Balance Sheet Costco Wholesale Corporation

Equities

COST

US22160K1051

Discount Stores

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Published financial data: COSTCO WHOLESALE CORPORATION

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: September	2019	2020	2021	2022	2023
Revenues	153B	167B	196B	227B	242B
Total Revenues	153B	167B	196B	227B	242B
Cost of Goods Sold, Total	133B	145B	171B	199B	212B
Gross Profit	19.82B	21.93B	25.24B	27.57B	30.1B
Selling General & Admin Expenses, Total	14.99B	15.85B	17.95B	19.78B	21.59B
Pre-Opening Costs	86M	55M	76M	-	-
Other Operating Expenses, Total	15.08B	15.91B	18.02B	19.78B	21.59B
Operating Income	4.74B	6.02B	7.22B	7.79B	8.5B
Interest Expense, Total	-150M	-160M	-171M	-158M	-160M
Interest And Investment Income	126M	89M	41M	61M	470M
Net Interest Expenses	-24M	-71M	-130M	-97M	310M
Currency Exchange Gains (Loss)	27M	7M	56M	106M	29M
Other Non Operating Income (Expenses)	25M	32M	46M	38M	34M
EBT, Excl. Unusual Items	4.76B	5.99B	7.2B	7.84B	8.88B
Merger & Related Restructuring Charges	-	-24M	-	-	-
Asset Writedown	-	-	-	-	-391M
Other Unusual Items	-	-600M	-515M	-	-
EBT, Incl. Unusual Items	4.76B	5.37B	6.68B	7.84B	8.49B
Income Tax Expense	1.06B	1.31B	1.6B	1.92B	2.2B
Earnings From Continuing Operations	3.7B	4.06B	5.08B	5.92B	6.29B
Net Income to Company	3.7B	4.06B	5.08B	5.92B	6.29B
Minority Interest	-45M	-57M	-72M	-71M	-
Net Income - (IS)	3.66B	4B	5.01B	5.84B	6.29B
Net Income to Common Incl Extra Items	3.66B	4B	5.01B	5.84B	6.29B
Net Income to Common Excl. Extra Items	3.66B	4B	5.01B	5.84B	6.29B
Per Share Items
Net EPS - Basic	8.32	9.05	11.3	13.17	14.18
Basic EPS - Continuing Operations	8.32	9.05	11.3	13.17	14.18
Basic Weighted Average Shares Outstanding	440M	442M	443M	444M	444M
Net EPS - Diluted	8.26	9.02	11.27	13.14	14.16
Diluted EPS - Continuing Operations	8.26	9.02	11.27	13.14	14.16
Diluted Weighted Average Shares Outstanding	443M	444M	444M	445M	444M
Normalized Basic EPS	6.67	8.34	9.99	10.88	12.5
Normalized Diluted EPS	6.62	8.31	9.96	10.86	12.48
Dividend Per Share	2.44	2.7	2.98	3.38	3.84
Payout Ratio	28.37	36.96	26.32	25.63	19.88
American Depositary Receipts Ratio (ADR)	0.02	0.02	0.02	0.02	0.02
Supplemental Items
EBITDA	6.23B	7.67B	9B	9.69B	10.58B
EBITA	4.74B	6.02B	7.22B	7.79B	8.5B
EBIT	4.74B	6.02B	7.22B	7.79B	8.5B
EBITDAR	6.5B	8.01B	9.45B	10.15B	11.05B
Total Revenues (As Reported)	153B	167B	196B	227B	242B
Effective Tax Rate - (Ratio)	22.27	24.37	23.97	24.55	25.86
Current Domestic Taxes	506M	846M	983M	1.13B	1.43B
Current Foreign Taxes	405M	372M	557M	851M	732M
Total Current Taxes	911M	1.22B	1.54B	1.98B	2.16B
Deferred Domestic Taxes	248M	85M	95M	-40M	43M
Deferred Foreign Taxes	-98M	5M	-34M	-17M	-10M
Total Deferred Taxes	150M	90M	61M	-57M	33M
Normalized Net Income	2.93B	3.69B	4.42B	4.83B	5.55B
Interest on Long-Term Debt	-	33M	37M	45M	54M
Supplemental Operating Expense Items
Net Rental Expense, Total	268M	339M	447M	454M	469M
Imputed Operating Lease Interest Expense	46.54M	47.34M	54.37M	51.44M	55.99M
Imputed Operating Lease Depreciation	221M	292M	393M	403M	413M
Stock-Based Comp., SG&A Exp. (Total)	-	-	-	-	-
Stock-Based Comp., Other (Total)	595M	619M	665M	724M	774M
Total Stock-Based Compensation	595M	619M	665M	724M	774M

Fiscal Period: September	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	8.38B	12.28B	11.26B	10.2B	13.7B
Short Term Investments	1.06B	1.03B	917M	846M	1.53B
Total Cash And Short Term Investments	9.44B	13.3B	12.18B	11.05B	15.23B
Accounts Receivable, Total	1.54B	1.55B	1.8B	2.24B	2.28B
Other Receivables	-	-	-	-	-
Total Receivables	1.54B	1.55B	1.8B	2.24B	2.28B
Inventory	11.4B	12.24B	14.22B	17.91B	16.65B
Deferred Tax Assets Current	-	-	-	-	-
Other Current Assets, Total	1.11B	1.02B	1.31B	1.5B	1.71B
Total Current Assets	23.48B	28.12B	29.5B	32.7B	35.88B
Gross Property Plant And Equipment	32.63B	38.08B	41.55B	44.33B	47.41B
Accumulated Depreciation	-11.74B	-12.9B	-14.17B	-15.29B	-16.68B
Net Property Plant And Equipment	20.89B	25.19B	27.38B	29.04B	30.72B
Goodwill	-	988M	996M	993M	994M
Deferred Tax Assets Long-Term	398M	406M	444M	445M	491M
Other Long-Term Assets, Total	627M	855M	941M	992M	908M
Total Assets	45.4B	55.56B	59.27B	64.17B	68.99B
Liabilities
Accounts Payable, Total	11.68B	14.17B	16.28B	17.85B	17.48B
Accrued Expenses, Total	4.36B	5B	5.76B	6.29B	6.43B
Current Portion of Long-Term Debt	1.7B	95M	799M	73M	1.08B
Current Portion of Leases	26M	262M	294M	484M	349M
Current Income Taxes Payable	-	-	-	-	-
Unearned Revenue Current, Total	1.71B	1.85B	2.04B	2.17B	2.34B
Other Current Liabilities	3.77B	3.47B	4.27B	5.13B	5.9B
Total Current Liabilities	23.24B	24.84B	29.44B	32B	33.58B
Long-Term Debt	5.12B	7.51B	6.69B	6.48B	5.38B
Long-Term Leases	395M	3.22B	3.62B	3.86B	3.73B
Deferred Tax Liability Non Current	543M	665M	754M	724M	795M
Other Non Current Liabilities	517M	613M	681M	448M	452M
Total Liabilities	29.82B	36.85B	41.19B	43.52B	43.94B
Common Stock, Total	4M	4M	4M	2M	2M
Additional Paid In Capital	6.42B	6.7B	7.03B	6.88B	7.34B
Retained Earnings	10.26B	12.88B	11.67B	15.58B	19.52B
Comprehensive Income and Other	-1.44B	-1.3B	-1.14B	-1.83B	-1.8B
Total Common Equity	15.24B	18.28B	17.56B	20.64B	25.06B
Minority Interest	341M	421M	514M	5M	-
Total Equity	15.58B	18.7B	18.08B	20.65B	25.06B
Total Liabilities And Equity	45.4B	55.56B	59.27B	64.17B	68.99B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	440M	441M	442M	443M	443M
ECS Total Common Shares Outstanding	440M	441M	442M	443M	443M
Book Value / Share	34.67	41.44	39.75	46.63	56.59
Tangible Book Value	15.24B	17.3B	16.57B	19.65B	24.06B
Tangible Book Value Per Share	34.67	39.2	37.5	44.39	54.35
Total Debt	7.24B	11.09B	11.41B	10.91B	10.54B
Net Debt	-2.2B	-2.22B	-768M	-143M	-4.7B
Debt Equivalent Oper. Leases	2.14B	2.71B	3.58B	3.63B	3.75B
Minority Interest, Total (Incl. Fin. Div)	341M	421M	514M	5M	-
Account Code - Inventory Valuation	4	4	4	4	4
LIFO Reserve, Total	-	-	-	-	-
Inventories - Finished Goods, Total	11.4B	12.24B	14.22B	17.91B	16.65B
Land - (BS)	6.42B	6.7B	7.51B	7.96B	8.59B
Buildings, Total	17.14B	17.98B	19.14B	20.12B	22B
Machinery, Total	7.8B	8.75B	9.5B	10.28B	11.51B
Full Time Employees	149K	156K	288K	304K	316K
Part Time Employees	105K	117K	-	-	-
Assets under Capital Lease - Gross	-	-	-	-	-
Assets under Capital Lease - Accumulated Depreciation	-	-	-	-	-

Fiscal Period: September	2019	2020	2021	2022	2023
Net Income	3.66B	4B	5.01B	5.84B	6.29B
Depreciation & Amortization - CF	1.49B	1.64B	1.78B	1.9B	2.08B
Depreciation & Amortization, Total	1.49B	1.64B	1.78B	1.9B	2.08B
Asset Writedown & Restructuring Costs	-	-	-	-	495M
Stock-Based Compensation (CF)	595M	619M	665M	724M	774M
Tax Benefit from Stock Options	-	-	-	-	-
Other Operating Activities, Total	201M	397M	502M	487M	412M
Change In Inventories	-536M	-791M	-1.89B	-4B	1.23B
Change In Accounts Payable	322M	2.26B	1.84B	1.89B	-382M
Change in Other Net Operating Assets	623M	728M	1.06B	549M	172M
Cash from Operations	6.36B	8.86B	8.96B	7.39B	11.07B
Capital Expenditure	-3B	-2.81B	-3.59B	-3.89B	-4.32B
Cash Acquisitions	-	-1.16B	-	-	-
Investment in Marketable and Equity Securities, Total	137M	52M	115M	24M	-685M
Other Investing Activities, Total	-4M	30M	-62M	-48M	36M
Cash from Investing	-2.86B	-3.89B	-3.54B	-3.92B	-4.97B
Short Term Debt Issued, Total	-	-	41M	-	917M
Long-Term Debt Issued, Total	508M	4.13B	188M	-	-
Total Debt Issued	508M	4.13B	229M	-	917M
Short Term Debt Repaid, Total	-	-	-	-	-935M
Long-Term Debt Repaid, Total	-89M	-3.2B	-94M	-800M	-366M
Total Debt Repaid	-89M	-3.2B	-94M	-800M	-1.3B
Issuance of Common Stock	-	-	-	-	-
Repurchase of Common Stock	-519M	-526M	-808M	-802M	-979M
Common Dividends Paid	-1.04B	-1.48B	-1.32B	-1.5B	-1.25B
Common & Preferred Stock Dividends Paid	-1.04B	-1.48B	-1.32B	-1.5B	-1.25B
Special Dividend Paid	-	-	-4.43B	-	-
Other Financing Activities, Total	-9M	-71M	-67M	-1.18B	-
Cash from Financing	-1.15B	-1.15B	-6.49B	-4.28B	-2.61B
Foreign Exchange Rate Adjustments	-15M	70M	46M	-249M	15M
Net Change in Cash	2.33B	3.89B	-1.02B	-1.06B	3.5B
Supplemental Items
Cash Interest Paid	141M	124M	149M	145M	125M
Cash Income Tax Paid (Refund)	1.19B	1.05B	1.53B	1.94B	2.23B
Levered Free Cash Flow	2.62B	5.34B	4.61B	2.28B	5.46B
Unlevered Free Cash Flow	2.71B	5.44B	4.72B	2.38B	5.56B
Change In Net Working Capital	-665M	-2.23B	-1.35B	1.22B	-1.71B
Net Debt Issued / Repaid	419M	929M	135M	-800M	-384M

Fiscal Period: September	2019	2020	2021	2022	2023
Profitability
Return on Assets	6.87	7.46	7.86	7.89	7.98
Return on Total Capital	13.93	14.31	15.23	15.96	15.83
Return On Equity %	25.82	23.68	27.62	30.55	27.53
Return on Common Equity	26.1	23.87	27.93	30.59	27.54
Margin Analysis
Gross Profit Margin %	12.98	13.15	12.88	12.15	12.42
SG&A Margin	9.82	9.51	9.16	8.71	8.91
EBITDA Margin %	4.08	4.6	4.6	4.27	4.37
EBITA Margin %	3.1	3.61	3.69	3.43	3.51
EBIT Margin %	3.1	3.61	3.69	3.43	3.51
Income From Continuing Operations Margin %	2.43	2.43	2.59	2.61	2.6
Net Income Margin %	2.4	2.4	2.56	2.57	2.6
Net Avail. For Common Margin %	2.4	2.4	2.56	2.57	2.6
Normalized Net Income Margin	1.92	2.21	2.26	2.13	2.29
Levered Free Cash Flow Margin	1.72	3.2	2.35	1	2.25
Unlevered Free Cash Flow Margin	1.78	3.26	2.41	1.05	2.29
Asset Turnover
Asset Turnover	3.54	3.3	3.41	3.68	3.64
Fixed Assets Turnover	7.53	7.24	7.45	8.04	8.11
Receivables Turnover (Average Receivables)	95.32	108.11	116.87	112.24	107.07
Inventory Turnover (Average Inventory)	11.85	12.25	12.9	12.41	12.28
Short Term Liquidity
Current Ratio	1.01	1.13	1	1.02	1.07
Quick Ratio	0.47	0.6	0.47	0.42	0.52
Operating Cash Flow to Current Liabilities	0.27	0.36	0.3	0.23	0.33
Days Sales Outstanding (Average Receivables)	3.82	3.37	3.11	3.24	3.47
Days Outstanding Inventory (Average Inventory)	30.73	29.7	28.21	29.32	30.21
Average Days Payable Outstanding	31.3	32.3	32.1	30.58	31.07
Cash Conversion Cycle (Average Days)	3.24	0.77	-0.77	1.98	2.61
Long Term Solvency
Total Debt/Equity	46.48	59.27	63.1	52.82	42.05
Total Debt / Total Capital	31.73	37.21	38.69	34.56	29.6
LT Debt/Equity	35.41	57.36	57.05	50.12	36.34
Long-Term Debt / Total Capital