Cash Flow Statement
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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- Income Statement
- Statement of Comprehensive Income
- Analysis of Profitability Ratios
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Selected Financial Data since 2005
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Current Ratio since 2005
- Price to Sales (P/S) since 2005
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Costco Wholesale Corp., consolidated cash flow statement
US$ in millions
Based on: 10-K (reporting date: 2025-08-31), 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).
- Net Income and Profitability
- Net income including noncontrolling interests exhibited a consistent upward trend, increasing from $4,059 million in 2020 to $8,099 million in 2025. This reflects a steady improvement in profitability over the period analyzed.
- Depreciation, Amortization, and Non-Cash Expenses
- Depreciation and amortization expenses increased steadily from $1,645 million in 2020 to $2,426 million in 2025, indicating ongoing investment in long-term assets. Non-cash lease expenses peaked in 2023 at $412 million before declining to $303 million in 2025. Stock-based compensation also grew gradually from $619 million to $860 million, signaling an increasing allocation of equity-based incentives.
- Impairment and Other Non-Cash Operating Activities
- Impairment and other non-cash operating activities showed volatility, with a significant spike to $495 million in 2023 followed by negative adjustments in 2024 and 2025. This suggests episodic asset write-downs or reversals affecting the operating results.
- Working Capital and Operating Assets/Liabilities
- Merchandise inventories showed irregular fluctuations, particularly a notable positive value in 2023 sandwiched between large negative values. Accounts payable similarly varied sharply, with a negative value recorded in 2023 before recovering. Other operating assets and liabilities also fluctuated but remained generally positive. Overall, changes in operating assets and liabilities were varied with some periods showing use of cash and others providing cash.
- Operating Cash Flow
- Adjustments to reconcile net income to net cash provided by operating activities declined substantially from 2020 to 2022 but rebounded in the subsequent years. Net cash provided by operating activities trended upward, reaching $13,335 million in 2025, reflecting strong cash-generating ability.
- Investing Activities
- Capital expenditures, reflected in additions to property and equipment, increased consistently from $2,810 million in 2020 to $5,498 million in 2025, indicating ongoing asset expansion or modernization. Purchases and maturities of short-term investments showed a decline in net investment activities in recent years. Acquisitions were only recorded in 2020, with no further activity reported thereafter. Net cash used in investing activities was consistently negative and generally increased, peaking at $5,311 million in 2025.
- Financing Activities
- Financing activities were marked by significant variability. Repayments and proceeds of borrowings fluctuated, with short-term borrowings increasing notably in 2023 and 2024 but declining afterward. Long-term debt repayments were intermittent, and issuance of long-term debt occurred only in 2020 and 2024. Repurchases of common stock increased over time, reaching $903 million in 2025, signaling an active share buyback program. Cash dividend payments varied considerably, peaking at $9,041 million in 2024. Net cash used in financing activities was largest in 2024, suggesting substantial capital returns or debt repayments during that year.
- Cash and Cash Equivalents
- Cash and cash equivalents at the end of each year fluctuated, with a notable increase in 2023 to $13,700 million, followed by a decline in 2024 and a rebound to $14,161 million in 2025. The net change in cash was positive in most years except for 2021, 2022, and 2024, indicating periods of net cash outflow.
- Overall Financial Position and Trends
- The data reveals a company improving its profitability consistently while increasing capital expenditure and managing working capital with some volatility. Operating cash flows strengthened considerably, supporting ongoing investment and financing activities. Financing policies indicate an emphasis on returning capital to shareholders through dividends and share repurchases, alongside selective debt management. The fluctuations in cash balances reflect the interplay of operating performance, investment outlays, and financing decisions over the years.