Common-Size Income Statement
Quarterly Data
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Present Value of Free Cash Flow to Equity (FCFE)
- Operating Profit Margin since 2005
- Price to Earnings (P/E) since 2005
- Aggregate Accruals
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Costco Wholesale Corp., common-size consolidated income statement (quarterly data)
Based on: 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), 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).
Financial performance over the analyzed period demonstrates a gradual improvement in operational efficiency and profitability margins. Operating income as a percentage of net sales has transitioned from 2.93% in late 2019 to a peak of 4.07% by mid-2026, reflecting an overall strengthening of the core business model.
- Gross Margin and Cost of Goods Sold
- Merchandise costs have remained relatively stable, typically fluctuating between 88.4% and 89.8% of net sales. Consequently, the gross margin has largely maintained a range between 10.2% and 11.6%. A period of margin compression was observed between early and mid-2022, where gross margins dipped to approximately 10.2%, followed by a steady recovery toward 11.0% in the subsequent years.
- Operational Expense Management
- Selling, general, and administrative (SG&A) expenses showed a general downward trend relative to net sales. Initial values near 10.3% in 2019 decreased to a low of 8.5% in mid-2022. Although recent periods show a slight increase, the ratio remains consistently lower than the 2019 baseline, which has served as a primary driver for the expansion of the operating margin.
- Membership Fee Contribution
- Membership fees as a percentage of net sales have experienced a slight contraction, moving from 2.2% in 2019 to a stable range between 1.9% and 2.0% from 2021 through 2026. This pattern indicates that the growth in total net sales has outpaced the growth in membership fee revenue during this timeframe.
- Net Profitability and Non-Operating Items
- Net income attributable to the company has exhibited an overall upward trajectory, rising from 2.33% of net sales in November 2019 to 3.17% by May 2026. This growth is supported by expanded operating margins and a positive trend in interest income and other non-operating income, which effectively offset the minimal and slightly declining interest expense.