Common-Size Balance Sheet: Assets
Quarterly Data
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Costco Wholesale Corp. pages available for free this week:
- Statement of Comprehensive Income
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Return on Equity (ROE) since 2005
- Price to Sales (P/S) since 2005
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Costco Wholesale Corp., common-size consolidated balance sheet: assets (quarterly data)
Based on: 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), 10-K (reporting date: 2020-08-30), 10-Q (reporting date: 2020-05-10), 10-Q (reporting date: 2020-02-16), 10-Q (reporting date: 2019-11-24).
The analysis of the quarterly balance sheet composition reveals several notable trends and shifts in asset structure over the periods under review.
- Cash and Cash Equivalents
- This category exhibited fluctuations, initially increasing from 17.55% to over 22% by late 2020, followed by variability around mid-to-high teens and peaking again at 23.07% in mid-2023 before declining to approximately 14-19% in the most recent periods. The trend suggests periods of strong liquidity accumulation alternating with phases of reduction.
- Short-Term Investments
- The proportion of short-term investments relative to total assets remained relatively low and stable, ranging mostly between 1.0% and 2.2%. There was a mild uptick in mid-2023, but the overall contribution to total assets stayed modest.
- Receivables, Net
- Receivables showed some variability, typically accounting for around 3% to 4% of total assets. The values slightly increased in certain quarters, particularly rising above 4% in early 2024, indicating a mild increase in credit sales or amounts due.
- Merchandise Inventories
- Inventories constitute a significant portion of total assets, generally ranging between roughly 21% and 29%. Notably, there was a declining trend during early 2020, with a recovery thereafter, reflecting possibly strategic inventory management in response to market conditions or demand fluctuations.
- Other Current Assets
- These assets have remained relatively steady, typically accounting for about 2% of total assets with minor fluctuations, indicating stable management of other current asset components.
- Current Assets
- Overall current assets as a percentage of total assets tended to vary in a range from approximately 47.9% to over 54%, reflecting the combined movements of the aforementioned individual current asset categories. There was a slight increase in current asset proportions in mid-2023, possibly reflecting heightened liquidity or inventory positions.
- Property and Equipment, Net
- This long-term asset category fluctuated between about 36.8% and 44%, generally showing a downward trend from early 2020 to late 2023, followed by stabilization in the high 30s to low 40s. Such changes could be related to capital expenditure cycles, asset disposals, or depreciation effects.
- Operating Lease Right-of-Use Assets
- There was a gradual decline in the share of these assets from just above 5% in 2019 to around 3.3% by late 2025, which may reflect changes in leasing strategies or expiration of lease contracts.
- Other Long-Term Assets
- This category generally increased from below 2% to around 5-6%, then showed a mild declining trend late in the period under review. This signals accumulation and subsequent normalization of other long-term assets possibly related to investments or intangible assets.
- Other Assets
- These assets have consistently represented close to half of total assets, fluctuating between approximately 46.7% and 52.1%. The relative stability suggests a steady baseline of asset categories grouped here, which may include goodwill or intangible items that are less volatile.
- Total Assets
- As expected, total assets consistently represent 100%, serving as the reference point for all proportional measurements.
In summary, the company maintains a relatively balanced asset mix with a strong emphasis on current assets and property and equipment. Cash and cash equivalents have shown volatility, indicating dynamic liquidity management, while inventories and other current assets have been managed within a consistent range. Long-term assets such as property, equipment, and lease rights have declined slightly as a proportion of total assets, reflecting possible strategic asset changes. The substantial stability in other asset categories points toward minimal disruption in intangible or miscellaneous asset bases over the observed quarters.