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Costco Wholesale Corp. (NASDAQ:COST)

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity

Costco Wholesale Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Aug 30, 2026 Aug 31, 2025 Sep 1, 2024 Sep 3, 2023 Aug 28, 2022 Aug 29, 2021
Accounts payable 25.37 25.66 27.81 25.34 27.82 27.47
Accrued salaries and benefits 6.33 6.75 6.87 6.20 6.83 6.90
Accrued member rewards 3.41 3.47 3.49 3.12 2.98 2.82
Deferred membership fees 3.38 3.70 3.58 3.39 3.39 3.45
Current portion of long-term debt 2.52 0.10 0.15 1.57 0.11 1.35
Current finance lease liabilities 0.11 0.10 0.21 0.19 0.38 0.12
Other current liabilities 8.24 8.35 8.68 8.88 8.36 7.57
Current liabilities 49.36% 48.13% 50.79% 48.68% 49.87% 49.67%
Long-term debt, excluding current portion 4.40 7.41 8.30 7.79 10.11 11.29
Long-term operating lease liabilities 2.71 3.19 3.40 3.52 3.87 4.46
Long-term finance lease liabilities 1.48 1.82 1.93 1.89 2.16 1.65
Other long-term liabilities 1.85 1.63 1.75 1.81 1.83 2.42
Long-term liabilities 10.43% 14.04% 15.39% 15.01% 17.95% 19.82%
Total liabilities 59.79% 62.17% 66.17% 63.68% 67.82% 69.50%
Preferred stock $.005 par value; no shares issued and outstanding 0.00 0.00 0.00 0.00 0.00 0.00
Common stock $.005 par value 0.00 0.00 0.00 0.00 0.00 0.01
Additional paid-in capital 9.92 10.74 11.21 10.64 10.73 11.86
Accumulated other comprehensive loss -1.82 -2.30 -2.62 -2.62 -2.85 -1.92
Retained earnings 32.11 29.38 25.23 28.29 24.29 19.68
Total Costco stockholders’ equity 40.21% 37.83% 33.83% 36.32% 32.17% 29.63%
Noncontrolling interests 0.00 0.00 0.00 0.00 0.01 0.87
Total equity 40.21% 37.83% 33.83% 36.32% 32.18% 30.50%
Total liabilities and equity 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2026-08-30), 10-K (reporting date: 2025-08-31), 10-K (reporting date: 2024-09-01), 10-K (reporting date: 2023-09-03), 10-K (reporting date: 2022-08-28), 10-K (reporting date: 2021-08-29).

The overall financing structure shows a systemic shift from liability-based funding toward equity-based funding over the observed period. Total liabilities have declined from 69.50% of total liabilities and equity in August 2021 to 59.79% by August 2026, while total equity has concurrently expanded from 30.50% to 40.21%.

Long-Term Debt and Liability Reduction
A significant contraction is observed in long-term liabilities, which decreased from 19.82% in 2021 to 10.43% in 2026. The primary driver of this trend is the reduction in long-term debt, excluding the current portion, which fell from 11.29% to 4.40%. Long-term operating lease liabilities also trended downward, moving from 4.46% to 2.71%, suggesting a strategic reduction in long-term leveraged obligations.
Current Liability Composition
Current liabilities have remained relatively stable, fluctuating between 48% and 51%. Accounts payable constitutes the largest single liability item, consistently representing between 25% and 28% of the total balance sheet. There is a gradual upward trend in accrued member rewards, increasing from 2.82% in 2021 to 3.41% in 2026, indicating a growth in the membership reward obligations relative to the total capital structure.
Equity Growth and Retained Earnings
The increase in total equity is primarily attributed to the accumulation of retained earnings, which rose substantially from 19.68% in 2021 to 32.11% in 2026. This indicates a strong internal capacity for capital generation and reinvestment. Additional paid-in capital remained relatively stable, fluctuating slightly around 10% to 11%, while accumulated other comprehensive loss showed a slight recovery from a peak loss of 2.85% in 2022 to 1.82% by 2026.
Liquidity and Short-Term Obligations
The current portion of long-term debt has exhibited volatility, with a notable spike to 2.52% in 2026 after several years of remaining near or below 0.15%. Despite this, the overall reliance on short-term debt remains low compared to operational liabilities such as accounts payable and accrued salaries.

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