	26.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	10.2%	Net income / average total assets.
Return on invested capital (ROIC)	43.8%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	8.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	6.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	10.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	10.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	8.6%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	10.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	11.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	10.0%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	13.8%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	11.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	9.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	12.6%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	9.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	11.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	15.1%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	10.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	11.5%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	15.1%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	17.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	21.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	8.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	18.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	30.8%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	5.3%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	-74.6%	Dividend per share vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	23.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	12.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	9.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	10.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	6.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	6.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.07x	Current assets / current liabilities.
Quick ratio	0.56x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.47x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.17x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	6.6%	Total debt / total assets.
Liabilities / assets	61.2%	Total liabilities / total assets.
Net debt	-$14.33B	Total debt - cash - short-term investments. Negative means more cash than debt.
Working capital	$3.05B	Current assets - current liabilities.
Tangible book value	$33.51B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	3.40x	Revenue / average total assets.
Fixed asset turnover	8.56x	Revenue / average property, plant and equipment.
Receivables turnover	78.3x	Revenue / average receivables.
Days sales outstanding	5 days	365 x average receivables / revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	$19.89	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$660.59	Revenue / diluted weighted shares.
Book value per share	$75.55	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$75.55	Tangible book value / shares outstanding.
Cash per share	$45.09	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$409.23B	Share price x shares outstanding.
Enterprise value	$394.90B	Market cap + total debt - cash - short-term investments.
P/E	46.3x	Market cap / net income. Only when net income is positive.
P/S	1.39x	Market cap / revenue.
P/B	12.2x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	12.2x	Market cap / tangible book value, when positive.
EV/Sales	1.35x	Enterprise value / revenue.
EV/EBIT	35.2x	Enterprise value / operating income, when both are positive.
Earnings yield	2.2%	Net income / market cap (the inverse of P/E).
PEG	4.03x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was COSTCO WHOLESALE CORP /NEW's revenue in fiscal 2025?

COSTCO WHOLESALE CORP /NEW reported revenue of $275.24B for fiscal 2025, 8.2% higher than the year before.

Was COSTCO WHOLESALE CORP /NEW profitable in fiscal 2025?

Yes. Net income was $8.10B, a net margin of 2.9%.

How much free cash flow did COSTCO WHOLESALE CORP /NEW generate in fiscal 2025?

Cash from operations of $13.34B minus capital expenditures of $5.50B left free cash flow of $7.84B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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