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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- Statement of Comprehensive Income
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Net Profit Margin since 2005
- Analysis of Revenues
- Aggregate Accruals
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Costco Wholesale Corp., consolidated income statement (quarterly data)
US$ in millions
Based on: 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 exhibited a general upward trend over the periods analyzed, with notable fluctuations. A significant surge occurred starting in mid-2020, reaching peaks in late 2020 and 2023-2024 periods. This pattern suggests increased revenue possibly due to changes in market demand or expansion efforts.
- Merchandise Costs
- Merchandise costs closely followed the trend of net sales, increasing proportionally. The costs rose sharply during the same periods when net sales surged, indicating consistent cost of goods sold management relative to sales volume. However, the rate of increase signifies significant inventory or supply expenditure growth during peak sales.
- Gross Margin
- Gross margin showed a positive upward movement, especially during periods of heightened sales, although it fluctuated within narrower ranges compared to net sales. The gross margin improvement during peak sales periods indicates effective cost control and potentially favorable pricing strategies.
- Membership Fees
- Membership fees steadily increased throughout the periods, with marked increases corresponding to higher sales quarters in 2020 and again starting 2023. This reflects either an increase in membership base or higher membership fee structures, contributing positively to revenue stability.
- Selling, General and Administrative Expenses (SG&A)
- SG&A expenses grew in line with sales increases, peaking during quarters of strongest sales. Despite this growth, the expenses did not spike disproportionately, implying controlled operating cost expansion relative to revenue growth. The stability suggests operational efficiency in managing overhead costs.
- Operating Income
- Operating income followed net sales and gross margin trends, achieving highest levels in quarters with elevated sales and gross margin. The pattern indicates overall profitability enhancement corresponding with sales growth and cost management.
- Interest Expense
- Interest expense remained relatively stable with minor fluctuations, indicating consistent debt levels and/or borrowing costs. No significant spikes were observed despite sales and operational growth.
- Interest Income and Other, Net
- This component showed variability with occasional spikes, particularly during late 2021 and early 2023 onwards, potentially reflecting gains from investments, interest earnings, or other income sources that supplemented operating income.
- Other Income (Expense)
- Other income/expense was generally marginal, with intermittent positive and negative values. Notably, there were some positive spikes in mid to late 2022 and early 2023, contributing incrementally to overall profitability.
- Income Before Income Taxes
- Income before income taxes closely mirrored operating income, exhibiting growth during sales surges and consistent positive performance. This reflects strong operational earnings before tax considerations.
- Provision for Income Taxes
- The tax provision increased in absolute terms alongside income before taxes but did not exhibit disproportionate growth. This suggests stable effective tax rates despite profitability fluctuations.
- Net Income Attributable to Costco
- Net income showed positive growth patterns with peaks corresponding to periods of strong sales and operating income. The trend reflects successful earnings retention and sustained profitability improvements across the periods.