Return on Assets (ROA)
since 2005
Calculation
Costco Wholesale Corp., ROA, long-term trends, calculation
| ROA | = | 100 | × | Net income attributable to Costco1 | ÷ | Total assets1 | |
|---|---|---|---|---|---|---|---|
| Aug 30, 2026 | 10.36% | = | 100 | × | 9,226) | ÷ | 89,045) |
| Aug 31, 2025 | 10.50% | = | 100 | × | 8,099) | ÷ | 77,099) |
| Sep 1, 2024 | 10.55% | = | 100 | × | 7,367) | ÷ | 69,831) |
| Sep 3, 2023 | 9.12% | = | 100 | × | 6,292) | ÷ | 68,994) |
| Aug 28, 2022 | 9.11% | = | 100 | × | 5,844) | ÷ | 64,166) |
| Aug 29, 2021 | 8.45% | = | 100 | × | 5,007) | ÷ | 59,268) |
| Aug 30, 2020 | 7.20% | = | 100 | × | 4,002) | ÷ | 55,556) |
| Sep 1, 2019 | 8.06% | = | 100 | × | 3,659) | ÷ | 45,400) |
| Sep 2, 2018 | 7.68% | = | 100 | × | 3,134) | ÷ | 40,830) |
| Sep 3, 2017 | 7.37% | = | 100 | × | 2,679) | ÷ | 36,347) |
| Aug 28, 2016 | 7.09% | = | 100 | × | 2,350) | ÷ | 33,163) |
| Aug 30, 2015 | 7.11% | = | 100 | × | 2,377) | ÷ | 33,440) |
| Aug 31, 2014 | 6.23% | = | 100 | × | 2,058) | ÷ | 33,024) |
| Sep 1, 2013 | 6.73% | = | 100 | × | 2,039) | ÷ | 30,283) |
| Sep 2, 2012 | 6.30% | = | 100 | × | 1,709) | ÷ | 27,140) |
| Aug 28, 2011 | 5.46% | = | 100 | × | 1,462) | ÷ | 26,761) |
| Aug 29, 2010 | 5.47% | = | 100 | × | 1,303) | ÷ | 23,815) |
| Aug 30, 2009 | 4.94% | = | 100 | × | 1,086) | ÷ | 21,979) |
| Aug 31, 2008 | 6.20% | = | 100 | × | 1,283) | ÷ | 20,682) |
| Sep 2, 2007 | 5.52% | = | 100 | × | 1,083) | ÷ | 19,607) |
| Sep 3, 2006 | 6.31% | = | 100 | × | 1,103) | ÷ | 17,495) |
| Aug 28, 2005 | 6.44% | = | 100 | × | 1,063) | ÷ | 16,514) |
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
An analysis of the financial performance from 2005 to 2026 reveals a consistent long-term expansion in both absolute profitability and asset efficiency. While total assets and net income grew monotonically over the two-decade period, the return on assets (ROA) transitioned from a period of relative stability and minor volatility to a phase of significant acceleration.
- Net Income and Asset Expansion
- Net income attributable to the company grew from 1,063 million US dollars in 2005 to 9,226 million US dollars by 2026. Concurrently, total assets expanded from 16,514 million US dollars to 89,045 million US dollars. The growth in net income outpaced the growth in the asset base, particularly in the latter half of the observed period, which drove the overall increase in asset productivity.
- Initial Phase of ROA Fluctuations (2005–2011)
- During the first seven years, ROA remained within a narrow band between 4.94% and 6.44%. A notable dip occurred in 2009, where ROA reached its lowest point of 4.94%, coinciding with a period where net income declined slightly while total assets continued to increase. This indicates a temporary decoupling of asset growth and profit generation during that timeframe.
- Intermediate Growth and Stabilization (2012–2020)
- Starting in 2012, a sustained upward trend in ROA emerged, rising from 6.30% to a peak of 8.06% in 2019. This period reflects improved operational efficiency and a higher rate of return for every dollar invested in assets. Despite a brief contraction to 7.20% in 2020, the trajectory remained positive compared to the previous decade.
- Optimization and Peak Performance (2021–2026)
- The most significant improvement in asset efficiency occurred between 2021 and 2026. ROA climbed from 8.45% in 2021 to a peak of 10.55% in 2023, before stabilizing around the 10.36% to 10.50% range through 2026. This indicates a shift toward a higher-margin or more asset-light operational model, as the rate of net income growth significantly accelerated relative to the expansion of the balance sheet.
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Comparison to Competitors
Costco Wholesale Corp., ROA, long-term trends, comparison to competitors
| Costco Wholesale Corp. | Target Corp. | Walmart Inc. | |
|---|---|---|---|
| Aug 30, 2026 | 10.36% | 6.23% | 7.69% |
| Aug 31, 2025 | 10.50% | 7.08% | 7.45% |
| Sep 1, 2024 | 10.55% | 7.48% | 6.15% |
| Sep 3, 2023 | 9.12% | 5.21% | 4.80% |
| Aug 28, 2022 | 9.11% | 12.91% | 5.58% |
| Aug 29, 2021 | 8.45% | 8.52% | 5.35% |
| Aug 30, 2020 | 7.20% | 7.67% | 6.29% |
| Sep 1, 2019 | 8.06% | 7.11% | 3.04% |
| Sep 2, 2018 | 7.68% | 7.52% | 4.82% |
| Sep 3, 2017 | 7.37% | 7.31% | 6.86% |
| Aug 28, 2016 | 7.09% | 8.35% | 7.36% |
| Aug 30, 2015 | 7.11% | -3.95% | 8.03% |
| Aug 31, 2014 | 6.23% | 4.42% | 7.83% |
| Sep 1, 2013 | 6.73% | 6.23% | 8.37% |
| Sep 2, 2012 | 6.30% | 6.28% | 8.12% |
| Aug 28, 2011 | 5.46% | 6.68% | 9.07% |
| Aug 29, 2010 | 5.47% | 5.59% | 8.40% |
| Aug 30, 2009 | 4.94% | 5.02% | 8.20% |
| Aug 31, 2008 | 6.20% | 6.39% | 7.79% |
| Sep 2, 2007 | 5.52% | 7.46% | 7.46% |
| Sep 3, 2006 | 6.31% | 6.88% | 8.13% |
| Aug 28, 2005 | 6.44% | 9.90% | 8.54% |
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., ROA, long-term trends, comparison to sector (consumer staples distribution & retail)
| Costco Wholesale Corp. | Consumer Staples Distribution & Retail | |
|---|---|---|
| Aug 30, 2026 | 10.36% | — |
| Aug 31, 2025 | 10.50% | 7.99% |
| Sep 1, 2024 | 10.55% | 7.15% |
| Sep 3, 2023 | 9.12% | 5.68% |
| Aug 28, 2022 | 9.11% | 7.29% |
| Aug 29, 2021 | 8.45% | 6.30% |
| Aug 30, 2020 | 7.20% | 6.62% |
| Sep 1, 2019 | 8.06% | 4.34% |
| Sep 2, 2018 | 7.68% | 5.60% |
| Sep 3, 2017 | 7.37% | 6.99% |
| Aug 28, 2016 | 7.09% | 7.47% |
| Aug 30, 2015 | 7.11% | 6.14% |
| Aug 31, 2014 | 6.23% | 7.10% |
| Sep 1, 2013 | 6.73% | 7.83% |
| Sep 2, 2012 | 6.30% | 7.61% |
| Aug 28, 2011 | 5.46% | 8.27% |
| Aug 29, 2010 | 5.47% | 7.58% |
| Aug 30, 2009 | 4.94% | 7.28% |
| Aug 31, 2008 | 6.20% | 7.37% |
| Sep 2, 2007 | 5.52% | 7.28% |
| Sep 3, 2006 | 6.31% | 7.73% |
| Aug 28, 2005 | 6.44% | 8.59% |
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., ROA, long-term trends, comparison to industry (consumer staples)
| Costco Wholesale Corp. | Consumer Staples | |
|---|---|---|
| Aug 30, 2026 | 10.36% | — |
| Aug 31, 2025 | 10.50% | 9.47% |
| Sep 1, 2024 | 10.55% | 8.89% |
| Sep 3, 2023 | 9.12% | 8.28% |
| Aug 28, 2022 | 9.11% | 8.95% |
| Aug 29, 2021 | 8.45% | 8.75% |
| Aug 30, 2020 | 7.20% | 8.24% |
| Sep 1, 2019 | 8.06% | 6.41% |
| Sep 2, 2018 | 7.68% | 8.40% |
| Sep 3, 2017 | 7.37% | 7.42% |
| Aug 28, 2016 | 7.09% | 7.94% |
| Aug 30, 2015 | 7.11% | 7.69% |
| Aug 31, 2014 | 6.23% | 7.96% |
| Sep 1, 2013 | 6.73% | 8.75% |
| Sep 2, 2012 | 6.30% | 8.63% |
| Aug 28, 2011 | 5.46% | 8.89% |
| Aug 29, 2010 | 5.47% | 9.45% |
| Aug 30, 2009 | 4.94% | 9.43% |
| Aug 31, 2008 | 6.20% | 9.11% |
| Sep 2, 2007 | 5.52% | 8.07% |
| Sep 3, 2006 | 6.31% | 8.42% |
| Aug 28, 2005 | 6.44% | 9.55% |
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).