Financials Costco Wholesale Corporation

Equities

COST

US22160K1051

Discount Stores

Real-time Estimate Cboe BZX Other stock markets 11:09:36 2024-09-19 am EDT			5-day change	1st Jan Change
897.20 ^USD	+0.52%		-1.88%	+36.02%

Sep. 17	Evercore ISI Adjusts Costco Wholesale Price Target to $985 From $925, Maintains Outperform Rating	MT
Sep. 17	Kroger-Albertson's US anti-trust trial to end but other legal blocks loom	RE

Projected Income Statement: Costco Wholesale Corporation

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	152,703	166,761	195,929	226,954	242,290	254,847	273,824	292,183
Change	-	9.21%	17.49%	15.83%	6.76%	5.18%	7.45%	6.7%
EBITDA ¹	6,229	7,080	8,489	9,693	10,191	11,441	12,782	13,822
Change	-	13.66%	19.9%	14.18%	5.14%	12.27%	11.72%	8.14%
EBIT ¹	4,903	5,435	6,708	7,793	8,114	9,198	10,290	11,389
Change	-	10.85%	23.42%	16.17%	4.12%	13.36%	11.87%	10.68%
Interest Paid ¹	-150	-160	-171	-158	-160	-171.7	-157.8	-163.3
Earnings before Tax (EBT) ¹	4,765	5,367	6,680	7,840	8,487	9,672	10,677	11,702
Change	-	12.63%	24.46%	17.37%	8.25%	13.96%	10.4%	9.6%
Net income ¹	3,659	4,002	5,007	5,844	6,292	7,239	7,890	8,539
Change	-	9.37%	25.11%	16.72%	7.67%	15.05%	8.99%	8.23%
Announcement Date	10/3/19	9/24/20	9/23/21	9/22/22	9/26/23	-	-	-

¹USD in Million

Estimates

Fiscal Period: September	2019 Q4	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3
Net sales ¹	47,498	37,040	39,072	37,266	53,383	43,208	44,769	45,277	62,675	50,363	51,904	52,596	72,091	54,437	55,266	53,648	78,939	57,799	58,442	58,515	79,994	62,316	62,935	62,641	86,021	69,595	68,176	70,557
Change	-	-22.02%	5.49%	-4.62%	43.25%	-19.06%	3.61%	1.13%	38.43%	-19.64%	3.06%	1.33%	37.07%	-24.49%	1.52%	-2.93%	47.14%	-26.78%	1.11%	0.12%	36.71%	-22.1%	0.99%	-0.47%	37.32%	-19.1%	-2.04%	3.49%
EBITDA ¹	1,936	1,430	1,655	1,844	2,434	1,834	1,756	2,065	2,834	2,125	2,248	2,229	3,091	2,198	2,373	2,151	3,469	2,485	2,576	2,713	3,677	2,814	2,968	3,038	4,161	3,017	3,102	3,165
Change	-	-26.14%	15.73%	11.42%	32%	-24.65%	-4.25%	17.6%	37.24%	-25.02%	5.79%	-0.85%	38.67%	-28.89%	7.96%	-9.36%	61.27%	-28.37%	3.66%	5.32%	35.54%	-23.49%	5.51%	2.34%	36.96%	-27.49%	2.81%	2.02%
EBIT ¹	1,586	1,061	1,266	1,462	1,929	1,430	1,340	1,663	2,275	1,693	1,812	1,791	2,497	1,751	1,903	1,679	2,781	1,984	2,062	2,197	2,938	2,224	2,351	2,417	3,322	2,462	2,522	2,609
Change	-	-33.1%	19.32%	15.48%	31.94%	-25.87%	-6.29%	24.1%	36.8%	-25.58%	7.03%	-1.16%	39.42%	-29.88%	8.68%	-11.77%	65.63%	-28.66%	3.93%	6.55%	33.72%	-24.31%	5.72%	2.8%	37.48%	-25.88%	2.41%	3.45%
Charge d'intérêts ¹	-45	-38	-34	-37	-51	-39	-40	-40	-52	-39	-36	-35	-48	-34	-34	-36	-56	-38	-41	-41	-52.15	-37.24	-37.05	-36.78	-47.96	-27.2	-27.2	-27.2
Earnings before Tax (EBT) ¹	1,492	1,058	1,277	1,163	1,869	1,420	1,319	1,650	2,291	1,696	1,801	1,827	2,516	1,770	1,983	1,771	2,963	2,106	2,237	2,284	3,031	2,329	2,458	2,515	3,440	2,559	2,680	2,718
Change	-	-29.09%	20.7%	-8.93%	60.71%	-24.02%	-7.11%	25.09%	38.85%	-25.97%	6.19%	1.44%	37.71%	-29.65%	12.03%	-10.69%	67.31%	-28.92%	6.22%	2.1%	32.72%	-23.16%	5.5%	2.35%	36.77%	-25.6%	4.73%	1.41%
Net income ¹	1,097	844	931	838	1,389	1,166	951	1,220	1,670	1,324	1,299	1,353	1,868	1,364	1,466	1,302	2,160	1,589	1,743	1,681	2,234	1,715	1,812	1,850	2,500	1,919	2,024	2,032
Change	-	-23.06%	10.31%	-9.99%	65.75%	-16.05%	-18.44%	28.29%	36.89%	-20.72%	-1.89%	4.16%	38.06%	-26.98%	7.48%	-11.19%	65.9%	-26.44%	9.69%	-3.56%	32.91%	-23.24%	5.68%	2.06%	35.17%	-23.25%	5.5%	0.36%
Announcement Date	10/3/19	12/12/19	3/5/20	5/28/20	9/24/20	12/10/20	3/4/21	5/27/21	9/23/21	12/9/21	3/3/22	5/26/22	9/22/22	12/8/22	3/2/23	6/1/23	9/26/23	12/14/23	3/7/24	6/6/24	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Costco Wholesale Corporation

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-3,260	-4,668	-3,767	-3,646	-7,242	-4,084	-6,001	-9,969
Change	-	-243.19%	-180.7%	-196.79%	-298.63%	-156.39%	-246.94%	-266.12%
Announcement Date	10/3/19	9/24/20	9/23/21	9/22/22	9/26/23	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Costco Wholesale Corporation

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	2,998	2,810	3,588	3,891	4,323	4,470	4,646	4,726
Change	-	-6.27%	27.69%	8.44%	11.1%	3.39%	3.94%	1.72%
Free Cash Flow (FCF) ¹	3,358	6,051	5,370	3,501	6,745	6,521	7,455	8,442
Change	-	80.2%	-11.25%	-34.8%	92.66%	-3.31%	14.31%	13.25%
Announcement Date	10/3/19	9/24/20	9/23/21	9/22/22	9/26/23	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Costco Wholesale Corporation

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	4.08%	4.25%	4.33%	4.27%	4.21%	4.49%	4.67%	4.73%
EBIT Margin (%)	3.21%	3.26%	3.42%	3.43%	3.35%	3.61%	3.76%	3.9%
EBT Margin (%)	3.12%	3.22%	3.41%	3.45%	3.5%	3.8%	3.9%	4.01%
Net margin (%)	2.4%	2.4%	2.56%	2.57%	2.6%	2.84%	2.88%	2.92%
FCF margin (%)	2.2%	3.63%	2.74%	1.54%	2.78%	2.56%	2.72%	2.89%
FCF / Net Income (%)	91.77%	151.2%	107.25%	59.91%	107.2%	90.09%	94.49%	98.87%
Profitability
ROA	8.41%	7.93%	8.72%	9.47%	9.45%	10.48%	10.69%	10.68%
ROE	25.87%	23.87%	27.93%	30.59%	27.54%	29.23%	28.8%	26.36%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	1.96%	1.69%	1.83%	1.71%	1.78%	1.75%	1.7%	1.62%
CAPEX / EBITDA (%)	48.13%	39.69%	42.27%	40.14%	42.42%	39.07%	36.35%	34.19%
CAPEX / FCF (%)	89.28%	46.44%	66.82%	111.14%	64.09%	68.54%	62.32%	55.98%
Items per share
Cash flow per share ¹	14.35	19.96	20.16	16.62	24.9	23.19	25.64	16.74
Change	-	39.1%	0.99%	-17.56%	49.83%	-6.9%	10.6%	-34.71%
Dividend per Share ¹	2.44	2.7	2.98	3.38	3.84	19.3	4.56	4.669
Change	-	10.66%	10.37%	13.42%	13.61%	402.63%	-76.38%	2.39%
Book Value Per Share ¹	34.41	41.34	39.75	46.63	56.61	53.01	67.5	80.96
Change	-	20.12%	-3.84%	17.3%	21.39%	-6.36%	27.34%	19.95%
EPS ¹	8.26	9.02	11.27	13.14	14.16	16.31	17.77	19.62
Change	-	9.2%	24.94%	16.59%	7.76%	15.21%	8.94%	10.38%
Nbr of stocks (in thousands)	439,789	441,524	442,069	442,963	443,148	443,335	443,335	443,335
Announcement Date	10/3/19	9/24/20	9/23/21	9/22/22	9/26/23	-	-	-