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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- Statement of Comprehensive Income
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
- Analysis of Debt
- Aggregate Accruals
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Costco Wholesale Corp., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 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), 10-K (reporting date: 2019-09-01), 10-Q (reporting date: 2019-05-12), 10-Q (reporting date: 2019-02-17), 10-Q (reporting date: 2018-11-25).
- Net Income including Noncontrolling Interests
- The net income displays a general upward trend with notable fluctuations. Starting at 777 million USD in late 2018, it reaches peak levels multiple times, particularly around mid-2023 and late 2024, where values exceed 2000 million USD. However, intermittent periods show declines, indicating variability in profitability, possibly influenced by operational or market conditions.
- Depreciation and Amortization
- Depreciation and amortization expenses progressively increase from approximately 330 million USD in 2018 to over 700 million USD by late 2024. This steady rise suggests ongoing investments in assets and indicates a growing asset base.
- Non-Cash Lease Expense
- This line item sees sporadic entries starting in early 2019, with a marked increase in the 2020-2024 period. Peaks around 130-140 million USD are observed in early 2022 and mid-2023, reflecting changes in lease accounting or expansion of leased assets.
- Stock-Based Compensation
- Stock-based compensation displays cyclical spikes, often increasing during specific quarters with peaks surpassing 460 million USD. These fluctuations likely correspond to grant schedules or company performance incentives.
- Other Non-Cash Operating Activities, Net
- This item exhibits significant volatility, oscillating between negative and positive values. Notably, very high positive values around 296 million USD occur in early 2023, indicating possibly non-recurring or unusual non-cash items impacting operating activities.
- Merchandise Inventories
- Inventory values fluctuate widely, with large negative and positive changes, indicating significant variation in inventory management or procurement cycles. For example, sizable negative adjustments appear near late 2019 and 2021, while strong positive spikes occur in early 2020 and early 2023.
- Accounts Payable
- Accounts payable values show pronounced volatility with large swings between positive and negative figures. This pattern reveals variability in payment cycles or supplier financing, with extreme values around ±3000 million USD across several quarters.
- Other Operating Assets and Liabilities, Net
- This category displays moderate variability but shows an increasing positive trend with occasional negative corrections. Noteworthy are significant positive entries in early 2023 and mid-2025, suggesting active management of operating working capital components.
- Changes in Operating Assets and Liabilities
- These changes show strong fluctuations, alternating between substantial positive and negative cash impacts. Peaks above 2000 million USD and troughs below -1500 million USD suggest dynamic working capital adjustments influencing cash flows.
- Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities
- The adjustments follow a pattern of large positive and occasional negative values, reflecting significant non-cash items and timing differences. Peaks exceeding 3000 million USD around late 2023 highlight periods of heightened adjustments to reconcile income to operating cash.
- Net Cash Provided by Operating Activities
- Operating cash flows generally show a growing trend with intermittent drops. Highest inflows surpass 4600 million USD by late 2023, underscoring strong underlying cash-generating ability despite some quarters with minimal or negative cash inflow.
- Purchases and Maturities of Short-Term Investments
- Purchases consistently represent cash outflows around 200-600 million USD per quarter, while maturities provide inflows fluctuating broadly between 30 and nearly 900 million USD. The variance suggests active liquidity management and investment portfolio turnover.
- Additions to Property and Equipment
- Capital expenditures demonstrate a steady and significant cash outflow, generally ranging from 500 to over 1500 million USD per period. Peaks around late 2023 and mid-2024 indicate periods of intensified investment in fixed assets.
- Acquisitions
- Acquisitions occur sporadically, with a notable large cash outflow exceeding 1100 million USD in mid-2020, but otherwise minimal to no recurring acquisition activity in other quarters.
- Other Investing Activities, Net
- This category fluctuates mildly, usually resulting in minor cash inflows or outflows, indicating limited impact on overall investing cash flows.
- Net Cash Used in Investing Activities
- Investing cash flows consistently represent cash outflows, generally in the range of 400 to over 1800 million USD, reflecting sustained investment in fixed assets and occasional acquisitions, which are partially offset by short-term investment maturities.
- Repayments and Proceeds from Borrowings
- Repayments of short-term borrowings and long-term debt exhibit irregular activity with occasional sizeable payments, particularly a long-term debt repayment of 1200 million USD in early 2020. Proceeds from long-term debt issuance peaked near 4000 million USD in mid-2020, indicating significant debt refinancing or capital structuring during that period.
- Tax Withholdings on Stock-Based Awards
- This minor but recurring cash outflow tends to correspond with stock-based compensation fluctuations, generally maintaining low single- or double-digit million USD amounts per quarter, occasionally spiking in line with compensation grants.
- Repurchases of Common Stock
- Stock repurchases are consistent and substantial, ranging between 30 and 230 million USD regularly per quarter, reflecting an ongoing capital return program to shareholders.
- Cash Dividend Payments
- Dividend payments show a pattern of frequent disbursements with notable outliers, such as a large 4430 million USD payment in early 2021, indicating special dividends or an extraordinary distribution event. Regular dividends otherwise range modestly between 250 and 900 million USD each period.
- Financing Lease Payments, Dividends to Noncontrolling Interest, and Acquisition of Noncontrolling Interest
- Financing lease payments appear intermittently with medium-sized outflows. Dividends to noncontrolling interest and acquisition of noncontrolling interest emerge sporadically, with a significant acquisition outflow near 842 million USD in early 2022, suggesting transactions impacting minority interests.
- Other Financing Activities, Net
- This item fluctuates moderately between positive and negative values, implying occasional minor financing-related inflows or outflows without a clear trend.
- Net Cash Provided by (Used in) Financing Activities
- Financing cash flows show pronounced variability, with large positive inflows, such as nearly 3000 million USD in mid-2020, and substantial outflows in other quarters, including a record outflow exceeding 7200 million USD in early 2024, reflecting active capital structure management, including borrowings, repayments, repurchases, and dividend payments.
- Effect of Exchange Rate Changes on Cash and Cash Equivalents
- Currency effects on cash are minor relative to other items but show intermittent positive and negative impacts, generally below 100 million USD per quarter, with occasional outliers both positive and negative.
- Net Change in Cash and Cash Equivalents
- The overall cash position oscillates between significant increases and decreases. Large positive changes occur around mid-2020 and late 2023, linked to strong operating cash flows and financing activities, while steep declines appear in periods such as early 2021 and early 2024, likely due to substantial financing outflows and investments.