Costco Wholesale Corporation (COST) 10-Year Financial Performance & Capital Metrics

COST • • Industrial / General

Consumer DefensiveDiscount StoresMembership Warehouse ClubsMajor Warehouse Clubs

AboutCostco Wholesale Corporation, together with its subsidiaries, engages in the operation of membership warehouses in the United States, Puerto Rico, Canada, the United Kingdom, Mexico, Japan, Korea, Australia, Spain, France, Iceland, China, and Taiwan. It offers branded and private-label products in a range of merchandise categories. The company offers sundries, dry groceries, candies, coolers, freezers, liquor, and tobacco and deli products; appliances, electronics, health and beauty aids, hardware, garden and patio products, sporting goods, tires, toys and seasonal products, office supplies, automotive care products, postages, tickets, apparel, small appliances, furniture, domestics, housewares, special order kiosks, and jewelry; and meat, produce, service deli, and bakery products. It also operates pharmacies, opticals, food courts, hearing-aid centers, and tire installation centers, as well as 636 gas stations; and offers business delivery, travel, same-day grocery, and various other services online in various countries. As of August 29, 2021, the company operated 815 membership warehouses, including 564 in the United States and Puerto Rico, 105 in Canada, 39 in Mexico, 30 in Japan, 29 in the United Kingdom, 16 in South Korea, 14 in Taiwan, 12 in Australia, 3 in Spain, 1 in Iceland, 1 in France, and 1 in China. It also operates e-commerce websites in the United States, Canada, the United Kingdom, Mexico, South Korea, Taiwan, Japan, and Australia. The company was formerly known as Costco Companies, Inc. and changed its name to Costco Wholesale Corporation in August 1999. Costco Wholesale Corporation was founded in 1976 and is based in Issaquah, Washington.Show more

Revenue $275.24B +8.2%
EBITDA $12.81B +11.2%
Net Income $8.1B +9.9%
EPS (Diluted) 18.21 +10.0%
Gross Margin 12.84% +1.8%
EBITDA Margin 4.65% +2.8%
Operating Margin 3.77% +3.4%
Net Margin 2.94% +1.6%
ROE 30.69% +1.4%
ROIC 34.48% +4.6%
Debt/Equity 0.28 -20.0%
Interest Coverage 67.42 +22.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 29.5%
✓Strong 5Y profit CAGR of 15.1%
✓Strong Piotroski F-Score: 7/9
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 10.5%
✓Efficient asset utilization: 3.6x turnover

✗Weaknesses

✗Expensive at 14.4x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y9.01%

5Y10.54%

3Y6.64%

TTM8.34%

Profit (Net Income) CAGR

10Y13.04%

5Y15.14%

3Y11.49%

TTM9.58%

EPS CAGR

10Y12.99%

5Y15.09%

3Y11.49%

TTM9.63%

ROCE

10Y Avg23.51%

5Y Avg25.17%

3Y Avg26.18%

Latest27.93%

Peer Comparison

Major Warehouse Clubs

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
COSTCostco Wholesale Corporation	418.09B	941.93	51.73	8.17%	2.96%	27.4%	1.87%	0.28

Profit & Loss

	Aug 2016	Aug 2017	Aug 2018	Aug 2019	Aug 2020	Aug 2021	Aug 2022	Aug 2023	Aug 2024	Aug 2025
Sales/Revenue+	118.72B	129.03B	141.58B	152.7B	166.76B	195.93B	226.95B	242.29B	254.45B	275.24B
Revenue Growth %	0.02%	0.09%	0.1%	0.08%	0.09%	0.17%	0.16%	0.07%	0.05%	0.08%
Cost of Goods Sold+	102.9B	111.88B	123.15B	132.89B	144.94B	170.68B	199.38B	212.59B	222.36B	239.89B
COGS % of Revenue	0.87%	0.87%	0.87%	0.87%	0.87%	0.87%	0.88%	0.88%	0.87%	0.87%
Gross Profit+	15.82B	17.14B	18.42B	19.82B	21.82B	25.25B	27.57B	29.7B	32.09B	35.35B
Gross Margin %	0.13%	0.13%	0.13%	0.13%	0.13%	0.13%	0.12%	0.12%	0.13%	0.13%
Gross Profit Growth %	0.05%	0.08%	0.07%	0.08%	0.1%	0.16%	0.09%	0.08%	0.08%	0.1%
Operating Expenses+	12.15B	13.03B	13.94B	15.08B	16.39B	18.54B	19.78B	21.59B	22.81B	24.97B
OpEx % of Revenue	0.1%	0.1%	0.1%	0.1%	0.1%	0.09%	0.09%	0.09%	0.09%	0.09%
Selling, General & Admin	12.07B	12.95B	13.88B	14.99B	16.33B	18.46B	19.78B	21.59B	22.81B	24.97B
SG&A % of Revenue	0.1%	0.1%	0.1%	0.1%	0.1%	0.09%	0.09%	0.09%	0.09%	0.09%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	11M	17M	23M	86M	55M	76M	38M	0	0	0
Operating Income+	3.67B	4.11B	4.48B	4.74B	5.43B	6.71B	7.79B	8.11B	9.29B	10.38B
Operating Margin %	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.04%	0.04%
Operating Income Growth %	0.01%	0.12%	0.09%	0.06%	0.15%	0.23%	0.16%	0.04%	0.14%	0.12%
EBITDA+	4.93B	5.48B	5.92B	6.23B	7.27B	8.78B	10.07B	10.6B	11.52B	12.81B
EBITDA Margin %	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.05%	0.05%
EBITDA Growth %	0.04%	0.11%	0.08%	0.05%	0.17%	0.21%	0.15%	0.05%	0.09%	0.11%
D&A (Non-Cash Add-back)	1.25B	1.37B	1.44B	1.49B	1.84B	2.07B	2.28B	2.49B	2.24B	2.43B
EBIT	3.75B	4.17B	4.6B	4.92B	5.53B	6.85B	8B	8.65B	9.91B	10.97B
Net Interest Income+	-81M	-67M	-61M	1M	-75M	-130M	-97M	310M	429M	435M
Interest Income	52M	67M	98M	151M	89M	41M	61M	470M	598M	589M
Interest Expense	133M	134M	159M	150M	164M	171M	158M	160M	169M	154M
Other Income/Expense	-53M	-72M	-38M	28M	-68M	-28M	47M	373M	455M	435M
Pretax Income+	3.62B	4.04B	4.44B	4.76B	5.37B	6.68B	7.84B	8.49B	9.74B	10.82B
Pretax Margin %	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.04%	0.04%	0.04%
Income Tax+	1.24B	1.32B	1.26B	1.06B	1.31B	1.6B	1.93B	2.19B	2.37B	2.72B
Effective Tax Rate %	0.65%	0.66%	0.71%	0.77%	0.75%	0.75%	0.75%	0.74%	0.76%	0.75%
Net Income+	2.35B	2.68B	3.13B	3.66B	4B	5.01B	5.84B	6.29B	7.37B	8.1B
Net Margin %	0.02%	0.02%	0.02%	0.02%	0.02%	0.03%	0.03%	0.03%	0.03%	0.03%
Net Income Growth %	-0.01%	0.14%	0.17%	0.17%	0.09%	0.25%	0.17%	0.08%	0.17%	0.1%
Net Income (Continuing)	2.38B	2.71B	3.18B	3.7B	4.06B	5.08B	5.92B	6.29B	7.37B	8.1B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	253M	301M	304M	341M	421M	514M	5M	0	0	0
EPS (Diluted)+	5.33	6.08	7.09	8.26	9.02	11.27	13.14	14.16	16.56	18.21
EPS Growth %	-0.01%	0.14%	0.17%	0.17%	0.09%	0.25%	0.17%	0.08%	0.17%	0.1%
EPS (Basic)	5.36	6.11	7.15	8.32	9.05	11.30	13.17	14.18	16.60	18.24
Diluted Shares Outstanding	441.26M	440.94M	441.83M	442.92M	443.9M	444.35M	444.76M	444.45M	444.76M	444.8M
Basic Shares Outstanding	438.58M	438.44M	438.51M	439.75M	442.3M	443.09M	443.65M	443.85M	443.91M	443.99M
Dividend Payout Ratio	0.32%	1.46%	0.22%	0.28%	0.37%	1.15%	0.26%	0.2%	1.23%	0.27%

Balance Sheet

	Aug 2016	Aug 2017	Aug 2018	Aug 2019	Aug 2020	Aug 2021	Aug 2022	Aug 2023	Aug 2024	Aug 2025
Total Current Assets+	15.22B	17.32B	20.29B	23.48B	28.12B	29.5B	32.7B	35.88B	34.25B	38.38B
Cash & Short-Term Investments	4.73B	5.78B	7.26B	9.44B	13.3B	12.18B	11.05B	15.23B	11.14B	15.28B
Cash Only	3.38B	4.55B	6.05B	8.38B	12.28B	11.26B	10.2B	13.7B	9.91B	14.16B
Short-Term Investments	1.35B	1.23B	1.2B	1.06B	1.03B	917M	846M	1.53B	1.24B	1.12B
Accounts Receivable	1.25B	1.43B	1.67B	1.53B	1.55B	1.8B	2.24B	2.29B	2.72B	3.2B
Days Sales Outstanding	3.85	4.05	4.3	3.67	3.39	3.36	3.6	3.44	3.9	4.25
Inventory	8.97B	9.83B	11.04B	11.39B	12.24B	14.21B	17.91B	16.65B	18.65B	18.12B
Days Inventory Outstanding	31.81	32.08	32.72	31.3	30.83	30.4	32.78	28.59	30.61	27.56
Other Current Assets	268M	272M	321M	1.11B	1.02B	1.31B	1.5B	1.71B	1.73B	1.78B
Total Non-Current Assets+	17.95B	19.03B	20.54B	21.91B	27.44B	29.76B	31.47B	33.12B	35.59B	38.72B
Property, Plant & Equipment	17.04B	18.16B	19.68B	20.89B	24.59B	26.38B	27.42B	29.4B	31.65B	34.63B
Fixed Asset Turnover	6.97x	7.10x	7.19x	7.31x	6.78x	7.43x	8.28x	8.24x	8.04x	7.95x
Goodwill	0	0	0	0	0	0	0	0	0	994M
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	902M	869M	860M	1.02B	2.84B	3.38B	4.05B	3.72B	3.94B	3.09B
Total Assets+	33.16B	36.35B	40.83B	45.4B	55.56B	59.27B	64.17B	68.99B	69.83B	77.1B
Asset Turnover	3.58x	3.55x	3.47x	3.36x	3.00x	3.31x	3.54x	3.51x	3.64x	3.57x
Asset Growth %	0%	0.1%	0.12%	0.11%	0.22%	0.07%	0.08%	0.08%	0.01%	0.1%
Total Current Liabilities+	15.57B	17.5B	19.93B	23.24B	24.84B	29.44B	32B	33.58B	35.46B	37.11B
Accounts Payable	7.61B	9.61B	11.24B	11.68B	14.17B	16.28B	17.85B	17.48B	19.42B	19.78B
Days Payables Outstanding	27	31.34	33.3	32.08	35.69	34.81	32.67	30.02	31.88	30.1
Short-Term Debt	1.1B	86M	90M	1.7B	95M	799M	73M	1.08B	103M	361M
Deferred Revenue (Current)	1000K	0	0	0	0	0	0	0	0	1000K
Other Current Liabilities	3B	4.14B	4.55B	5.5B	5.58B	6.6B	7.79B	8.59B	8.71B	8.9B
Current Ratio	0.98x	0.99x	1.02x	1.01x	1.13x	1.00x	1.02x	1.07x	0.97x	1.03x
Quick Ratio	0.40x	0.43x	0.46x	0.52x	0.64x	0.52x	0.46x	0.57x	0.44x	0.55x
Cash Conversion Cycle	8.66	4.79	3.72	2.89	-1.47	-1.05	3.71	2.01	2.63	1.71
Total Non-Current Liabilities+	5.26B	7.77B	7.8B	6.58B	12.01B	11.75B	11.52B	10.35B	10.74B	10.83B
Long-Term Debt	4.06B	6.57B	6.49B	5.12B	7.51B	6.69B	6.48B	5.38B	5.79B	5.71B
Capital Lease Obligations	0	0	0	0	2.56B	2.64B	2.48B	2.43B	2.38B	2.46B
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	1.2B	1.2B	1.31B	1.46B	1.94B	2.42B	2.56B	2.55B	2.58B	2.65B
Total Liabilities	20.83B	25.27B	27.73B	29.82B	36.85B	41.19B	43.52B	43.94B	46.21B	47.94B
Total Debt+	5.16B	6.66B	6.58B	6.82B	10.17B	10.13B	9.04B	8.88B	8.27B	8.17B
Net Debt	1.78B	2.11B	522M	-1.56B	-2.11B	-1.13B	-1.16B	-4.82B	-1.63B	-5.99B
Debt / Equity	0.42x	0.60x	0.50x	0.44x	0.54x	0.56x	0.44x	0.35x	0.35x	0.28x
Debt / EBITDA	1.05x	1.21x	1.11x	1.10x	1.40x	1.15x	0.90x	0.84x	0.72x	0.64x
Net Debt / EBITDA	0.36x	0.39x	0.09x	-0.25x	-0.29x	-0.13x	-0.12x	-0.45x	-0.14x	-0.47x
Interest Coverage	27.61x	30.68x	28.18x	31.58x	33.14x	39.23x	49.32x	50.71x	54.94x	67.42x
Total Equity+	12.33B	11.08B	13.1B	15.58B	18.7B	18.08B	20.65B	25.06B	23.62B	29.16B
Equity Growth %	0.14%	-0.1%	0.18%	0.19%	0.2%	-0.03%	0.14%	0.21%	-0.06%	0.23%
Book Value per Share	27.95	25.13	29.66	35.18	42.14	40.68	46.42	56.38	53.11	65.57
Total Shareholders' Equity	12.08B	10.78B	12.8B	15.24B	18.28B	17.56B	20.64B	25.06B	23.62B	29.16B
Common Stock	2M	4M	4M	4M	4M	4M	2M	2M	2M	2M
Retained Earnings	7.69B	5.99B	7.89B	10.26B	12.88B	11.67B	15.59B	19.52B	17.62B	22.65B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-1.1B	-1.01B	-1.2B	-1.44B	-1.3B	-1.14B	-1.83B	-1.8B	-1.83B	-1.77B
Minority Interest	253M	301M	304M	341M	421M	514M	5M	0	0	0

Cash Flow

	Aug 2016	Aug 2017	Aug 2018	Aug 2019	Aug 2020	Aug 2021	Aug 2022	Aug 2023	Aug 2024	Aug 2025
Cash from Operations+	3.29B	6.73B	5.77B	6.36B	8.86B	8.96B	7.39B	11.07B	11.34B	13.34B
Operating CF Margin %	0.03%	0.05%	0.04%	0.04%	0.05%	0.05%	0.03%	0.05%	0.04%	0.05%
Operating CF Growth %	-0.23%	1.04%	-0.14%	0.1%	0.39%	0.01%	-0.17%	0.5%	0.02%	0.18%
Net Income	2.38B	2.71B	3.18B	3.7B	4.06B	5.08B	5.92B	6.29B	7.37B	8.1B
Depreciation & Amortization	1.25B	1.37B	1.44B	1.49B	1.65B	1.78B	1.9B	2.08B	2.24B	2.43B
Stock-Based Compensation	459M	514M	544M	595M	619M	665M	724M	774M	818M	860M
Deferred Taxes	269M	-29M	-49M	147M	104M	59M	-37M	0	0	0
Other Non-Cash Items	-57M	-14M	-6M	9M	236M	371M	453M	907M	306M	186M
Working Capital Changes	-1.01B	2.17B	669M	409M	2.2B	1B	-1.56B	1.02B	611M	1.76B
Change in Receivables	0	0	0	0	0	0	0	0	0	0
Change in Inventory	-25M	-894M	-1.31B	-536M	-791M	-1.89B	-4B	1.23B	-2.07B	559M
Change in Payables	-1.53B	2.26B	1.56B	322M	2.26B	1.84B	1.89B	-382M	1.94B	404M
Cash from Investing+	-2.35B	-2.37B	-2.95B	-2.87B	-3.89B	-3.54B	-4.76B	-4.97B	-4.41B	-5.31B
Capital Expenditures	-2.65B	-2.5B	-2.97B	-3B	-2.81B	-3.59B	-3.89B	-4.32B	-4.71B	-5.5B
CapEx % of Revenue	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	27M	30M	4M	-4M	30M	-62M	-48M	36M	-19M	74M
Cash from Financing+	-2.42B	-3.22B	-1.28B	-1.15B	-1.15B	-6.49B	-3.44B	-2.61B	-10.76B	-3.77B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-746M	-3.9B	-689M	-1.04B	-1.48B	-5.75B	-1.5B	-1.25B	-9.04B	-2.18B
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-165M	-191M	-258M	-281M	-264M	-124M	-704M	-303M	-315M	-393M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	643M	4.22B	2.81B	3.36B	6.05B	5.37B	3.5B	6.75B	6.63B	7.84B
FCF Margin %	0.01%	0.03%	0.02%	0.02%	0.04%	0.03%	0.02%	0.03%	0.03%	0.03%
FCF Growth %	-0.66%	5.57%	-0.34%	0.2%	0.8%	-0.11%	-0.35%	0.93%	-0.02%	0.18%
FCF per Share	1.46	9.58	6.35	7.58	13.63	12.09	7.87	15.18	14.90	17.62
FCF Conversion (FCF/Net Income)	1.40x	2.51x	1.84x	1.74x	2.21x	1.79x	1.26x	1.76x	1.54x	1.65x
Interest Paid	123M	131M	143M	141M	124M	149M	145M	125M	129M	106M
Taxes Paid	953M	1.19B	1.2B	1.19B	1.05B	1.53B	1.94B	2.23B	2.32B	2.92B

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	20.28%	22.89%	25.92%	25.51%	23.34%	27.22%	30.18%	27.53%	30.27%	30.69%
Return on Invested Capital (ROIC)	20.95%	22.58%	25.06%	25.7%	26.63%	29.99%	32.08%	30.64%	32.98%	34.48%
Gross Margin	13.32%	13.29%	13.01%	12.98%	13.09%	12.88%	12.15%	12.26%	12.61%	12.84%
Net Margin	1.98%	2.08%	2.21%	2.4%	2.4%	2.56%	2.57%	2.6%	2.9%	2.94%
Debt / Equity	0.42x	0.60x	0.50x	0.44x	0.54x	0.56x	0.44x	0.35x	0.35x	0.28x
Interest Coverage	27.61x	30.68x	28.18x	31.58x	33.14x	39.23x	49.32x	50.71x	54.94x	67.42x
FCF Conversion	1.40x	2.51x	1.84x	1.74x	2.21x	1.79x	1.26x	1.76x	1.54x	1.65x
Revenue Growth	2.17%	8.68%	9.73%	7.86%	9.21%	17.49%	15.83%	6.76%	5.02%	8.17%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Food and Sundries	-	-	-	59.67B	68.66B	77.28B	85.63B	96.17B	101.46B	109.56B
Food and Sundries Growth	-	-	-	-	15.06%	12.55%	10.81%	12.32%	5.50%	7.98%
Non-Foods	-	-	-	-	-	55.97B	61.1B	60.87B	63.97B	71.19B
Non-Foods Growth	-	-	-	-	-	-	9.17%	-0.38%	5.11%	11.28%
Other	-	-	-	28.57B	26.55B	31.63B	46.47B	48.69B	49.97B	51.17B
Other Growth	-	-	-	-	-7.07%	19.12%	46.95%	4.77%	2.62%	2.40%
Fresh Food	-	-	-	19.95B	23.2B	27.18B	29.53B	31.98B	34.22B	37.99B
Fresh Food Growth	-	-	-	-	16.32%	17.15%	8.62%	8.30%	7.01%	11.01%
Membership	-	-	-	3.35B	3.54B	3.88B	4.22B	4.58B	4.83B	5.32B
Membership Growth	-	-	-	-	5.64%	9.49%	8.95%	8.43%	5.41%	10.25%
Hardlines	-	-	-	24.57B	27.73B	-	-	-	-	-
Hardlines Growth	-	-	-	-	12.86%	-	-	-	-	-
Softlines	-	-	-	16.59B	17.08B	-	-	-	-	-
Softlines Growth	-	-	-	-	2.94%	-	-	-	-	-

Revenue by Geography

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Other International Operations	15.11B	16.36B	18.6B	19.59B	22.18B	27.23B	29.98B	32.6B	35.44B	38.27B
Other International Operations Growth	-	8.26%	13.69%	5.30%	13.27%	22.75%	10.11%	8.73%	8.69%	7.99%
UNITED STATES	86.58B	93.89B	102.29B	111.75B	122.14B	141.4B	165.29B	176.63B	184.14B	-
UNITED STATES Growth	-	8.44%	8.94%	9.25%	9.30%	15.77%	16.90%	6.86%	4.25%	-
CANADA	17.03B	18.77B	20.69B	21.37B	22.43B	27.3B	31.68B	33.06B	34.87B	-
CANADA Growth	-	10.26%	10.19%	3.27%	5.00%	21.68%	16.03%	4.36%	5.50%	-

Frequently Asked Questions

Valuation & Price

Costco Wholesale Corporation (COST) has a price-to-earnings (P/E) ratio of 51.7x. This suggests investors expect higher future growth.

Growth & Financials

Costco Wholesale Corporation (COST) reported $280.39B in revenue for fiscal year 2025. This represents a 183% increase from $99.14B in 2012.

Costco Wholesale Corporation (COST) grew revenue by 8.2% over the past year. This is steady growth.

Yes, Costco Wholesale Corporation (COST) is profitable, generating $8.30B in net income for fiscal year 2025 (2.9% net margin).

Dividend & Returns

Yes, Costco Wholesale Corporation (COST) pays a dividend with a yield of 0.52%. This makes it attractive for income-focused investors.

Costco Wholesale Corporation (COST) has a return on equity (ROE) of 30.7%. This is excellent, indicating efficient use of shareholder capital.

Costco Wholesale Corporation (COST) generated $9.00B in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

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Costco Wholesale Corporation (COST) 10-Year Financial Performance & Capital Metrics

COST • • Industrial / General

Consumer DefensiveDiscount StoresMembership Warehouse ClubsMajor Warehouse Clubs

Revenue $275.24B +8.2%
EBITDA $12.81B +11.2%
Net Income $8.1B +9.9%
EPS (Diluted) 18.21 +10.0%
Gross Margin 12.84% +1.8%
EBITDA Margin 4.65% +2.8%
Operating Margin 3.77% +3.4%
Net Margin 2.94% +1.6%
ROE 30.69% +1.4%
ROIC 34.48% +4.6%
Debt/Equity 0.28 -20.0%
Interest Coverage 67.42 +22.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 29.5%
✓Strong 5Y profit CAGR of 15.1%
✓Strong Piotroski F-Score: 7/9
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 10.5%
✓Efficient asset utilization: 3.6x turnover

✗Weaknesses

✗Expensive at 14.4x book value

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y9.01%

5Y10.54%

3Y6.64%

TTM8.34%

Profit (Net Income) CAGR

10Y13.04%

5Y15.14%

3Y11.49%

TTM9.58%

EPS CAGR

10Y12.99%

5Y15.09%

3Y11.49%

TTM9.63%

ROCE

10Y Avg23.51%

5Y Avg25.17%

3Y Avg26.18%

Latest27.93%

Peer Comparison

Major Warehouse Clubs

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
COSTCostco Wholesale Corporation	418.09B	941.93	51.73	8.17%	2.96%	27.4%	1.87%	0.28

Profit & Loss

	Aug 2016	Aug 2017	Aug 2018	Aug 2019	Aug 2020	Aug 2021	Aug 2022	Aug 2023	Aug 2024	Aug 2025
Sales/Revenue+	118.72B	129.03B	141.58B	152.7B	166.76B	195.93B	226.95B	242.29B	254.45B	275.24B
Revenue Growth %	0.02%	0.09%	0.1%	0.08%	0.09%	0.17%	0.16%	0.07%	0.05%	0.08%
Cost of Goods Sold+	102.9B	111.88B	123.15B	132.89B	144.94B	170.68B	199.38B	212.59B	222.36B	239.89B
COGS % of Revenue	0.87%	0.87%	0.87%	0.87%	0.87%	0.87%	0.88%	0.88%	0.87%	0.87%
Gross Profit+	15.82B	17.14B	18.42B	19.82B	21.82B	25.25B	27.57B	29.7B	32.09B	35.35B
Gross Margin %	0.13%	0.13%	0.13%	0.13%	0.13%	0.13%	0.12%	0.12%	0.13%	0.13%
Gross Profit Growth %	0.05%	0.08%	0.07%	0.08%	0.1%	0.16%	0.09%	0.08%	0.08%	0.1%
Operating Expenses+	12.15B	13.03B	13.94B	15.08B	16.39B	18.54B	19.78B	21.59B	22.81B	24.97B
OpEx % of Revenue	0.1%	0.1%	0.1%	0.1%	0.1%	0.09%	0.09%	0.09%	0.09%	0.09%
Selling, General & Admin	12.07B	12.95B	13.88B	14.99B	16.33B	18.46B	19.78B	21.59B	22.81B	24.97B
SG&A % of Revenue	0.1%	0.1%	0.1%	0.1%	0.1%	0.09%	0.09%	0.09%	0.09%	0.09%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	11M	17M	23M	86M	55M	76M	38M	0	0	0
Operating Income+	3.67B	4.11B	4.48B	4.74B	5.43B	6.71B	7.79B	8.11B	9.29B	10.38B
Operating Margin %	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.04%	0.04%
Operating Income Growth %	0.01%	0.12%	0.09%	0.06%	0.15%	0.23%	0.16%	0.04%	0.14%	0.12%
EBITDA+	4.93B	5.48B	5.92B	6.23B	7.27B	8.78B	10.07B	10.6B	11.52B	12.81B
EBITDA Margin %	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.05%	0.05%
EBITDA Growth %	0.04%	0.11%	0.08%	0.05%	0.17%	0.21%	0.15%	0.05%	0.09%	0.11%
D&A (Non-Cash Add-back)	1.25B	1.37B	1.44B	1.49B	1.84B	2.07B	2.28B	2.49B	2.24B	2.43B
EBIT	3.75B	4.17B	4.6B	4.92B	5.53B	6.85B	8B	8.65B	9.91B	10.97B
Net Interest Income+	-81M	-67M	-61M	1M	-75M	-130M	-97M	310M	429M	435M
Interest Income	52M	67M	98M	151M	89M	41M	61M	470M	598M	589M
Interest Expense	133M	134M	159M	150M	164M	171M	158M	160M	169M	154M
Other Income/Expense	-53M	-72M	-38M	28M	-68M	-28M	47M	373M	455M	435M
Pretax Income+	3.62B	4.04B	4.44B	4.76B	5.37B	6.68B	7.84B	8.49B	9.74B	10.82B
Pretax Margin %	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.04%	0.04%	0.04%
Income Tax+	1.24B	1.32B	1.26B	1.06B	1.31B	1.6B	1.93B	2.19B	2.37B	2.72B
Effective Tax Rate %	0.65%	0.66%	0.71%	0.77%	0.75%	0.75%	0.75%	0.74%	0.76%	0.75%
Net Income+	2.35B	2.68B	3.13B	3.66B	4B	5.01B	5.84B	6.29B	7.37B	8.1B
Net Margin %	0.02%	0.02%	0.02%	0.02%	0.02%	0.03%	0.03%	0.03%	0.03%	0.03%
Net Income Growth %	-0.01%	0.14%	0.17%	0.17%	0.09%	0.25%	0.17%	0.08%	0.17%	0.1%
Net Income (Continuing)	2.38B	2.71B	3.18B	3.7B	4.06B	5.08B	5.92B	6.29B	7.37B	8.1B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	253M	301M	304M	341M	421M	514M	5M	0	0	0
EPS (Diluted)+	5.33	6.08	7.09	8.26	9.02	11.27	13.14	14.16	16.56	18.21
EPS Growth %	-0.01%	0.14%	0.17%	0.17%	0.09%	0.25%	0.17%	0.08%	0.17%	0.1%
EPS (Basic)	5.36	6.11	7.15	8.32	9.05	11.30	13.17	14.18	16.60	18.24
Diluted Shares Outstanding	441.26M	440.94M	441.83M	442.92M	443.9M	444.35M	444.76M	444.45M	444.76M	444.8M
Basic Shares Outstanding	438.58M	438.44M	438.51M	439.75M	442.3M	443.09M	443.65M	443.85M	443.91M	443.99M
Dividend Payout Ratio	0.32%	1.46%	0.22%	0.28%	0.37%	1.15%	0.26%	0.2%	1.23%	0.27%

Balance Sheet

	Aug 2016	Aug 2017	Aug 2018	Aug 2019	Aug 2020	Aug 2021	Aug 2022	Aug 2023	Aug 2024	Aug 2025
Total Current Assets+	15.22B	17.32B	20.29B	23.48B	28.12B	29.5B	32.7B	35.88B	34.25B	38.38B
Cash & Short-Term Investments	4.73B	5.78B	7.26B	9.44B	13.3B	12.18B	11.05B	15.23B	11.14B	15.28B
Cash Only	3.38B	4.55B	6.05B	8.38B	12.28B	11.26B	10.2B	13.7B	9.91B	14.16B
Short-Term Investments	1.35B	1.23B	1.2B	1.06B	1.03B	917M	846M	1.53B	1.24B	1.12B
Accounts Receivable	1.25B	1.43B	1.67B	1.53B	1.55B	1.8B	2.24B	2.29B	2.72B	3.2B
Days Sales Outstanding	3.85	4.05	4.3	3.67	3.39	3.36	3.6	3.44	3.9	4.25
Inventory	8.97B	9.83B	11.04B	11.39B	12.24B	14.21B	17.91B	16.65B	18.65B	18.12B
Days Inventory Outstanding	31.81	32.08	32.72	31.3	30.83	30.4	32.78	28.59	30.61	27.56
Other Current Assets	268M	272M	321M	1.11B	1.02B	1.31B	1.5B	1.71B	1.73B	1.78B
Total Non-Current Assets+	17.95B	19.03B	20.54B	21.91B	27.44B	29.76B	31.47B	33.12B	35.59B	38.72B
Property, Plant & Equipment	17.04B	18.16B	19.68B	20.89B	24.59B	26.38B	27.42B	29.4B	31.65B	34.63B
Fixed Asset Turnover	6.97x	7.10x	7.19x	7.31x	6.78x	7.43x	8.28x	8.24x	8.04x	7.95x
Goodwill	0	0	0	0	0	0	0	0	0	994M
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	902M	869M	860M	1.02B	2.84B	3.38B	4.05B	3.72B	3.94B	3.09B
Total Assets+	33.16B	36.35B	40.83B	45.4B	55.56B	59.27B	64.17B	68.99B	69.83B	77.1B
Asset Turnover	3.58x	3.55x	3.47x	3.36x	3.00x	3.31x	3.54x	3.51x	3.64x	3.57x
Asset Growth %	0%	0.1%	0.12%	0.11%	0.22%	0.07%	0.08%	0.08%	0.01%	0.1%
Total Current Liabilities+	15.57B	17.5B	19.93B	23.24B	24.84B	29.44B	32B	33.58B	35.46B	37.11B
Accounts Payable	7.61B	9.61B	11.24B	11.68B	14.17B	16.28B	17.85B	17.48B	19.42B	19.78B
Days Payables Outstanding	27	31.34	33.3	32.08	35.69	34.81	32.67	30.02	31.88	30.1
Short-Term Debt	1.1B	86M	90M	1.7B	95M	799M	73M	1.08B	103M	361M
Deferred Revenue (Current)	1000K	0	0	0	0	0	0	0	0	1000K
Other Current Liabilities	3B	4.14B	4.55B	5.5B	5.58B	6.6B	7.79B	8.59B	8.71B	8.9B
Current Ratio	0.98x	0.99x	1.02x	1.01x	1.13x	1.00x	1.02x	1.07x	0.97x	1.03x
Quick Ratio	0.40x	0.43x	0.46x	0.52x	0.64x	0.52x	0.46x	0.57x	0.44x	0.55x
Cash Conversion Cycle	8.66	4.79	3.72	2.89	-1.47	-1.05	3.71	2.01	2.63	1.71
Total Non-Current Liabilities+	5.26B	7.77B	7.8B	6.58B	12.01B	11.75B	11.52B	10.35B	10.74B	10.83B
Long-Term Debt	4.06B	6.57B	6.49B	5.12B	7.51B	6.69B	6.48B	5.38B	5.79B	5.71B
Capital Lease Obligations	0	0	0	0	2.56B	2.64B	2.48B	2.43B	2.38B	2.46B
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	1.2B	1.2B	1.31B	1.46B	1.94B	2.42B	2.56B	2.55B	2.58B	2.65B
Total Liabilities	20.83B	25.27B	27.73B	29.82B	36.85B	41.19B	43.52B	43.94B	46.21B	47.94B
Total Debt+	5.16B	6.66B	6.58B	6.82B	10.17B	10.13B	9.04B	8.88B	8.27B	8.17B
Net Debt	1.78B	2.11B	522M	-1.56B	-2.11B	-1.13B	-1.16B	-4.82B	-1.63B	-5.99B
Debt / Equity	0.42x	0.60x	0.50x	0.44x	0.54x	0.56x	0.44x	0.35x	0.35x	0.28x
Debt / EBITDA	1.05x	1.21x	1.11x	1.10x	1.40x	1.15x	0.90x	0.84x	0.72x	0.64x
Net Debt / EBITDA	0.36x	0.39x	0.09x	-0.25x	-0.29x	-0.13x	-0.12x	-0.45x	-0.14x	-0.47x
Interest Coverage	27.61x	30.68x	28.18x	31.58x	33.14x	39.23x	49.32x	50.71x	54.94x	67.42x
Total Equity+	12.33B	11.08B	13.1B	15.58B	18.7B	18.08B	20.65B	25.06B	23.62B	29.16B
Equity Growth %	0.14%	-0.1%	0.18%	0.19%	0.2%	-0.03%	0.14%	0.21%	-0.06%	0.23%
Book Value per Share	27.95	25.13	29.66	35.18	42.14	40.68	46.42	56.38	53.11	65.57
Total Shareholders' Equity	12.08B	10.78B	12.8B	15.24B	18.28B	17.56B	20.64B	25.06B	23.62B	29.16B
Common Stock	2M	4M	4M	4M	4M	4M	2M	2M	2M	2M
Retained Earnings	7.69B	5.99B	7.89B	10.26B	12.88B	11.67B	15.59B	19.52B	17.62B	22.65B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-1.1B	-1.01B	-1.2B	-1.44B	-1.3B	-1.14B	-1.83B	-1.8B	-1.83B	-1.77B
Minority Interest	253M	301M	304M	341M	421M	514M	5M	0	0	0

Cash Flow

	Aug 2016	Aug 2017	Aug 2018	Aug 2019	Aug 2020	Aug 2021	Aug 2022	Aug 2023	Aug 2024	Aug 2025
Cash from Operations+	3.29B	6.73B	5.77B	6.36B	8.86B	8.96B	7.39B	11.07B	11.34B	13.34B
Operating CF Margin %	0.03%	0.05%	0.04%	0.04%	0.05%	0.05%	0.03%	0.05%	0.04%	0.05%
Operating CF Growth %	-0.23%	1.04%	-0.14%	0.1%	0.39%	0.01%	-0.17%	0.5%	0.02%	0.18%
Net Income	2.38B	2.71B	3.18B	3.7B	4.06B	5.08B	5.92B	6.29B	7.37B	8.1B
Depreciation & Amortization	1.25B	1.37B	1.44B	1.49B	1.65B	1.78B	1.9B	2.08B	2.24B	2.43B
Stock-Based Compensation	459M	514M	544M	595M	619M	665M	724M	774M	818M	860M
Deferred Taxes	269M	-29M	-49M	147M	104M	59M	-37M	0	0	0
Other Non-Cash Items	-57M	-14M	-6M	9M	236M	371M	453M	907M	306M	186M
Working Capital Changes	-1.01B	2.17B	669M	409M	2.2B	1B	-1.56B	1.02B	611M	1.76B
Change in Receivables	0	0	0	0	0	0	0	0	0	0
Change in Inventory	-25M	-894M	-1.31B	-536M	-791M	-1.89B	-4B	1.23B	-2.07B	559M
Change in Payables	-1.53B	2.26B	1.56B	322M	2.26B	1.84B	1.89B	-382M	1.94B	404M
Cash from Investing+	-2.35B	-2.37B	-2.95B	-2.87B	-3.89B	-3.54B	-4.76B	-4.97B	-4.41B	-5.31B
Capital Expenditures	-2.65B	-2.5B	-2.97B	-3B	-2.81B	-3.59B	-3.89B	-4.32B	-4.71B	-5.5B
CapEx % of Revenue	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	27M	30M	4M	-4M	30M	-62M	-48M	36M	-19M	74M
Cash from Financing+	-2.42B	-3.22B	-1.28B	-1.15B	-1.15B	-6.49B	-3.44B	-2.61B	-10.76B	-3.77B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-746M	-3.9B	-689M	-1.04B	-1.48B	-5.75B	-1.5B	-1.25B	-9.04B	-2.18B
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-165M	-191M	-258M	-281M	-264M	-124M	-704M	-303M	-315M	-393M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	643M	4.22B	2.81B	3.36B	6.05B	5.37B	3.5B	6.75B	6.63B	7.84B
FCF Margin %	0.01%	0.03%	0.02%	0.02%	0.04%	0.03%	0.02%	0.03%	0.03%	0.03%
FCF Growth %	-0.66%	5.57%	-0.34%	0.2%	0.8%	-0.11%	-0.35%	0.93%	-0.02%	0.18%
FCF per Share	1.46	9.58	6.35	7.58	13.63	12.09	7.87	15.18	14.90	17.62
FCF Conversion (FCF/Net Income)	1.40x	2.51x	1.84x	1.74x	2.21x	1.79x	1.26x	1.76x	1.54x	1.65x
Interest Paid	123M	131M	143M	141M	124M	149M	145M	125M	129M	106M
Taxes Paid	953M	1.19B	1.2B	1.19B	1.05B	1.53B	1.94B	2.23B	2.32B	2.92B

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	20.28%	22.89%	25.92%	25.51%	23.34%	27.22%	30.18%	27.53%	30.27%	30.69%
Return on Invested Capital (ROIC)	20.95%	22.58%	25.06%	25.7%	26.63%	29.99%	32.08%	30.64%	32.98%	34.48%
Gross Margin	13.32%	13.29%	13.01%	12.98%	13.09%	12.88%	12.15%	12.26%	12.61%	12.84%
Net Margin	1.98%	2.08%	2.21%	2.4%	2.4%	2.56%	2.57%	2.6%	2.9%	2.94%
Debt / Equity	0.42x	0.60x	0.50x	0.44x	0.54x	0.56x	0.44x	0.35x	0.35x	0.28x
Interest Coverage	27.61x	30.68x	28.18x	31.58x	33.14x	39.23x	49.32x	50.71x	54.94x	67.42x
FCF Conversion	1.40x	2.51x	1.84x	1.74x	2.21x	1.79x	1.26x	1.76x	1.54x	1.65x
Revenue Growth	2.17%	8.68%	9.73%	7.86%	9.21%	17.49%	15.83%	6.76%	5.02%	8.17%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Food and Sundries	-	-	-	59.67B	68.66B	77.28B	85.63B	96.17B	101.46B	109.56B
Food and Sundries Growth	-	-	-	-	15.06%	12.55%	10.81%	12.32%	5.50%	7.98%
Non-Foods	-	-	-	-	-	55.97B	61.1B	60.87B	63.97B	71.19B
Non-Foods Growth	-	-	-	-	-	-	9.17%	-0.38%	5.11%	11.28%
Other	-	-	-	28.57B	26.55B	31.63B	46.47B	48.69B	49.97B	51.17B
Other Growth	-	-	-	-	-7.07%	19.12%	46.95%	4.77%	2.62%	2.40%
Fresh Food	-	-	-	19.95B	23.2B	27.18B	29.53B	31.98B	34.22B	37.99B
Fresh Food Growth	-	-	-	-	16.32%	17.15%	8.62%	8.30%	7.01%	11.01%
Membership	-	-	-	3.35B	3.54B	3.88B	4.22B	4.58B	4.83B	5.32B
Membership Growth	-	-	-	-	5.64%	9.49%	8.95%	8.43%	5.41%	10.25%
Hardlines	-	-	-	24.57B	27.73B	-	-	-	-	-
Hardlines Growth	-	-	-	-	12.86%	-	-	-	-	-
Softlines	-	-	-	16.59B	17.08B	-	-	-	-	-
Softlines Growth	-	-	-	-	2.94%	-	-	-	-	-

Revenue by Geography

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Other International Operations	15.11B	16.36B	18.6B	19.59B	22.18B	27.23B	29.98B	32.6B	35.44B	38.27B
Other International Operations Growth	-	8.26%	13.69%	5.30%	13.27%	22.75%	10.11%	8.73%	8.69%	7.99%
UNITED STATES	86.58B	93.89B	102.29B	111.75B	122.14B	141.4B	165.29B	176.63B	184.14B	-
UNITED STATES Growth	-	8.44%	8.94%	9.25%	9.30%	15.77%	16.90%	6.86%	4.25%	-
CANADA	17.03B	18.77B	20.69B	21.37B	22.43B	27.3B	31.68B	33.06B	34.87B	-
CANADA Growth	-	10.26%	10.19%	3.27%	5.00%	21.68%	16.03%	4.36%	5.50%	-

Frequently Asked Questions

Valuation & Price

Costco Wholesale Corporation (COST) has a price-to-earnings (P/E) ratio of 51.7x. This suggests investors expect higher future growth.

Growth & Financials

Costco Wholesale Corporation (COST) reported $280.39B in revenue for fiscal year 2025. This represents a 183% increase from $99.14B in 2012.

Costco Wholesale Corporation (COST) grew revenue by 8.2% over the past year. This is steady growth.

Yes, Costco Wholesale Corporation (COST) is profitable, generating $8.30B in net income for fiscal year 2025 (2.9% net margin).

Dividend & Returns

Yes, Costco Wholesale Corporation (COST) pays a dividend with a yield of 0.52%. This makes it attractive for income-focused investors.

Costco Wholesale Corporation (COST) has a return on equity (ROE) of 30.7%. This is excellent, indicating efficient use of shareholder capital.

Costco Wholesale Corporation (COST) generated $9.00B in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.