Balance Sheet: Assets
The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.
Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.
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Costco Wholesale Corp. pages available for free this week:
- Cash Flow Statement
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Price to FCFE (P/FCFE)
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Debt to Equity since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Debt
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Costco Wholesale Corp., consolidated balance sheet: assets
US$ in millions
Based on: 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), 10-K (reporting date: 2020-08-30).
The financial data presents a comprehensive view of asset composition and trends over a six-year period. Total assets have exhibited a consistent upward trajectory, rising from $55.56 billion in 2020 to $77.10 billion in 2025, indicating sustained growth and asset accumulation.
- Cash and Cash Equivalents
- There is some volatility in cash and cash equivalents, with a decline from $12.28 billion in 2020 to $10.20 billion by 2022, followed by increases in subsequent years peaking at $14.16 billion in 2025. This pattern suggests periodic changes in liquidity management, possibly reflecting strategic cash reserves adjustments.
- Short-term Investments
- Short-term investments declined gradually from $1.03 billion in 2020 to $846 million in 2022 but recovered somewhat afterward, reaching $1.12 billion by 2025. This indicates a moderate fluctuation in investment positioning within liquid, short-term vehicles.
- Receivables, Net
- Accounts receivable have grown steadily, increasing from $1.55 billion in 2020 to $3.20 billion in 2025. This upward trend may reflect expanding sales or credit offered to customers, requiring careful monitoring of collection efficacy and credit risk.
- Merchandise Inventories
- Inventories have shown notable growth, climbing from $12.24 billion in 2020 to $18.12 billion in 2025, with a peak of $18.65 billion in 2024. Despite a slight decline in the last year, the expansion in inventories aligns with possible growth in sales volume or strategic stockpiling to support operations.
- Other Current Assets
- Other current assets have gradually increased from $1.02 billion in 2020 to $1.78 billion by 2025, underscoring a steady growth in various short-term resource categories.
- Current Assets
- Aggregate current assets have trended upwards from $28.12 billion in 2020 to $38.38 billion in 2025, reflecting overall growth in liquidity and short-term resources available for operational needs.
- Property and Equipment, Net
- Net property and equipment have consistently increased, from $21.81 billion in 2020 to $31.91 billion in 2025. This steady capital investment suggests ongoing expansion or modernization of physical assets.
- Finance Lease Assets
- Finance lease assets expanded sharply from $592 million in 2020 to a peak of $1.62 billion in 2022, followed by minor fluctuations but maintaining elevated levels, ending at $1.49 billion in 2025. This implies increased reliance on leased assets under finance leasing arrangements.
- Property and Equipment, Net, Including Finance Lease Assets
- When including finance lease assets, the total value in this category increased from $22.40 billion in 2020 to $33.40 billion in 2025, in line with the noted capital expansion trend.
- Operating Lease Right-of-Use Assets
- Operating lease right-of-use assets remained relatively stable, fluctuating slightly around the $2.6-$2.9 billion range over the years, suggesting a stable leasing structure for operational property use.
- Other Long-term Assets
- Other long-term assets have experienced modest growth, increasing from $2.25 billion in 2020 to $2.60 billion in 2025, indicating incremental investments in long-duration resources.
- Long-term Assets
- Total long-term assets have steadily grown from $27.44 billion in 2020 to $38.72 billion in 2025, reflecting both capital expenditure and asset base strengthening.
In summary, the company's asset base shows consistent growth, driven by increases in both current and long-term assets. Specifically, growth in cash, receivables, inventories, and property and equipment highlight expanding operational scale and investments. Variations in short-term investments and lease-related assets suggest dynamic asset management strategies with a stable foundation in leased property use. These patterns collectively indicate a robust asset growth trajectory and possible operational scaling over the analyzed timeframe.