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.

Costco Wholesale Corp., consolidated balance sheet: assets

US$ in millions

	Aug 31, 2025	Sep 1, 2024	Sep 3, 2023	Aug 28, 2022	Aug 29, 2021	Aug 30, 2020
Cash and cash equivalents	14,161)	9,906)	13,700)	10,203)	11,258)	12,277)
Short-term investments	1,123)	1,238)	1,534)	846)	917)	1,028)
Receivables, net	3,203)	2,721)	2,285)	2,241)	1,803)	1,550)
Merchandise inventories	18,116)	18,647)	16,651)	17,907)	14,215)	12,242)
Other current assets	1,777)	1,734)	1,709)	1,499)	1,312)	1,023)
Current assets	38,380)	34,246)	35,879)	32,696)	29,505)	28,120)
Property and equipment, net	31,909)	29,032)	26,684)	24,646)	23,492)	21,807)
Finance lease assets	1,488)	1,433)	1,325)	1,620)	1,000)	592)
Property and equipment, net, including finance lease assets	33,397)	30,465)	28,009)	26,266)	24,492)	22,399)
Operating lease right-of-use assets	2,725)	2,617)	2,713)	2,774)	2,890)	2,788)
Other long-term assets	2,597)	2,503)	2,393)	2,430)	2,381)	2,249)
Long-term assets	38,719)	35,585)	33,115)	31,470)	29,763)	27,436)
Total assets	77,099)	69,831)	68,994)	64,166)	59,268)	55,556)

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.

Costco Wholesale Corp. (NASDAQ:COST)

Balance Sheet: Assets

Assets: Selected Items

Current Assets: Selected Items