Common-Size Balance Sheet: Assets
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Costco Wholesale Corp. pages available for free this week:
- Cash Flow Statement
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Price to FCFE (P/FCFE)
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Debt to Equity since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Debt
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Costco Wholesale Corp., common-size consolidated balance sheet: assets
Based on: 10-K (reporting date: 2025-08-31), 10-K (reporting date: 2024-09-01), 10-K (reporting date: 2023-09-03), 10-K (reporting date: 2022-08-28), 10-K (reporting date: 2021-08-29), 10-K (reporting date: 2020-08-30).
- Cash and Cash Equivalents
- The proportion of cash and cash equivalents relative to total assets showed a declining trend from 22.1% in 2020 to 14.19% in 2024, before recovering to 18.37% in 2025. This indicates a general reduction in cash liquidity over the earlier periods, with some restoration in the most recent year.
- Short-term Investments
- Short-term investments as a percentage of total assets gradually decreased from 1.85% in 2020 to 1.32% in 2022, followed by a slight increase in 2023 to 2.22%, and then a decline again to 1.46% in 2025. The pattern suggests fluctuating allocation to short-term investments without a consistent growth or decline.
- Receivables, Net
- Net receivables steadily increased across the periods, rising from 2.79% in 2020 to 4.15% in 2025. This growth implies an increasing share of accounts receivable among total assets, which may reflect either heightened sales on credit terms or an extension in customer payment periods.
- Merchandise Inventories
- Merchandise inventories experienced a notable increase from 22.04% in 2020 to a peak of 27.91% in 2022, followed by a decline to 23.5% by 2025. The initial rise could indicate inventory accumulation or expansion, while the subsequent reduction may reflect improved inventory turnover or inventory management adjustment.
- Other Current Assets
- The share of other current assets showed a slight upward trend from 1.84% in 2020 to 2.48% in 2023 and 2024, before a mild decrease to 2.3% in 2025. These relatively stable proportions suggest minor changes in miscellaneous current asset components over time.
- Current Assets
- Current assets as a percentage of total assets remained broadly stable around 50%, with a high of 52% in 2023 and a trough of 49.04% in 2024. This indicates that current assets consistently make up approximately half of total assets, reflecting a balanced asset structure between short-term and long-term holdings.
- Property and Equipment, Net
- The proportion of property and equipment net to total assets stayed relatively constant, fluctuating around 39-41.5%. It showed a slight increase from 39.25% in 2020 to 41.57% in 2024, then a marginal decrease to 41.39% in 2025, indicating steady investment in physical assets.
- Finance Lease Assets
- Finance lease assets increased noticeably from 1.07% in 2020 to a peak of 2.52% in 2022, before declining to 1.93% by 2025. The peak in 2022 suggests a period of growth in leased assets under finance leases, with some reduction or amortization subsequently.
- Property and Equipment Including Finance Lease Assets
- When combined, property, equipment, and finance lease assets accounted for roughly 40-44% of total assets, rising from 40.32% in 2020 to 43.63% in 2024 and slightly down to 43.32% in 2025. This stability confirms a significant and steady commitment to fixed and leased assets within the asset base.
- Operating Lease Right-of-Use Assets
- Operating lease right-of-use assets as a percentage of total assets declined progressively from 5.02% in 2020 to 3.53% in 2025. This steady decrease may suggest a reduction in operating lease commitments or changes in lease accounting practices.
- Other Long-Term Assets
- The share of other long-term assets showed a slight downward trend from 4.05% in 2020 to 3.37% in 2025, indicating a modest decrease in this asset category relative to total assets.
- Long-Term Assets
- Long-term assets composed nearly half of total assets throughout the period, with minor fluctuations between 48% and 51%. Such consistency points to a balanced asset allocation focused on sustaining long-term operational capacity.
- Total Assets
- The total assets are presented as a constant 100% reference point for all periods, serving as the basis for proportional analysis.