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.

Costco Wholesale Corp., consolidated cash flow statement (quarterly data)

US$ in millions

3 months ended:	Aug 31, 2025	May 11, 2025	Feb 16, 2025	Nov 24, 2024	Sep 1, 2024	May 12, 2024	Feb 18, 2024	Nov 26, 2023	Sep 3, 2023	May 7, 2023	Feb 12, 2023	Nov 20, 2022	Aug 28, 2022	May 8, 2022	Feb 13, 2022	Nov 21, 2021	Aug 29, 2021	May 9, 2021	Feb 14, 2021	Nov 22, 2020	Aug 30, 2020	May 10, 2020	Feb 16, 2020	Nov 24, 2019
Net income including noncontrolling interests	2,610)	1,903)	1,788)	1,798)	2,354)	1,681)	1,743)	1,589)	2,160)	1,302)	1,466)	1,364)	1,878)	1,372)	1,320)	1,345)	1,694)	1,233)	971)	1,181)	1,404)	852)	947)	856)
Depreciation and amortization	774)	552)	552)	548)	706)	516)	514)	501)	688)	472)	470)	447)	594)	438)	436)	432)	559)	402)	416)	404)	505)	382)	389)	369)
Non-cash lease expense	95)	71)	65)	72)	95)	72)	74)	74)	112)	84)	105)	111)	137)	95)	73)	72)	97)	65)	61)	63)	78)	39)	38)	39)
Stock-based compensation	140)	106)	151)	463)	132)	106)	136)	444)	131)	94)	147)	402)	118)	90)	128)	388)	115)	87)	122)	341)	111)	89)	118)	301)
Other non-cash operating activities, net	(102)	64)	(7)	(72)	26)	(28)	(50)	43)	54)	296)	24)	121)	(8)	(42)	(20)	109)	141)	30)	(16)	(11)	174)	(43)	(6)	21)
Merchandise inventories	584)	337)	2,179)	(2,541)	(1,237)	(406)	959)	(1,384)	(368)	(253)	2,586)	(737)	(370)	(1,311)	438)	(2,760)	(361)	(51)	1,100)	(2,580)	(1,056)	659)	1,990)	(2,384)
Accounts payable	(200)	1,062)	(3,059)	2,601)	558)	1,376)	(2,850)	2,854)	490)	545)	(1,904)	487)	125)	796)	(2,419)	3,389)	582)	1,065)	(2,594)	2,785)	2,832)	(34)	(3,201)	2,664)
Other operating assets and liabilities, net	(34)	(635)	1,079)	391)	324)	(318)	205)	530)	458)	(999)	298)	415)	32)	(211)	445)	283)	113)	502)	(22)	464)	194)	(46)	344)	236)
Changes in operating assets and liabilities	350)	764)	199)	451)	(355)	652)	(1,686)	2,000)	580)	(707)	980)	165)	(213)	(726)	(1,536)	912)	334)	1,516)	(1,516)	669)	1,970)	579)	(867)	516)
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities	1,257)	1,557)	960)	1,462)	604)	1,318)	(1,012)	3,062)	1,565)	239)	1,726)	1,246)	628)	(145)	(919)	1,913)	1,246)	2,100)	(933)	1,466)	2,838)	1,046)	(328)	1,246)
Net cash provided by operating activities	3,867)	3,460)	2,748)	3,260)	2,958)	2,999)	731)	4,651)	3,725)	1,541)	3,192)	2,610)	2,506)	1,227)	401)	3,258)	2,940)	3,333)	38)	2,647)	4,242)	1,898)	619)	2,102)
Purchases of short-term investments	(455)	(228)	(98)	(247)	(463)	(288)	(519)	(200)	(675)	(551)	(143)	(253)	(533)	(263)	(67)	(258)	(529)	(418)	(111)	(273)	(592)	(398)	(315)	(321)
Maturities of short-term investments	355)	34)	211)	541)	349)	412)	151)	878)	343)	82)	238)	274)	305)	87)	309)	444)	491)	132)	339)	484)	529)	372)	380)	397)
Additions to property and equipment	(1,966)	(1,131)	(1,137)	(1,264)	(1,577)	(1,062)	(1,031)	(1,040)	(1,556)	(820)	(890)	(1,057)	(1,259)	(854)	(723)	(1,055)	(1,094)	(1,028)	(573)	(893)	(852)	(698)	(545)	(715)
Acquisitions	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(30)	(1,133)	—)	—)
Other investing activities, net	98)	(11)	2)	(15)	(12)	(16)	13)	(4)	63)	7)	(13)	(21)	—)	(5)	—)	(43)	(23)	(29)	(10)	—)	4)	7)	10)	9)
Net cash used in investing activities	(1,968)	(1,336)	(1,022)	(985)	(1,703)	(954)	(1,386)	(366)	(1,825)	(1,282)	(808)	(1,057)	(1,487)	(1,035)	(481)	(912)	(1,155)	(1,343)	(355)	(682)	(941)	(1,850)	(470)	(630)
Repayments of short-term borrowings	(227)	(246)	(195)	(194)	(283)	(228)	(236)	(173)	(237)	(178)	(443)	(77)	189)	(108)	(87)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Proceeds from short-term borrowings	200)	246)	237)	133)	300)	245)	239)	144)	250)	188)	450)	29)	(122)	95)	80)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Repayments of long-term debt	(103)	—)	—)	—)	(1,077)	—)	—)	—)	—)	(75)	—)	—)	—)	—)	(760)	(40)	(94)	—)	—)	—)	(1,500)	(500)	(1,200)	—)
Proceeds from issuance of long-term debt	—)	—)	—)	—)	—)	—)	—)	498)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	3,992)	—)	—)
Tax withholdings on stock-based awards	(1)	(2)	(1)	(389)	(2)	(21)	—)	(292)	(1)	—)	(1)	(301)	(3)	(1)	(4)	(355)	—)	(1)	—)	(311)	(2)	(1)	(1)	(326)
Repurchases of common stock	(280)	(211)	(205)	(207)	(216)	(162)	(160)	(162)	(230)	(162)	(143)	(141)	(185)	(139)	(78)	(37)	(129)	(181)	(106)	(80)	(85)	(34)	(47)	(30)
Cash dividend payments	(1,153)	(515)	—)	(515)	(514)	(515)	(7,107)	(905)	(452)	(399)	—)	(400)	(797)	(351)	—)	(350)	(698)	(310)	(4,430)	(310)	(619)	(287)	—)	(573)
Financing lease payments and other financing activities, net	(29)	(20)	(77)	(21)	(24)	(17)	(12)	(84)	6)	(109)	(215)	27)	28)	(172)	21)	(57)	202)	73)	(114)	1)	288)	(171)	(144)	93)
Dividend to noncontrolling interest	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(208)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Acquisition of noncontrolling interest	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(842)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Net cash provided by (used in) financing activities	(1,593)	(748)	(241)	(1,193)	(1,816)	(698)	(7,276)	(974)	(664)	(735)	(352)	(863)	(1,940)	(676)	(828)	(839)	(719)	(419)	(4,650)	(700)	(1,918)	2,999)	(1,392)	(836)
Effect of exchange rate changes on cash and cash equivalents	19)	104)	(36)	(81)	63)	(38)	15)	—)	(29)	(1)	82)	(37)	(69)	(142)	(24)	(14)	(34)	18)	14)	48)	68)	(7)	2)	7)
Net change in cash and cash equivalents	325)	1,480)	1,449)	1,001)	(498)	1,309)	(7,916)	3,311)	1,207)	(477)	2,114)	653)	(990)	(626)	(932)	1,493)	1,032)	1,589)	(4,953)	1,313)	1,451)	3,040)	(1,241)	643)

Net Income Trends: The net income, including noncontrolling interests, exhibits a pattern of volatility with an overall upward trajectory over the observed periods. Peaks are notable around periods ending August 2020, August 2022, and the latest available period, November 2025, indicating episodes of strong profitability amidst fluctuations.
Depreciation and Amortization: Depreciation and amortization expenses generally increased over time with notable spikes in August 2020, August 2022, and September 2025. This suggests ongoing capital investments or asset base growth necessitating higher periodic depreciation charges.
Non-cash Lease Expense: Non-cash lease expenses show an increasing tendency in the mid-term periods, notably escalating around August 2020 and November 2022. This may reflect changes in lease accounting or expansion in leased assets.
Stock-based Compensation: Stock-based compensation fluctuated throughout the quarters, with significant increases during November 2020, November 2021, and November 2023, potentially linked to management incentives or broader employee compensation strategies.
Other Non-cash Operating Activities: The values of other non-cash operating activities were highly variable, including both substantial positive and negative figures, indicating transient adjustments likely reflecting one-time or irregular non-cash items impacting operational cash flow indirectly.
Working Capital Components (Inventories and Payables): Merchandise inventories and accounts payable showed pronounced volatility, with alternating positive and negative fluctuations signifying shifts in inventory management and supplier payment practices. Notably, inventory changes turned positive intermittently, indicating inventory build-ups, while accounts payable followed a similarly erratic pattern without consistent direction.
Other Operating Assets and Liabilities and Changes in Operating Assets and Liabilities: Other operating assets and liabilities, as well as overall changes in operating assets and liabilities, displayed irregular variations over time. Periods of significant positive change alternate with negative movements, reflecting dynamic adjustments in operational working capital requirements.
Net Cash Provided by Operating Activities: Operating cash flows generally increased, with substantial peaks corresponding to quarters with higher net income and non-cash adjustments. Despite some quarters of reduced cash flow, the overall trend indicates strong and growing operational cash generation capacity.
Investing Activity Patterns: Investing activities were consistently cash outflows, primarily driven by additions to property and equipment, which show an upward trend in expenditure over time, suggesting ongoing investment in fixed assets. Occasional acquisitions contributed to outflows, with one significant acquisition noted in May 2020. Purchases and maturities of short-term investments fluctuated moderately but did not significantly affect the overall negative investing cash flow.
Financing Activities and Debt Management: Financing activities presented mixed results. Early periods included proceeds from long-term debt issuance and repayments of borrowings. There were considerable repayments of long-term debt in some quarters, paired with intermittent short-term borrowings activity. Share repurchases were persistent and significant throughout, indicating an ongoing share buyback program. Dividend payments varied widely, with spikes reflecting special or irregular dividend payouts. The combined effect of financing activities generally resulted in cash outflows, with some quarters exhibiting sizable net uses of cash.
Foreign Exchange Effects: Effects from exchange rate changes on cash and cash equivalents were relatively minor but exhibited some volatility. Both positive and negative impacts were observed, without a clear pattern, suggesting exposure to foreign currency fluctuations but limited material impact on overall liquidity.
Net Cash Change Overview: The net change in cash and cash equivalents reflected a volatile profile, with several quarters showing substantial increases and others marked by notable cash reductions. This variability aligns with the fluctuations seen in operational, investing, and financing cash flows, highlighting dynamic working capital, investment, and capital management practices over time.

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Costco Wholesale Corp. (NASDAQ:COST)

Cash Flow Statement Quarterly Data

Cash Flow Statement
Quarterly Data