United States

Canada

Other International

Total Revenue

a931781fafe542778c0835514d626ec6b9640b61c8aa2eee956f4fff3b4cd6e2

Adjustments for Non-Cash Items [USD, Millions]

Stock-Based Compensation [USD, Millions]

Changes in Working Capital [USD, Millions]

Capital Expenditures (CapEx) [USD, Millions]

Proceeds from Debt [USD, Millions]

Repayments of Debt [USD, Millions]

Share Repurchases [USD, Millions]

Dividend Payments [USD, Millions]

Net Change in Cash [USD, Millions]

9d16d8a92fd6f356b1986416044923a995522465cf628edc9b1dcd9a996d585c

Total Revenue [USD, Millions]

Cost of Goods Sold (COGS) [USD, Millions]

SG&A [USD, Millions]

R&D [USD, Millions]

D&A [USD, Millions]

Interest Expense [USD, Millions]

Operating Income (EBIT) [USD, Millions]

Net Income [USD, Millions]

EPS - Basic [USD, Per Share]

EPS - Diluted [USD, Per Share]

87f869406003ce4b97047aed99ff009066a061fcb65acb0a4cafca5e6258dcbf

23955b24de378f88c1f7d3256a5b5e1c85096b7f9a6876e04bc91cace6c62a28

Total paid members (thousands)

Total cardholders (thousands)

Membership renewal rate in U.S. and Canada (percentage)

Membership renewal rate worldwide (percentage)

Net new warehouses opened (count)

da997e2923e282e2cd7f43e78b97ba8b2e49f199ceb87de87c0b6bb6645c64a8

The drop in cash and cash equivalents in Q2 2024 was primarily due to significant cash outflows in financing and investing activities. **Costco used $8,250 million in financing activities**, which included a **special dividend payment of approximately $6,655 million** along with other dividend payments and stock repurchases, and it also spent **$1,752 million on capital expenditures** under investing activities. Although it generated **$5,382 million from operating activities**, this was not enough to offset the large outflows, leading to an abrupt decline in cash and cash equivalents.  **[0000909832-24-000017_cost-20240218.htm:2]** **[0000909832-24-000012_costex9918-k21824.htm:2]** 

Why did Cash and cash equivalents drop so abruptly in Q2 2024?

The decline in Total assets in Q2 2024 was largely driven by a significant **reduction in cash and cash equivalents** from **$13,700 million** to **$9,095 million**, primarily due to **cash dividend payments**—including a special dividend of **$15.00 per share** (amounting to about **$6,655 million**)—and repurchases of common stock along with other financing activities. Additionally, there was a decrease in **short-term investments** by **$308 million**. Although these were partially offset by increases in receivables, merchandise inventories, other current assets, and property and equipment, the net effect resulted in an overall decline of **$2,671 million** in Total assets.  **[0000909832-24-000017_cost-20240218.htm:19]** **[COST_3376932_0]** **[0000909832-24-000017_cost-20240218.htm:2]** **[0000909832-24-000012_costex9918-k21824.htm:2]** **[0000909832-24-000029_cost-20240512.htm:4]** **[0000909832-24-000017_cost-20240218.htm:4]** 

What caused the decline in Total assets in Q2 2024?

The **current portion of long-term debt** dropped significantly in Q4 2024 because **Costco repaid $1,000 million of its 2.750% Senior Notes due May 2024** on May 18, 2024 using cash, cash equivalents, and short-term investments. This repayment reduced the current liability from **$1,081 million as of September 3, 2023** to **$103 million as of September 1, 2024**.  **[0000909832-24-000049_cost-20240901.htm:45]** **[0000909832-24-000043_costex9918-k92624.htm:2]** **[0000909832-24-000049_cost-20240901.htm:60]** **[0000909832-24-000029_cost-20240512.htm:8]** 

Why did the current portion of long-term debt drop so significantly in Q4 2024?

Costco’s Total Liabilities increased in Q1 2025 primarily due to three factors. **Accounts Payable** rose significantly from **$19,421 million** to **$21,793 million**, adding **$2,372 million**—indicating higher obligations likely linked to increased inventory purchases or timing differences in payments. Additionally, **Deferred Membership Fees** increased by **$182 million** (from **$2,501 million** to **$2,683 million**), reflecting growth in membership sign-ups and renewals. Lastly, **Other Current Liabilities** rose by **$271 million** (from **$6,313 million** to **$6,584 million**), which includes accrued expenses or other short-term obligations.  **[0000909832-24-000075_costex9918-k121224.htm:2]** **[0000909832-24-000079_cost-20241124.htm:1]** 

What led to the increase in Total liabilities in Q1 2025?

a690770cb372f566ea9ac80099572aecc509210c2bde5f3630c106037c85d452

Net sales [USD, millions]

Membership fees [USD, millions]

Total revenue [USD, millions]

Merchandise costs [USD, millions]

Selling, general and administrative [USD, millions]

Operating income [USD, millions]

Interest expense [USD, millions]

Interest income and other, net [USD, millions]

Income before income taxes [USD, millions]

Provision for income taxes [USD, millions]

NET INCOME [USD, millions]

NET INCOME PER COMMON SHARE: Basic [USD]

NET INCOME PER COMMON SHARE: Diluted [USD]

Shares used in calculation: Basic [000s]

Shares used in calculation: Diluted [000s]

4f107e02156dbf68cdc6a9814fe6b5eefba779330431e467b97abcfd46b1237a

Cash and cash equivalents (USD, millions)

Short-term investments (USD, millions)

Receivables, net (USD, millions)

Merchandise inventories (USD, millions)

Other current assets (USD, millions)

Total current assets (USD, millions)

Property and equipment, net (USD, millions)

Operating lease right-of-use assets (USD, millions)

Other long-term assets (USD, millions)

Total assets (USD, millions)

Accounts payable (USD, millions)

Accrued salaries and benefits (USD, millions)

Accrued member rewards (USD, millions)

Deferred membership fees (USD, millions)

Other current liabilities (USD, millions)

Total current liabilities (USD, millions)

Long-term debt, excluding current portion (USD, millions)

Long-term operating lease liabilities (USD, millions)

Other long-term liabilities (USD, millions)

Total liabilities (USD, millions)

Preferred stock (USD, millions)

Common stock (USD, millions)

Additional paid-in capital (USD, millions)

Accumulated other comprehensive loss (USD, millions)

Retained earnings (USD, millions)

Total equity (USD, millions)

Total liabilities and equity (USD, millions)

9dbd77b9e060f505699138d5d9445b849d9282fb2f698c5b9311d2c23356dd79

Net income (USD, millions)

Depreciation and amortization (USD, millions)

Non-cash lease expense (USD, millions)

Stock-based compensation (USD, millions)

Net cash provided by operating activities (USD, millions)

Purchases of short-term investments (USD, millions)

Maturities of short-term investments (USD, millions)

Additions to property and equipment (USD, millions)

Other investing activities, net (USD, millions)

Net cash used in investing activities (USD, millions)

Repayments of short-term borrowings (USD, millions)

Proceeds from short-term borrowings (USD, millions)

Proceeds from issuance of long-term debt (USD, millions)

Tax withholdings on stock-based awards (USD, millions)

Repurchases of common stock (USD, millions)

Cash dividend payments (USD, millions)

Financing lease payments and other financing activities, net (USD, millions)

Net cash used in financing activities (USD, millions)

Effect of exchange rate changes on cash and cash equivalents (USD, millions)

Net change in cash and cash equivalents (USD, millions)

Cash and cash equivalents beginning of year (USD, millions)

Cash and cash equivalents end of period (USD, millions)

ca38eb5ca94b808af70ec3d44f20442dcacc27f0937b807a9194b2539baafee2

Foods and Sundries

Non-Foods

Fresh Foods

Warehouse Ancillary and Other Businesses

Hardlines

Softlines

Membership Fees

Total Net Sales

United States Operations

Canadian Operations

Other International Operations

20b16188d428d359953e0feb5d7de71d49090c74f10795cf4509f0881ecd7039

Costco Wholesale Corp (COST)

Financials