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., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2026-05-10), 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 data reveals a consistent growth trajectory in operational profitability and cash generation, characterized by a steady increase in net income and robust operating cash flows. Over the analyzed period, net income grew from 856 million USD in November 2019 to 2,192 million USD by May 2026, demonstrating a strong upward trend in earnings capacity.
- Operating Cash Flow and Working Capital
- Net cash provided by operating activities shows a general expansion, frequently exceeding 3 billion USD per quarter in recent years. This is supported by an increase in depreciation and amortization, which rose from approximately 369 million USD to nearly 600 million USD, reflecting a larger asset base. A high degree of volatility is observed in merchandise inventories and accounts payable; these two items frequently fluctuate in opposite directions with large magnitudes, which is characteristic of retail inventory cycle management.
- Investing Activities and Capital Expenditure
- Investing activities consistently result in net cash outflows, driven primarily by additions to property and equipment. Capital expenditures have scaled significantly, moving from a range of 500 million to 700 million USD in 2019-2020 to peaks as high as 1.96 billion USD in August 2025. This pattern indicates a sustained commitment to physical infrastructure expansion and warehouse modernization. Short-term investment activity remains fluid, with frequent purchases and maturities offsetting one another.
- Financing Activities and Shareholder Returns
- Financing activities are predominantly characterized by the return of capital to shareholders. Regular cash dividend payments are supplemented by significant periodic spikes, notably 4.43 billion USD in February 2021 and 7.11 billion USD in February 2024, indicating the issuance of special dividends. Repurchases of common stock have also trended upward, increasing from 30 million USD in late 2019 to a consistent range between 180 million and 280 million USD per quarter in the later stages of the period.
- Liquidity and Cash Position
- The net change in cash and cash equivalents exhibits significant quarterly variance, largely dictated by the timing of special dividend distributions and large-scale inventory adjustments. Despite these fluctuations, the company maintains a positive capacity to fund its capital expenditures and shareholder distributions through its internally generated operating cash flow.