Analysis of Reportable Segments
Costco Wholesale Corp. operates in 3 segments: United States Operations; Canadian Operations; and Other International Operations.
Paying user area
Try for free
Costco Wholesale Corp. pages available for free this week:
- Income Statement
- Statement of Comprehensive Income
- Analysis of Profitability Ratios
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Selected Financial Data since 2005
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Current Ratio since 2005
- Price to Sales (P/S) since 2005
The data is hidden behind: . Unhide it.
Get full access to the entire website from $10.42/mo, or
get 1-month access to Costco Wholesale Corp. for $24.99.
This is a one-time payment. There is no automatic renewal.
We accept:
Segment Profit Margin
Costco Wholesale Corp., profit margin by reportable segment
| Aug 31, 2025 | Sep 1, 2024 | Sep 3, 2023 | Aug 28, 2022 | Aug 29, 2021 | Aug 30, 2020 | |
|---|---|---|---|---|---|---|
| United States Operations | ||||||
| Canadian Operations | ||||||
| Other International Operations |
Based on: 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).
- United States Operations Profit Margin
- The profit margin for United States Operations demonstrated a generally positive trend over the period analyzed. It began at 2.97% and showed a modest increase up to 3.19% by the third year. There was a slight decline to 3.05% in the fourth year, followed by a renewed upward movement, reaching 3.44% in the final year. This indicates steady improvement with minor fluctuations, suggesting effective margin management in the U.S. market.
- Canadian Operations Profit Margin
- The Canadian Operations profit margin revealed consistent growth throughout the period. Starting at 3.83%, it increased continuously, with particularly notable increments in the latter years, culminating at 5.01%. This upward trajectory suggests strong operational efficiency or pricing power in the Canadian segment, contributing positively to overall profitability.
- Other International Operations Profit Margin
- The profit margin in Other International Operations showed some volatility. It started at 4.25%, peaked at 4.66%, then declined to a low of 3.91% in the fourth year. However, it recovered slightly towards the end, achieving 4.33%. While the margins remain relatively healthy, the fluctuations could indicate exposure to varied market conditions or competitive pressures in diverse international regions.
- Overall Insights
- Across all regions, the profit margins reflected an upward or stable trend with some exceptions. The Canadian Operations showed the most robust and consistent improvement, while the United States Operations experienced minor fluctuations but retained an overall positive slope. Other International Operations were subject to more pronounced variability but ended with a slight recovery. These patterns suggest diversified performance dynamics, with regional factors influencing profitability differently over time.
Segment Profit Margin: United States Operations
Costco Wholesale Corp.; United States Operations; segment profit margin calculation
| Aug 31, 2025 | Sep 1, 2024 | Sep 3, 2023 | Aug 28, 2022 | Aug 29, 2021 | Aug 30, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Operating income | ||||||
| Total revenue | ||||||
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | ||||||
Based on: 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).
1 2025 Calculation
Segment profit margin = 100 × Operating income ÷ Total revenue
= 100 × ÷ =
The analysis of the annual United States Operations segment reveals a continuing positive trajectory in key financial metrics over the observed periods.
- Operating Income
- Operating income has shown a consistent year-over-year increase. Starting from 3,633 million US dollars in 2020, it rose steadily each year to reach 6,878 million US dollars by 2025. This indicates improved profitability and operational efficiency over the period.
- Total Revenue
- Total revenue has also demonstrated sustained growth, expanding from 122,142 million US dollars in 2020 to 200,046 million US dollars in 2025. The increases in revenue suggest expanding market penetration, higher sales volumes, or successful pricing strategies within the United States segment.
- Segment Profit Margin
- The segment profit margin has exhibited a generally upward trend, moving from 2.97% in 2020 to 3.44% in 2025, with a slight dip observed in 2023. The rising margin indicates that the company has increasingly efficient cost management or has improved its product mix profitability over the years.
Overall, the data suggests that the company’s United States operations have become more profitable both in absolute terms and relative to revenue, reflecting strong operational performance and effective management strategies throughout the period.
Segment Profit Margin: Canadian Operations
Costco Wholesale Corp.; Canadian Operations; segment profit margin calculation
| Aug 31, 2025 | Sep 1, 2024 | Sep 3, 2023 | Aug 28, 2022 | Aug 29, 2021 | Aug 30, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Operating income | ||||||
| Total revenue | ||||||
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | ||||||
Based on: 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).
1 2025 Calculation
Segment profit margin = 100 × Operating income ÷ Total revenue
= 100 × ÷ =
- Operating Income
- The operating income exhibited a consistent upward trend throughout the analyzed period. It increased from 860 million USD in 2020 to 1,849 million USD in 2025, more than doubling over six years. This growth reflects a sustained improvement in profitability at the segment level.
- Total Revenue
- Total revenue also showed steady growth, rising from 22,434 million USD in 2020 to 36,923 million USD in 2025. The expansion in revenue appears gradual but continuous, indicating a strong top-line performance within the Canadian operations segment.
- Segment Profit Margin
- The segment profit margin improved progressively from 3.83% in 2020 to 5.01% in 2025. This increase signifies enhanced operational efficiency or better cost management over time. The margin improvement, combined with rising revenue, contributes to the robust growth in operating income.
- Summary
- Overall, the Canadian operations segment demonstrated positive financial trends over the examined years. Both revenues and operating income showcased sustained growth, supported by increasing profit margins. The data suggests effective management of operations and a healthy expansion of business activities in this region.
Segment Profit Margin: Other International Operations
Costco Wholesale Corp.; Other International Operations; segment profit margin calculation
| Aug 31, 2025 | Sep 1, 2024 | Sep 3, 2023 | Aug 28, 2022 | Aug 29, 2021 | Aug 30, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Operating income | ||||||
| Total revenue | ||||||
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | ||||||
Based on: 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).
1 2025 Calculation
Segment profit margin = 100 × Operating income ÷ Total revenue
= 100 × ÷ =
- Operating Income
- The operating income exhibited a generally increasing trend over the observed periods. Starting from 942 million US dollars, it rose significantly to 1,270 million by the following year. Although there was a slight decline in the subsequent year to 1,179 million, the operating income resumed its upward trajectory, reaching 1,656 million by the latest period, indicating strengthened operational profitability.
- Total Revenue
- Total revenue showed consistent growth throughout the periods. Beginning at 22,185 million US dollars, it increased steadily each year, reaching 38,266 million by the last reporting period. This reflects a sustained expansion in sales or service delivery within the segment, with no evident periods of contraction.
- Segment Profit Margin
- The profit margin percentage demonstrated relative stability with minor fluctuations. Starting at 4.25%, it increased slightly to 4.66% and then declined to 3.93%, remaining near this level with a modest dip to 3.91% and a slight improvement to 4.01%, before increasing again to 4.33% in the final period. Despite the variability, the margin generally remained above 3.9%, indicating maintained efficiency in converting revenue to profit.
Segment Return on Assets (Segment ROA)
Costco Wholesale Corp., ROA by reportable segment
| Aug 31, 2025 | Sep 1, 2024 | Sep 3, 2023 | Aug 28, 2022 | Aug 29, 2021 | Aug 30, 2020 | |
|---|---|---|---|---|---|---|
| United States Operations | ||||||
| Canadian Operations | ||||||
| Other International Operations |
Based on: 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).
The analysis of the annual reportable segment ROA data reveals distinct trends across the United States, Canadian, and Other International operations over the six-year period.
- United States Operations
- The ROA for the United States Operations demonstrates a generally positive trajectory, increasing from 9.47% in 2020 to 12.54% in 2025. While there is a slight dip observed in 2023 with a decrease to 10.96% from the previous year’s 11.73%, the overall trend is upward. The peak ROA appears in 2024 at 12.74%, followed by a small decline but still maintaining a strong position above 12% in the latest year.
- Canadian Operations
- The Canadian Operations segment exhibits the most pronounced growth among the three regions. Starting at 16.32% in 2020, the ROA consistently rises each year, reaching 25.31% in 2025. This steady increase indicates strengthening profitability relative to assets, with no years of decline or even stagnation. The growth is continuous and robust, reflecting potentially favorable market conditions or operational efficiencies in Canada.
- Other International Operations
- This segment shows moderate but steady improvement, beginning at 7.9% in 2020 and progressing to 11.09% by 2025. The growth rate is less aggressive compared to Canadian operations but remains positive throughout the period. Notably, the increases are incremental, suggesting gradual gains in asset efficiency or profitability in international markets outside the United States and Canada.
In summary, all segments display increasing ROA values over the analyzed years. The Canadian Operations outperform other segments with a consistently sharp upward trend, while the United States Operations and Other International Operations exhibit steadier but clear improvements. The slight dip in the United States segment in 2023 does not offset the overall positive growth pattern observed.
Segment ROA: United States Operations
Costco Wholesale Corp.; United States Operations; segment ROA calculation
| Aug 31, 2025 | Sep 1, 2024 | Sep 3, 2023 | Aug 28, 2022 | Aug 29, 2021 | Aug 30, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Operating income | ||||||
| Total assets | ||||||
| Segment Profitability Ratio | ||||||
| Segment ROA1 | ||||||
Based on: 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).
1 2025 Calculation
Segment ROA = 100 × Operating income ÷ Total assets
= 100 × ÷ =
The analysis of the United States Operations segment over the reported years reveals several notable patterns in operating income, total assets, and segment return on assets (ROA).
- Operating Income
- Operating income has demonstrated a consistent upward trajectory throughout the years. Starting from $3,633 million in 2020, it increased steadily each year, reaching $6,878 million by 2025. This represents a near doubling of operating income over the six-year period, indicating strong growth in profitability within the segment.
- Total Assets
- Total assets also showed growth, increasing from $38,366 million in 2020 to $54,862 million in 2025. Despite a slight dip in 2024 compared to 2023, the general trend is positive, reflecting ongoing investment or asset accumulation supporting segment operations. The increase in assets supports the capacity of the operation to generate higher income.
- Segment Return on Assets (ROA)
- Segment ROA, a key measure of asset efficiency, varied over the period but remained robust. It began at 9.47% in 2020, climbed to a peak of 12.74% in 2024, and then slightly declined to 12.54% in 2025. Overall, the ROA improvement suggests better management or utilization of assets contributing to stronger profitability relative to asset base, despite the minor decrease in the last year.
In summary, United States Operations exhibit solid growth in operating income supported by an expanding asset base, alongside improved returns on those assets. The slight decrease in ROA during the final year suggests a need to monitor asset efficiency, but the overall trend points to effective operational performance and financial strength within the segment.
Segment ROA: Canadian Operations
Costco Wholesale Corp.; Canadian Operations; segment ROA calculation
| Aug 31, 2025 | Sep 1, 2024 | Sep 3, 2023 | Aug 28, 2022 | Aug 29, 2021 | Aug 30, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Operating income | ||||||
| Total assets | ||||||
| Segment Profitability Ratio | ||||||
| Segment ROA1 | ||||||
Based on: 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).
1 2025 Calculation
Segment ROA = 100 × Operating income ÷ Total assets
= 100 × ÷ =
The financial performance of the Canadian Operations segment has demonstrated consistent improvement over the observed periods. Operating income has shown a steady upward trend, increasing from 860 million US dollars in the earliest period to 1,849 million US dollars in the most recent period. This represents a more than twofold increase over the span, indicating enhanced profitability and operational efficiency within the segment.
Total assets have also grown consistently, rising from 5,270 million US dollars to 7,304 million US dollars. Although there is a slight decline observed in the period ending September 3, 2023, the overall asset base has expanded, suggesting ongoing investment and asset accumulation that potentially supports operational growth.
Segment Return on Assets (ROA) presents a positive trajectory, reinforcing the operational success. Starting from 16.32%, it has increased progressively to reach 25.31% in the most recent period. This upward movement in ROA indicates improved efficiency in utilizing assets to generate earnings, reflecting better management performance and profitability enhancement.
- Operating Income
- Strong and consistent growth across all periods, more than doubling from the start to the end of the timeframe.
- Total Assets
- General upward trend with minor fluctuations; overall significant asset growth reflecting ongoing investment.
- Segment ROA
- Steady increase, indicating improved asset utilization and enhanced profitability within the segment.
Segment ROA: Other International Operations
Costco Wholesale Corp.; Other International Operations; segment ROA calculation
| Aug 31, 2025 | Sep 1, 2024 | Sep 3, 2023 | Aug 28, 2022 | Aug 29, 2021 | Aug 30, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Operating income | ||||||
| Total assets | ||||||
| Segment Profitability Ratio | ||||||
| Segment ROA1 | ||||||
Based on: 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).
1 2025 Calculation
Segment ROA = 100 × Operating income ÷ Total assets
= 100 × ÷ =
The financial performance of the segment has shown a positive trend over the given periods. Operating income has generally increased, starting from 942 million USD in the earliest period and rising to 1,656 million USD by the most recent period. There were minor fluctuations, such as a slight decrease from 1,270 million USD to 1,179 million USD in one interval, but the overall direction is upward.
Total assets have also grown consistently, increasing from 11,920 million USD initially to 14,933 million USD in the latest period. There was a minor decline during one interval, but the general movement reflects asset growth.
Return on assets (ROA) for the segment demonstrates an improving efficiency trend. ROA increased from 7.9% to 11.09% over the periods, indicating enhanced profitability relative to the asset base. The increase is steady, with no periods showing a decline, underscoring consistent improvement in asset utilization.
- Operating Income
- Exhibited an overall increasing trend, with growth from 942 million USD to 1,656 million USD, indicating improved earnings capability despite a minor dip in one period.
- Total Assets
- Expanded from 11,920 million USD to 14,933 million USD, suggesting ongoing investment and asset base enlargement.
- Segment ROA
- Rose steadily from 7.9% to 11.09%, reflecting increasing operational efficiency and stronger returns generated from asset utilization.
Segment Asset Turnover
Costco Wholesale Corp., asset turnover by reportable segment
| Aug 31, 2025 | Sep 1, 2024 | Sep 3, 2023 | Aug 28, 2022 | Aug 29, 2021 | Aug 30, 2020 | |
|---|---|---|---|---|---|---|
| United States Operations | ||||||
| Canadian Operations | ||||||
| Other International Operations |
Based on: 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).
- United States Operations
-
The asset turnover ratio for United States Operations exhibited an overall upward trend from 3.18 in 2020 to a peak of 3.77 in 2024. There was consistent growth from 3.18 in 2020 to 3.68 in 2022, indicating improving efficiency in asset utilization during this period. However, a slight decline occurred in 2023 to 3.59, followed by a recovery to 3.77 in 2024. The ratio then declined again to 3.65 in 2025. This pattern suggests some variability in asset turnover efficiency, with a general positive trajectory over the six-year span but short-term fluctuations in the final two years.
- Canadian Operations
-
Canadian Operations showed a steady and consistent increase in asset turnover ratios over the entire period under review. Starting from 4.26 in 2020, the ratio rose progressively each year to reach 5.06 in 2025. Notably, the largest single year gains were observed between 2021 and 2023, with the ratio moving from 4.58 up to 5.15. Though there was a minor decline from 5.15 in 2023 to 5.04 in 2024, the ratio slightly improved to 5.06 in 2025. The data indicates continuous enhancement in asset efficiency, maintaining a higher turnover relative to other segments.
- Other International Operations
-
In Other International Operations, a clear upward trend in asset turnover ratios is evident, beginning at 1.86 in 2020 and increasing steadily to 2.56 by 2025. The growth was gradual but consistent with no notable declines, reflecting ongoing improvements in asset utilization in international markets outside the United States and Canada. The segment's asset turnover remains the lowest among the three regions but demonstrates healthy progression.
- Overall Trends and Insights
-
Across all segments, asset turnover ratios have generally improved from 2020 through 2025, signaling enhanced operational efficiency and better management of assets to generate revenue. Canadian Operations consistently show the highest asset turnover ratios, indicating relatively superior asset productivity in that market. United States Operations experienced some fluctuations in recent years but still maintained an overall positive trend. Other International Operations, while having the lowest turnover ratios, show steady improvements without volatility.
This progressive increase in most segments may reflect broader strategic efficiencies, better inventory management, or favorable market conditions. The slight inconsistencies in the US segment suggest areas for potential focus to stabilize and further optimize asset use.
Segment Asset Turnover: United States Operations
Costco Wholesale Corp.; United States Operations; segment asset turnover calculation
| Aug 31, 2025 | Sep 1, 2024 | Sep 3, 2023 | Aug 28, 2022 | Aug 29, 2021 | Aug 30, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Total revenue | ||||||
| Total assets | ||||||
| Segment Activity Ratio | ||||||
| Segment asset turnover1 | ||||||
Based on: 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).
1 2025 Calculation
Segment asset turnover = Total revenue ÷ Total assets
= ÷ =
The financial data for the United States Operations segment over the six-year period demonstrates a consistent expansion in total revenue, total assets, and segment asset turnover, each reflecting the segment’s growth and operational efficiency.
- Total Revenue
- Total revenue exhibits a steady upward trend, increasing from $122.1 billion in 2020 to $200.0 billion in 2025. This represents a compound increase, indicating a robust and sustained growth in sales and customer demand across the years.
- Total Assets
- Total assets have also increased over the period, from $38.4 billion in 2020 to $54.9 billion in 2025. Despite a slight decrease in 2024 compared to 2023, the overall trajectory is upward, suggesting ongoing investment in physical and intangible resources to support the segment’s expansion.
- Segment Asset Turnover
- The segment asset turnover ratio, which measures the efficiency of asset use in generating revenue, has generally improved, moving from 3.18 in 2020 to a peak of 3.77 in 2024. Although there was a minor decline to 3.65 in 2025, the ratio remains above earlier years, indicating enhanced efficiency in converting assets into revenue over time.
In summary, the segment shows strong revenue growth supported by increasing asset investment and improved asset utilization. The slight variances in asset turnover in recent years may reflect operational adjustments or capital allocation changes as the segment scales. Overall, the trends suggest effective management of growth and a positive trajectory in operational performance.
Segment Asset Turnover: Canadian Operations
Costco Wholesale Corp.; Canadian Operations; segment asset turnover calculation
| Aug 31, 2025 | Sep 1, 2024 | Sep 3, 2023 | Aug 28, 2022 | Aug 29, 2021 | Aug 30, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Total revenue | ||||||
| Total assets | ||||||
| Segment Activity Ratio | ||||||
| Segment asset turnover1 | ||||||
Based on: 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).
1 2025 Calculation
Segment asset turnover = Total revenue ÷ Total assets
= ÷ =
- Total Revenue
- The total revenue of the Canadian operations demonstrated a consistent upward trend over the analyzed periods. Starting at $22,434 million in 2020, the revenue increased each year, reaching $36,923 million by 2025. The growth rate was steady, reflecting a positive expansion in sales or market presence within the segment. This indicates strong demand and effective operational strategies contributing to revenue growth.
- Total Assets
- Total assets also showed an overall increasing pattern, moving from $5,270 million in 2020 to $7,304 million in 2025. There was a slight decline in 2023, where assets decreased from $6,558 million in 2022 to $6,420 million, but this was followed by a recovery and further increase in the subsequent years. The general upward movement suggests ongoing investments and asset accumulation to support business growth.
- Segment Asset Turnover
- The segment asset turnover ratio, which measures the efficiency of using assets to generate revenue, improved steadily from 4.26 in 2020 to a peak of 5.15 in 2023. A minor decrease occurred in 2024 to 5.04, followed by a slight recovery to 5.06 in 2025. The overall high and improving turnover ratio indicates increasing efficiency in asset utilization, implying that the segment is generating more revenue per unit of asset over time.
Segment Asset Turnover: Other International Operations
Costco Wholesale Corp.; Other International Operations; segment asset turnover calculation
| Aug 31, 2025 | Sep 1, 2024 | Sep 3, 2023 | Aug 28, 2022 | Aug 29, 2021 | Aug 30, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Total revenue | ||||||
| Total assets | ||||||
| Segment Activity Ratio | ||||||
| Segment asset turnover1 | ||||||
Based on: 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).
1 2025 Calculation
Segment asset turnover = Total revenue ÷ Total assets
= ÷ =
- Total Revenue
- The total revenue has demonstrated a consistent upward trend over the reported periods. Starting at $22,185 million in 2020, it increased steadily each year, reaching $38,266 million by 2025. This indicates strong growth and expanding operations within the segment, with revenue nearly doubling over the six-year span.
- Total Assets
- Total assets have shown a generally increasing pattern, rising from $11,920 million in 2020 to $14,933 million in 2025. Although there was a slight decline between 2021 and 2022, overall asset growth resumed in subsequent years. This gradual increase in assets suggests ongoing investment and resource allocation to support the segment's growth.
- Segment Asset Turnover
- The segment asset turnover ratio has improved consistently over the period, increasing from 1.86 in 2020 to 2.56 in 2025. This indicates enhanced efficiency in utilizing assets to generate revenue, reflecting better operational performance and possibly improved management of asset resources within this international operations segment.
Segment Capital Expenditures to Depreciation
Costco Wholesale Corp., capital expenditures to depreciation by reportable segment
| Aug 31, 2025 | Sep 1, 2024 | Sep 3, 2023 | Aug 28, 2022 | Aug 29, 2021 | Aug 30, 2020 | |
|---|---|---|---|---|---|---|
| United States Operations | ||||||
| Canadian Operations | ||||||
| Other International Operations |
Based on: 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).
The analysis of the annual reportable segment capital expenditures to depreciation ratios over the observed periods reveals distinct trends across the three geographic segments.
- United States Operations
- The ratio has demonstrated a consistent upward trajectory from 1.65 in 2020 to 2.22 in 2025. This steady increase suggests a growing investment in capital expenditures relative to depreciation expenses, indicating expansion or upgrading of assets in the U.S. segment over the years.
- Canadian Operations
- The ratio for this segment exhibits more variability. Initially, there was a slight decrease from 1.66 in 2020 to 1.54 in 2021, followed by a peak at 2.16 in 2022. Thereafter, the ratio dipped again in 2023 to 1.54 but showed a substantial rise to 2.96 by 2025. This pattern reflects periods of fluctuating capital investment intensity, with a notable acceleration in capital expenditures relative to depreciation in the most recent period.
- Other International Operations
- This segment shows moderate fluctuations without a clear sustained upward or downward trend. The ratio started at 2.03 in 2020, peaking at 2.66 in 2021, then slightly declining and stabilizing around the 2.0 range by 2025. This implies relatively stable capital expenditure activities compared to asset depreciation, with some short-term increases.
Overall, the data indicates that all segments maintain capital expenditure levels exceeding their depreciation expenses. The United States segment presents a steady increase suggesting continuous investment growth. Canadian Operations, despite fluctuations, conclude with a pronounced rise in capital expenditure intensity. Other International Operations display relative stability with moderate variations. These trends may reflect strategic differences in asset management and growth initiatives across the company's geographical segments.
Segment Capital Expenditures to Depreciation: United States Operations
Costco Wholesale Corp.; United States Operations; segment capital expenditures to depreciation calculation
| Aug 31, 2025 | Sep 1, 2024 | Sep 3, 2023 | Aug 28, 2022 | Aug 29, 2021 | Aug 30, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Additions to property and equipment | ||||||
| Depreciation and amortization | ||||||
| Segment Financial Ratio | ||||||
| Segment capital expenditures to depreciation1 | ||||||
Based on: 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).
1 2025 Calculation
Segment capital expenditures to depreciation = Additions to property and equipment ÷ Depreciation and amortization
= ÷ =
- Additions to Property and Equipment
- Over the observed periods, the annual additions to property and equipment exhibit a consistent and notable upward trajectory. Starting from $2,060 million, the values increase steadily each year, reaching $4,215 million by the last period. This consistent growth suggests an ongoing commitment to expanding or upgrading physical assets within the segment.
- Depreciation and Amortization
- Depreciation and amortization expenses also show a steady rising trend, moving from $1,248 million in the earliest period to $1,895 million in the latest. This gradual increase likely reflects the growing asset base and the corresponding allocation of asset usage costs over time.
- Segment Capital Expenditures to Depreciation Ratio
- The ratio of capital expenditures to depreciation has increased consistently from 1.65 to 2.22 over the periods examined. This rising ratio suggests that capital spending is outpacing the rate at which assets are being depreciated. Such a trend may indicate an aggressive reinvestment strategy aimed at asset growth and modernization beyond merely maintaining existing asset levels.
- Overall Analysis
- The data reflect a clear pattern of sustained investment in property and equipment, supported by a steadily increasing depreciation expense that aligns with asset growth. The increasing capital expenditures relative to depreciation imply a focus on expansion or enhancement of the operational infrastructure. This trend may position the segment well for future operational capacity and efficiency gains, although it may also involve increased capital intensity and associated financial commitments.
Segment Capital Expenditures to Depreciation: Canadian Operations
Costco Wholesale Corp.; Canadian Operations; segment capital expenditures to depreciation calculation
| Aug 31, 2025 | Sep 1, 2024 | Sep 3, 2023 | Aug 28, 2022 | Aug 29, 2021 | Aug 30, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Additions to property and equipment | ||||||
| Depreciation and amortization | ||||||
| Segment Financial Ratio | ||||||
| Segment capital expenditures to depreciation1 | ||||||
Based on: 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).
1 2025 Calculation
Segment capital expenditures to depreciation = Additions to property and equipment ÷ Depreciation and amortization
= ÷ =
- Additions to property and equipment
- The annual additions to property and equipment show a fluctuating trend with a general increase over the observed periods. Starting at 258 million USD, the amount rises modestly to 272 million USD the following year, then significantly jumps to 388 million USD. This is followed by a decline to 281 million USD before rising again to 351 million USD and culminating in a sharp increase to 580 million USD in the last reported year. The data suggest a renewed emphasis on capital investment in the most recent period.
- Depreciation and amortization
- Depreciation and amortization expenses illustrate a gradual and steady increase over the years. Beginning at 155 million USD, the expense rises incrementally each year, reaching 196 million USD by the final period. This steady increase likely reflects ongoing asset utilization and the aging of the capital base.
- Segment capital expenditures to depreciation ratio
- The ratio of capital expenditures relative to depreciation exhibits variability with an overall upward movement. It starts at 1.66, dips slightly to 1.54, then peaks at 2.16. Subsequently, the ratio falls back to 1.54, climbs to 1.83, and significantly increases to 2.96 in the last period. This pattern indicates phases of accelerated capital investment relative to asset depreciation, particularly notable in the most recent year where capital investments substantially outpace depreciation, possibly signaling expansion or modernization initiatives within the segment.
Segment Capital Expenditures to Depreciation: Other International Operations
Costco Wholesale Corp.; Other International Operations; segment capital expenditures to depreciation calculation
| Aug 31, 2025 | Sep 1, 2024 | Sep 3, 2023 | Aug 28, 2022 | Aug 29, 2021 | Aug 30, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Additions to property and equipment | ||||||
| Depreciation and amortization | ||||||
| Segment Financial Ratio | ||||||
| Segment capital expenditures to depreciation1 | ||||||
Based on: 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).
1 2025 Calculation
Segment capital expenditures to depreciation = Additions to property and equipment ÷ Depreciation and amortization
= ÷ =
- Additions to Property and Equipment
- The capital investment in property and equipment initially increased significantly from 492 million USD in 2020 to a peak of 754 million USD in 2023. After reaching this peak, the expenditures declined to 634 million USD in 2024, followed by a rebound to 703 million USD in 2025. Overall, the trend indicates a strong commitment to expanding or upgrading assets, with some fluctuation in spending levels over the years.
- Depreciation and Amortization
- Depreciation and amortization expenses showed a consistent upward trend throughout the entire period. Starting at 242 million USD in 2020, the expenses gradually increased each year, reaching 335 million USD in 2025. This steady rise aligns with the increasing asset base, reflecting ongoing amortization of prior capital expenditures and suggesting sustained asset utilization over time.
- Segment Capital Expenditures to Depreciation Ratio
- This ratio, which provides insight into the relationship between new capital investments and the consumption of existing assets, varied over the periods. The ratio increased from 2.03 in 2020 to a high of 2.66 in 2021, indicating a period of elevated capital spending relative to depreciation. Subsequent years saw the ratio fluctuate between 2.01 and 2.56, suggesting some moderation in capital investment pace relative to asset wear and tear, but remaining above 2.0 generally indicates continued asset growth.
Total revenue
Costco Wholesale Corp., total revenue by reportable segment
US$ in millions
| Aug 31, 2025 | Sep 1, 2024 | Sep 3, 2023 | Aug 28, 2022 | Aug 29, 2021 | Aug 30, 2020 | |
|---|---|---|---|---|---|---|
| United States Operations | ||||||
| Canadian Operations | ||||||
| Other International Operations | ||||||
| Total |
Based on: 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).
- Overall Revenue Trend
- The total revenue demonstrates a consistent upward trajectory over the examined periods. From August 30, 2020, to August 31, 2025, total revenue increased steadily from $166,761 million to $275,235 million, reflecting robust growth in overall company sales activities.
- United States Operations
- Revenue generated from United States operations shows a significant and continual increase over the six-year span. Starting at $122,142 million in 2020, it rose each year to reach $200,046 million by 2025. This represents a strong compound increase, indicating solid market performance and likely expansion or enhanced sales capacity within the U.S. segment.
- Canadian Operations
- Canadian operations also experienced steady revenue growth, although at a more moderate pace compared to the U.S. segment. Revenue increased from $22,434 million in 2020 to $36,923 million in 2025. This improvement suggests a consistent strengthening of market presence or operational efficiency in the Canadian market.
- Other International Operations
- Revenues from other international operations followed a growth pattern similar to Canadian operations. Starting at $22,185 million in 2020, this segment’s revenue grew to $38,266 million by 2025. This reflects successful international expansion or increased sales penetration outside North America, contributing increasingly to the total revenue base.
- Segment Contribution Dynamics
- Throughout the period, the U.S. segment remains the dominant contributor to total revenue, accounting for the largest share each year. Both Canadian and Other International segments show parallel growth paths, gradually increasing their contributions to the overall revenue. This diversification indicates a broadening of geographic income streams, potentially reducing regional risk exposure.
Operating income
Costco Wholesale Corp., operating income by reportable segment
US$ in millions
| Aug 31, 2025 | Sep 1, 2024 | Sep 3, 2023 | Aug 28, 2022 | Aug 29, 2021 | Aug 30, 2020 | |
|---|---|---|---|---|---|---|
| United States Operations | ||||||
| Canadian Operations | ||||||
| Other International Operations | ||||||
| Total |
Based on: 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).
- United States Operations
- The operating income for United States operations demonstrates a consistent upward trend over the reported periods. Starting at 3,633 million US dollars, it increased steadily each year, reaching 6,878 million by the latest period. This signifies significant growth, nearly doubling over the timespan, indicating strong performance and possibly expansion within the domestic market.
- Canadian Operations
- Canadian operations also show a positive year-on-year increase in operating income. From 860 million US dollars initially, the figure grew continuously to 1,849 million in the final period. This consistent growth suggests stable market conditions and successful business strategies in the Canadian segment, with the operating income more than doubling across the observed periods.
- Other International Operations
- The other international operations segment exhibits some variability but overall growth. Starting at 942 million US dollars, income increased to 1,270 million before experiencing a slight decline to 1,179 million. Subsequently, there is a recovery and continued growth reaching 1,656 million by the last period. This pattern suggests the segment faced some challenges but ultimately expanded its operating income over the longer term.
- Total Operating Income
- The total segment operating income reflects the combined trends of all geographical segments, showing steady growth from 5,435 million US dollars to 10,383 million over the reported periods. The total operating income has nearly doubled, underscoring overall successful operational efficiency and expansion across all segments despite some fluctuations in the international component.
Depreciation and amortization
Costco Wholesale Corp., depreciation and amortization by reportable segment
US$ in millions
| Aug 31, 2025 | Sep 1, 2024 | Sep 3, 2023 | Aug 28, 2022 | Aug 29, 2021 | Aug 30, 2020 | |
|---|---|---|---|---|---|---|
| United States Operations | ||||||
| Canadian Operations | ||||||
| Other International Operations | ||||||
| Total |
Based on: 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).
The depreciation and amortization expenses across the reported segments exhibit a consistent upward trend over the examined periods. Each segment demonstrates growth, contributing to the overall increase in total expenses.
- United States Operations
- This segment shows a steady rise in depreciation and amortization expenses from 1,248 million US dollars in the earliest period to 1,895 million US dollars in the latest. The increase is substantial and relatively uniform, indicating ongoing investments in assets subject to depreciation or expanding operational scale within this region.
- Canadian Operations
- The Canadian segment displays a more moderate increase, starting at 155 million US dollars and rising to 196 million US dollars across the periods. The growth is gradual, signifying consistent but less aggressive capital expenditure or asset base growth compared to the United States segment.
- Other International Operations
- This segment also shows continuous growth from 242 million US dollars to 335 million US dollars. The progression suggests expanding operations or increased capital investment in international markets outside of the US and Canada.
- Total
- The aggregate depreciation and amortization expense reflects the sum of all segments, moving upward from 1,645 million US dollars to 2,426 million US dollars. This consistent growth underscores overall expansion and asset accumulation across all operations.
Overall, the data imply sustained capital investment and asset base growth across all regions. The largest and most pronounced increases occur in the United States operations, which dominate the total depreciation and amortization expenses. The steady upward trends indicate ongoing capacity enhancement or replacement of depreciable assets within the company’s operational footprint.
Additions to property and equipment
Costco Wholesale Corp., additions to property and equipment by reportable segment
US$ in millions
| Aug 31, 2025 | Sep 1, 2024 | Sep 3, 2023 | Aug 28, 2022 | Aug 29, 2021 | Aug 30, 2020 | |
|---|---|---|---|---|---|---|
| United States Operations | ||||||
| Canadian Operations | ||||||
| Other International Operations | ||||||
| Total |
Based on: 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).
The annual additions to property and equipment demonstrate a consistent upward trend across the reporting periods, indicating ongoing investment activities by the company. The data is segmented into three geographic regions: United States Operations, Canadian Operations, and Other International Operations.
- United States Operations
- Capital expenditure in the United States steadily increased from $2,060 million in 2020 to $4,215 million in 2025. This nearly doubles over the six-year span, reflecting a significant ramp-up in investments aimed at enhancing or expanding property and equipment within this primary market. The growth shows consistent year-over-year increments, suggesting a strong focus on the domestic market.
- Canadian Operations
- Investments in Canada show more variability. From $258 million in 2020, the value rises moderately to $388 million in 2022 but then dips to $281 million in 2023. Following this, there is a notable increase to $580 million by 2025. This pattern indicates fluctuations in capital allocation, possibly driven by specific strategic initiatives or market conditions within Canada, but ultimately ending with a substantial increase in the most recent period.
- Other International Operations
- Other international markets exhibit a more stable but less pronounced growth in additions. Starting at $492 million in 2020, the figure increases to a peak of $754 million in 2023, followed by a reduction to $634 million in 2024 and a slight recovery to $703 million in 2025. This suggests a moderate and somewhat cyclical investment approach in these markets, potentially influenced by external factors or region-specific strategies.
- Total Capital Expenditures
- The aggregate additions to property and equipment increased from $2,810 million in 2020 to $5,498 million in 2025, more than doubling over the period. This overall trend confirms a robust growth in capital investments, with the United States operations driving the majority of the increase. The total figures reflect both the expansion in the core domestic market and fluctuations across international regions, implying a balanced but growth-focused capital expenditure strategy.
Total assets
Costco Wholesale Corp., total assets by reportable segment
US$ in millions
| Aug 31, 2025 | Sep 1, 2024 | Sep 3, 2023 | Aug 28, 2022 | Aug 29, 2021 | Aug 30, 2020 | |
|---|---|---|---|---|---|---|
| United States Operations | ||||||
| Canadian Operations | ||||||
| Other International Operations | ||||||
| Total |
Based on: 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).
- United States Operations
- The total assets in United States Operations exhibit a consistent upward trajectory over the examined periods. From approximately 38.4 billion US dollars in 2020, the assets steadily increased to about 54.9 billion US dollars by 2025. Notably, there was a slight decline observed between 2023 and 2024; however, the overall trend remains strongly positive, indicating continued asset growth within this segment.
- Canadian Operations
- Assets in Canadian Operations also reveal an overall increasing pattern during the period. Starting from around 5.3 billion US dollars in 2020, the assets grew to approximately 7.3 billion US dollars by 2025. Though there was a minor downturn between 2022 and 2023, the segment rebounded afterwards. This suggests a generally stable and expanding asset base in the Canadian market.
- Other International Operations
- The asset values for Other International Operations show moderate growth from 11.9 billion US dollars in 2020 to nearly 14.9 billion by 2025. A dip is observed in 2022, decreasing from the prior year’s peak, but the subsequent recovery in following years points to resilience and steady development across this segment.
- Total Assets
- The aggregate total assets illustrate a clear ascending trend, increasing from approximately 55.6 billion US dollars in 2020 to around 77.1 billion by 2025. This growth is driven primarily by the expansion in United States Operations, complemented by steady rises in Canadian and Other International segments. The minor fluctuations in specific years do not detract from the overall positive momentum in asset accumulation for the entity.