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| Washington | 0-20355 | 91-1223280 | ||||||||||||
| (State or other jurisdiction of incorporation) |
(Commission File No.) |
(I.R.S. Employer Identification No.) |
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| ☐ | 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: September 25, 2025 | By: | /s/ Gary Millerchip | |||||||||
| Gary Millerchip | |||||||||||
| Executive Vice President and Chief Financial Officer | |||||||||||
| 16 Weeks | 16 Weeks | 52 Weeks | 52 Weeks | ||||||||||||||||||||
| Adjusted* | Adjusted* | ||||||||||||||||||||||
| U.S. | 5.1% | 6.0% | 6.2% | 7.3% | |||||||||||||||||||
| Canada | 6.3% | 8.3% | 5.0% | 8.3% | |||||||||||||||||||
| Other International | 8.6% | 7.2% | 4.8% | 8.2% | |||||||||||||||||||
| Total Company | 5.7% | 6.4% | 5.9% | 7.6% | |||||||||||||||||||
| E-commerce | 13.6% | 13.5% | 15.6% | 16.1% | |||||||||||||||||||
| 16 Weeks Ended | 52 Weeks Ended | ||||||||||||||||||||||
| August 31, 2025 |
September 1, 2024 |
August 31, 2025 |
September 1, 2024 |
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| REVENUE | |||||||||||||||||||||||
| Net sales | $ | 84,432 | $ | 78,185 | $ | 269,912 | $ | 249,625 | |||||||||||||||
| Membership fees | 1,724 | 1,512 | 5,323 | 4,828 | |||||||||||||||||||
| Total revenue | 86,156 | 79,697 | 275,235 | 254,453 | |||||||||||||||||||
| OPERATING EXPENSES | |||||||||||||||||||||||
| Merchandise costs | 75,037 | 69,588 | 239,886 | 222,358 | |||||||||||||||||||
| Selling, general and administrative | 7,778 | 7,067 | 24,966 | 22,810 | |||||||||||||||||||
| Operating income | 3,341 | 3,042 | 10,383 | 9,285 | |||||||||||||||||||
| OTHER INCOME (EXPENSE) | |||||||||||||||||||||||
| Interest expense | (46) | (49) | (154) | (169) | |||||||||||||||||||
| Interest income and other, net | 215 | 120 | 589 | 624 | |||||||||||||||||||
| INCOME BEFORE INCOME TAXES | 3,510 | 3,113 | 10,818 | 9,740 | |||||||||||||||||||
| Provision for income taxes | 900 | 759 | 2,719 | 2,373 | |||||||||||||||||||
| NET INCOME | $ | 2,610 | $ | 2,354 | $ | 8,099 | $ | 7,367 | |||||||||||||||
| NET INCOME PER COMMON SHARE: | |||||||||||||||||||||||
| Basic | $ | 5.88 | $ | 5.30 | $ | 18.24 | $ | 16.59 | |||||||||||||||
| Diluted | $ | 5.87 | $ | 5.29 | $ | 18.21 | $ | 16.56 | |||||||||||||||
| Shares used in calculation (000's): | |||||||||||||||||||||||
| Basic | 444,007 | 444,013 | 443,985 | 443,914 | |||||||||||||||||||
| Diluted | 444,706 | 444,977 | 444,803 | 444,759 | |||||||||||||||||||
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August 31, 2025 |
September 1, 2024 |
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| ASSETS | |||||||||||
| CURRENT ASSETS | |||||||||||
| Cash and cash equivalents | $ | 14,161 | $ | 9,906 | |||||||
| Short-term investments | 1,123 | 1,238 | |||||||||
| Receivables, net | 3,203 | 2,721 | |||||||||
| Merchandise inventories | 18,116 | 18,647 | |||||||||
| Other current assets | 1,777 | 1,734 | |||||||||
| Total current assets | 38,380 | 34,246 | |||||||||
| OTHER ASSETS | |||||||||||
| Property and equipment, net | 31,909 | 29,032 | |||||||||
| Operating lease right-of-use assets | 2,725 | 2,617 | |||||||||
| Other long-term assets | 4,085 | 3,936 | |||||||||
| TOTAL ASSETS | $ | 77,099 | $ | 69,831 | |||||||
| LIABILITIES AND EQUITY | |||||||||||
| CURRENT LIABILITIES | |||||||||||
| Accounts payable | $ | 19,783 | $ | 19,421 | |||||||
| Accrued salaries and benefits | 5,205 | 4,794 | |||||||||
| Accrued member rewards | 2,677 | 2,435 | |||||||||
| Deferred membership fees | 2,854 | 2,501 | |||||||||
| Other current liabilities | 6,589 | 6,313 | |||||||||
| Total current liabilities | 37,108 | 35,464 | |||||||||
| OTHER LIABILITIES | |||||||||||
| Long-term debt, excluding current portion | 5,713 | 5,794 | |||||||||
| Long-term operating lease liabilities | 2,460 | 2,375 | |||||||||
| Other long-term liabilities | 2,654 | 2,576 | |||||||||
| TOTAL LIABILITIES | 47,935 | 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; 443,237,000 and 443,126,000 shares issued and outstanding |
2 | 2 | |||||||||
| Additional paid-in capital | 8,282 | 7,829 | |||||||||
| Accumulated other comprehensive loss | (1,770) | (1,828) | |||||||||
| Retained earnings | 22,650 | 17,619 | |||||||||
| TOTAL EQUITY | 29,164 | 23,622 | |||||||||
| TOTAL LIABILITIES AND EQUITY | $ | 77,099 | $ | 69,831 | |||||||
| 52 Weeks Ended | |||||||||||
| August 31, 2025 |
September 1, 2024 |
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| CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||
| Net income | $ | 8,099 | $ | 7,367 | |||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Depreciation and amortization | 2,426 | 2,237 | |||||||||
| Non-cash lease expense | 303 | 315 | |||||||||
| Stock-based compensation | 860 | 818 | |||||||||
| Other non-cash operating activities, net | (117) | (9) | |||||||||
Changes in working capital |
1,764 | 611 | |||||||||
| Net cash provided by operating activities | 13,335 | 11,339 | |||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||
| Purchases of short-term investments | (1,028) | (1,470) | |||||||||
| Maturities of short-term investments | 1,141 | 1,790 | |||||||||
| Additions to property and equipment | (5,498) | (4,710) | |||||||||
| Other investing activities, net | 74 | (19) | |||||||||
| Net cash used in investing activities | (5,311) | (4,409) | |||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||
| Repayments of short-term borrowings | (862) | (920) | |||||||||
| Proceeds from short-term borrowings | 816 | 928 | |||||||||
| Repayments of long-term debt | (103) | (1,077) | |||||||||
| Proceeds from issuance of long-term debt | — | 498 | |||||||||
| Tax withholdings on stock-based awards | (393) | (315) | |||||||||
| Repurchases of common stock | (903) | (700) | |||||||||
| Cash dividend payments | (2,183) | (9,041) | |||||||||
| Financing lease payments and other financing activities, net | (147) | (137) | |||||||||
| Net cash used in financing activities | (3,775) | (10,764) | |||||||||
| EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 6 | 40 | |||||||||
| Net change in cash and cash equivalents | 4,255 | (3,794) | |||||||||
| CASH AND CASH EQUIVALENTS BEGINNING OF YEAR | 9,906 | 13,700 | |||||||||
| CASH AND CASH EQUIVALENTS END OF YEAR | $ | 14,161 | $ | 9,906 | |||||||
