Income Statement
Quarterly Data
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:
- Statement of Comprehensive Income
- Cash Flow Statement
- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Return on Equity (ROE) since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Debt
- Aggregate Accruals
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Costco Wholesale Corp., consolidated income statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2025-11-23), 10-K (reporting date: 2025-08-31), 10-Q (reporting date: 2025-05-11), 10-Q (reporting date: 2025-02-16), 10-Q (reporting date: 2024-11-24), 10-K (reporting date: 2024-09-01), 10-Q (reporting date: 2024-05-12), 10-Q (reporting date: 2024-02-18), 10-Q (reporting date: 2023-11-26), 10-K (reporting date: 2023-09-03), 10-Q (reporting date: 2023-05-07), 10-Q (reporting date: 2023-02-12), 10-Q (reporting date: 2022-11-20), 10-K (reporting date: 2022-08-28), 10-Q (reporting date: 2022-05-08), 10-Q (reporting date: 2022-02-13), 10-Q (reporting date: 2021-11-21), 10-K (reporting date: 2021-08-29), 10-Q (reporting date: 2021-05-09), 10-Q (reporting date: 2021-02-14), 10-Q (reporting date: 2020-11-22), 10-K (reporting date: 2020-08-30), 10-Q (reporting date: 2020-05-10), 10-Q (reporting date: 2020-02-16), 10-Q (reporting date: 2019-11-24).
- Net Sales
- Net sales exhibit noticeable fluctuations with strong upward spikes during the August quarters, notably in 2020, 2021, 2022, and 2023, indicating seasonal or promotional impacts. Overall, there is an upward trend across the periods, with the highest values recorded in these quarters suggesting peak demand or increased consumer activity.
- Merchandise Costs
- Merchandise costs closely follow the pattern of net sales, increasing significantly during peak sales quarters. The cost increases are consistent with the rises in net sales, reflecting higher inventory purchases or cost of goods sold. The margins between sales and merchandise costs persistently maintain a gap, although both rise over time.
- Gross Margin
- Gross margin values mirror sales trends, rising during periods of higher net sales. Despite fluctuations, gross margin maintains a generally stable ratio compared to sales, showing consistent profitability from core operations. There is a marginal increase in gross margin peaks in line with sales spikes over the years.
- Membership Fees
- Membership fees steadily increase over the analyzed periods, indicating consistent growth in membership subscriptions or fee adjustments. Quarterly spikes in membership fees align with peak sales periods, suggesting possible seasonal membership drives or fee revisions contributing to revenue diversification.
- Selling, General and Administrative Expenses (SG&A)
- SG&A expenses increase in line with sales, particularly peaking in August quarters across multiple years. Although rising, these expenses increase at a slightly slower pace relative to net sales, which may point to controlled operational costs amid expanding business volumes.
- Operating Income
- Operating income shows a strong positive trend with clear spikes during peak sales quarters, particularly August, reflecting improved operational leverage. The fluctuations align with the patterns of gross margin and sales, highlighting effective cost management and increased profitability in peak periods.
- Interest Expense and Interest Income
- Interest expense remains relatively stable with minor fluctuations across the quarters, suggesting consistent debt management. Interest income and other net incomes display more variability with occasional spikes, contributing positively to overall income especially in later periods, which aids financial performance.
- Other Income (Expense)
- Other income and expense figures are generally minor but show occasional positive spikes, especially in later periods, indicating additional income sources or reduced expenses beyond primary operations contributing marginally to earnings.
- Income Before Income Taxes
- This metric shows a strong upward trend with notable increases corresponding with peak sales quarters, reflecting robust profitability before tax obligations. The pattern is consistent with operating income, reinforcing overall improved financial health during key periods.
- Provision for Income Taxes
- Income tax provisions exhibit fluctuations that correspond to pre-tax income changes, generally increasing during higher income periods. However, variations suggest some tax rate changes or tax planning strategies impacting net tax expenses over time.
- Net Income
- Net income attributable to the company consistently grows, with fluctuations closely aligned to pre-tax income and sales cycles. The sharp increases in August quarters across years underline cyclical profitability peaks. The overall positive trend indicates improving net earnings and successful cash flow generation.