Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Long-term Activity Ratios (Summary)
Costco Wholesale Corp., long-term (investment) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2025-11-23), 10-K (reporting date: 2025-08-31), 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).
The analysis of the quarterly financial ratios indicates several key trends in the asset utilization and equity efficiency metrics over the periods observed.
- Net Fixed Asset Turnover
- This ratio shows a general increasing trend from 7.6 up to a peak near 9.04 before experiencing a gradual decline back to 8.43 by the final period. The initial increase suggests improving efficiency in utilizing fixed assets to generate sales, reaching maximum efficiency around the eighth to ninth period. The subsequent moderate decline indicates a slight decrease in this efficiency metric, although the ratio remains at a relatively high level compared to the starting point.
- Net Fixed Asset Turnover Including Operating Lease, Right-of-Use Asset
- Starting at 6.75, the ratio follows a similar upward trend, peaking slightly above 8.12 before a steadier decline to approximately 7.78 by the last period. This pattern denotes enhanced efficiency when considering leased assets alongside owned assets, but also reflects some reduced utilization after peak performance, mirroring the trend observed in the net fixed asset turnover without leases.
- Total Asset Turnover
- The total asset turnover ratio exhibits fluctuations with an overall positive trend from 2.81 to peaks around 3.68, indicating improved efficiency in using all assets to generate sales. However, post-peak periods show some volatility and a gradual decrease to 3.32 towards the end, suggesting potential challenges in maintaining asset utilization efficiency at the peak levels.
- Equity Turnover
- This ratio trends downward from an initial 11.4 to a low near 9.07, with a notable temporary increase around the fourteenth period reaching above 11.7. The decreasing overall trend may imply a reduction in the efficiency of equity usage to produce revenue, despite a transient recovery phase. The steady decline in equity turnover over most of the periods could warrant further investigation into underlying causes such as changes in equity structure or revenue growth rates.
In summary, asset turnover metrics generally improved in the early and mid periods but faced a downturn in later quarters, suggesting possible saturation or investment in assets not immediately yielding proportional revenue increases. Conversely, the equity turnover exhibits a declining trend with intermittent recovery, highlighting a possible evolving relationship between equity financing and revenue generation efficiency. These patterns suggest a need for balanced asset management and financial strategy to sustain operational efficiency in the forthcoming periods.
Net Fixed Asset Turnover
Costco Wholesale Corp., net fixed asset turnover calculation (quarterly data)
| Nov 23, 2025 | Aug 31, 2025 | May 11, 2025 | Feb 16, 2025 | Nov 24, 2024 | Sep 1, 2024 | May 12, 2024 | Feb 18, 2024 | Nov 26, 2023 | Sep 3, 2023 | May 7, 2023 | Feb 12, 2023 | Nov 20, 2022 | Aug 28, 2022 | May 8, 2022 | Feb 13, 2022 | Nov 21, 2021 | Aug 29, 2021 | May 9, 2021 | Feb 14, 2021 | Nov 22, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Net sales | 65,978) | 84,432) | 61,965) | 62,530) | 60,985) | 78,185) | 57,392) | 57,331) | 56,717) | 77,430) | 52,604) | 54,239) | 53,437) | 70,764) | 51,612) | 50,937) | 49,417) | 61,441) | 44,376) | 43,888) | 42,347) | |||||||
| Property and equipment, net | 32,616) | 31,909) | 30,582) | 29,809) | 29,336) | 29,032) | 28,062) | 27,601) | 27,168) | 26,684) | 25,931) | 25,724) | 25,144) | 24,646) | 24,143) | 24,052) | 23,887) | 23,492) | 23,177) | 22,531) | 22,288) | |||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||
| Net fixed asset turnover1 | 8.43 | 8.46 | 8.62 | 8.69 | 8.65 | 8.60 | 8.87 | 8.84 | 8.87 | 8.91 | 8.91 | 8.94 | 9.02 | 9.04 | 8.84 | 8.57 | 8.34 | 8.18 | 7.89 | 7.77 | 7.60 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||||||||||||||||||||||||
| Target Corp. | 3.19 | 3.23 | 3.27 | 3.24 | 3.22 | 3.25 | 3.22 | 3.28 | 3.37 | 3.46 | 3.52 | 3.62 | 3.73 | 3.76 | 3.70 | 3.68 | 3.66 | 3.48 | 3.31 | 3.17 | 3.01 | |||||||
| Walmart Inc. | 5.33 | 5.35 | 5.44 | 5.48 | 5.53 | 5.51 | 5.59 | 5.67 | 5.74 | 5.73 | 5.82 | 5.79 | 5.75 | 5.74 | 5.88 | 5.87 | 5.88 | 5.77 | 5.08 | 5.08 | 4.98 | |||||||
Based on: 10-Q (reporting date: 2025-11-23), 10-K (reporting date: 2025-08-31), 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).
1 Q1 2026 Calculation
Net fixed asset turnover
= (Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025
+ Net salesQ2 2025)
÷ Property and equipment, net
= (65,978 + 84,432 + 61,965 + 62,530)
÷ 32,616 = 8.43
2 Click competitor name to see calculations.
The analyzed financial data reveals several trends across the reported periods. Net sales exhibit a generally increasing pattern with notable fluctuations. Initial sales start at 42,347 million US dollars and demonstrate steady growth through the earlier quarters, reaching peaks such as 77,430 million and 78,185 million in certain periods. However, there are intermittent declines or plateaus, suggesting periods of volatility or seasonal variation.
Regarding property and equipment, net values show a consistent upward trajectory. Beginning at 22,288 million US dollars, the net property and equipment increase steadily over time, reaching 32,616 million by the end of the observed period. This trend indicates ongoing capital investment and asset growth, likely supporting operational expansion or maintenance efforts.
The net fixed asset turnover ratio starts at 7.6 and increases to peaks around the 9.04 mark, reflecting improving efficiency in utilizing fixed assets to generate sales. After reaching these peaks, the ratio experiences a gradual decline toward 8.43 in the final period. This decrease may imply slightly reduced operational efficiency or changes in asset composition, despite the increasing asset base.
- Net Sales
- Overall upward trend with substantial growth interspersed with fluctuations and short-term declines, signaling seasonality or market influences.
- Property and Equipment, Net
- Consistent increase over time, indicating ongoing investment and asset accumulation supporting business operations.
- Net Fixed Asset Turnover Ratio
- Improved asset utilization efficiency in the first half of the periods followed by a moderate decrease, suggesting potential capacity constraints or shifts in asset productivity.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Costco Wholesale Corp., net fixed asset turnover (including operating lease, right-of-use asset) calculation (quarterly data)
| Nov 23, 2025 | Aug 31, 2025 | May 11, 2025 | Feb 16, 2025 | Nov 24, 2024 | Sep 1, 2024 | May 12, 2024 | Feb 18, 2024 | Nov 26, 2023 | Sep 3, 2023 | May 7, 2023 | Feb 12, 2023 | Nov 20, 2022 | Aug 28, 2022 | May 8, 2022 | Feb 13, 2022 | Nov 21, 2021 | Aug 29, 2021 | May 9, 2021 | Feb 14, 2021 | Nov 22, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Net sales | 65,978) | 84,432) | 61,965) | 62,530) | 60,985) | 78,185) | 57,392) | 57,331) | 56,717) | 77,430) | 52,604) | 54,239) | 53,437) | 70,764) | 51,612) | 50,937) | 49,417) | 61,441) | 44,376) | 43,888) | 42,347) | |||||||
| Property and equipment, net | 32,616) | 31,909) | 30,582) | 29,809) | 29,336) | 29,032) | 28,062) | 27,601) | 27,168) | 26,684) | 25,931) | 25,724) | 25,144) | 24,646) | 24,143) | 24,052) | 23,887) | 23,492) | 23,177) | 22,531) | 22,288) | |||||||
| Operating lease right-of-use assets | 2,730) | 2,725) | 2,718) | 2,531) | 2,539) | 2,617) | 2,643) | 2,740) | 2,672) | 2,713) | 2,806) | 2,859) | 2,787) | 2,774) | 2,731) | 2,840) | 2,903) | 2,890) | 2,875) | 2,887) | 2,785) | |||||||
| Property and equipment, net (including operating lease, right-of-use asset) | 35,346) | 34,634) | 33,300) | 32,340) | 31,875) | 31,649) | 30,705) | 30,341) | 29,840) | 29,397) | 28,737) | 28,583) | 27,931) | 27,420) | 26,874) | 26,892) | 26,790) | 26,382) | 26,052) | 25,418) | 25,073) | |||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 7.78 | 7.79 | 7.92 | 8.01 | 7.97 | 7.89 | 8.11 | 8.04 | 8.08 | 8.09 | 8.04 | 8.05 | 8.12 | 8.12 | 7.94 | 7.67 | 7.43 | 7.28 | 7.02 | 6.88 | 6.75 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | ||||||||||||||||||||||||||||
| Target Corp. | 2.87 | 2.90 | 2.95 | 2.93 | 2.91 | 2.95 | 2.95 | 3.02 | 3.12 | 3.19 | 3.24 | 3.33 | 3.42 | 3.45 | 3.39 | 3.37 | 3.36 | 3.21 | 3.06 | 2.92 | 2.78 | |||||||
| Walmart Inc. | 4.82 | 4.83 | 4.89 | 4.93 | 4.96 | 4.93 | 4.99 | 5.04 | 5.09 | 5.08 | 5.15 | 5.09 | 5.04 | 5.04 | 5.14 | 5.13 | 5.14 | 5.05 | 4.38 | 4.38 | 4.30 | |||||||
Based on: 10-Q (reporting date: 2025-11-23), 10-K (reporting date: 2025-08-31), 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).
1 Q1 2026 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025
+ Net salesQ2 2025)
÷ Property and equipment, net (including operating lease, right-of-use asset)
= (65,978 + 84,432 + 61,965 + 62,530)
÷ 35,346 = 7.78
2 Click competitor name to see calculations.
The analysis of the presented financial data reveals several notable trends in sales, assets, and operational efficiency metrics over the specified periods.
- Net Sales
- Net sales exhibit a pattern of general growth with significant quarterly fluctuations. Beginning at approximately 42.3 billion US dollars, sales experience marked spikes in certain quarters, notably in August 2021, August 2022, and August 2024, where sales exceed 70 billion US dollars. These peaks suggest strong seasonal or promotional periods contributing substantially to revenue. Despite some fluctuations, the overall trajectory between consecutive years remains upward, indicating consistent demand and expansion. The quarterly variability indicates a cyclical nature inherent in the company’s sales performance.
- Property and Equipment, Net
- The net value of property and equipment, inclusive of operating lease right-of-use assets, shows a steady but moderate upward trend throughout the timeline. Starting near 25.1 billion US dollars, this asset base gradually increases to over 35.3 billion by the final period. Such incremental investment in fixed assets suggests ongoing capital expenditure and infrastructure development to support business operations. The steady increase points toward strategic asset growth aligned with sales expansion.
- Net Fixed Asset Turnover
- The ratio of net fixed asset turnover, which measures efficiency in generating sales from fixed assets, starts at 6.75 and generally improves, reaching a peak above 8.11 in early 2024. After this peak, a slight decline follows, with turnover levels stabilizing around 7.7 to 8.0 in later periods. This pattern reflects enhanced utilization of net fixed assets to drive sales up to a certain point, followed by a mild decrease in efficiency, potentially indicating diminishing marginal returns from asset base expansion or shifts in operational strategy.
In summary, the company's financial data depicts solid sales growth with notable quarterly peaks. Investment in property and equipment expands steadily, supporting increased capacity and business scope. Operational efficiency, as measured by fixed asset turnover, improves considerably over time but faces a slight downturn in the most recent periods. These trends collectively suggest effective scaling of operations, tempered by the natural challenges of sustaining peak asset efficiency over prolonged expansion phases.
Total Asset Turnover
Costco Wholesale Corp., total asset turnover calculation (quarterly data)
| Nov 23, 2025 | Aug 31, 2025 | May 11, 2025 | Feb 16, 2025 | Nov 24, 2024 | Sep 1, 2024 | May 12, 2024 | Feb 18, 2024 | Nov 26, 2023 | Sep 3, 2023 | May 7, 2023 | Feb 12, 2023 | Nov 20, 2022 | Aug 28, 2022 | May 8, 2022 | Feb 13, 2022 | Nov 21, 2021 | Aug 29, 2021 | May 9, 2021 | Feb 14, 2021 | Nov 22, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Net sales | 65,978) | 84,432) | 61,965) | 62,530) | 60,985) | 78,185) | 57,392) | 57,331) | 56,717) | 77,430) | 52,604) | 54,239) | 53,437) | 70,764) | 51,612) | 50,937) | 49,417) | 61,441) | 44,376) | 43,888) | 42,347) | |||||||
| Total assets | 82,790) | 77,099) | 75,482) | 73,224) | 73,386) | 69,831) | 67,911) | 66,323) | 73,723) | 68,994) | 66,752) | 66,848) | 66,027) | 64,166) | 63,852) | 63,078) | 64,149) | 59,268) | 57,274) | 54,918) | 60,217) | |||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||
| Total asset turnover1 | 3.32 | 3.50 | 3.49 | 3.54 | 3.46 | 3.57 | 3.66 | 3.68 | 3.27 | 3.45 | 3.46 | 3.44 | 3.43 | 3.47 | 3.34 | 3.27 | 3.10 | 3.24 | 3.19 | 3.19 | 2.81 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | ||||||||||||||||||||||||||||
| Target Corp. | 1.88 | 1.84 | 1.84 | 1.92 | 1.93 | 1.94 | 1.90 | 2.03 | 2.10 | 2.05 | 1.95 | 2.06 | 2.10 | 1.97 | 1.90 | 1.95 | 1.94 | 1.83 | 1.75 | 1.76 | 1.79 | |||||||
| Walmart Inc. | 2.59 | 2.59 | 2.53 | 2.59 | 2.56 | 2.55 | 2.44 | 2.45 | 2.52 | 2.49 | 2.40 | 2.36 | 2.32 | 2.32 | 2.32 | 2.35 | 2.36 | 2.20 | 2.17 | 2.27 | 2.28 | |||||||
Based on: 10-Q (reporting date: 2025-11-23), 10-K (reporting date: 2025-08-31), 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).
1 Q1 2026 Calculation
Total asset turnover
= (Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025
+ Net salesQ2 2025)
÷ Total assets
= (65,978 + 84,432 + 61,965 + 62,530)
÷ 82,790 = 3.32
2 Click competitor name to see calculations.
- Net Sales
- Net sales exhibit a generally increasing trend over the observed periods, with notable seasonal fluctuations. Starting at approximately $42.3 billion, net sales peak significantly in mid-year quarters, particularly visible in August 2021, August 2022, September 2023, and similar periods where sales surpass $77 billion and $78 billion respectively. These peaks suggest strong demand in specific quarters, likely linked to seasonal consumer behaviors or promotional events. Between peak quarters, net sales show a moderate decline but maintain a level well above the early phase values, indicating overall growth and resilience in revenue generation over the years.
- Total Assets
- Total assets show a steady upward progression from about $60.2 billion to over $82.7 billion by the last period. The growth trend is fairly consistent, with some fluctuations but no apparent declines across the observed timeline. The gradual increase in assets implies continuous investment and expansion, possibly through property, equipment, or inventory build-up, supporting the company's capacity to sustain higher sales volumes. This steady asset growth aligns with the company's strategy for scaling operations and maintaining competitive leverage.
- Total Asset Turnover
- The total asset turnover ratio generally remains stable within a range of approximately 2.8 to 3.7, reflecting effective utilization of assets in generating sales. Ratios tend to spike in certain periods, such as early 2024, indicating improved efficiency in asset use. Despite some variation, the ratio does not show any significant decline, implying consistent operational performance. The ratio peaks tend to correlate with quarters that have high net sales, suggesting optimal use of assets during periods of increased demand. Towards the latest periods, a mild decrease is observed, which could signify slightly less efficient asset use relative to sales growth, yet the ratio remains strong overall.
- Summary
- The company demonstrates a positive growth trajectory in both net sales and total assets over the time periods analyzed. Seasonal peaks in sales are evident, indicating effective capitalizing on market cycles. The total asset turnover ratio confirms sustained efficiency in utilizing assets to generate revenue, despite minor fluctuations. Collectively, these trends illustrate a financially stable and expanding business with a capacity to leverage its assets efficiently to support rising sales demands.
Equity Turnover
Costco Wholesale Corp., equity turnover calculation (quarterly data)
| Nov 23, 2025 | Aug 31, 2025 | May 11, 2025 | Feb 16, 2025 | Nov 24, 2024 | Sep 1, 2024 | May 12, 2024 | Feb 18, 2024 | Nov 26, 2023 | Sep 3, 2023 | May 7, 2023 | Feb 12, 2023 | Nov 20, 2022 | Aug 28, 2022 | May 8, 2022 | Feb 13, 2022 | Nov 21, 2021 | Aug 29, 2021 | May 9, 2021 | Feb 14, 2021 | Nov 22, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Net sales | 65,978) | 84,432) | 61,965) | 62,530) | 60,985) | 78,185) | 57,392) | 57,331) | 56,717) | 77,430) | 52,604) | 54,239) | 53,437) | 70,764) | 51,612) | 50,937) | 49,417) | 61,441) | 44,376) | 43,888) | 42,347) | |||||||
| Total Costco stockholders’ equity | 30,303) | 29,164) | 27,125) | 25,577) | 24,451) | 23,622) | 21,771) | 20,760) | 26,147) | 25,058) | 23,568) | 22,794) | 21,471) | 20,642) | 19,968) | 19,418) | 18,463) | 17,564) | 16,482) | 15,652) | 14,860) | |||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||
| Equity turnover1 | 9.07 | 9.25 | 9.72 | 10.13 | 10.38 | 10.57 | 11.43 | 11.76 | 9.22 | 9.49 | 9.80 | 10.09 | 10.56 | 10.79 | 10.69 | 10.62 | 10.78 | 10.93 | 11.10 | 11.18 | 11.40 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | ||||||||||||||||||||||||||||
| Target Corp. | 7.08 | 7.27 | 7.42 | 7.44 | 7.70 | 8.00 | 8.54 | 9.01 | 9.42 | 9.72 | 9.87 | 10.18 | 9.93 | 8.26 | 7.49 | 6.75 | 6.56 | 6.48 | 6.65 | 6.73 | 7.17 | |||||||
| Walmart Inc. | 8.10 | 7.41 | 7.58 | 7.81 | 8.02 | 7.66 | 7.97 | 7.86 | 8.52 | 7.90 | 8.23 | 7.51 | 7.42 | 6.82 | 6.89 | 6.98 | 7.13 | 6.86 | 6.69 | 7.14 | 7.78 | |||||||
Based on: 10-Q (reporting date: 2025-11-23), 10-K (reporting date: 2025-08-31), 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).
1 Q1 2026 Calculation
Equity turnover
= (Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025
+ Net salesQ2 2025)
÷ Total Costco stockholders’ equity
= (65,978 + 84,432 + 61,965 + 62,530)
÷ 30,303 = 9.07
2 Click competitor name to see calculations.
- Net Sales
- Over the examined periods, net sales demonstrate a generally increasing trend with noticeable seasonal fluctuations. There are significant spikes in certain quarters, particularly in late summer and late fall months, indicating potential seasonality or promotional events influencing revenue. Despite occasional dips following peak sales, the overall trajectory is upward, with net sales rising from approximately $42.3 billion to over $65.9 billion by the most recent quarter. This pattern suggests growth in the company’s revenue-generating capacity over time.
- Total Costco Stockholders’ Equity
- Stockholders’ equity consistently increases throughout the periods, showing steady capital growth and value accumulation. Starting from around $14.9 billion, it rises steadily to exceed $30.3 billion by the end of the timeline. This indicates ongoing retention of earnings and potentially positive returns on equity or additional equity financing. The rise points to financial strengthening, providing a solid base for the company’s operations and investment potential.
- Equity Turnover Ratio
- The equity turnover ratio shows a gradual downward trend overall, moving from an initial high of 11.4 to approximately 9.07 in the latest period. This decline implies that for each dollar of equity, the company is generating less revenue than in earlier periods. There are minor fluctuations within this downward movement, including a short-term rebound in certain quarters, but the persistent decline suggests a possible reduction in operational efficiency or changes in capital management strategy. This trend could indicate increased equity without proportional revenue growth or a shift in business strategy affecting turnover.
- Overall Analysis
- The combined analysis of net sales, equity, and turnover ratios illustrates a growing and capital-accumulating enterprise with strong revenue performance marked by seasonal spikes. However, the declining equity turnover ratio signals a need to investigate how effectively equity capital is being utilized to generate revenue. The financial data reflect expansion and solid equity base enhancement but also suggest potential challenges in maintaining operational efficiency relative to equity growth.