Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
Profitability Ratios (Summary)
Return on Sales
Return on Investment
Costco Wholesale Corp., profitability ratios (quarterly data)
Based on: 10-K (reporting date: 2026-08-30), 10-Q (reporting date: 2026-05-10), 10-Q (reporting date: 2026-02-15), 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).
The overall profitability profile exhibits a period of initial compression followed by a sustained upward trajectory in margin performance and asset efficiency. While the early phases of the analyzed period showed slight declines in profitability ratios, a recovery began in 2023, leading to higher margins and improved asset utilization by 2026.
- Profit Margin Trends
- Gross profit margin experienced a gradual decline from 11.02% in November 2021 to a low of 10.39% by November 2022. Subsequently, a consistent recovery occurred, with the margin trending upward to peak at 11.17% in February 2026 before settling at 11.09% in August 2026. Operating profit margin followed a similar pattern, bottoming out at 3.39% in May 2023 and thereafter maintaining a steady climb to reach 3.93% by August 2026, suggesting enhanced operational efficiency. Net profit margin mirrored this growth, rising from 2.59% at the start of the period to 3.10% by August 2026, indicating a successful conversion of increased gross and operating profits into bottom-line earnings.
- Return on Equity (ROE)
- ROE demonstrated significant volatility. An initial period of gradual decline saw ROE drop from 27.97% in November 2021 to a low of 24.92% in November 2023. This was followed by a sharp increase to a peak of 32.95% in May 2024. Following this spike, a long-term downward trend emerged, with the ratio normalizing to 25.77% by August 2026.
- Return on Assets (ROA)
- ROA showed a positive structural shift. After fluctuating between 8.05% and 9.12% from November 2021 through November 2023, the ratio broke above the 10% threshold in February 2024 (10.24%). The ROA remained consistently elevated throughout the remainder of the period, ending at 10.36% in August 2026, which reflects a more efficient utilization of the asset base to generate earnings.
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Gross Profit Margin
Costco Wholesale Corp., gross profit margin calculation (quarterly data)
| Aug 30, 2026 | May 10, 2026 | Feb 15, 2026 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Gross margin | 10,342) | 7,635) | 7,523) | 7,468) | 9,395) | 6,969) | 6,786) | 6,876) | 8,597) | 6,219) | 6,191) | 6,260) | 8,211) | 5,429) | 5,816) | 5,668) | 7,206) | 5,257) | 5,420) | 5,465) | ||||||
| Net sales | 93,873) | 69,154) | 68,242) | 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) | ||||||
| Profitability Ratio | ||||||||||||||||||||||||||
| Gross profit margin1 | 11.09% | 11.13% | 11.17% | 11.14% | 11.12% | 11.09% | 10.99% | 10.98% | 10.92% | 10.80% | 10.69% | 10.67% | 10.57% | 10.44% | 10.41% | 10.39% | 10.48% | 10.71% | 10.94% | 11.02% | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | ||||||||||||||||||||||||||
| Target Corp. | 27.93% | 27.74% | 27.79% | 28.05% | 28.21% | 28.39% | 28.42% | 27.97% | 27.63% | 26.77% | 26.11% | 24.82% | 24.64% | 25.46% | 26.23% | 28.30% | 29.28% | 29.67% | 30.24% | 30.32% | ||||||
| Walmart Inc. | 24.21% | 24.18% | 24.18% | 24.16% | 24.13% | 24.00% | 23.94% | 23.83% | 23.73% | 23.64% | 23.55% | 23.43% | 23.46% | 23.68% | 23.90% | 24.23% | 24.44% | 24.41% | 24.51% | 24.55% | ||||||
Based on: 10-K (reporting date: 2026-08-30), 10-Q (reporting date: 2026-05-10), 10-Q (reporting date: 2026-02-15), 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).
1 Q4 2026 Calculation
Gross profit margin = 100
× (Gross marginQ4 2026
+ Gross marginQ3 2026
+ Gross marginQ2 2026
+ Gross marginQ1 2026)
÷ (Net salesQ4 2026
+ Net salesQ3 2026
+ Net salesQ2 2026
+ Net salesQ1 2026)
= 100 × (10,342 + 7,635 + 7,523 + 7,468)
÷ (93,873 + 69,154 + 68,242 + 65,978)
= 11.09%
2 Click competitor name to see calculations.
The gross profit margin exhibits a U-shaped trajectory over the analyzed period, characterized by an initial contraction followed by a sustained recovery and eventual stabilization. While absolute gross margin and net sales demonstrate significant quarterly seasonality, the percentage margin remains relatively stable, fluctuating within a narrow range between 10.39% and 11.17%.
- Margin Compression and Recovery Trends
- A gradual decline in the gross profit margin is observed from November 2021 (11.02%), reaching a trough of 10.39% in November 2022. Following this low point, a consistent recovery trend is evident, with the margin steadily climbing over the subsequent several quarters to reach a peak of 11.17% in February 2026. The most recent data points indicate a slight normalization, with the margin settling at 11.09% by August 2026.
- Seasonal Performance Patterns
- Significant cyclicality is present in both net sales and absolute gross margin values. Recurrent peaks are observed in the August and September periods each year. Net sales increased from 70,764 million in August 2022 to 93,873 million by August 2026, with absolute gross margins following a similar growth trajectory, peaking at 10,342 million in the final reported period.
- Correlation Between Scale and Profitability
- The data indicates that the increase in sales volume was accompanied by a strengthening of the margin percentage from 2023 through early 2026. This suggests an improvement in operational efficiency or pricing strategies that allowed for margin expansion despite the significant increase in the scale of net sales.
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Operating Profit Margin
Costco Wholesale Corp., operating profit margin calculation (quarterly data)
| Aug 30, 2026 | May 10, 2026 | Feb 15, 2026 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Operating income | 3,801) | 2,815) | 2,606) | 2,463) | 3,341) | 2,530) | 2,316) | 2,196) | 3,042) | 2,197) | 2,062) | 1,984) | 2,781) | 1,679) | 1,903) | 1,751) | 2,497) | 1,791) | 1,812) | 1,693) | ||||||
| Net sales | 93,873) | 69,154) | 68,242) | 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) | ||||||
| Profitability Ratio | ||||||||||||||||||||||||||
| Operating profit margin1 | 3.93% | 3.90% | 3.90% | 3.87% | 3.85% | 3.82% | 3.76% | 3.74% | 3.72% | 3.63% | 3.48% | 3.46% | 3.41% | 3.39% | 3.45% | 3.46% | 3.50% | 3.55% | 3.61% | 3.50% | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | ||||||||||||||||||||||||||
| Target Corp. | 4.88% | 4.94% | 5.13% | 5.42% | 5.22% | 5.54% | 5.70% | 5.32% | 5.31% | 4.68% | 4.36% | 3.51% | 3.53% | 4.40% | 5.35% | 7.40% | 8.44% | 8.41% | 8.58% | 8.60% | ||||||
| Walmart Inc. | 4.22% | 4.16% | 4.22% | 4.37% | 4.35% | 4.31% | 4.28% | 4.24% | 4.20% | 4.00% | 3.49% | 3.46% | 3.37% | 3.49% | 4.10% | 4.27% | 4.57% | 4.50% | 4.54% | 4.34% | ||||||
Based on: 10-K (reporting date: 2026-08-30), 10-Q (reporting date: 2026-05-10), 10-Q (reporting date: 2026-02-15), 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).
1 Q4 2026 Calculation
Operating profit margin = 100
× (Operating incomeQ4 2026
+ Operating incomeQ3 2026
+ Operating incomeQ2 2026
+ Operating incomeQ1 2026)
÷ (Net salesQ4 2026
+ Net salesQ3 2026
+ Net salesQ2 2026
+ Net salesQ1 2026)
= 100 × (3,801 + 2,815 + 2,606 + 2,463)
÷ (93,873 + 69,154 + 68,242 + 65,978)
= 3.93%
2 Click competitor name to see calculations.
The operating performance demonstrates a steady long-term improvement in efficiency, characterized by a gradual expansion of the operating profit margin alongside significant growth in total net sales.
- Operating Profit Margin Trajectory
- A period of relative stability was observed between November 2021 and May 2023, during which the operating profit margin fluctuated within a narrow range between 3.39% and 3.61%. After reaching a trough of 3.39% in May 2023, a consistent and sustained upward trend emerged. From September 2023 through August 2026, the margin increased incrementally in nearly every reporting period, rising from 3.41% to a peak of 3.93%.
- Revenue and Income Correlation
- Net sales exhibit a pronounced seasonal pattern, with recurring peaks occurring in the August and September periods. Significant spikes are noted in August 2022 (70,764 million), September 2023 (77,430 million), September 2024 (78,185 million), and August 2026 (93,873 million). Operating income mirrored these seasonal fluctuations; however, the magnitude of the peaks increased over time, moving from 2,497 million in August 2022 to 3,801 million in August 2026.
- Operational Efficiency and Scaling
- The steady climb in the operating profit margin from 3.50% in November 2021 to 3.93% in August 2026 indicates an improvement in the conversion of revenue into operating profit. The fact that margins expanded while net sales grew from approximately 49 billion to over 93 billion suggests that the increase in scale has been managed with increasing efficiency, resulting in higher operating leverage.
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Net Profit Margin
Costco Wholesale Corp., net profit margin calculation (quarterly data)
| Aug 30, 2026 | May 10, 2026 | Feb 15, 2026 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Net income attributable to Costco | 2,998) | 2,192) | 2,035) | 2,001) | 2,610) | 1,903) | 1,788) | 1,798) | 2,354) | 1,681) | 1,743) | 1,589) | 2,160) | 1,302) | 1,466) | 1,364) | 1,868) | 1,353) | 1,299) | 1,324) | ||||||
| Net sales | 93,873) | 69,154) | 68,242) | 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) | ||||||
| Profitability Ratio | ||||||||||||||||||||||||||
| Net profit margin1 | 3.10% | 3.07% | 3.05% | 3.02% | 3.00% | 2.97% | 2.94% | 2.98% | 2.95% | 2.88% | 2.78% | 2.70% | 2.65% | 2.60% | 2.63% | 2.59% | 2.62% | 2.65% | 2.67% | 2.59% | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | ||||||||||||||||||||||||||
| Target Corp. | 3.54% | 3.58% | 3.72% | 3.95% | 3.84% | 4.06% | 4.18% | 3.87% | 3.85% | 3.40% | 3.12% | 2.49% | 2.55% | 3.17% | 3.92% | 5.48% | 6.55% | 6.56% | 6.29% | 6.30% | ||||||
| Walmart Inc. | 3.10% | 3.29% | 3.11% | 2.77% | 2.88% | 2.95% | 2.36% | 2.91% | 2.41% | 2.57% | 2.24% | 1.83% | 1.93% | 1.51% | 2.38% | 2.28% | 2.41% | 1.41% | 1.79% | 2.19% | ||||||
Based on: 10-K (reporting date: 2026-08-30), 10-Q (reporting date: 2026-05-10), 10-Q (reporting date: 2026-02-15), 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).
1 Q4 2026 Calculation
Net profit margin = 100
× (Net income attributable to CostcoQ4 2026
+ Net income attributable to CostcoQ3 2026
+ Net income attributable to CostcoQ2 2026
+ Net income attributable to CostcoQ1 2026)
÷ (Net salesQ4 2026
+ Net salesQ3 2026
+ Net salesQ2 2026
+ Net salesQ1 2026)
= 100 × (2,998 + 2,192 + 2,035 + 2,001)
÷ (93,873 + 69,154 + 68,242 + 65,978)
= 3.10%
2 Click competitor name to see calculations.
The financial trajectory over the analyzed period reveals a consistent expansion in profitability, characterized by a transition from margin stability to a sustained upward trend. While revenue and net income exhibit significant seasonal fluctuations, the net profit margin demonstrates a steady improvement in operational efficiency and bottom-line conversion.
- Net Sales and Net Income Dynamics
- A recurring seasonal pattern is evident in net sales, with substantial peaks occurring annually in the August/September periods. For instance, sales reached 93,873 million by August 30, 2026, compared to 49,417 million in November 2021. Net income closely mirrors this seasonality but shows a stronger long-term growth gradient, rising from 1,324 million in late 2021 to 2,998 million by August 2026.
- Net Profit Margin Evolution
- The net profit margin remained relatively stagnant between November 2021 and May 2023, fluctuating within a narrow band between 2.59% and 2.67%. A definitive shift occurred starting in late 2023, where the margin began a sequential climb. The margin surpassed the 2.70% threshold in November 2023 and continued a steady ascent to reach 3.10% by August 30, 2026.
- Profitability Analysis and Scaling
- The divergence between the flat margin period (2021-2023) and the growth period (2023-2026) suggests an improvement in cost management or a shift in revenue mix. The fact that the net profit margin increased even during peak sales quarters indicates that the organization successfully leveraged economies of scale, allowing net income to grow at a faster rate than net sales.
Overall, the data indicates a strengthening financial position. The progression from a 2.59% margin to a 3.10% margin reflects a meaningful increase in the percentage of each sales dollar retained as profit, marking a period of enhanced operational leverage.
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Return on Equity (ROE)
Costco Wholesale Corp., ROE calculation (quarterly data)
| Aug 30, 2026 | May 10, 2026 | Feb 15, 2026 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Net income attributable to Costco | 2,998) | 2,192) | 2,035) | 2,001) | 2,610) | 1,903) | 1,788) | 1,798) | 2,354) | 1,681) | 1,743) | 1,589) | 2,160) | 1,302) | 1,466) | 1,364) | 1,868) | 1,353) | 1,299) | 1,324) | ||||||
| Total Costco stockholders’ equity | 35,803) | 33,509) | 32,087) | 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) | ||||||
| Profitability Ratio | ||||||||||||||||||||||||||
| ROE1 | 25.77% | 26.38% | 26.64% | 27.40% | 27.77% | 28.91% | 29.80% | 30.98% | 31.19% | 32.95% | 32.73% | 24.92% | 25.11% | 25.46% | 26.55% | 27.40% | 28.31% | 28.28% | 28.39% | 27.97% | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| ROE, Competitors2 | ||||||||||||||||||||||||||
| Target Corp. | 22.92% | 24.28% | 25.47% | 28.00% | 27.89% | 30.16% | 31.10% | 29.84% | 30.81% | 29.02% | 28.13% | 23.45% | 24.75% | 31.29% | 39.88% | 54.37% | 54.15% | 49.13% | 42.45% | 41.32% | ||||||
| Walmart Inc. | 21.98% | 23.84% | 23.69% | 22.46% | 21.36% | 22.33% | 18.42% | 23.30% | 18.50% | 20.50% | 17.65% | 15.61% | 15.23% | 12.41% | 17.88% | 16.90% | 16.42% | 9.75% | 12.48% | 15.64% | ||||||
Based on: 10-K (reporting date: 2026-08-30), 10-Q (reporting date: 2026-05-10), 10-Q (reporting date: 2026-02-15), 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).
1 Q4 2026 Calculation
ROE = 100
× (Net income attributable to CostcoQ4 2026
+ Net income attributable to CostcoQ3 2026
+ Net income attributable to CostcoQ2 2026
+ Net income attributable to CostcoQ1 2026)
÷ Total Costco stockholders’ equity
= 100 × (2,998 + 2,192 + 2,035 + 2,001)
÷ 35,803 = 25.77%
2 Click competitor name to see calculations.
Analysis of the profitability trends reveals a consistent long-term growth in net income paired with a fluctuating equity base, resulting in a Return on Equity (ROE) profile that experienced a significant mid-period spike followed by a gradual normalization.
- Return on Equity (ROE) Trends
- ROE remained relatively stable between November 2021 and November 2022, fluctuating narrowly between 27.40% and 28.39%. A period of contraction followed, with the ratio declining to a low of 24.92% by November 2023. A sharp increase occurred in February 2024, propelling ROE to 32.73%, with a peak of 32.95% reached in May 2024. Since this peak, a sustained downward trend has been observed, with the ratio descending to 25.77% by August 2026.
- Net Income Performance
- Net income attributable to the company demonstrates a strong upward trajectory, increasing from 1,324 million US$ in November 2021 to 2,998 million US$ by August 2026. The growth pattern exhibits clear seasonality, with consistent quarterly peaks occurring in the August and September windows, indicating recurring cyclical strengths in earnings generation.
- Stockholders' Equity Dynamics
- Total stockholders' equity grew steadily from 18,463 million US$ in November 2021 to 26,147 million US$ in November 2023. A significant reduction in equity is observed in February 2024, where the balance dropped to 20,760 million US$. Following this event, the equity base resumed a steady expansion, climbing to 35,803 million US$ by August 2026.
- Correlation and Profitability Insights
- The marked increase in ROE during early 2024 was not driven by an exponential surge in net income, but rather by the substantial contraction of the equity denominator. The subsequent decline in ROE from 2024 through 2026, despite the continued growth in absolute net income, is attributable to the fact that the growth rate of stockholders' equity has outpaced the growth rate of earnings, leading to a gradual dilution of the return on equity.
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Return on Assets (ROA)
Costco Wholesale Corp., ROA calculation (quarterly data)
| Aug 30, 2026 | May 10, 2026 | Feb 15, 2026 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Net income attributable to Costco | 2,998) | 2,192) | 2,035) | 2,001) | 2,610) | 1,903) | 1,788) | 1,798) | 2,354) | 1,681) | 1,743) | 1,589) | 2,160) | 1,302) | 1,466) | 1,364) | 1,868) | 1,353) | 1,299) | 1,324) | ||||||
| Total assets | 89,045) | 86,430) | 83,639) | 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) | ||||||
| Profitability Ratio | ||||||||||||||||||||||||||
| ROA1 | 10.36% | 10.23% | 10.22% | 10.03% | 10.50% | 10.39% | 10.41% | 10.32% | 10.55% | 10.56% | 10.24% | 8.84% | 9.12% | 8.99% | 9.05% | 8.91% | 9.11% | 8.84% | 8.74% | 8.05% | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| ROA, Competitors2 | ||||||||||||||||||||||||||
| Target Corp. | 6.23% | 6.27% | 6.79% | 7.45% | 7.08% | 7.47% | 8.01% | 7.49% | 7.48% | 6.46% | 6.34% | 5.22% | 5.21% | 6.20% | 8.05% | 11.52% | 12.91% | 12.46% | 12.28% | 12.25% | ||||||
| Walmart Inc. | 7.69% | 7.94% | 7.88% | 7.17% | 7.45% | 7.47% | 6.11% | 7.46% | 6.15% | 6.29% | 5.50% | 4.61% | 4.80% | 3.62% | 5.61% | 5.28% | 5.58% | 3.28% | 4.21% | 5.18% | ||||||
Based on: 10-K (reporting date: 2026-08-30), 10-Q (reporting date: 2026-05-10), 10-Q (reporting date: 2026-02-15), 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).
1 Q4 2026 Calculation
ROA = 100
× (Net income attributable to CostcoQ4 2026
+ Net income attributable to CostcoQ3 2026
+ Net income attributable to CostcoQ2 2026
+ Net income attributable to CostcoQ1 2026)
÷ Total assets
= 100 × (2,998 + 2,192 + 2,035 + 2,001)
÷ 89,045 = 10.36%
2 Click competitor name to see calculations.
The return on assets (ROA) demonstrates a consistent upward trajectory over the analyzed period, transitioning from a baseline of 8.05% in November 2021 to a stabilized high of 10.36% by August 2026. This progression indicates an improvement in the efficiency with which assets are utilized to generate net income.
- Net Income Trends
- Net income exhibits a steady growth pattern with notable seasonal fluctuations. Earnings increased from 1,324 million USD in November 2021 to a peak of 2,998 million USD in August 2026. Regular quarterly spikes are observed, particularly in the August and September windows, suggesting a cyclical trend in profitability.
- Asset Base Expansion
- The total asset base expanded from 64,149 million USD to 89,045 million USD. While the balance sheet grew significantly, the concurrent rise in ROA suggests that asset accumulation was managed effectively, with new investments contributing positively to the bottom line rather than diluting overall efficiency.
- ROA Performance Phases
- The performance can be divided into two distinct phases. From November 2021 to November 2023, ROA fluctuated within a tighter range between 8.05% and 9.12%. A structural shift occurred in February 2024, where the ratio jumped to 10.24% and remained above the 10% threshold for the remainder of the period, peaking at 10.56% in May 2024.
- Profitability Correlation
- The increase in ROA is primarily driven by net income growth outpacing the growth of total assets. Even as the asset base grew by approximately 38% over the duration, the ability to generate profit increased more aggressively, resulting in a higher percentage of return per dollar of assets held.
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