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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- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Selected Financial Data since 2005
- Total Asset Turnover since 2005
- Aggregate Accruals
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Costco Wholesale Corp., consolidated income statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2026-02-15), 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).
The financial performance over the observed period demonstrates significant fluctuations and overall growth. Net sales exhibit a generally increasing trend, though not consistently linear. Merchandise costs closely track net sales, resulting in a relatively stable gross margin. Membership fees contribute a substantial and growing portion of revenue, while operating income shows positive movement, albeit with some quarterly variations. Net income attributable to Costco follows a similar pattern, indicating a generally healthy financial trajectory.
- Net Sales & Gross Margin
- Net sales experienced a notable surge in the August 2020 quarter, followed by a decline and subsequent recovery. The period between May 2022 and August 2022 shows a particularly strong increase in net sales. Gross margin remains relatively consistent, fluctuating between approximately US$4.2 billion and US$7.2 billion, suggesting effective cost management relative to sales volume. A recent increase in gross margin is observed in the most recent quarters.
- Membership Fees
- Membership fees demonstrate a consistent upward trend throughout the period, with a significant increase beginning in the May 2021 quarter. This indicates growing membership base and/or increased membership fees. The contribution of membership fees to overall revenue appears to be increasing, becoming a more significant component of the company’s financial results. The latest quarters show a continued strong performance in membership fees.
- Operating Income & Net Income
- Operating income mirrors the trends observed in net sales and gross margin, with a substantial increase in the August 2020 quarter and subsequent fluctuations. Net income attributable to Costco generally follows the same pattern, demonstrating a positive correlation with sales and operating efficiency. The most recent quarters show a strong operating and net income performance.
- Expenses
- Selling, general, and administrative expenses generally move in tandem with sales, indicating a degree of operational leverage. Interest expense remains relatively stable, while interest income and other net income, and other income (expense) show more variability, contributing to fluctuations in income before income taxes. Provision for income taxes also fluctuates, impacting the final net income figures.
- Overall Trends
- The company experienced a period of significant growth, particularly in fiscal year 2021 and 2022, followed by a stabilization and continued growth in more recent quarters. The increasing contribution of membership fees is a key positive trend. While expenses are managed effectively, fluctuations in interest and other income can impact overall profitability. The recent quarters demonstrate a strong financial position with increasing sales, stable margins, and healthy net income.