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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- Statement of Comprehensive Income
- Balance Sheet: Assets
- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
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Costco Wholesale Corp., consolidated income statement
US$ in millions
Based on: 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), 10-K (reporting date: 2019-09-01).
The financial data reveals a consistent upward trend in key performance metrics over the observed periods.
- Net Sales
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Net sales increased steadily each year, rising from $149,351 million in 2019 to $249,625 million in 2024. This reflects a significant growth trajectory, with an approximate 67% increase over the six-year span, indicating sustained demand and expansion.
- Merchandise Costs
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Merchandise costs also rose in line with net sales, from $132,886 million in 2019 to $222,358 million in 2024. Despite the increase in absolute terms, the gross margin improved, suggesting effective cost management relative to sales growth.
- Gross Margin
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Gross margin increased annually, from $16,465 million in 2019 to $27,267 million in 2024. This improvement indicates enhanced profitability at the gross profit level, supporting the company's ability to manage costs while expanding revenue.
- Membership Fees
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Membership fees consistently rose from $3,352 million in 2019 to $4,828 million in 2024, contributing positively to the revenue mix and underscoring customer loyalty and recurring revenue streams.
- Selling, General and Administrative Expenses (SG&A)
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SG&A expenses increased from $15,080 million in 2019 to $22,810 million in 2024. While absolute expenses grew, this aligns with expanding operations and sales volumes. The data suggests ongoing investment in administrative functions supporting business growth.
- Operating Income
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Operating income grew significantly from $4,737 million in 2019 to $9,285 million in 2024, nearly doubling. This reflects improved operational efficiency and successful margin enhancement strategies.
- Net Interest Expense and Income
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Interest expense remained relatively stable, fluctuating slightly around $150-$170 million annually. Interest income showed a notable increase in recent years, from $126 million in 2019 to $533 million in 2024, which bolstered net financial income.
- Other Income (Expense)
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Other income net of expenses exhibits variability but trends positively, with a significant increase in 2023 and 2024, reaching $455 million in 2024 from $28 million in 2019. This indicates occasional gains contributing to overall profitability.
- Income Before Income Taxes
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Income before income taxes mirrored operating performance improvements, ascending from $4,765 million in 2019 to $9,740 million in 2024, suggesting robust pre-tax profitability growth.
- Provision for Income Taxes
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The provision for income taxes increased consistently in line with income growth, rising from $1,061 million in 2019 to $2,373 million in 2024, reflecting the higher taxable income base.
- Net Income
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Net income attributable to the company increased markedly, growing from $3,659 million in 2019 to $7,367 million in 2024. This doubling reflects comprehensive improvements in revenue generation, cost control, and other income contributions, signaling strong overall financial health and profitability.