Common-Size Income Statement
Quarterly Data
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Costco Wholesale Corp. pages available for free this week:
- Income Statement
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Selected Financial Data since 2005
- Return on Assets (ROA) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Debt
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Costco Wholesale Corp., common-size consolidated income statement (quarterly data)
Based on: 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).
- Net Sales and Merchandise Costs
- Net sales remained constant at 100% across all periods, serving as a baseline for analysis. Merchandise costs consistently ranged near -89%, indicating that the cost of goods sold represented a stable, substantial portion of net sales without significant fluctuations. Minor variations around this level suggest consistent purchasing or pricing strategies over the timeframe.
- Gross Margin
- The gross margin percentage fluctuated moderately between approximately 10.18% and 11.55%. The highest gross margins appeared in early 2020 and late 2024 periods, while the lowest points occurred around mid-2022. Overall, the trend shows relatively stable profitability on sales with occasional mild dips, indicating steady cost control in relation to sales price.
- Membership Fees
- Membership fees as a percentage of net sales showed a slight decreasing trend from above 2.2% in late 2019 to just under 1.9% by early 2022, followed by a gradual recovery approaching 2.0% by late 2024 and early 2025. This suggests some variability in revenue derived from membership but generally maintaining a modest part of the sales mix.
- Selling, General and Administrative Expenses (SG&A)
- SG&A expenses steadily reduced as a percentage of net sales from approximately -10.3% in late 2019 to a trough near -8.5% in mid-2022, evidencing improved operational efficiency or cost management. After mid-2022, a slight increase occurred, stabilizing around -9.0% to -9.2%, signaling a moderate rebound in operational expenses relative to sales.
- Operating Income
- Operating income demonstrated a positive trend, with values rising from about 2.9% in late 2019, peaking intermittently above 4.0% by mid to late 2025. The increase corresponds with reductions in SG&A expenses and stable to improving gross margins, reflecting enhanced operational profitability over the observed periods.
- Interest Expense and Interest Income
- Interest expense showed a gradual decline from around -0.10% to -0.05% of net sales, indicating reduced financing costs or debt levels relative to sales. Interest income and other net items exhibited variability but generally followed an upward trend, climbing from near 0.10% to levels exceeding 0.20% in later periods, signifying improved returns on cash or investments.
- Other Income (Expense)
- Other income displayed minor fluctuations around zero, with periodic small positive contributions increasing to approximately 0.20% by late 2025. This suggests occasional gains from non-core activities or investments that modestly supported overall profitability.
- Income Before Income Taxes
- This metric consistently hovered between 3.0% and 4.2%, trending upward over time. The highest levels coincided with periods of strong operating income and controlled expenses, reinforcing an overall improvement in pre-tax profitability.
- Provision for Income Taxes
- Provision for income taxes as a percentage of net sales varied, typically ranging from about -0.56% to -1.09%. There was a tendency toward increased tax provision in later periods, potentially reflecting higher taxable income or changes in tax regulations.
- Net Income
- Net income attributable to the company showed improvement, rising from approximately 2.3% of net sales in late 2019 to above 3.0% by late 2024 and early 2025. The consistent increases in net income percentages indicate enhanced earnings quality and effective management of costs and revenues.