Cash Flow Statement
Quarterly Data
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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Costco Wholesale Corp. pages available for free this week:
- Statement of Comprehensive Income
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Return on Equity (ROE) since 2005
- Price to Sales (P/S) since 2005
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Costco Wholesale Corp., consolidated cash flow 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 Income
- Net income exhibited notable volatility across the periods, with peaks during the fiscal quarters ending in August 2020, August 2022, September 2023, and November 2025. The overall trend suggests an ability to achieve strong earnings in certain quarters, although fluctuations indicate cycling business dynamics or varying expense impacts.
- Depreciation and Amortization
- This expense category showed a gradual increase over time, with noticeable spikes corresponding to quarters of higher net income. This pattern may reflect ongoing capital asset additions or acquisitions, contributing to higher amortization charges.
- Non-Cash Lease Expense
- Non-cash lease expenses generally trended upward, reaching higher levels in recent periods. These increases point toward growing operating lease obligations, possibly due to store expansions or contractual lease adjustments.
- Stock-Based Compensation
- Compensation expenses demonstrated an upward trajectory across nearly all quarters, with intermittent surges. This suggests an expanding employee incentive structure or adjustments in compensation accounting.
- Other Non-Cash Operating Activities
- These activities exhibited considerable fluctuations, including both positive and negative values, indicating variability in adjustments unrelated to cash but affecting operating cash flow reconciliation.
- Merchandise Inventories
- Inventory levels showed pronounced volatility, with significant positive and negative changes. Sharp declines in some quarters imply inventory reductions, while abrupt increases in others highlight restocking or inventory build-up, reflecting inventory management strategies responding to demand fluctuations.
- Accounts Payable
- Accounts payable movements were highly variable, with large inflows and outflows suggesting active management of supplier payments and purchasing activities that could be tied to inventory purchases and cash flow timing.
- Other Operating Assets and Liabilities
- These net items fluctuated widely, sometimes moving significantly positive or negative, which may signal adjustments in working capital components or timing differences in operational cash conversion.
- Changes in Operating Assets and Liabilities
- The net effect of operating asset and liability changes was inconsistent, featuring both substantial inflows and outflows. This irregularity indicates dynamic working capital management impacting operating cash flow.
- Operating Cash Flow
- Net cash from operating activities showed a general upward trend, with some volatility. Periods of strong cash generation corresponded with quarters of high net income and efficient working capital adjustments, signaling robust operational cash management capabilities.
- Capital Expenditures
- Capital spending on property and equipment consistently remained substantial and mostly increased over time, especially in recent quarters. This indicates ongoing investment in physical assets, likely to support growth or maintenance of facilities.
- Short-Term Investments
- Purchases and maturities of short-term investments fluctuated, with no clear long-term trend, reflecting active short-duration investment management to balance liquidity needs.
- Acquisitions
- There were sporadic acquisition activities, notably in early 2020, representing a significant cash outflow. Absence of acquisitions in most other quarters suggests a reduced emphasis on expansion through purchases during those periods.
- Other Investing Activities
- Other investing activities produced minor and irregular cash flows, implying incidental investing transactions without significant impact on overall cash flow trends.
- Investing Cash Flow
- Cash used in investing activities was consistently negative, reflecting ongoing investments in capital assets and occasional acquisitions, underscoring a sustained capital expenditure program.
- Financing Cash Flow: Debt and Borrowings
- Repayments and proceeds of short-term and long-term borrowings occurred intermittently, with substantial long-term debt issuance in mid-2020. Subsequent debt repayments indicate active debt management to optimize leverage and financing costs.
- Shareholder Distributions and Equity Activities
- Repurchases of common stock showed a general upward trend, with increasing volumes in more recent periods, indicating a focus on returning value to shareholders. Dividend payments fluctuated and occasionally displayed unusual large amounts, which could reflect special dividends or accounting adjustments. Tax withholdings on stock-based awards remained relatively steady.
- Other Financing Activities
- Financing lease payments and other activities exhibited irregular patterns, contributing modestly to financing cash flow fluctuations without a consistent directional trend.
- Overall Financing Cash Flow
- Net cash provided by or used in financing activities displayed significant variability, including large outflows tied to dividends, stock repurchases, and debt repayments, alongside occasional inflows from debt issuance. The trend suggests active capital structure management and shareholder return policies.
- Effect of Exchange Rate Changes
- Currency exchange impacts on cash balances varied quarter to quarter, with no clear pattern, introducing occasional gains or losses in reported cash positions.
- Net Change in Cash and Cash Equivalents
- Cash balances demonstrated considerable volatility, with periods of strong increases often following quarters of high operating cash flow, while some quarters showed sharp decreases, potentially due to large investing or financing outflows. The overall cash position appears actively managed to support operational needs and strategic investments.