Debt to Equity
since 2005
Calculation
Costco Wholesale Corp., debt to equity, long-term trends, calculation
| Debt to equity | = | Total debt1 | ÷ | Total Costco stockholders’ equity1 | |
|---|---|---|---|---|---|
| Aug 30, 2026 | 0.17 | = | 6,162) | ÷ | 35,803) |
| Aug 31, 2025 | 0.20 | = | 5,788) | ÷ | 29,164) |
| Sep 1, 2024 | 0.25 | = | 5,897) | ÷ | 23,622) |
| Sep 3, 2023 | 0.26 | = | 6,458) | ÷ | 25,058) |
| Aug 28, 2022 | 0.32 | = | 6,557) | ÷ | 20,642) |
| Aug 29, 2021 | 0.43 | = | 7,491) | ÷ | 17,564) |
| Aug 30, 2020 | 0.42 | = | 7,609) | ÷ | 18,284) |
| Sep 1, 2019 | 0.45 | = | 6,823) | ÷ | 15,243) |
| Sep 2, 2018 | 0.51 | = | 6,577) | ÷ | 12,799) |
| Sep 3, 2017 | 0.62 | = | 6,659) | ÷ | 10,778) |
| Aug 28, 2016 | 0.43 | = | 5,161) | ÷ | 12,079) |
| Aug 30, 2015 | 0.58 | = | 6,147) | ÷ | 10,617) |
| Aug 31, 2014 | 0.41 | = | 5,093) | ÷ | 12,303) |
| Sep 1, 2013 | 0.46 | = | 4,998) | ÷ | 10,833) |
| Sep 2, 2012 | 0.11 | = | 1,382) | ÷ | 12,361) |
| Aug 28, 2011 | 0.18 | = | 2,153) | ÷ | 12,002) |
| Aug 29, 2010 | 0.20 | = | 2,167) | ÷ | 10,829) |
| Aug 30, 2009 | 0.23 | = | 2,303) | ÷ | 10,024) |
| Aug 31, 2008 | 0.26 | = | 2,346) | ÷ | 9,192) |
| Sep 2, 2007 | 0.26 | = | 2,222) | ÷ | 8,623) |
| Sep 3, 2006 | 0.06 | = | 565) | ÷ | 9,143) |
| Aug 28, 2005 | 0.09 | = | 768) | ÷ | 8,881) |
Based on: 10-K (reporting date: 2026-08-30), 10-K (reporting date: 2025-08-31), 10-K (reporting date: 2024-09-01), 10-K (reporting date: 2023-09-03), 10-K (reporting date: 2022-08-28), 10-K (reporting date: 2021-08-29), 10-K (reporting date: 2020-08-30), 10-K (reporting date: 2019-09-01), 10-K (reporting date: 2018-09-02), 10-K (reporting date: 2017-09-03), 10-K (reporting date: 2016-08-28), 10-K (reporting date: 2015-08-30), 10-K (reporting date: 2014-08-31), 10-K (reporting date: 2013-09-01), 10-K (reporting date: 2012-09-02), 10-K (reporting date: 2011-08-28), 10-K (reporting date: 2010-08-29), 10-K (reporting date: 2009-08-30), 10-K (reporting date: 2008-08-31), 10-K (reporting date: 2007-09-02), 10-K (reporting date: 2006-09-03), 10-K (reporting date: 2005-08-28).
1 US$ in millions
The financial trajectory from 2005 to 2026 reveals a long-term trend of balance sheet strengthening characterized by substantial growth in stockholders' equity and strategic fluctuations in total debt. While debt experienced periods of significant expansion, the concurrent and more aggressive growth of equity has resulted in a declining leverage profile over the long term.
- Stockholders' Equity Expansion
- A consistent upward trajectory is observed in total stockholders' equity, which rose from 8.88 billion USD in 2005 to a projected 35.80 billion USD by 2026. Despite occasional short-term fluctuations, the overall growth indicates a strong accumulation of capital and internal funding capacity.
- Debt Accumulation and Deleveraging
- Total debt remained relatively low and stable between 2005 and 2012, typically hovering between 565 million USD and 2.35 billion USD. A significant shift occurred in 2013, with debt increasing to 4.99 billion USD and continuing to climb to a peak of 7.61 billion USD in 2020. Since 2021, a gradual reduction in total debt has been observed, trending toward 6.16 billion USD by 2026.
- Debt to Equity Ratio Analysis
- The leverage ratio demonstrates a cyclical pattern. The period between 2005 and 2012 was characterized by low leverage, with ratios remaining below 0.30. A period of increased borrowing led to a peak ratio of 0.62 in 2017. However, from 2018 onward, a steady decompression of the ratio is evident, falling consistently to 0.17 by 2026. This indicates that equity growth has significantly outpaced debt growth in the latter half of the observed period, returning the capital structure to a highly conservative state.
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Comparison to Competitors
Costco Wholesale Corp., debt to equity, long-term trends, comparison to competitors
| Costco Wholesale Corp. | Target Corp. | Walmart Inc. | |
|---|---|---|---|
| Aug 30, 2026 | 0.17 | 1.02 | 0.52 |
| Aug 31, 2025 | 0.20 | 1.09 | 0.50 |
| Sep 1, 2024 | 0.25 | 1.19 | 0.56 |
| Sep 3, 2023 | 0.26 | 1.44 | 0.58 |
| Aug 28, 2022 | 0.32 | 1.07 | 0.51 |
| Aug 29, 2021 | 0.43 | 0.88 | 0.60 |
| Aug 30, 2020 | 0.42 | 0.97 | 0.73 |
| Sep 1, 2019 | 0.45 | 1.00 | 0.80 |
| Sep 2, 2018 | 0.51 | 0.99 | 0.60 |
| Sep 3, 2017 | 0.62 | 1.16 | 0.59 |
| Aug 28, 2016 | 0.43 | 0.98 | 0.62 |
| Aug 30, 2015 | 0.58 | 0.91 | 0.62 |
| Aug 31, 2014 | 0.41 | 0.85 | 0.74 |
| Sep 1, 2013 | 0.46 | 1.07 | 0.71 |
| Sep 2, 2012 | 0.11 | 1.11 | 0.75 |
| Aug 28, 2011 | 0.18 | 1.02 | 0.73 |
| Aug 29, 2010 | 0.20 | 1.10 | 0.58 |
| Aug 30, 2009 | 0.23 | 1.37 | 0.65 |
| Aug 31, 2008 | 0.26 | 1.12 | 0.69 |
| Sep 2, 2007 | 0.26 | 0.64 | 0.63 |
| Sep 3, 2006 | 0.06 | 0.69 | 0.73 |
| Aug 28, 2005 | 0.09 | 0.73 | 0.64 |
Based on: 10-K (reporting date: 2026-08-30), 10-K (reporting date: 2025-08-31), 10-K (reporting date: 2024-09-01), 10-K (reporting date: 2023-09-03), 10-K (reporting date: 2022-08-28), 10-K (reporting date: 2021-08-29), 10-K (reporting date: 2020-08-30), 10-K (reporting date: 2019-09-01), 10-K (reporting date: 2018-09-02), 10-K (reporting date: 2017-09-03), 10-K (reporting date: 2016-08-28), 10-K (reporting date: 2015-08-30), 10-K (reporting date: 2014-08-31), 10-K (reporting date: 2013-09-01), 10-K (reporting date: 2012-09-02), 10-K (reporting date: 2011-08-28), 10-K (reporting date: 2010-08-29), 10-K (reporting date: 2009-08-30), 10-K (reporting date: 2008-08-31), 10-K (reporting date: 2007-09-02), 10-K (reporting date: 2006-09-03), 10-K (reporting date: 2005-08-28).
Comparison to Sector (Consumer Staples Distribution & Retail)
Costco Wholesale Corp., debt to equity, long-term trends, comparison to sector (consumer staples distribution & retail)
| Costco Wholesale Corp. | Consumer Staples Distribution & Retail | |
|---|---|---|
| Aug 30, 2026 | 0.17 | — |
| Aug 31, 2025 | 0.20 | 0.50 |
| Sep 1, 2024 | 0.25 | 0.57 |
| Sep 3, 2023 | 0.26 | 0.59 |
| Aug 28, 2022 | 0.32 | 0.54 |
| Aug 29, 2021 | 0.43 | 0.61 |
| Aug 30, 2020 | 0.42 | 0.70 |
| Sep 1, 2019 | 0.45 | 0.77 |
| Sep 2, 2018 | 0.51 | 0.63 |
| Sep 3, 2017 | 0.62 | 0.66 |
| Aug 28, 2016 | 0.43 | 0.64 |
| Aug 30, 2015 | 0.58 | 0.65 |
| Aug 31, 2014 | 0.41 | 0.72 |
| Sep 1, 2013 | 0.46 | 0.74 |
| Sep 2, 2012 | 0.11 | 0.73 |
| Aug 28, 2011 | 0.18 | 0.71 |
| Aug 29, 2010 | 0.20 | 0.62 |
| Aug 30, 2009 | 0.23 | 0.71 |
| Aug 31, 2008 | 0.26 | 0.72 |
| Sep 2, 2007 | 0.26 | 0.60 |
| Sep 3, 2006 | 0.06 | 0.64 |
| Aug 28, 2005 | 0.09 | 0.59 |
Based on: 10-K (reporting date: 2026-08-30), 10-K (reporting date: 2025-08-31), 10-K (reporting date: 2024-09-01), 10-K (reporting date: 2023-09-03), 10-K (reporting date: 2022-08-28), 10-K (reporting date: 2021-08-29), 10-K (reporting date: 2020-08-30), 10-K (reporting date: 2019-09-01), 10-K (reporting date: 2018-09-02), 10-K (reporting date: 2017-09-03), 10-K (reporting date: 2016-08-28), 10-K (reporting date: 2015-08-30), 10-K (reporting date: 2014-08-31), 10-K (reporting date: 2013-09-01), 10-K (reporting date: 2012-09-02), 10-K (reporting date: 2011-08-28), 10-K (reporting date: 2010-08-29), 10-K (reporting date: 2009-08-30), 10-K (reporting date: 2008-08-31), 10-K (reporting date: 2007-09-02), 10-K (reporting date: 2006-09-03), 10-K (reporting date: 2005-08-28).
Comparison to Industry (Consumer Staples)
Costco Wholesale Corp., debt to equity, long-term trends, comparison to industry (consumer staples)
| Costco Wholesale Corp. | Consumer Staples | |
|---|---|---|
| Aug 30, 2026 | 0.17 | — |
| Aug 31, 2025 | 0.20 | 1.04 |
| Sep 1, 2024 | 0.25 | 1.11 |
| Sep 3, 2023 | 0.26 | 1.15 |
| Aug 28, 2022 | 0.32 | 1.07 |
| Aug 29, 2021 | 0.43 | 1.07 |
| Aug 30, 2020 | 0.42 | 1.24 |
| Sep 1, 2019 | 0.45 | 1.18 |
| Sep 2, 2018 | 0.51 | 1.11 |
| Sep 3, 2017 | 0.62 | 1.20 |
| Aug 28, 2016 | 0.43 | 1.09 |
| Aug 30, 2015 | 0.58 | 1.00 |
| Aug 31, 2014 | 0.41 | 0.96 |
| Sep 1, 2013 | 0.46 | 0.87 |
| Sep 2, 2012 | 0.11 | 0.83 |
| Aug 28, 2011 | 0.18 | 0.80 |
| Aug 29, 2010 | 0.20 | 0.74 |
| Aug 30, 2009 | 0.23 | 0.69 |
| Aug 31, 2008 | 0.26 | 0.68 |
| Sep 2, 2007 | 0.26 | 0.55 |
| Sep 3, 2006 | 0.06 | 0.52 |
| Aug 28, 2005 | 0.09 | 0.59 |
Based on: 10-K (reporting date: 2026-08-30), 10-K (reporting date: 2025-08-31), 10-K (reporting date: 2024-09-01), 10-K (reporting date: 2023-09-03), 10-K (reporting date: 2022-08-28), 10-K (reporting date: 2021-08-29), 10-K (reporting date: 2020-08-30), 10-K (reporting date: 2019-09-01), 10-K (reporting date: 2018-09-02), 10-K (reporting date: 2017-09-03), 10-K (reporting date: 2016-08-28), 10-K (reporting date: 2015-08-30), 10-K (reporting date: 2014-08-31), 10-K (reporting date: 2013-09-01), 10-K (reporting date: 2012-09-02), 10-K (reporting date: 2011-08-28), 10-K (reporting date: 2010-08-29), 10-K (reporting date: 2009-08-30), 10-K (reporting date: 2008-08-31), 10-K (reporting date: 2007-09-02), 10-K (reporting date: 2006-09-03), 10-K (reporting date: 2005-08-28).