FINANCIAL MODEL

Costco Wholesale

COST · all figures in $M unless noted

burgundy figures open the exact filing page they were verified against · green figures are computed — click for the formula

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Income Statement
Revenue	118,719	129,025	141,576	152,703	166,761	195,929	226,954	242,290	254,453	275,235
Cost of Goods Sold	102,901	111,882	123,152	132,886	144,939	170,684	199,382	212,586	222,358	239,886
Gross Profit
SG&A	12,068	12,950	13,876	14,994	16,332	18,461	19,779	21,590	22,810	24,966
R&D
EBITDA
D&A	1,255	1,370	1,437	1,492	1,645	1,781	1,900	2,077	2,237	2,426
EBIT (Operating Income)	3,672	4,111	4,480	4,737	5,435	6,708	7,793	8,114	9,285	10,383
Interest Expense	133	134	159	150	160	171	158	160	169	154
Pre-Tax Income	3,619	4,039	4,442	4,765	5,367	6,680	7,840	8,487	9,740	10,818
Tax Expense	1,243	1,325	1,263	1,061	1,308	1,601	1,925	2,195	2,373	2,719
Net Income	2,350	2,679	3,134	3,659	4,002	5,007	5,844	6,292	7,367	8,099
Diluted EPS	5.33	6.08	7.09	8.26	9.02	11.27	13.14	14.16	16.56	18.21
Diluted Shares (M)	441.3	440.9	441.8	442.9	443.9	444.3	444.8	444.5	444.8	444.8
Balance Sheet
Total Cash & Equivalents	3,379	4,546	6,055	8,384	12,277	11,258	10,203	13,700	9,906	14,161
Short-term Debt	0	86	90	1,699	95	799	73	1,081	103	75
Long-term Debt	4,061	6,573	6,487	5,124	7,514	6,692	6,484	5,377	5,794	5,713
Total Debt
Net Debt
Total Current Assets		17,317	20,289	23,485	28,120	29,505	32,696	35,879	34,246	38,380
Total Current Liabilities		17,495	19,926	23,237	24,844	29,441	31,998	33,583	35,464	37,108
Total Assets	33,163	36,347	40,830	45,400	55,556	59,268	64,166	68,994	69,831	77,099
Total Liabilities	20,831	25,268	27,727	29,816	36,851	41,190	43,519	43,936	46,209	47,935
Shareholders' Equity	12,079	10,778	12,799	15,243	18,284	17,564	20,642	25,058	23,622	29,164
Minority Interest	253	301	304	341	421	514	5	0	0	0
Intangibles & Goodwill				53	988	996	993	994	994	994
PP&E	17,043	18,161	19,681	20,890	21,807	23,492	24,646	26,684	29,032	31,909
Receivables		1,432	1,669	1,535	1,550	1,803	2,241	2,285	2,721	3,203
Payables		9,608	11,237	11,679	14,172	16,278	17,848	17,483	19,421	19,783
Inventory		9,834	11,040	11,395	12,242	14,215	17,907	16,651	18,647	18,116
Retained Earnings	7,686	5,988	7,887	10,258	12,879	11,666	15,585	19,521	17,619	22,650
Cash Flow
Cash from Operations	3,292	6,726	5,774	6,356	8,861	8,958	7,392	11,068	11,339	13,335
Capital Expenditures	2,649	2,502	2,969	2,998	2,810	3,588	3,891	4,323	4,710	5,498
Free Cash Flow
Stock-Based Compensation	459	514	544	595	619	665	724	774	818	860
Dividends Paid	746	3,904	689	1,038	1,479	5,748	1,498	1,251	9,041	2,183
Share Repurchases	486	469	328	247	196	496	439	676	700	903