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
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Selected Financial Data since 2005
- Operating Profit Margin since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Revenues
- Aggregate Accruals
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Costco Wholesale Corp., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 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 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.