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Costco

COST Nasdaq Consumer Staples Merchandise Retail Financials FY2017–FY2026

Costco's revenue rose 10.1% to $303.2 billion in fiscal 2026. Its operating margin was 3.9%, up from 3.8% a year earlier. Free cash flow was $9.4 billion, up 19.7%. It paid out $3.3 billion in dividends and buybacks, 35% of free cash flow.

Last close · Oct 23, 2026

$1,003.32

1.5%
Value it Compare
Revenue Total sales reported in the income statement.
$303.2B
10.1% vs prior year
Operating margin Operating income as a share of revenue.
3.9%
0.1 pts
Net income Profit after all expenses, interest and tax.
$9.2B
13.9%
Free cash flow Cash from operations minus capital spending.
$9.4B
19.7%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
40.7%
2.8 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$445.9B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
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What Costco does

Costco runs membership warehouse stores that sell groceries, fresh food, household goods, electronics, appliances, clothing and more, along with gas stations, pharmacies, optical and hearing aid centers, and food courts. Shoppers must pay a yearly fee to join; in the United States the basic membership costs $65. It had 939 warehouses at the end of August 2026, in the United States and Puerto Rico, Canada, Mexico, Japan, the UK, Korea, Australia, Taiwan, China, New Zealand and several European countries. It also sells online in nine countries.

Costco keeps prices low by stocking fewer than 4,000 kinds of items per warehouse, buying in bulk and selling from plain, self-service buildings. It makes money on merchandise sales at thin margins and on membership fees, including from Executive members, who pay more and earn rewards on purchases. Its member renewal rate was 92.3% in the United States and Canada at the end of fiscal 2026. Gasoline made up 11% of net sales. It also sells its own Kirkland Signature brand.

Costco reports three segments by geography: the United States, Canada and other international. It names Walmart, Target, Kroger and Amazon among its significant competitors in the United States, along with other warehouse clubs such as Sam's Club and BJ's. It had 355,000 employees at the end of fiscal 2026.

Legal name
COSTCO WHOLESALE CORP /NEW
Fiscal year ends
August 30, 2026
Latest annual report
10-K · Oct 7, 2026
Accession · CIK
0000909832-26-000093
0000909832

Revenue and margins

Costco had $303.2B of revenue in fiscal 2026, up 10.1% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2017 to 2026, diluted EPS grew 14.6% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $9.4B in fiscal 2026, 3.1% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Costco returned $3.3B to shareholders in fiscal 2026, 35% of free cash flow. The diluted share count fell 0.1%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Costco yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $13.7B and divides by 444.4M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

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Reference multiples: today 48.3x · peers 20.0x · sector 24.2x.

Balance sheet

Cash, debt and the ratios that show how comfortably Costco can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY22FY23FY24FY25FY26
Cash and short-term investments $11.0B$15.2B$11.1B$15.3B$21.3B
Debt incl. finance leases $6.6B$6.5B$7.4B$7.3B$7.6B
Net debt / EBITDA −0.5x−0.9x−0.3x−0.6x−1.0x
Debt / equity 0.3x0.3x0.3x0.3x0.2x
Interest coverage 49.3x50.7x54.9x67.4x80.6x
Current ratio 1.0x1.1x1.0x1.0x1.1x
Quick ratio 0.5x0.6x0.4x0.6x0.6x
Total assets $64.2B$69.0B$69.8B$77.1B$89.0B
Total liabilities $43.5B$43.9B$46.2B$47.9B$53.2B
Shareholders' equity $20.6B$25.1B$23.6B$29.2B$35.8B
Net debt (− = net cash) −$4.4B−$8.8B−$3.7B−$8.0B−$13.7B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$12.4M

9 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Oct 13, 2026 William Richard WilcoxExecutive Vice President Sold 1,100 $958.21 $1.1M Form 4
Sep 29, 2026 Caton FratesSr. Executive Vice President Sold 801 $915.93 $0.7M Form 4
Sep 29, 2026 Claudine AdamoExecutive Vice President Sold 2,200 $915.93 $2.0M Form 4
Jun 23, 2026 Kenneth D DenmanDirector Sold 885 $957.45 $0.8M Form 4
Apr 1, 2026 Caton FratesExecutive Vice President Sold 700 $993.00 $0.7M Form 4
Mar 9, 2026 Claudine AdamoExecutive Vice President Sold 730 $1,003.02 $0.7M Form 4
Jan 21, 2026 Teresa A. JonesExecutive Vice President Sold 850 $986.26 $0.8M Form 4
Jan 16, 2026 Susan L DeckerDirector Sold 458 $955.00 $0.4M Form 4
Jan 14, 2026 James C KlauerExecutive Vice President Sold 1,500 $939.00 $1.4M Form 4
Jan 9, 2026 Russell D MillerSr. Executive Vice President Sold 1,500 $916.32 $1.4M Form 4
Dec 30, 2025 Javier PolitExecutive Vice President Sold 558 $862.90 $0.5M Form 4
Dec 29, 2025 Javier PolitExecutive Vice President Sold 2,049 $867.21 $1.8M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY24FY25FY26
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✓
Current ratio rose ✕ ✓ ✓
Share count didn't rise ✕ ✕ ✓
Gross margin rose ✓ ✓ ✕
Revenue rose relative to assets ✕ ✓ ✕
F-score 6 / 98 / 97 / 9
Accruals ratio −5.7%−7.1%−7.9%
Altman Z'' 2.142.612.83

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Costco COST $445.9B 10.1% 3.9% 3.1% 40.7% — 7
Walmart WMT $956.5B 4.7% 4.2% 2.1% 16.1% 43.3x 7 Compare →
Target TGT $69.8B −1.7% 4.9% 2.7% 15.0% 15.9x 6 Compare →
Amazon AMZN $2.70T 12.4% 11.2% 1.1% 20.6% 20.0x 6 Compare →

Stories about Costco

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY17FY18FY19FY20FY21FY22FY23FY24FY25FY26
Income statement
Revenue $129.0B $141.6B $152.7B $166.8B $195.9B $227.0B $242.3B $254.5B $275.2B $303.2B
Gross profit $17.1B $18.4B $16.5B $21.8B $25.2B $27.6B $29.7B $32.1B $35.3B $38.9B
Operating income $4.1B $4.5B $4.7B $5.4B $6.7B $7.8B $8.1B $9.3B $10.4B $11.7B
Interest expense $134M $159M $150M $160M $171M $158M $160M $169M $154M $145M
Pretax income $4.0B $4.4B $4.8B $5.4B $6.7B $7.8B $8.5B $9.7B $10.8B $12.3B
Income tax $1.3B $1.3B $1.1B $1.3B $1.6B $1.9B $2.2B $2.4B $2.7B $3.0B
Net income $2.7B $3.1B $3.7B $4.0B $5.0B $5.8B $6.3B $7.4B $8.1B $9.2B
Diluted EPS $6.08 $7.09 $8.26 $9.02 $11.27 $13.14 $14.16 $16.56 $18.21 $20.76
Diluted shares 0.44B 0.44B 0.44B 0.44B 0.44B 0.44B 0.44B 0.44B 0.44B 0.44B
Cash flow
Cash from operations $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
Depreciation and amortization $1.4B $1.4B $1.5B $1.6B $1.8B $1.9B $2.1B $2.2B $2.4B $2.7B
Stock-based compensation $514M $544M $595M $619M $665M $724M $774M $818M $860M $924M
Acquisitions $0.0M $0.0M $0.0M $1.2B $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $469M $328M $247M $196M $496M $439M $676M $700M $903M $848M
Dividends paid $3.9B $689M $1.0B $1.5B $5.7B $1.5B $1.3B $9.0B $2.2B $2.5B
Dividends and buybacks $4.4B $1.0B $1.3B $1.7B $6.2B $1.9B $1.9B $9.7B $3.1B $3.3B
Balance sheet
Cash and short-term investments $5.8B $7.3B $9.4B $13.3B $12.2B $11.0B $15.2B $11.1B $15.3B $21.3B
Total debt $6.7B $6.6B $6.9B $7.7B $7.6B $6.6B $6.5B $5.9B $5.8B $6.2B
Finance lease liabilities $0.0M $0.0M $0.0M $688M $1.1B — $0.0M $1.5B $1.5B $1.4B
Current assets $17.3B $20.3B $23.5B $28.1B $29.5B $32.7B $35.9B $34.2B $38.4B $46.6B
Current liabilities $17.5B $19.9B $23.2B $24.8B $29.4B $32.0B $33.6B $35.5B $37.1B $44.0B
Inventory $9.8B $11.0B $11.4B $12.2B $14.2B $17.9B $16.7B $18.6B $18.1B $19.3B
Property and equipment, net $18.2B $19.7B $20.9B $21.8B $23.5B $24.6B $26.7B $29.0B $31.9B $35.6B
Total assets $36.3B $40.8B $45.4B $55.6B $59.3B $64.2B $69.0B $69.8B $77.1B $89.0B
Total liabilities $25.3B $27.7B $29.8B $36.9B $41.2B $43.5B $43.9B $46.2B $47.9B $53.2B
Shareholders' equity $10.8B $12.8B $15.2B $18.3B $17.6B $20.6B $25.1B $23.6B $29.2B $35.8B
Margins
Gross margin 13.3% 13.0% 10.8% 13.1% 12.9% 12.2% 12.3% 12.6% 12.8% 12.8%
Operating margin 3.2% 3.2% 3.1% 3.3% 3.4% 3.4% 3.4% 3.7% 3.8% 3.9%
EBITDA margin 4.3% 4.2% 4.1% 4.3% 4.3% 4.3% 4.2% 4.5% 4.7% 4.7%
Net margin 2.1% 2.2% 2.4% 2.4% 2.6% 2.6% 2.6% 2.9% 2.9% 3.0%
FCF margin 3.3% 2.0% 2.2% 3.6% 2.7% 1.5% 2.8% 2.6% 2.9% 3.1%
Returns
Return on capital 22.4% 26.3% 28.9% 30.8% 36.1% 38.2% 37.0% 38.9% 37.9% 40.7%
Return on capital employed 22.6% 22.5% 22.0% 20.6% 22.2% 25.1% 24.0% 26.6% 27.9% 27.5%
Return on equity 23.4% 26.6% 26.1% 23.9% 27.9% 30.6% 27.5% 30.3% 30.7% 28.4%
Return on assets 7.7% 8.1% 8.5% 7.9% 8.7% 9.5% 9.5% 10.6% 11.0% 11.1%
Growth
Revenue growth 8.7% 9.7% 7.9% 9.2% 17.5% 15.8% 6.8% 5.0% 8.2% 10.1%
Net income growth 14.0% 17.0% 16.8% 9.4% 25.1% 16.7% 7.7% 17.1% 9.9% 13.9%
EPS growth 14.1% 16.6% 16.5% 9.2% 24.9% 16.6% 7.8% 17.0% 10.0% 14.0%
FCF growth 556.9% −33.6% 19.7% 80.2% −11.3% −34.8% 92.7% −1.7% 18.2% 19.7%
Share count change −0.1% 0.2% 0.3% 0.2% 0.1% 0.1% −0.1% 0.1% 0.0% −0.1%
Financial health
Net debt / EBITDA 0.2x −0.1x −0.4x −0.7x −0.4x −0.5x −0.9x −0.3x −0.6x −1.0x
Debt / equity 0.6x 0.5x 0.5x 0.5x 0.5x 0.3x 0.3x 0.3x 0.3x 0.2x
Interest coverage 30.7x 28.2x 31.6x 34.0x 39.2x 49.3x 50.7x 54.9x 67.4x 80.6x
Current ratio 1.0x 1.0x 1.0x 1.1x 1.0x 1.0x 1.1x 1.0x 1.0x 1.1x
Quick ratio 0.4x 0.5x 0.5x 0.6x 0.5x 0.5x 0.6x 0.4x 0.6x 0.6x
Capital allocation
Capex / revenue 1.9% 2.1% 2.0% 1.7% 1.8% 1.7% 1.8% 1.9% 2.0% 2.1%
Stock comp / revenue 0.4% 0.4% 0.4% 0.4% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3%
Payouts / FCF 103.5% 36.3% 38.3% 27.7% 116.3% 55.3% 28.6% 147.0% 39.4% 35.2%
Quality scores
Piotroski F-score 7.0 7.0 5.0 6.0 5.0 7.0 7.0 6.0 8.0 7.0
Altman Z'' 1.7 1.9 2.0 2.3 1.9 2.2 2.5 2.1 2.6 2.8
Accruals ratio −11.6% −6.8% −6.3% −9.6% −6.9% −2.5% −7.2% −5.7% −7.1% −7.9%

Source: SEC EDGAR XBRL filings (CIK 0000909832). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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