Stock Analysis on Net
Stock Analysis on Net

Costco Wholesale Corp. (NASDAQ:COST)

Income Statement
Quarterly Data

Beginner level

The income statement presents information on the financial results of a company’s 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.

Costco Wholesale Corp., consolidated income statement (quarterly data)

US$ in millions

Microsoft Excel LibreOffice Calc
3 months ended: May 10, 2020 Feb 16, 2020 Nov 24, 2019 Sep 1, 2019 May 12, 2019 Feb 17, 2019 Nov 25, 2018 Sep 2, 2018 May 13, 2018 Feb 18, 2018 Nov 26, 2017 Sep 3, 2017 May 7, 2017 Feb 12, 2017 Nov 20, 2016 Aug 28, 2016 May 8, 2016 Feb 14, 2016 Nov 22, 2015 Aug 30, 2015 May 10, 2015 Feb 15, 2015 Nov 23, 2014 Aug 31, 2014 May 11, 2014 Feb 16, 2014 Nov 24, 2013
Net sales 36,451  38,256  36,236  46,448  33,964  34,628  34,311  43,414  31,624  32,279  31,117  41,357  28,216  29,130  27,469  35,728  26,151  27,567  26,627  34,993  25,517  26,872  26,284  34,755  25,233  25,756  24,468 
Merchandise costs (32,249) (34,056) (32,233) (41,310) (30,233) (30,720) (30,623) (38,671) (28,131) (28,733) (27,617) (36,697) (24,970) (25,927) (24,288) (31,649) (23,162) (24,469) (23,621) (31,096) (22,687) (23,897) (23,385) (31,037) (22,554) (23,043) (21,824)
Gross margin 4,202  4,200  4,003  5,138  3,731  3,908  3,688  4,743  3,493  3,546  3,500  4,660  3,246  3,203  3,181  4,079  2,989  3,098  3,006  3,897  2,830  2,975  2,899  3,718  2,679  2,713  2,644 
Membership fees 815  816  804  1,050  776  768  758  997  737  716  692  943  644  636  630  832  618  603  593  785  584  582  582  768  561  550  549 
Selling, general and administrative (3,830) (3,743) (3,732) (4,684) (3,371) (3,464) (3,475) (4,263) (3,155) (3,234) (3,224) (4,123) (2,907) (2,980) (2,940) (3,696) (2,731) (2,835) (2,806) (3,499) (2,579) (2,671) (2,696) (3,380) (2,487) (2,531) (2,501)
Preopening expenses (8) (7) (14) (41) (14) (9) (22) (31) (8) (12) (17) (30) (15) (15) (22) (24) (18) (10) (26) (27) (14) (9) (15) (15) (16) (8) (24)
Operating income 1,179  1,266  1,061  1,463  1,122  1,203  949  1,446  1,067  1,016  951  1,450  968  844  849  1,191  858  856  767  1,156  821  877  770  1,091  737  724  668 
Interest expense (37) (34) (38) (45) (35) (34) (36) (48) (37) (37) (37) (53) (21) (31) (29) (39) (30) (31) (33) (40) (31) (27) (26) (35) (25) (26) (27)
Interest income and other, net 21  45  35  74  36  46  22  51  41  22  22  18  (4) 26  29  16  28  40  20  35  30  12  30  18 
Other income (expense) (16) 11  (3) 29  12  (14) (30) (15) (31) (3) (35) (3) (10) (23) (15) (5) —  (22) (7) (5) (13) (9)
Income before income taxes 1,163  1,277  1,058  1,492  1,123  1,215  935  1,449  1,071  986  936  1,419  965  809  846  1,181  835  841  762  1,156  799  870  779  1,086  724  728  659 
Provision for income taxes (311) (330) (202) (382) (207) (314) (158) (396) (309) (273) (285) (487) (259) (288) (291) (396) (286) (286) (275) (378) (280) (263) (274) (381) (245) (255) (228)
Net income including noncontrolling interests 852  947  856  1,110  916  901  777  1,053  762  713  651  932  706  521  555  785  549  555  487  778  519  607  505  705  479  473  431 
Net income attributable to noncontrolling interests (14) (16) (12) (13) (10) (12) (10) (10) (12) (12) (11) (13) (6) (6) (10) (6) (4) (9) (7) (11) (3) (9) (9) (8) (6) (10) (6)
Net income attributable to Costco 838  931  844  1,097  906  889  767  1,043  750  701  640  919  700  515  545  779  545  546  480  767  516  598  496  697  473  463  425 

Based on: 10-Q (filing date: 2020-06-04), 10-Q (filing date: 2020-03-12), 10-Q (filing date: 2019-12-23), 10-K (filing date: 2019-10-11), 10-Q (filing date: 2019-06-06), 10-Q (filing date: 2019-03-13), 10-Q (filing date: 2018-12-20), 10-K (filing date: 2018-10-26), 10-Q (filing date: 2018-06-07), 10-Q (filing date: 2018-03-15), 10-Q (filing date: 2017-12-21), 10-K (filing date: 2017-10-18), 10-Q (filing date: 2017-06-01), 10-Q (filing date: 2017-03-09), 10-Q (filing date: 2016-12-16), 10-K (filing date: 2016-10-12), 10-Q (filing date: 2016-06-01), 10-Q (filing date: 2016-03-09), 10-Q (filing date: 2015-12-18), 10-K (filing date: 2015-10-14), 10-Q (filing date: 2015-06-04), 10-Q (filing date: 2015-03-11), 10-Q (filing date: 2014-12-18), 10-K (filing date: 2014-10-15), 10-Q (filing date: 2014-06-05), 10-Q (filing date: 2014-03-14), 10-Q (filing date: 2013-12-20).

Income statement item Description The company
Net sales Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise. Costco Wholesale Corp.’s net sales increased from Q1 2020 to Q2 2020 but then slightly decreased from Q2 2020 to Q3 2020 not reaching Q1 2020 level.
Operating income The net result for the period of deducting operating expenses from operating revenues. Costco Wholesale Corp.’s operating income increased from Q1 2020 to Q2 2020 but then slightly decreased from Q2 2020 to Q3 2020.
Income before income taxes Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Costco Wholesale Corp.’s income before income taxes increased from Q1 2020 to Q2 2020 but then slightly decreased from Q2 2020 to Q3 2020 not reaching Q1 2020 level.
Net income attributable to Costco The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Costco Wholesale Corp.’s net income attributable to Costco increased from Q1 2020 to Q2 2020 but then decreased significantly from Q2 2020 to Q3 2020.