Common-Size Income Statement
Quarterly Data
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- Income Statement
- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Price to Earnings (P/E) since 2005
- Analysis of Debt
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Costco Wholesale Corp., common-size consolidated income statement (quarterly data)
Based on: 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), 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 common-size income statement reveals consistent patterns in Costco’s financial performance over the analyzed period. Net sales are normalized to 100% across all periods, allowing for a clear view of the proportional contribution of each income statement item. Merchandise costs consistently represent the largest proportion of net sales, fluctuating between approximately 88.7% and 89.9%.
- Gross Margin
- Gross margin, as a percentage of net sales, demonstrates relative stability, generally ranging from 10.2% to 11.6%. A slight dip is observed in the February 2022 period (10.19%), followed by a recovery. The most recent periods (May 2024 through February 2025) show a slight upward trend, peaking at 11.27% in May 2024 before settling around 11.0%.
- Membership Fees
- Membership fees contribute a consistent, though relatively small, percentage of net sales, typically between 1.87% and 2.24%. A gradual decline is noticeable from November 2019 (2.22%) to November 2021 (1.91%), followed by a recovery and stabilization around 1.9% to 2.0% in more recent periods. The latest figures show a slight increase, reaching 2.04% in August 2025.
- Operating Expenses
- Selling, general, and administrative expenses consistently represent a significant portion of net sales, generally between 8.5% and 10.5%. A downward trend is apparent from November 2019 (10.34%) to August 2022 (8.53%), followed by a slight increase to 9.60% in August 2025. This suggests improved operational efficiency in the earlier part of the period, with a recent stabilization.
- Operating Income
- Operating income as a percentage of net sales exhibits fluctuations, generally ranging from 2.7% to 4.1%. A peak is observed in August 2020 (3.69%) and again in May 2024 (4.08%). The most recent periods show a consistent operating income around 3.8% to 3.9%, indicating strong and stable operational profitability.
- Interest and Other Income
- Interest expense remains consistently low as a percentage of net sales, typically below 0.1%. Interest income and other, net, and other income (expense) show more variability. Interest income and other, net, generally fluctuates between 0.0% and 0.3%, with a notable increase in recent periods. Other income (expense) demonstrates a similar pattern, with positive values generally increasing in recent periods. These fluctuations suggest changes in non-operating income sources.
- Net Income
- Net income attributable to Costco, as a percentage of net sales, generally falls between 2.17% and 3.09%. A clear upward trend is observed in the most recent periods, with net income reaching 3.09% in August 2025, indicating improved overall profitability. The provision for income taxes fluctuates, impacting the final net income percentage, but generally remains between 0.7% and 1.0% of net sales.
Overall, the common-size income statement indicates a business with consistent cost structures and revenue generation. Recent periods demonstrate a positive trend in operating income and net income, suggesting improved profitability and efficiency. Fluctuations in non-operating income items warrant further investigation, but do not appear to significantly impact overall performance.