| Washington | 0-20355 | 91-1223280 | ||||||||||||
| (State or other jurisdiction of incorporation) |
(Commission File No.) |
(I.R.S. Employer Identification No.) |
||||||||||||
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | ||||
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
| Common Stock, par value $.005 per share | COST | NASDAQ | ||||||||||||
| COSTCO WHOLESALE CORPORATION | |||||||||||
| Dated: March 6, 2025 | By: | /s/ Gary Millerchip | |||||||||
| Gary Millerchip | |||||||||||
| Executive Vice President and Chief Financial Officer | |||||||||||

| 12 Weeks | 12 Weeks | 24 Weeks | 24 Weeks | ||||||||||||||||||||
| Adjusted* | Adjusted* | ||||||||||||||||||||||
| U.S. | 8.3% | 8.6% | 6.8% | 7.9% | |||||||||||||||||||
| Canada | 4.6% | 10.5% | 5.2% | 8.6% | |||||||||||||||||||
| Other International | 1.7% | 10.3% | 3.2% | 8.7% | |||||||||||||||||||
| Total Company | 6.8% | 9.1% | 6.0% | 8.1% | |||||||||||||||||||
| E-commerce | 20.9% | 22.2% | 17.1% | 17.9% | |||||||||||||||||||
| 4 Weeks | 4 Weeks | 26 Weeks | 26 Weeks | ||||||||||||||||||||
| Adjusted* | Adjusted* | ||||||||||||||||||||||
| U.S. | 8.6% | 8.6% | 6.9% | 7.9% | |||||||||||||||||||
| Canada | 3.2% | 8.7% | 5.1% | 8.6% | |||||||||||||||||||
| Other International | -0.6% | 6.5% | 3.0% | 8.7% | |||||||||||||||||||
| Total Company | 6.5% | 8.3% | 6.1% | 8.1% | |||||||||||||||||||
| E-commerce | 19.0% | 20.2% | 16.9% | 17.7% | |||||||||||||||||||


| 12 Weeks Ended | 24 Weeks Ended | ||||||||||||||||||||||
| February 16, 2025 |
February 18, 2024 |
February 16, 2025 |
February 18, 2024 |
||||||||||||||||||||
| REVENUE | |||||||||||||||||||||||
| Net sales | $ | 62,530 | $ | 57,331 | $ | 123,515 | $ | 114,048 | |||||||||||||||
| Membership fees | 1,193 | 1,111 | 2,359 | 2,193 | |||||||||||||||||||
| Total revenue | 63,723 | 58,442 | 125,874 | 116,241 | |||||||||||||||||||
| OPERATING EXPENSES | |||||||||||||||||||||||
| Merchandise costs | 55,744 | 51,140 | 109,853 | 101,597 | |||||||||||||||||||
| Selling, general and administrative | 5,663 | 5,240 | 11,509 | 10,598 | |||||||||||||||||||
| Operating income | 2,316 | 2,062 | 4,512 | 4,046 | |||||||||||||||||||
| OTHER INCOME (EXPENSE) | |||||||||||||||||||||||
| Interest expense | (36) | (41) | (73) | (79) | |||||||||||||||||||
| Interest income and other, net | 142 | 216 | 289 | 376 | |||||||||||||||||||
| INCOME BEFORE INCOME TAXES | 2,422 | 2,237 | 4,728 | 4,343 | |||||||||||||||||||
| Provision for income taxes | 634 | 494 | 1,142 | 1,011 | |||||||||||||||||||
| NET INCOME | $ | 1,788 | $ | 1,743 | $ | 3,586 | $ | 3,332 | |||||||||||||||
| NET INCOME PER COMMON SHARE: | |||||||||||||||||||||||
| Basic | $ | 4.03 | $ | 3.93 | $ | 8.08 | $ | 7.51 | |||||||||||||||
| Diluted | $ | 4.02 | $ | 3.92 | $ | 8.06 | $ | 7.49 | |||||||||||||||
| Shares used in calculation (000's): | |||||||||||||||||||||||
| Basic | 443,982 | 443,892 | 443,985 | 443,859 | |||||||||||||||||||
| Diluted | 444,886 | 444,754 | 444,888 | 444,579 | |||||||||||||||||||

|
|
February 16, 2025 |
September 1, 2024 |
|||||||||
| ASSETS | |||||||||||
| CURRENT ASSETS | |||||||||||
| Cash and cash equivalents | $ | 12,356 | $ | 9,906 | |||||||
| Short-term investments | 802 | 1,238 | |||||||||
| Receivables, net | 3,060 | 2,721 | |||||||||
| Merchandise inventories | 18,754 | 18,647 | |||||||||
| Other current assets | 1,925 | 1,734 | |||||||||
| Total current assets | 36,897 | 34,246 | |||||||||
| OTHER ASSETS | |||||||||||
| Property and equipment, net | 29,809 | 29,032 | |||||||||
| Operating lease right-of-use assets | 2,531 | 2,617 | |||||||||
| Other long-term assets | 3,987 | 3,936 | |||||||||
| TOTAL ASSETS | $ | 73,224 | $ | 69,831 | |||||||
| LIABILITIES AND EQUITY | |||||||||||
| CURRENT LIABILITIES | |||||||||||
| Accounts payable | $ | 18,610 | $ | 19,421 | |||||||
| Accrued salaries and benefits | 5,150 | 4,794 | |||||||||
| Accrued member rewards | 2,491 | 2,435 | |||||||||
| Deferred membership fees | 2,824 | 2,501 | |||||||||
| Other current liabilities | 7,924 | 6,313 | |||||||||
| Total current liabilities | 36,999 | 35,464 | |||||||||
| OTHER LIABILITIES | |||||||||||
| Long-term debt, excluding current portion | 5,755 | 5,794 | |||||||||
| Long-term operating lease liabilities | 2,284 | 2,375 | |||||||||
| Other long-term liabilities | 2,609 | 2,576 | |||||||||
| TOTAL LIABILITIES | 47,647 | 46,209 | |||||||||
| COMMITMENTS AND CONTINGENCIES | |||||||||||
| EQUITY | |||||||||||
Preferred stock $0.005 par value; 100,000,000 shares authorized; no shares issued and outstanding |
— | — | |||||||||
Common stock $0.005 par value; 900,000,000 shares authorized; 443,730,000 and 443,126,000 shares issued and outstanding |
2 | 2 | |||||||||
| Additional paid-in capital | 8,047 | 7,829 | |||||||||
| Accumulated other comprehensive loss | (2,242) | (1,828) | |||||||||
| Retained earnings | 19,770 | 17,619 | |||||||||
| TOTAL EQUITY | 25,577 | 23,622 | |||||||||
| TOTAL LIABILITIES AND EQUITY | $ | 73,224 | $ | 69,831 | |||||||

| 24 Weeks Ended | |||||||||||
| February 16, 2025 |
February 18, 2024 |
||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||
| Net income | $ | 3,586 | $ | 3,332 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: |
|||||||||||
| Depreciation and amortization | 1,100 | 1,015 | |||||||||
| Non-cash lease expense | 137 | 148 | |||||||||
| Stock-based compensation | 614 | 580 | |||||||||
| Other non-cash operating activities, net | (79) | (7) | |||||||||
Changes in working capital |
650 | 314 | |||||||||
| Net cash provided by operating activities | 6,008 | 5,382 | |||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||
| Purchases of short-term investments | (345) | (719) | |||||||||
| Maturities of short-term investments | 752 | 1,029 | |||||||||
| Additions to property and equipment | (2,401) | (2,071) | |||||||||
| Other investing activities, net | (13) | 9 | |||||||||
| Net cash used in investing activities | (2,007) | (1,752) | |||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||
| Repayments of short-term borrowings | (389) | (409) | |||||||||
| Proceeds from short-term borrowings | 370 | 383 | |||||||||
| Proceeds from issuance of long-term debt | — | 498 | |||||||||
| Tax withholdings on stock-based awards | (390) | (292) | |||||||||
| Repurchases of common stock | (412) | (322) | |||||||||
| Cash dividend payments | (515) | (8,012) | |||||||||
| Financing lease payments and other financing activities, net | (98) | (96) | |||||||||
| Net cash used in financing activities | (1,434) | (8,250) | |||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS |
(117) | 15 | |||||||||
| Net change in cash and cash equivalents | 2,450 | (4,605) | |||||||||
| CASH AND CASH EQUIVALENTS BEGINNING OF YEAR | 9,906 | 13,700 | |||||||||
| CASH AND CASH EQUIVALENTS END OF PERIOD | $ | 12,356 | $ | 9,095 | |||||||