Common-Size Balance Sheet: Assets
Quarterly Data
Costco Wholesale Corp., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-K (reporting date: 2026-08-30), 10-Q (reporting date: 2026-05-10), 10-Q (reporting date: 2026-02-15), 10-Q (reporting date: 2025-11-23), 10-K (reporting date: 2025-08-31), 10-Q (reporting date: 2025-05-11), 10-Q (reporting date: 2025-02-16), 10-Q (reporting date: 2024-11-24), 10-K (reporting date: 2024-09-01), 10-Q (reporting date: 2024-05-12), 10-Q (reporting date: 2024-02-18), 10-Q (reporting date: 2023-11-26), 10-K (reporting date: 2023-09-03), 10-Q (reporting date: 2023-05-07), 10-Q (reporting date: 2023-02-12), 10-Q (reporting date: 2022-11-20), 10-K (reporting date: 2022-08-28), 10-Q (reporting date: 2022-05-08), 10-Q (reporting date: 2022-02-13), 10-Q (reporting date: 2021-11-21), 10-K (reporting date: 2021-08-29), 10-Q (reporting date: 2021-05-09), 10-Q (reporting date: 2021-02-14), 10-Q (reporting date: 2020-11-22).
The asset structure exhibits a consistent division between current and non-current assets, with current assets typically representing approximately 50% of the total asset base. The overall composition demonstrates stability in fixed asset allocations alongside significant fluctuations in liquidity and inventory levels.
- Liquidity and Cash Management
- Cash and cash equivalents show substantial volatility, ranging from a low of 13.71% in February 2024 to peaks exceeding 23% in November 2020 and November 2023. A notable recovery trend is observed from February 2024 through August 2026, where cash levels steadily climbed back to 22.69%. Short-term investments have remained a minimal component of the balance sheet, generally fluctuating between 0.76% and 2.22%.
- Working Capital and Inventory Trends
- Merchandise inventories represent a significant portion of total assets, characterized by cyclical movements. Inventories peaked at 28.59% in November 2024 before entering a sustained decline to 21.70% by August 2026. Conversely, net receivables have exhibited a gradual upward trend, increasing from 2.73% in November 2020 to 4.45% by August 2026, indicating a slight increase in the proportion of credit-based assets relative to total assets.
- Fixed and Long-Term Asset Allocation
- Net property and equipment maintain a stable presence, consistently oscillating between 37% and 41% of total assets, suggesting a steady rate of capital reinvestment proportional to company growth. In contrast, operating lease right-of-use assets have undergone a continuous decline, falling from 4.62% in November 2020 to 3.03% in August 2026. Other long-term assets have also seen a marginal reduction, moving from a high of 6.31% in August 2022 to 4.64% by August 2026.
The data indicates a strategic shift toward higher liquidity in the latter period of the analysis, coinciding with a reduction in the relative weight of inventories and lease-based assets. The stability of the property and equipment ratio suggests that the company's physical expansion is closely aligned with its overall asset growth.
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