Return on Equity (ROE)
since 2005
Calculation
Costco Wholesale Corp., ROE, long-term trends, calculation
| ROE | = | 100 | × | Net income attributable to Costco1 | ÷ | Total Costco stockholders’ equity1 | |
|---|---|---|---|---|---|---|---|
| Aug 30, 2026 | 25.77% | = | 100 | × | 9,226) | ÷ | 35,803) |
| Aug 31, 2025 | 27.77% | = | 100 | × | 8,099) | ÷ | 29,164) |
| Sep 1, 2024 | 31.19% | = | 100 | × | 7,367) | ÷ | 23,622) |
| Sep 3, 2023 | 25.11% | = | 100 | × | 6,292) | ÷ | 25,058) |
| Aug 28, 2022 | 28.31% | = | 100 | × | 5,844) | ÷ | 20,642) |
| Aug 29, 2021 | 28.51% | = | 100 | × | 5,007) | ÷ | 17,564) |
| Aug 30, 2020 | 21.89% | = | 100 | × | 4,002) | ÷ | 18,284) |
| Sep 1, 2019 | 24.00% | = | 100 | × | 3,659) | ÷ | 15,243) |
| Sep 2, 2018 | 24.49% | = | 100 | × | 3,134) | ÷ | 12,799) |
| Sep 3, 2017 | 24.86% | = | 100 | × | 2,679) | ÷ | 10,778) |
| Aug 28, 2016 | 19.46% | = | 100 | × | 2,350) | ÷ | 12,079) |
| Aug 30, 2015 | 22.39% | = | 100 | × | 2,377) | ÷ | 10,617) |
| Aug 31, 2014 | 16.73% | = | 100 | × | 2,058) | ÷ | 12,303) |
| Sep 1, 2013 | 18.82% | = | 100 | × | 2,039) | ÷ | 10,833) |
| Sep 2, 2012 | 13.83% | = | 100 | × | 1,709) | ÷ | 12,361) |
| Aug 28, 2011 | 12.18% | = | 100 | × | 1,462) | ÷ | 12,002) |
| Aug 29, 2010 | 12.03% | = | 100 | × | 1,303) | ÷ | 10,829) |
| Aug 30, 2009 | 10.83% | = | 100 | × | 1,086) | ÷ | 10,024) |
| Aug 31, 2008 | 13.95% | = | 100 | × | 1,283) | ÷ | 9,192) |
| Sep 2, 2007 | 12.56% | = | 100 | × | 1,083) | ÷ | 8,623) |
| Sep 3, 2006 | 12.07% | = | 100 | × | 1,103) | ÷ | 9,143) |
| Aug 28, 2005 | 11.97% | = | 100 | × | 1,063) | ÷ | 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 performance over the analyzed period demonstrates a sustained long-term increase in both absolute profitability and the efficiency of equity utilization. Net income grew from 1,063 million USD in 2005 to 9,226 million USD by 2026, while total stockholders' equity expanded from 8,881 million USD to 35,803 million USD.
- Return on Equity (ROE) Trend Analysis
- The ROE exhibited three distinct phases of growth. From 2005 to 2012, returns remained relatively stable, fluctuating within a narrow range between 10.83% and 13.95%. A structural shift occurred starting in 2013, with ROE rising to 18.82% and maintaining a higher baseline between 19% and 25% through 2020. The most recent period from 2021 to 2026 shows a further escalation, reaching a peak of 31.19% in 2024 before moderating to 25.77%.
- Profitability and Equity Correlation
- The upward trajectory of the ROE is primarily driven by net income growth outpacing the accumulation of stockholders' equity. Over the full period, net income increased by approximately 765%, while total stockholders' equity increased by approximately 302%. This divergence indicates an increase in the company's operational leverage and its ability to generate higher profits per unit of equity invested.
- Observations on Volatility
- The data reveals periodic fluctuations in the ROE, often linked to shifts in the equity base. For instance, the significant jump in ROE observed between 2012 and 2013 coincides with a decrease in total stockholders' equity from 12,361 million USD to 10,833 million USD alongside rising net income. Similar patterns are observed in 2015 and 2017, where reductions in equity contributed to peak ROE percentages of 22.39% and 24.86%, respectively.
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Comparison to Competitors
Costco Wholesale Corp., ROE, long-term trends, comparison to competitors
| Costco Wholesale Corp. | Target Corp. | Walmart Inc. | |
|---|---|---|---|
| Aug 30, 2026 | 25.77% | 22.92% | 21.98% |
| Aug 31, 2025 | 27.77% | 27.89% | 21.36% |
| Sep 1, 2024 | 31.19% | 30.81% | 18.50% |
| Sep 3, 2023 | 25.11% | 24.75% | 15.23% |
| Aug 28, 2022 | 28.31% | 54.15% | 16.42% |
| Aug 29, 2021 | 28.51% | 30.25% | 16.69% |
| Aug 30, 2020 | 21.89% | 27.73% | 19.93% |
| Sep 1, 2019 | 24.00% | 26.00% | 9.20% |
| Sep 2, 2018 | 24.49% | 25.06% | 12.66% |
| Sep 3, 2017 | 24.86% | 24.99% | 17.54% |
| Aug 28, 2016 | 19.46% | 25.96% | 18.24% |
| Aug 30, 2015 | 22.39% | -11.69% | 20.10% |
| Aug 31, 2014 | 16.73% | 12.14% | 21.01% |
| Sep 1, 2013 | 18.82% | 18.11% | 22.27% |
| Sep 2, 2012 | 13.83% | 18.51% | 22.01% |
| Aug 28, 2011 | 12.18% | 18.85% | 23.91% |
| Aug 29, 2010 | 12.03% | 16.21% | 20.26% |
| Aug 30, 2009 | 10.83% | 16.15% | 20.53% |
| Aug 31, 2008 | 13.95% | 18.61% | 19.70% |
| Sep 2, 2007 | 12.56% | 17.83% | 18.33% |
| Sep 3, 2006 | 12.07% | 16.95% | 21.12% |
| Aug 28, 2005 | 11.97% | 24.55% | 20.79% |
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., ROE, long-term trends, comparison to sector (consumer staples distribution & retail)
| Costco Wholesale Corp. | Consumer Staples Distribution & Retail | |
|---|---|---|
| Aug 30, 2026 | 25.77% | — |
| Aug 31, 2025 | 27.77% | 23.45% |
| Sep 1, 2024 | 31.19% | 22.34% |
| Sep 3, 2023 | 25.11% | 18.37% |
| Aug 28, 2022 | 28.31% | 22.67% |
| Aug 29, 2021 | 28.51% | 20.26% |
| Aug 30, 2020 | 21.89% | 21.15% |
| Sep 1, 2019 | 24.00% | 13.40% |
| Sep 2, 2018 | 24.49% | 15.56% |
| Sep 3, 2017 | 24.86% | 19.15% |
| Aug 28, 2016 | 19.46% | 19.33% |
| Aug 30, 2015 | 22.39% | 16.13% |
| Aug 31, 2014 | 16.73% | 19.13% |
| Sep 1, 2013 | 18.82% | 21.24% |
| Sep 2, 2012 | 13.83% | 20.44% |
| Aug 28, 2011 | 12.18% | 21.63% |
| Aug 29, 2010 | 12.03% | 18.70% |
| Aug 30, 2009 | 10.83% | 18.76% |
| Aug 31, 2008 | 13.95% | 18.92% |
| Sep 2, 2007 | 12.56% | 17.66% |
| Sep 3, 2006 | 12.07% | 19.27% |
| Aug 28, 2005 | 11.97% | 20.37% |
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., ROE, long-term trends, comparison to industry (consumer staples)
| Costco Wholesale Corp. | Consumer Staples | |
|---|---|---|
| Aug 30, 2026 | 25.77% | — |
| Aug 31, 2025 | 27.77% | 32.41% |
| Sep 1, 2024 | 31.19% | 32.18% |
| Sep 3, 2023 | 25.11% | 30.71% |
| Aug 28, 2022 | 28.31% | 32.10% |
| Aug 29, 2021 | 28.51% | 31.40% |
| Aug 30, 2020 | 21.89% | 30.98% |
| Sep 1, 2019 | 24.00% | 22.71% |
| Sep 2, 2018 | 24.49% | 28.05% |
| Sep 3, 2017 | 24.86% | 25.14% |
| Aug 28, 2016 | 19.46% | 25.00% |
| Aug 30, 2015 | 22.39% | 23.15% |
| Aug 31, 2014 | 16.73% | 23.21% |
| Sep 1, 2013 | 18.82% | 24.09% |
| Sep 2, 2012 | 13.83% | 23.55% |
| Aug 28, 2011 | 12.18% | 23.75% |
| Aug 29, 2010 | 12.03% | 24.19% |
| Aug 30, 2009 | 10.83% | 23.20% |
| Aug 31, 2008 | 13.95% | 22.49% |
| Sep 2, 2007 | 12.56% | 18.15% |
| Sep 3, 2006 | 12.07% | 18.58% |
| Aug 28, 2005 | 11.97% | 22.40% |
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).