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COSTCO WHOLESALE CORP /NEW

COST· Nasdaq· Retail-Variety Stores

Market cap
–
P/FCF
–
EV/Sales
–
FCF margin
3.1%
ROIC, 5 yr avg
38.7%
Revenue, 5 yr CAGR
+9.1%
We record prices for the companies we cover; COST is not one of them yet.

Company statistics

From the 10-Ks, computed in code · point at a figure for its formula

Profile · FY2026

Market cap
–
Enterprise value
–
Diluted shares
444.4M
Revenue
$303.2B
Free cash flow
$9.4B
Owner earnings
$8.5B

Valuation · FY2026

P/E
–
P/FCF
–
P/Owner earnings
–
EV/Sales
–
EV/FCF
–
P/B
–

Margins · FY2026

Gross
–
Operating
3.9%
Net
3.0%
Free cash flow
3.1%
Owner earnings
2.8%
Stock pay
0.3%

Returns

ROIC, FY2026
42.6%
ROIC, 5 yr avg
38.7%
ROE, FY2026
25.8%
ROE, 5 yr avg
27.6%

Growth (CAGR)

Revenue, 3 yr
7.8%
Revenue, 5 yr
9.1%
Revenue, 9 yr
10.0%
Diluted EPS, 3 yr
13.6%
Diluted EPS, 5 yr
13.0%
Diluted EPS, 9 yr
14.6%
Free cash flow, 3 yr
11.6%
Free cash flow, 5 yr
11.8%
Free cash flow, 9 yr
9.3%

Financial health · FY2026

Cash and investments
$21.3B
Total debt
$6.2B
Net cash
$15.1B
Debt/Equity
0.2x
Debt/FCF
0.7x

Shareholder returns · FY2026

Dividend yield
–
Payout ratio
26.6%
Buyback yield
–
Shareholder yield
–
Share count, 5 yr
0.0%

Financials: ten years from the 10-Ks

Reported numbers open their filing · computed ones show the formula · ˢ split-adjusted

Revenue

$303.2B

+10.0% a year over 9 years

FY2017: Revenue $129.0BFY2018: Revenue $141.6BFY2019: Revenue $152.7BFY2020: Revenue $166.8BFY2021: Revenue $195.9BFY2022: Revenue $227.0BFY2023: Revenue $242.3BFY2024: Revenue $254.5BFY2025: Revenue $275.2BFY2026: Revenue $303.2B
FY2017FY2026

Margins

Gross–Operating3.9%Net3.0%

FY2026

FY2017: Gross –, Operating 3.2%, Net 2.1%FY2018: Gross –, Operating 3.2%, Net 2.2%FY2019: Gross 10.8%, Operating 3.1%, Net 2.4%FY2020: Gross –, Operating 3.3%, Net 2.4%FY2021: Gross –, Operating 3.4%, Net 2.6%FY2022: Gross –, Operating 3.4%, Net 2.6%FY2023: Gross –, Operating 3.3%, Net 2.6%FY2024: Gross –, Operating 3.6%, Net 2.9%FY2025: Gross –, Operating 3.8%, Net 2.9%FY2026: Gross –, Operating 3.9%, Net 3.0%
FY2017FY2026

Free cash flow and owner earnings

Free cash flow$9.4BOwner earnings$8.5B

Free cash flow +9.3% a year

FY2017: Free cash flow $4.2B, Owner earnings $3.7BFY2018: Free cash flow $2.8B, Owner earnings $2.3BFY2019: Free cash flow $3.4B, Owner earnings $2.8BFY2020: Free cash flow $6.1B, Owner earnings $5.4BFY2021: Free cash flow $5.4B, Owner earnings $4.7BFY2022: Free cash flow $3.5B, Owner earnings $2.8BFY2023: Free cash flow $6.7B, Owner earnings $6.0BFY2024: Free cash flow $6.6B, Owner earnings $5.8BFY2025: Free cash flow $7.8B, Owner earnings $7.0BFY2026: Free cash flow $9.4B, Owner earnings $8.5B
FY2017FY2026

Diluted shares

444.4M

+0.8% over 9 years, net dilution

FY2017: Diluted shares 440.9MFY2018: Diluted shares 441.8MFY2019: Diluted shares 442.9MFY2020: Diluted shares 443.9MFY2021: Diluted shares 444.3MFY2022: Diluted shares 444.8MFY2023: Diluted shares 444.5MFY2024: Diluted shares 444.8MFY2025: Diluted shares 444.8MFY2026: Diluted shares 444.4M
FY2017FY2026

Return on invested capital

42.6%

FY2026

FY2017: ROIC 23.7%FY2018: ROIC 26.5%FY2019: ROIC 29.2%FY2020: ROIC 32.7%FY2021: ROIC 39.6%FY2022: ROIC 36.4%FY2023: ROIC 36.9%FY2024: ROIC 38.2%FY2025: ROIC 39.5%FY2026: ROIC 42.6%
FY2017FY2026

Net cash

$15.1B

$15.1B more cash than debt

FY2017: Net cash -$880.0MFY2018: Net cash $682.0MFY2019: Net cash $2.6BFY2020: Net cash $5.7BFY2021: Net cash $4.7BFY2022: Net cash $4.5BFY2023: Net cash $8.8BFY2024: Net cash $5.2BFY2025: Net cash $9.5BFY2026: Net cash $15.1B
FY2017FY2026

Every figure, year by year

Fiscal yearFY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
The business
Revenue$129.0B$141.6B$152.7B$166.8B$195.9B$227.0B$242.3B$254.5B$275.2B$303.2B
Revenue growth8.7%9.7%7.9%9.2%17.5%15.8%6.8%5.0%8.2%10.1%
Gross margin––10.8%–––––––
Operating margin3.2%3.2%3.1%3.3%3.4%3.4%3.3%3.6%3.8%3.9%
Net income$2.7B$3.1B$3.7B$4.0B$5.0B$5.8B$6.3B$7.4B$8.1B$9.2B
Net margin2.1%2.2%2.4%2.4%2.6%2.6%2.6%2.9%2.9%3.0%
Diluted EPS$6.08$7.09$8.26$9.02$11.27$13.14$14.16$16.56$18.21$20.76
Return on invested capital?23.7%26.5%29.2%32.7%39.6%36.4%36.9%38.2%39.5%42.6%
Cash
Operating cash flow$6.7B$5.8B$6.4B$8.9B$9.0B$7.4B$11.1B$11.3B$13.3B$15.8B
Capital expenditure$2.5B$3.0B$3.0B$2.8B$3.6B$3.9B$4.3B$4.7B$5.5B$6.4B
Free cash flow$4.2B$2.8B$3.4B$6.1B$5.4B$3.5B$6.7B$6.6B$7.8B$9.4B
Stock-based compensation$514.0M$544.0M$595.0M$619.0M$665.0M$724.0M$774.0M$818.0M$860.0M$924.0M
Owner earnings?$3.7B$2.3B$2.8B$5.4B$4.7B$2.8B$6.0B$5.8B$7.0B$8.5B
Free cash flow per share$9.58$6.35$7.58$13.63$12.09$7.87$15.18$14.90$17.62$21.11
Capital allocation
Dividends paid$3.9B$689.0M$1.0B$1.5B$5.7B$1.5B$1.3B$9.0B$2.2B$2.5B
Share repurchases$469.0M$328.0M$247.0M$196.0M$496.0M$439.0M$676.0M$700.0M$903.0M$848.0M
Diluted shares440.9M441.8M442.9M443.9M444.3M444.8M444.5M444.8M444.8M444.4M
Share count change?-0.1%0.2%0.2%0.2%0.1%0.1%-0.1%0.1%0.0%-0.1%
Balance sheet
Cash and equivalents$4.5B$6.1B$8.4B$12.3B$11.3B$10.2B$13.7B$9.9B$14.2B$20.2B
Short-term investments$1.2B$1.2B$1.1B$1.0B$917.0M$846.0M$1.5B$1.2B$1.1B$1.1B
Total debt$6.7B$6.6B$6.8B$7.6B$7.5B$6.6B$6.5B$5.9B$5.8B$6.2B
Net debt$880.0M-$682.0M-$2.6B-$5.7B-$4.7B-$4.5B-$8.8B-$5.2B-$9.5B-$15.1B
Shareholders' equity$10.8B$12.8B$15.2B$18.3B$17.6B$20.6B$25.1B$23.6B$29.2B$35.8B

Latest filings

All on EDGAR
2026-10-0710-KAnnual report
2026-09-248-KEarnings release
2026-06-0310-QQuarterly report
2026-05-288-KEarnings release
2026-03-1110-QQuarterly report
2026-03-058-KEarnings release
2025-12-1710-QQuarterly report
2025-12-118-KEarnings release
2025-12-04DEF 14AProxy statement
2025-10-0810-KAnnual report

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