Income Statement
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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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 income statement
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).
- Net Sales
- Net sales have shown a consistent upward trend over the periods analyzed, increasing steadily from $163,220 million in 2020 to $269,912 million in 2025. This growth reflects a solid expansion of the company's revenue base year over year.
- Merchandise Costs
- Merchandise costs have also increased correspondingly with net sales, rising from $144,939 million in 2020 to $239,886 million in 2025. The increase in costs is proportionate to net sales growth, but the effect on gross margin indicates improving operational efficiency.
- Gross Margin
- Gross margin has increased from $18,281 million in 2020 to $30,026 million in 2025, showing a positive trend. This increase suggests enhanced profitability at the gross profit level, which may result from favorable pricing, cost control, or product mix improvements.
- Membership Fees
- Membership fees have steadily increased from $3,541 million in 2020 to $5,323 million in 2025. This consistent rise underscores the continuing value derived from a loyal member base and potentially growing membership numbers.
- Selling, General, and Administrative Expenses (SG&A)
- SG&A expenses have risen from $16,387 million in 2020 to $24,966 million in 2025, reflecting higher operational expenditures consistent with business growth. Although SG&A costs increased, the growth in operating income suggests effective management of these expenses relative to revenue expansion.
- Operating Income
- Operating income has shown a robust upward trajectory, climbing from $5,435 million in 2020 to $10,383 million in 2025. This indicates enhanced operational profitability and efficient cost management relative to sales growth.
- Interest Expense and Interest Income
- Interest expense remained relatively stable around $160 million annually, showing minimal fluctuation. Interest income, however, showed a notable increase from $89 million in 2020 to a peak of $533 million in 2024, before slightly declining to $469 million in 2025, likely contributing positively to overall other income.
- Foreign-Currency Transaction Gains and Other Income
- Foreign-currency transaction gains generally increased, peaking at $106 million in 2022, then fluctuating but maintaining positive contributions. Other income, net, shows slight variability but overall improved, contributing positively alongside interest to other income and expense lines.
- Income Before Income Taxes
- Income before income taxes expanded from $5,367 million in 2020 to $10,818 million in 2025, reflecting consistent growth in the company's profitability before tax considerations.
- Provision for Income Taxes
- Provision for income taxes increased from $1,308 million in 2020 to $2,719 million in 2025, in line with higher pre-tax income. This indicates stable effective tax rates given the proportional rise in tax provision relative to income before taxes.
- Net Income
- Net income attributable to the company has increased substantially, rising from $4,002 million in 2020 to $8,099 million in 2025. This more than doubling of net income highlights strong overall profitability and successful internal financial management over the period.