{ "ticker": "COST", "cik": "0000909832", "company": "Costco Wholesale Corporation", "business_type": "consumer_retail_membership_warehouse", "schema_template": "membership retailer", "schema_rationale": "Costco is a membership warehouse club, so a plain revenue/cost-of-goods template would hide the economics. Two revenue lines are reported separately throughout: merchandise net sales, which carry a deliberately thin markup, and membership fees, which are close to pure profit. Membership fees were about half of operating income in every period below. Gross margin is therefore presented the way the company itself presents it - merchandise net sales less merchandise costs, expressed as a percentage of net sales, with membership fees excluded - and membership counts, Executive-member penetration, renewal rates, warehouse counts and comparable sales are carried alongside the statements as the operating drivers of the model.", "reporting_currency": "USD", "converted_to_usd": false, "units": "actual dollars (not millions); share counts are actual shares; per-share figures are actual dollars per share", "fiscal_calendar": "Costco uses a 52/53-week fiscal year ending on the Sunday closest to August 31. Fiscal 2025 and fiscal 2024 were 52-week years ended August 31, 2025 and September 1, 2024. Fiscal 2023 was a 53-week year ended September 3, 2023, so its results include one extra selling week and are not perfectly comparable to the 52-week years. Fiscal 2026 is a 52-week year ending August 30, 2026; its quarters are 12 weeks long except the fourth, which is 16 weeks.", "units_notes_seen": { "FY2025 10-K consolidated statements of income": "amounts in millions, except per share data; the share-count rows are labelled \"Shares used in calculation (000's)\"", "FY2025 10-K consolidated statements of comprehensive income": "amounts in millions", "FY2025 10-K consolidated balance sheets": "amounts in millions, except par value and share data; issued-and-outstanding share counts are stated in full shares (443,237,000 and 443,126,000)", "FY2025 10-K consolidated statements of equity": "amounts in millions; the share column is headed \"Shares (000's)\"", "FY2025 10-K consolidated statements of cash flows": "amounts in millions", "FY2025 10-K notes to consolidated financial statements": "amounts in millions, except share, per share, and warehouse count data", "FY2025 10-K net income per share note": "shares in 000's", "FY2025 10-K membership table (Item 1)": "in thousands", "FY2026 Q3 10-Q condensed consolidated statements of income": "amounts in millions, except per share data (unaudited); the share-count rows are labelled \"Shares used in calculation (000s)\"", "FY2026 Q3 10-Q condensed consolidated balance sheets": "amounts in millions, except par value and share data (unaudited); issued-and-outstanding share counts are stated in full shares (443,514,000 and 443,237,000)", "FY2026 Q3 10-Q condensed consolidated statements of equity": "amounts in millions (unaudited); the share column is headed \"Shares (000s)\"", "FY2026 Q3 10-Q condensed consolidated statements of cash flows": "amounts in millions (unaudited)", "FY2026 Q3 10-Q notes and management's discussion": "amounts in millions, except per share, share, percentages and warehouse count data" }, "adjustments": { "splits_applied": [], "splits_note": "Costco has had no stock split in the periods covered, so no per-share figure required split adjustment.", "adr_ratio": null, "fx": "None applied. Costco reports in U.S. dollars, so no currency conversion was needed. International results are already translated into U.S. dollars inside the filings." }, "annual": [ { "fiscal_year": 2025, "period_end": "2025-08-31", "period_length": "52 weeks", "source_accession": "0000909832-25-000101", "source_form": "10-K", "income_statement": { "net_sales_merchandise": 269912000000, "membership_fees": 5323000000, "total_revenue": 275235000000, "merchandise_costs": 239886000000, "gross_margin_on_net_sales": 30026000000, "gross_margin_pct_of_net_sales": 11.12, "selling_general_and_administrative": 24966000000, "sga_pct_of_net_sales": 9.25, "operating_income": 10383000000, "membership_fees_pct_of_operating_income": 51.3, "interest_expense": -154000000, "interest_income_and_other_net": 589000000, "income_before_income_taxes": 10818000000, "provision_for_income_taxes": 2719000000, "effective_tax_rate_pct": 25.1, "net_income": 8099000000, "eps_basic": 18.24, "eps_diluted": 18.21, "weighted_average_shares_basic": 443985000, "weighted_average_shares_diluted": 444803000 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The prior-year figures shown here are the ones the same filing presents for May 11, 2025: closing equity and shares from the statements of equity, and end-of-period cash from the statements of cash flows." }, "cash_flow": null, "dividends": { "quarterly_dividend_declared_per_share": 1.3, "dividends_declared_in_quarter": 577000000 }, "membership_metrics": { "total_paid_members": 79600000, "total_cardholders": 142800000 }, "operating_metrics": { "net_sales_growth_total_company_pct": 8, "comparable_sales_growth_total_company_pct": 6, "comparable_sales_growth_ex_fx_and_gasoline_total_company_pct": 8 }, "segments": { "united_states": { "total_revenue": 46318000000, "merchandise_costs": 40239000000, "sga": 4366000000, "operating_income": 1713000000, "depreciation_and_amortization": 432000000, "additions_to_property_and_equipment": 846000000 }, "canada": { "total_revenue": 8321000000, "merchandise_costs": 7234000000, "sga": 637000000, "operating_income": 450000000, "depreciation_and_amortization": 44000000, "additions_to_property_and_equipment": 99000000 }, "other_international": { "total_revenue": 8566000000, "merchandise_costs": 7523000000, "sga": 676000000, "operating_income": 367000000, "depreciation_and_amortization": 76000000, "additions_to_property_and_equipment": 186000000 } } }, { "label": "FY2026 year-to-date (first 36 weeks)", "period_type": "fiscal year-to-date", "period_length": "36 weeks", "period_start": "2025-09-01", "period_end": "2026-05-10", "source_accession": "0000909832-26-000051", "source_form": "10-Q", "income_statement": { "net_sales_merchandise": 203374000000, "membership_fees": 4057000000, "total_revenue": 207431000000, "merchandise_costs": 180748000000, "gross_margin_on_net_sales": 22626000000, "gross_margin_pct_of_net_sales": 11.13, "selling_general_and_administrative": 18799000000, "sga_pct_of_net_sales": 9.24, "operating_income": 7884000000, "membership_fees_pct_of_operating_income": 51.5, "interest_expense": -100000000, "interest_income_and_other_net": 458000000, "income_before_income_taxes": 8242000000, "provision_for_income_taxes": 2014000000, "effective_tax_rate_pct": 24.4, "net_income": 6228000000, "eps_basic": 14.03, "eps_diluted": 14.01, "weighted_average_shares_basic": 443943000, "weighted_average_shares_diluted": 444455000 }, "cash_flow": { "net_income": 6228000000, "depreciation_and_amortization": 1791000000, "non_cash_lease_expense": 221000000, "stock_based_compensation": 771000000, "other_non_cash_operating_activities_net": 36000000, "change_in_merchandise_inventories": -1240000000, "change_in_accounts_payable": 2498000000, "other_operating_assets_and_liabilities_net": 828000000, "net_cash_provided_by_operating_activities": 11133000000, "additions_to_property_and_equipment": -4228000000, "free_cash_flow": 6905000000, "net_cash_used_in_investing_activities": -4160000000, "repayments_of_long_term_debt": -69000000, "repurchases_of_common_stock": -603000000, "cash_dividend_payments": -1154000000, "net_cash_used_in_financing_activities": -2175000000, "cash_and_cash_equivalents_end_of_period": 18946000000 }, "dividends": { "dividends_declared_year_to_date": 1806000000, "dividends_paid_year_to_date": 1154000000 }, "operating_metrics": { "net_sales_growth_total_company_pct": 10, "comparable_sales_growth_total_company_pct": 8, "comparable_sales_growth_ex_fx_and_gasoline_total_company_pct": 7, "digitally_enabled_comparable_sales_growth_pct": 22, "shares_repurchased": 638000, "average_repurchase_price_per_share": 945.46 }, "segments": { "united_states": { "total_revenue": 149934000000, "merchandise_costs": 130499000000, "sga": 14311000000, "operating_income": 5124000000, "depreciation_and_amortization": 1388000000, "additions_to_property_and_equipment": 3335000000 }, "canada": { "total_revenue": 27774000000, "merchandise_costs": 24156000000, "sga": 2202000000, "operating_income": 1416000000, "depreciation_and_amortization": 148000000, "additions_to_property_and_equipment": 455000000 }, "other_international": { "total_revenue": 29723000000, "merchandise_costs": 26093000000, "sga": 2286000000, "operating_income": 1344000000, "depreciation_and_amortization": 255000000, "additions_to_property_and_equipment": 438000000 } } }, { "label": "FY2025 year-to-date (first 36 weeks, prior-year comparative)", "period_type": "fiscal year-to-date", "period_length": "36 weeks", "period_start": "2024-09-02", "period_end": "2025-05-11", "source_accession": "0000909832-26-000051", "source_form": "10-Q", "income_statement": { "net_sales_merchandise": 185480000000, "membership_fees": 3599000000, "total_revenue": 189079000000, "merchandise_costs": 164849000000, "gross_margin_on_net_sales": 20631000000, "gross_margin_pct_of_net_sales": 11.12, "selling_general_and_administrative": 17188000000, "sga_pct_of_net_sales": 9.27, "operating_income": 7042000000, "membership_fees_pct_of_operating_income": 51.1, "interest_expense": -108000000, "interest_income_and_other_net": 374000000, "income_before_income_taxes": 7308000000, "provision_for_income_taxes": 1819000000, "effective_tax_rate_pct": 24.9, "net_income": 5489000000, "eps_basic": 12.36, "eps_diluted": 12.34, "weighted_average_shares_basic": 443976000, "weighted_average_shares_diluted": 444846000 }, "cash_flow": { "net_income": 5489000000, "depreciation_and_amortization": 1652000000, "non_cash_lease_expense": 208000000, "stock_based_compensation": 720000000, "other_non_cash_operating_activities_net": -15000000, "change_in_merchandise_inventories": -25000000, "change_in_accounts_payable": 604000000, "other_operating_assets_and_liabilities_net": 835000000, "net_cash_provided_by_operating_activities": 9468000000, "additions_to_property_and_equipment": -3532000000, "free_cash_flow": 5936000000, "net_cash_used_in_investing_activities": -3343000000, "repurchases_of_common_stock": -623000000, "cash_dividend_payments": -1030000000, "net_cash_used_in_financing_activities": -2182000000, "cash_and_cash_equivalents_end_of_period": 13836000000 }, "dividends": { "dividends_declared_year_to_date": 1607000000, "dividends_paid_year_to_date": 1030000000 }, "operating_metrics": { "net_sales_growth_total_company_pct": 8, "comparable_sales_growth_total_company_pct": 6, "comparable_sales_growth_ex_fx_and_gasoline_total_company_pct": 8, "shares_repurchased": 658000, "average_repurchase_price_per_share": 946.64 }, "segments": { "united_states": { "total_revenue": 137819000000, "merchandise_costs": 119922000000, "sga": 13171000000, "operating_income": 4726000000, "depreciation_and_amortization": 1295000000, "additions_to_property_and_equipment": 2698000000 }, "canada": { "total_revenue": 25021000000, "merchandise_costs": 21828000000, "sga": 1978000000, "operating_income": 1215000000, "depreciation_and_amortization": 132000000, "additions_to_property_and_equipment": 352000000 }, "other_international": { "total_revenue": 26239000000, "merchandise_costs": 23099000000, "sga": 2039000000, "operating_income": 1101000000, "depreciation_and_amortization": 225000000, "additions_to_property_and_equipment": 482000000 } } }, { "label": "Trailing twelve months ended 2026-05-10", "period_type": "trailing twelve months (derived)", "period_end": "2026-05-10", "derivation": "Fiscal 2025 full year plus the 36 weeks ended May 10, 2026, less the 36 weeks ended May 11, 2025. Built from the FY2025 10-K (accession 0000909832-25-000101) and the third-quarter fiscal 2026 10-Q (accession 0000909832-26-000051); the company does not publish this period itself.", "source_accession": [ "0000909832-25-000101", "0000909832-26-000051" ], "income_statement": { "net_sales_merchandise": 287806000000, "membership_fees": 5781000000, "total_revenue": 293587000000, "merchandise_costs": 255785000000, "gross_margin_on_net_sales": 32021000000, "gross_margin_pct_of_net_sales": 11.13, "selling_general_and_administrative": 26577000000, "sga_pct_of_net_sales": 9.23, "operating_income": 11225000000, "operating_margin_pct_of_total_revenue": 3.82, "membership_fees_pct_of_operating_income": 51.5, "interest_expense": -146000000, "interest_income_and_other_net": 673000000, "income_before_income_taxes": 11752000000, "provision_for_income_taxes": 2914000000, "effective_tax_rate_pct": 24.8, "net_income": 8838000000, "net_margin_pct_of_total_revenue": 3.01, "eps_diluted": 19.89, "weighted_average_shares_diluted_latest_ytd": 444455000 }, "cash_flow": { "depreciation_and_amortization": 2565000000, "net_cash_provided_by_operating_activities": 15000000000, "additions_to_property_and_equipment": -6194000000, "free_cash_flow": 8806000000, "cash_dividend_payments": -2307000000, "repurchases_of_common_stock": -883000000, "shareholder_returns_total": -3190000000 }, "returns": { "return_on_equity_pct_using_latest_equity": 26.4, "return_on_assets_pct_using_latest_assets": 10.2, "note": "Return figures divide trailing-twelve-month net income by the balance-sheet equity and assets at May 10, 2026 rather than by an average balance." } } ], "post_quarter_update": { "source_accession": "0000909832-26-000060", "source_form": "8-K", "as_of": "2026-07-05", "description": "After the third-quarter 10-Q, Costco filed a monthly sales press release on July 8, 2026 covering the five retail weeks ended July 5, 2026. It is a sales release only and contains no balance sheet, income statement or cash flow statement, so it is reported here as context rather than as a financial period.", "june_five_week_net_sales": 29240000000, "june_five_week_net_sales_growth_pct": 10.6, "fiscal_year_to_date_44_week_net_sales": 250430000000, "fiscal_year_to_date_44_week_net_sales_growth_pct": 10.1, "comparable_sales_growth_5_weeks_total_company_pct": 8.8, "comparable_sales_growth_44_weeks_total_company_pct": 8.3, "quarterly_dividend_declared_per_share": 1.47, "warehouses_in_operation": 933 }, "notes": [ "All figures come from two filings: the fiscal 2025 Form 10-K for the year ended August 31, 2025 (accession 0000909832-25-000101, filed October 8, 2025) and the Form 10-Q for the third quarter of fiscal 2026, the 12 weeks ended May 10, 2026 (accession 0000909832-26-000051, filed June 3, 2026). Statement figures are stated in millions in both filings and have been expanded to actual dollars here.", "The 10-K's income statement and cash flow statement each present three years (fiscal 2025, 2024 and 2023), while its balance sheet presents only two (August 31, 2025 and September 1, 2024). The fiscal 2023 entry therefore carries a full income statement and cash flow statement, but a partial balance sheet assembled from what the same filing does disclose for September 3, 2023: closing cash, total equity, share count, and total assets and property and equipment, net from the segment reporting note.", "Costco reports revenue in two lines and they behave very differently. Merchandise net sales carry a gross margin of roughly 11 percent of net sales; membership fees carry essentially no direct cost. Membership fees of $5,323 million were 51 percent of fiscal 2025 operating income of $10,383 million, and $5,781 million of trailing-twelve-month membership fees were 51 percent of trailing operating income of $11,225 million.", "Gross margin is presented here exactly as the company presents it in management's discussion: merchandise net sales less merchandise costs, as a percentage of net sales, with membership fees excluded from both. On that basis gross margin was 11.12 percent in fiscal 2025, 10.92 percent in fiscal 2024 and 10.57 percent in fiscal 2023, and 11.04 percent in the third quarter of fiscal 2026 against 11.25 percent a year earlier.", "Fiscal 2023 was a 53-week year. Its revenue, expenses and cash flows include one additional selling week, so year-over-year growth from fiscal 2023 to fiscal 2024 is understated by roughly one week of trading. The 10-K also notes that comparable sales for fiscal 2024 were calculated using comparable retail weeks to remove this effect.", "Fiscal 2024 dividends look anomalous because of a special dividend. Cash dividends declared in fiscal 2024 totalled $8,589 million, or $19.36 per share, of which $15.00 per share (about $6,655 million) was a special dividend. Cash dividend payments in that year were $9,041 million. Fiscal 2025 declared dividends returned to a normal $2,183 million, or $4.92 per share. The regular quarterly rate was $1.30 per share at the fiscal 2025 year end and was raised to $1.47 per share, declared April 15, 2026 and paid May 15, 2026.", "Total long-term debt is small and static. The carrying value was $5,805 million at August 31, 2025 and $5,684 million at May 10, 2026, before unamortized discounts and issuance costs of $17 million and $14 million. Four series of senior notes ($1,000 million 3.000% due May 2027, $1,250 million 1.375% due June 2027, $1,750 million 1.600% due April 2030 and $1,000 million 1.750% due April 2032) account for $5,000 million of that, with the balance being guaranteed senior notes issued by the Japanese subsidiary. Short-term borrowings outstanding were immaterial at both fiscal 2025 and fiscal 2024 year ends. There was no current portion of long-term debt at May 10, 2026. Costco held $18,946 million of cash and $1,050 million of short-term investments at that date, so it is substantially net cash.", "The 10-Q's balance sheet columns are May 10, 2026 and August 31, 2025, not the prior-year quarter. The prior-year quarter figures reported here for May 11, 2025 - total equity of $27,125 million, 443,519,000 shares outstanding and $13,836 million of cash - are taken from the same 10-Q's statements of equity and statements of cash flows, which do present that date.", "No stand-alone 12-week cash flow statement exists. The 10-Q's cash flow statement covers only the 36 weeks ended May 10, 2026 and the 36 weeks ended May 11, 2025, so the quarterly entries carry cash flow only at the year-to-date level.", "The trailing-twelve-month view is derived, not filed: fiscal 2025 full-year results plus the 36 weeks ended May 10, 2026 less the 36 weeks ended May 11, 2025. Because fiscal 2025 was a 52-week year and both interim stubs are 36 weeks, the resulting period is a clean 52 weeks.", "Diluted share count has been essentially flat for years - 444.5 million in fiscal 2023, 444.8 million in fiscal 2024 and 444.8 million in fiscal 2025 - because buybacks are modest and roughly offset restricted stock unit vesting. Costco repurchased 943,000 shares for $903 million in fiscal 2025 and 638,000 shares for $603 million in the first 36 weeks of fiscal 2026. Per-share growth therefore comes almost entirely from earnings growth rather than from share count reduction.", "Membership economics improved across the period. Total paid members rose from 71.0 million at fiscal 2023 year end to 76.2 million at fiscal 2024 and 81.0 million at fiscal 2025, and reached 82.9 million at May 10, 2026. Executive members grew from 32.3 million to 38.7 million over the same three fiscal years and represented about 73.6 percent of worldwide net sales in fiscal 2025. Renewal rates were 92.3 percent in the U.S. and Canada and 89.8 percent worldwide at fiscal 2025 year end, and 92.2 percent and 89.7 percent at the end of the third quarter of fiscal 2026. The U.S. and Canada annual fee increase effective September 1, 2024 accounted for roughly 25 percent of third-quarter and 35 percent of year-to-date membership income growth in fiscal 2026.", "Capital spending is rising alongside the warehouse count. Additions to property and equipment were $4,323 million in fiscal 2023, $4,710 million in fiscal 2024 and $5,498 million in fiscal 2025, and $4,228 million in the first 36 weeks of fiscal 2026 against $3,532 million a year earlier. Warehouses in operation went from 914 at fiscal 2025 year end to 928 at May 10, 2026.", "Third-quarter fiscal 2026 net sales growth of 12 percent was flattered by fuel and currency. The 10-Q states that higher gasoline prices added about $1,367 million (221 basis points) and foreign currency added about $643 million (104 basis points) to net sales. Comparable sales grew 10 percent as reported but 7 percent excluding gasoline prices and currency.", "Effective tax rates were 25.9 percent in fiscal 2023, 24.4 percent in fiscal 2024 and 25.1 percent in fiscal 2025, and 25.4 percent in the third quarter of fiscal 2026 versus 26.2 percent a year earlier. Both fiscal 2025 and the fiscal 2026 year-to-date rate were helped by discrete stock-compensation tax benefits ($100 million and $72 million respectively).", "Book value per share shown here is total equity divided by shares issued and outstanding at each balance sheet date, using the share counts stated on the face of the balance sheet.", "Segment results are the company's own three reportable segments (United States, Canada, Other International), taken from the segment note in each filing with inter-segment sales already eliminated. The United States produced $6,878 million of the $10,383 million of fiscal 2025 operating income.", "The most recent filing in the record is a monthly sales press release dated July 8, 2026 (accession 0000909832-26-000060). It reports sales and comparable-sales percentages only, with no financial statements, and is summarised separately rather than treated as a reporting period. The fourth quarter of fiscal 2026 ends August 30, 2026 and had not been reported." ], "uncertainties": [ "The fiscal 2023 balance sheet is partial. The fiscal 2025 10-K presents balance sheets for only two dates, so the fiscal 2023 entry carries closing cash, total equity and share count from the cash flow and equity statements, plus total assets of $68,994 million and property and equipment, net of $26,684 million from the segment reporting note. Inventories, receivables, payables and debt at September 3, 2023 are not disclosed anywhere in this filing and are therefore absent.", "No per-share dividend figure is disclosed for fiscal 2023. The 10-K's equity note gives per-share dividends only for fiscal 2025 and fiscal 2024. The fiscal 2023 figure reported here is the $1,703 million 'cash dividends declared and other' line from the statements of equity, which is not purely dividends, alongside the $1,251 million actually paid per the cash flow statement.", "The first and second quarters of fiscal 2026 are not shown separately. Only the third quarter and the 36-week year-to-date period appear in the 10-Q on hand, so the first two quarters can only be inferred as a combined residual and are not reported individually.", "Quarterly cash flow is only available year-to-date. Operating cash flow, capital expenditure and free cash flow for the 12 weeks ended May 10, 2026 in isolation are not disclosed.", "Trailing-twelve-month diluted earnings per share of $19.89 is a derived figure calculated as trailing net income divided by the 444,455,000 weighted average diluted shares for the 36 weeks ended May 10, 2026. Because the share count barely moves this is a close approximation, but it is not a figure Costco reports and it will not exactly equal a properly weighted twelve-month calculation.", "Return on equity and return on assets shown in the trailing period use the ending balance sheet at May 10, 2026 rather than an average balance across the year, so they are modestly understated relative to an average-balance calculation given that equity and assets both grew over the period.", "Fiscal 2023's extra 53rd week is not adjusted out of any figure. Comparisons involving fiscal 2023 carry that distortion.", "Total debt reported here is the carrying value of long-term debt from the debt note and balance sheet. It excludes operating and finance lease liabilities, which are disclosed separately, so any measure that treats capitalised leases as debt will show a larger figure." ], "company_details": { "Name": "Costco Wholesale Corp /New", "Ticker": "COST", "CIK": "0000909832", "Exchange": "Nasdaq", "State": "Washington", "Incorporation": "Washington", "SIC": "5331", "Office": "Trade & Services", "Industry": "Retail-Variety Stores" }, "next_filing": { "predicted_date": "2026-10-14", "predicted_type": "10-K" }, "fiscal_period": { "fiscal_year": 2026, "fiscal_period": "Q3", "tag": "FY26Q3", "period_end": "2026-05-10", "form": "10-Q", "accession": "0000909832-26-000051", "fiscal_year_end": "0830", "source": "facts" } }