Selected Financial Data
since 2005
Income Statement
Costco Wholesale Corp., selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Net sales | Operating income | Net income attributable to Costco |
|---|---|---|---|
| Aug 30, 2026 | 297,247) | 11,685) | 9,226) |
| Aug 31, 2025 | 269,912) | 10,383) | 8,099) |
| Sep 1, 2024 | 249,625) | 9,285) | 7,367) |
| Sep 3, 2023 | 237,710) | 8,114) | 6,292) |
| Aug 28, 2022 | 222,730) | 7,793) | 5,844) |
| Aug 29, 2021 | 192,052) | 6,708) | 5,007) |
| Aug 30, 2020 | 163,220) | 5,435) | 4,002) |
| Sep 1, 2019 | 149,351) | 4,737) | 3,659) |
| Sep 2, 2018 | 138,434) | 4,480) | 3,134) |
| Sep 3, 2017 | 126,172) | 4,111) | 2,679) |
| Aug 28, 2016 | 116,073) | 3,672) | 2,350) |
| Aug 30, 2015 | 113,666) | 3,624) | 2,377) |
| Aug 31, 2014 | 110,212) | 3,220) | 2,058) |
| Sep 1, 2013 | 102,870) | 3,053) | 2,039) |
| Sep 2, 2012 | 97,062) | 2,759) | 1,709) |
| Aug 28, 2011 | 87,048) | 2,439) | 1,462) |
| Aug 29, 2010 | 76,255) | 2,077) | 1,303) |
| Aug 30, 2009 | 69,889) | 1,777) | 1,086) |
| Aug 31, 2008 | 70,977) | 1,969) | 1,283) |
| Sep 2, 2007 | 63,088) | 1,609) | 1,083) |
| Sep 3, 2006 | 58,963) | 1,626) | 1,103) |
| Aug 28, 2005 | 51,862) | 1,474) | 1,063) |
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).
A consistent long-term expansion is evident across all primary income statement metrics from 2005 through 2026. Net sales, operating income, and net income all demonstrate substantial growth, reflecting a sustained increase in organizational scale and profitability over the two-decade period.
- Revenue Growth Trends
- Net sales increased from 51,862 million USD in 2005 to 297,247 million USD by 2026. This growth trajectory remained largely positive, with a singular minor contraction observed between 2008 and 2009, when sales declined from 70,977 million USD to 69,889 million USD. A notable acceleration in revenue growth occurred after 2019, with sales increasing from 149,351 million USD in 2018 to nearly 300 billion USD by 2026.
- Operational Performance
- Operating income grew from 1,474 million USD in 2005 to 11,685 million USD by 2026. The growth in operating income has outpaced the growth in net sales over the long term, suggesting an improvement in operational efficiency. Similar to revenue, operating income experienced a brief decline between 2008 and 2009, dropping from 1,969 million USD to 1,777 million USD, before resuming a steady upward trend.
- Bottom-Line Profitability
- Net income attributable to the company rose from 1,063 million USD in 2005 to 9,226 million USD by 2026. The growth in net income was more volatile in the early years of the period but shifted to a high-growth phase starting around 2019. Between 2019 and 2026, net income increased from 3,659 million USD to 9,226 million USD, representing a significant acceleration in earnings power.
- Margin Expansion and Efficiency
- An analysis of the relationship between sales and income reveals a steady expansion of margins. The operating margin, which stood at approximately 2.8% in 2005, rose to roughly 3.9% by 2026. Similarly, the net profit margin improved from approximately 2.0% in 2005 to 3.1% by 2026. This trend indicates that the company has successfully converted a larger percentage of its increasing revenue into actual profit over time.
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Balance Sheet: Assets
Costco Wholesale Corp., selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Aug 30, 2026 | 46,582) | 89,045) |
| Aug 31, 2025 | 38,380) | 77,099) |
| Sep 1, 2024 | 34,246) | 69,831) |
| Sep 3, 2023 | 35,879) | 68,994) |
| Aug 28, 2022 | 32,696) | 64,166) |
| Aug 29, 2021 | 29,505) | 59,268) |
| Aug 30, 2020 | 28,120) | 55,556) |
| Sep 1, 2019 | 23,485) | 45,400) |
| Sep 2, 2018 | 20,289) | 40,830) |
| Sep 3, 2017 | 17,317) | 36,347) |
| Aug 28, 2016 | 15,218) | 33,163) |
| Aug 30, 2015 | 17,299) | 33,440) |
| Aug 31, 2014 | 17,588) | 33,024) |
| Sep 1, 2013 | 15,840) | 30,283) |
| Sep 2, 2012 | 13,526) | 27,140) |
| Aug 28, 2011 | 13,706) | 26,761) |
| Aug 29, 2010 | 11,708) | 23,815) |
| Aug 30, 2009 | 10,337) | 21,979) |
| Aug 31, 2008 | 9,462) | 20,682) |
| Sep 2, 2007 | 9,324) | 19,607) |
| Sep 3, 2006 | 8,232) | 17,495) |
| Aug 28, 2005 | 8,086) | 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).
Total assets have demonstrated a sustained and significant expansion over the analyzed period, growing from 16,514 million US dollars in 2005 to 89,045 million US dollars by 2026. This trajectory reflects a substantial increase in the overall scale of the balance sheet, representing an overall growth of approximately 439%.
- Total Asset Growth Velocity
- The rate of asset accumulation accelerated notably after 2018. While growth was steady during the first decade, the period between 2019 and 2026 saw total assets nearly double, rising from 45,400 million US dollars to 89,045 million US dollars.
- Current Asset Trends
- Current assets increased from 8,086 million US dollars in 2005 to 46,582 million US dollars in 2026. A brief contraction was observed between 2015 and 2016, where values declined from 17,299 million US dollars to 15,218 million US dollars, before resuming a strong upward trend that intensified significantly from 2020 onward.
- Asset Composition and Liquidity Stability
- The proportion of current assets relative to total assets has remained remarkably stable over the long term. Current assets have consistently represented approximately 48% to 52% of the total asset base throughout the two-decade span. This indicates a balanced growth strategy where liquidity is maintained in direct proportion to the expansion of the total asset base.
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Balance Sheet: Liabilities and Stockholders’ Equity
Costco Wholesale Corp., selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Total liabilities | Total debt | Total Costco stockholders’ equity | |
|---|---|---|---|---|
| Aug 30, 2026 | 43,952) | 53,242) | 6,162) | 35,803) |
| Aug 31, 2025 | 37,108) | 47,935) | 5,788) | 29,164) |
| Sep 1, 2024 | 35,464) | 46,209) | 5,897) | 23,622) |
| Sep 3, 2023 | 33,583) | 43,936) | 6,458) | 25,058) |
| Aug 28, 2022 | 31,998) | 43,519) | 6,557) | 20,642) |
| Aug 29, 2021 | 29,441) | 41,190) | 7,491) | 17,564) |
| Aug 30, 2020 | 24,844) | 36,851) | 7,609) | 18,284) |
| Sep 1, 2019 | 23,237) | 29,816) | 6,823) | 15,243) |
| Sep 2, 2018 | 19,926) | 27,727) | 6,577) | 12,799) |
| Sep 3, 2017 | 17,495) | 25,268) | 6,659) | 10,778) |
| Aug 28, 2016 | 15,575) | 20,831) | 5,161) | 12,079) |
| Aug 30, 2015 | 16,540) | 22,597) | 6,147) | 10,617) |
| Aug 31, 2014 | 14,412) | 20,509) | 5,093) | 12,303) |
| Sep 1, 2013 | 13,257) | 19,271) | 4,998) | 10,833) |
| Sep 2, 2012 | 12,260) | 14,622) | 1,382) | 12,361) |
| Aug 28, 2011 | 12,050) | 14,188) | 2,153) | 12,002) |
| Aug 29, 2010 | 10,063) | 12,885) | 2,167) | 10,829) |
| Aug 30, 2009 | 9,281) | 11,875) | 2,303) | 10,024) |
| Aug 31, 2008 | 8,874) | 11,408) | 2,346) | 9,192) |
| Sep 2, 2007 | 8,582) | 10,914) | 2,222) | 8,623) |
| Sep 3, 2006 | 7,819) | 8,288) | 565) | 9,143) |
| Aug 28, 2005 | 6,609) | 7,574) | 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).
The financial data reveals a consistent and substantial expansion of the balance sheet from 2005 through 2026. Total liabilities and stockholders' equity have both experienced significant growth, indicating a broad increase in the scale of operations and capital structure over the observed period.
- Liability Composition and Trends
- Total liabilities grew from 7,574 million USD in 2005 to 53,242 million USD by 2026. A critical observation is the dominance of current liabilities within this total. Current liabilities rose from 6,609 million USD to 43,952 million USD, consistently representing the vast majority of the total liability burden. This suggests a business model heavily reliant on short-term obligations, likely associated with operational payables.
- Debt Profile
- Total debt exhibited a non-linear growth pattern compared to overall liabilities. Starting at 768 million USD in 2005, debt increased significantly, peaking in the 6,000 million USD range between 2014 and 2017. In the latter part of the period, total debt remained relatively stable, ending at 6,162 million USD in 2026. The fact that total debt is a small fraction of total liabilities indicates that the organization maintains low long-term leverage relative to its operational obligations.
- Stockholders' Equity Evolution
- Total stockholders' equity increased from 8,881 million USD in 2005 to 35,803 million USD in 2026. While the long-term trend is upward, the growth was not monotonic; periodic contractions were observed, specifically in 2013, 2015, and 2017. Despite these fluctuations, the acceleration of equity growth became more pronounced after 2018, reflecting a strengthened capital position.
- Capital Structure Analysis
- The relationship between debt and equity remains conservative. Even during periods of peak debt, stockholders' equity grew at a rate that maintained a healthy buffer. By 2026, the ratio of total debt to stockholders' equity remained low, highlighting a preference for equity-based financing and operational credit over long-term debt instruments.
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Cash Flow Statement
Costco Wholesale Corp., selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Net cash provided by operating activities | Net cash used in investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Aug 30, 2026 | 15,817) | (6,378) | (3,355) |
| Aug 31, 2025 | 13,335) | (5,311) | (3,775) |
| Sep 1, 2024 | 11,339) | (4,409) | (10,764) |
| Sep 3, 2023 | 11,068) | (4,972) | (2,614) |
| Aug 28, 2022 | 7,392) | (3,915) | (4,283) |
| Aug 29, 2021 | 8,958) | (3,535) | (6,488) |
| Aug 30, 2020 | 8,861) | (3,891) | (1,147) |
| Sep 1, 2019 | 6,356) | (2,865) | (1,147) |
| Sep 2, 2018 | 5,774) | (2,947) | (1,281) |
| Sep 3, 2017 | 6,726) | (2,366) | (3,218) |
| Aug 28, 2016 | 3,292) | (2,345) | (2,419) |
| Aug 30, 2015 | 4,285) | (2,480) | (2,324) |
| Aug 31, 2014 | 3,984) | (2,093) | (786) |
| Sep 1, 2013 | 3,437) | (2,251) | 44) |
| Sep 2, 2012 | 3,057) | (1,236) | (2,281) |
| Aug 28, 2011 | 3,198) | (1,180) | (1,277) |
| Aug 29, 2010 | 2,780) | (2,015) | (719) |
| Aug 30, 2009 | 2,092) | (1,101) | (439) |
| Aug 31, 2008 | 2,176) | (1,716) | (613) |
| Sep 2, 2007 | 2,076) | (655) | (165) |
| Sep 3, 2006 | 1,827) | (1,154) | (1,233) |
| Aug 28, 2005 | 1,783) | (2,059) | (519) |
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).
The financial trajectory from 2005 through projected 2026 indicates a substantial and consistent expansion in cash generation capabilities, characterized by a strong upward trend in operating cash flows and a disciplined allocation of capital toward investment and financing activities.
- Operating Cash Flow Trends
- Net cash provided by operating activities exhibits a long-term growth pattern, increasing from 1,783 million USD in 2005 to a projected 15,817 million USD by 2026. A notable acceleration occurred between 2016 and 2017, where cash flow more than doubled from 3,292 million USD to 6,726 million USD. This growth demonstrates a scaled ability to convert earnings into liquid cash over the two-decade period.
- Investment Activity and Capital Expenditure
- Net cash used in investing activities remains consistently negative throughout the entire period, which is indicative of ongoing capital expenditures for infrastructure and growth. While outflows fluctuated in the earlier years, a steady increase in investment intensity is observed starting in 2018, with outflows rising from 2,947 million USD in 2017 to a projected 6,378 million USD by 2026. The consistency of these outflows suggests a sustained strategy of warehouse expansion and asset modernization.
- Financing Activity and Capital Distribution
- Financing activities are predominantly negative, reflecting a consistent trend of debt repayment, dividend distributions, or share repurchases. Significant spikes in cash outflows are evident in 2021 (6,488 million USD) and 2024 (10,764 million USD), suggesting periodic large-scale returns of capital to shareholders or significant debt restructuring. The financing outflows are generally well-supported by the surplus generated from operating activities.
- Cash Flow Relationship and Sustainability
- A structural surplus is maintained as net cash provided by operating activities consistently exceeds the cash utilized in investing activities. This positive differential indicates that the expansion of the business is self-funded through internal operations rather than relying on external borrowing. The increasing margin between operating inflows and investing outflows provides the necessary liquidity to fund the substantial financing outflows observed in recent years.
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Per Share Data
Costco Wholesale Corp., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Aug 30, 2026 | 20.78 | 20.76 | 5.54 |
| Aug 31, 2025 | 18.24 | 18.21 | 4.92 |
| Sep 1, 2024 | 16.59 | 16.56 | 19.36 |
| Sep 3, 2023 | 14.18 | 14.16 | 3.84 |
| Aug 28, 2022 | 13.17 | 13.14 | 3.38 |
| Aug 29, 2021 | 11.30 | 11.27 | 12.98 |
| Aug 30, 2020 | 9.05 | 9.02 | 2.70 |
| Sep 1, 2019 | 8.32 | 8.26 | 2.44 |
| Sep 2, 2018 | 7.15 | 7.09 | 2.14 |
| Sep 3, 2017 | 6.11 | 6.08 | 8.90 |
| Aug 28, 2016 | 5.36 | 5.33 | 1.70 |
| Aug 30, 2015 | 5.41 | 5.37 | 6.51 |
| Aug 31, 2014 | 4.69 | 4.65 | 1.33 |
| Sep 1, 2013 | 4.68 | 4.63 | 8.17 |
| Sep 2, 2012 | 3.94 | 3.89 | 1.03 |
| Aug 28, 2011 | 3.35 | 3.30 | 0.89 |
| Aug 29, 2010 | 2.97 | 2.92 | 0.77 |
| Aug 30, 2009 | 2.50 | 2.47 | 0.68 |
| Aug 31, 2008 | 2.95 | 2.89 | 0.61 |
| Sep 2, 2007 | 2.42 | 2.37 | 0.55 |
| Sep 3, 2006 | 2.35 | 2.30 | 0.49 |
| Aug 28, 2005 | 2.24 | 2.18 | 0.43 |
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, 2, 3 Data adjusted for splits and stock dividends.
Earnings per share exhibit a consistent and strong upward trajectory over the analyzed period, reflecting sustained growth in profitability. Basic earnings per share rose from 2.24 USD in 2005 to a projected 20.78 USD by 2026, while diluted earnings per share followed a nearly identical path, starting at 2.18 USD and reaching 20.76 USD in the same timeframe.
- Earnings Growth and Dilution
- A steady increase in both basic and diluted earnings per share is observed, with a minor contraction occurring in 2009 before a period of accelerated growth began around 2017. The negligible variance between basic and diluted figures indicates minimal share dilution, suggesting that the company maintains a stable capital structure with few outstanding convertible instruments or stock options impacting the per-share value.
- Dividend Distribution Patterns
- The dividend per share data reveals a dual-pronged distribution strategy. A baseline of regular dividends shows consistent annual growth, rising from 0.43 USD in 2005 to 5.54 USD by 2026. Superimposed on this trend are significant, irregular spikes in payment—specifically in 2013, 2015, 2017, 2021, and 2024—which are characteristic of special dividend distributions. These outliers represent substantial one-time returns to shareholders, with the largest peak reaching 19.36 USD in 2024.
- Profitability and Payout Correlation
- The growth in earnings per share provides the fundamental support for both the rising regular dividend floor and the periodic capacity to issue large special dividends. The acceleration in earnings from 2019 onward correlates with an increase in the base dividend amount, while the timing of special dividends appears independent of immediate annual earnings fluctuations, suggesting a policy of distributing excess capital once specific internal thresholds are met.
Overall, the financial data demonstrates a long-term trend of expanding profitability and a shareholder return policy that combines steady income growth with opportunistic, high-value capital returns.
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