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

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	129,025	141,576	152,703	166,761	195,929	226,954	242,290	254,453	275,235	303,154
Cost of revenue	111,882	123,152	132,886	144,939	170,684	199,382	212,586	222,358	239,886	264,279
Gross profit	17,143	18,424	16,465	21,822	25,245	27,572	29,704	32,095	35,349	38,875
Selling, general and administrative	12,950	13,876	14,994	16,387	18,537	19,779	21,590	22,810	24,966	27,190
Operating income	4,111	4,480	4,737	5,435	6,708	7,793	8,114	9,285	10,383	11,685
Interest expense	134	159	150	160	171	158	160	169	154	145
Pre-tax income	4,039	4,442	4,765	5,367	6,680	7,840	8,487	9,740	10,818	12,251
Income tax	1,325	1,263	1,061	1,308	1,601	1,925	2,195	2,373	2,719	3,025
Net income to minority interests	35	45	45	57	72	71	0	0
Net income	2,679	3,134	3,659	4,002	5,007	5,844	6,292	7,367	8,099	9,226
EBITDA	5,481	5,917	6,229	7,080	8,489	9,693	10,191	11,522	12,809	14,359
EPS, basic	6.11	7.15	8.32	9.05	11.30	13.17	14.18	16.59	18.24	20.78
EPS, diluted	6.08	7.09	8.26	9.02	11.27	13.14	14.16	16.56	18.21	20.76
Shares, basic (weighted)	438	439	440	442	443	444	444	444	444	444
Shares, diluted (weighted)	441	442	443	444	444	445	444	445	445	444
Dividend per share	8.90	2.14	2.44				3.84	19.36	4.92	5.54

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	4,546	6,055	8,384	12,277	11,258	10,203	13,700	9,906	14,161	20,207
Short-term investments	1,233	1,204	1,060	1,028	917	846	1,534	1,238	1,123	1,094
Receivables	1,432	1,669	1,535	1,550	1,803	2,241	2,285	2,721	3,203	3,959
Inventory	9,834	11,040	11,395	12,242	14,215	17,907	16,651	18,647	18,116	19,324
Other current assets	272	321	1,111	1,023	1,312	1,499	1,709	1,734	1,777	1,998
Total current assets	17,317	20,289	23,485	28,120	29,505	32,696	35,879	34,246	38,380	46,582
Property, plant and equipment	18,161	19,681	20,890	21,807	23,492	24,646	26,684	29,032	31,909	35,633
Lease right-of-use assets			0	2,788	2,890	2,774	2,713	2,617	2,725	2,697
Goodwill			53	988	996	993	994	994	994	994
Other non-current assets	869	860	1,025	2,841	3,381	4,050	3,718	3,936	4,085	4,133
Total assets	36,347	40,830	45,400	55,556	59,268	64,166	68,994	69,831	77,099	89,045
Accounts payable	9,608	11,237	11,679	14,172	16,278	17,848	17,483	19,421	19,783	22,591
Accrued liabilities	2,703	2,994	3,176	1,393	1,671	1,911	2,150	2,435	2,677	3,037
Deferred revenue	1,498	1,624	1,711	1,851	2,042	2,174	2,337	2,501	2,854	3,006
Short-term debt	86	90	1,699	95	799	73	1,081	103	75	2,248
Total current liabilities	17,495	19,926	23,237	24,844	29,441	31,998	33,583	35,464	37,108	43,952
Long-term debt	6,573	6,487	5,124	7,514	6,692	6,484	5,377	5,794	5,713	3,914
Lease liabilities			0	2,558	2,642	2,482	2,426	2,375	2,460	2,414
Other non-current liabilities	1,200	1,314	1,455	1,935	2,415	2,555	2,550	2,576	2,654	2,962
Total liabilities	25,268	27,727	29,816	36,851	41,190	43,519	43,936	46,209	47,935	53,242
Total debt	6,659	6,613	6,852	7,657	7,531	6,557	6,458	5,897	5,788	6,162
Paid-in capital	5,800	6,107	6,417	6,698	7,031	6,884	7,340	7,829	8,282	8,830
Retained earnings	5,988	7,887	10,258	12,879	11,666	15,585	19,521	17,619	22,650	28,591
Other comprehensive income	-1,014	-1,199	-1,436	-1,297	-1,137	-1,829	-1,805	-1,828	-1,770	-1,620
Shareholders' equity	10,778	12,799	15,243	18,284	17,564	20,642	25,058	23,622	29,164	35,803
Minority interests	301	304	341	421	514	5	0
Total equity	11,079	13,103	15,584	18,705	18,078	20,647	25,058	23,622	29,164	35,803
Total liabilities and equity	36,347	40,830	45,400	55,556	59,268	64,166	68,994	69,831	77,099	89,045
Shares outstanding	437	438	440	441	442	443	443	443	443	443

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	2,714	3,179	3,704	4,059	5,079	5,915	6,292	7,367	8,099	9,226
Depreciation and amortization	1,370	1,437	1,492	1,645	1,781	1,900	2,077	2,237	2,426	2,674
Stock-based compensation	514	544	595	619	665	724	774	818	860	924
Change in inventory	-894	-1,313	-536	-791	-1,892	-4,003	1,228	-2,068	559	-1,153
Change in payables	2,258	1,561	322	2,261	1,838	1,891	-382	1,938	404	2,755
Cash from operations	6,726	5,774	6,356	8,861	8,958	7,392	11,068	11,339	13,335	15,817
Capital expenditures	-2,502	-2,969	-2,998	-2,810	-3,588	-3,891	-4,323	-4,710	-5,498	-6,435
Purchases of investments	-1,279	-1,060	-1,094	-1,626	-1,331	-1,121	-1,622	-1,470	-1,028	-788
Sales and maturities of investments	202	39	1,231	1,678	1,446	1,145	937	1,790	1,141	811
Cash from investing	-2,366	-2,947	-2,865	-3,891	-3,535	-3,915	-4,972	-4,409	-5,311	-6,378
Debt issued	3,782	0	298	3,992	0	0	0	498	0	496
Debt repaid	-2,200	-86	-89	-3,200	-94	-800	-75	-1,077	-103	-69
Share buybacks	-469	-328	-247	-196	-496	-439	-676	-700	-903	-848
Dividends paid	-3,904	-689	-1,038	-1,479	-5,748	-1,498	-1,251	-9,041	-2,183	-2,458
Cash from financing	-3,218	-1,281	-1,147	-1,147	-6,488	-4,283	-2,614	-10,764	-3,775	-3,355
Exchange rate effect	25	-37	-15	70	46	-249	15	40	6	-38
Net change in cash	1,167	1,509	2,329	3,893	-1,019	-1,055	3,497	-3,794	4,255	6,046
Free cash flow	4,224	2,805	3,358	6,051	5,370	3,501	6,745	6,629	7,837	9,382
Interest paid	131	143	141	124	149	145	125	129	106	103
Income taxes paid	1,185	1,204	1,187	1,052	1,527	1,940	2,234	2,319	2,917	2,839

Key metrics

Worked out from the statements above. Latest values use fiscal 2026. Valuation uses the share price of $1,066.14 on November 10, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	12.8%	Gross profit / revenue.
Operating margin	3.9%	Operating income / revenue.
EBITDA margin	4.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	4.0%	Pre-tax income / revenue.
Net margin	3.0%	Net income / revenue.
FCF margin	3.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	5.2%	Cash from operations / revenue.
Effective tax rate	24.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	28.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	11.1%	Net income / average total assets.
Return on invested capital (ROIC)	41.4%	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%.
SG&A / revenue	9.0%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.1%	Capital expenditures / revenue.
D&A / revenue	0.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	10.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	7.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	9.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	10.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	9.4%	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	9.0%	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	12.5%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	12.9%	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	11.7%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	12.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	12.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	11.1%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	13.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	13.6%	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	13.0%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	14.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	13.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	13.0%	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	18.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	12.6%	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	12.0%	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	19.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	11.6%	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	11.8%	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	12.6%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	13.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	22.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	12.6%	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	15.3%	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	15.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	8.9%	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	8.5%	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	-0.1%	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	1.06x	Current assets / current liabilities.
Quick ratio	0.57x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.48x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.17x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	6.9%	Total debt / total assets.
Liabilities / assets	59.8%	Total liabilities / total assets.
Net debt	-$15.14B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-1.05x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	80.6x	Operating income / interest expense.
Working capital	$2.63B	Current assets - current liabilities.
Goodwill and intangibles / assets	1.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$34.81B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	3.65x	Revenue / average total assets.
Fixed asset turnover	8.98x	Revenue / average property, plant and equipment.
Inventory turnover	14.1x	Cost of revenue / average inventory.
Days inventory	26 days	365 x average inventory / cost of revenue.
Receivables turnover	84.7x	Revenue / average receivables.
Days sales outstanding	4 days	365 x average receivables / revenue.
Days payables	29 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	1 days	Days inventory + days sales outstanding - days payables.
FCF conversion	101.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	40.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$20.76	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.
EPS, basic	$20.78	Net income per basic share, as reported (split-adjusted).
Revenue per share	$682.12	Revenue / diluted weighted shares.
FCF per share	$21.11	Free cash flow / diluted weighted shares.
Operating cash flow per share	$35.59	Cash from operations / diluted weighted shares.
Book value per share	$80.77	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$78.53	Tangible book value / shares outstanding.
Cash per share	$48.05	(Cash + short-term investments) / shares outstanding.
Dividend per share	$5.54	Dividend declared per common share (paid, when declared is not tagged).
Payout ratio	26.6%	Dividends paid / net income, when net income is positive.
Dividends / FCF	26.2%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	9.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$472.81B	Share price x shares outstanding.
Enterprise value	$457.67B	Market cap + total debt - cash - short-term investments.
P/E	51.2x	Market cap / net income. Only when net income is positive.
P/S	1.56x	Market cap / revenue.
P/B	13.2x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	13.6x	Market cap / tangible book value, when positive.
P/FCF	50.4x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	29.9x	Market cap / cash from operations, when positive.
EV/Sales	1.51x	Enterprise value / revenue.
EV/EBIT	39.2x	Enterprise value / operating income, when both are positive.
EV/EBITDA	31.9x	Enterprise value / EBITDA, when both are positive.
EV/FCF	48.8x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.0%	Free cash flow / market cap.
Earnings yield	2.0%	Net income / market cap (the inverse of P/E).
Dividend yield	0.5%	Dividends paid over the period / market cap.
Shareholder yield	0.7%	(Dividends paid + share buybacks) / market cap.
PEG	3.77x	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 2026?

COSTCO WHOLESALE CORP /NEW reported revenue of $303.15B for fiscal 2026, 10.1% higher than the year before.

Was COSTCO WHOLESALE CORP /NEW profitable in fiscal 2026?

Yes. Net income was $9.23B, a net margin of 3%.

How much free cash flow did COSTCO WHOLESALE CORP /NEW generate in fiscal 2026?

Cash from operations of $15.82B minus capital expenditures of $6.44B left free cash flow of $9.38B.

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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