Costco Wholesale Corporation (COST) financials
NASDAQ · Consumer Defensive · Discount Stores · 355,000 employees · CEO Ron Vachris
- Price
- $1,012.28 +1.78%
- Market cap
- $449B
- Enterprise value
- $437B
- Last report
- Q4 '26 filed 2026-10-07
- Next report
- 2026-12-10 EPS est. $4.93
Revenue (TTM)–– vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)–– vs a year agoOperating income –
Net income (TTM)–– vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)–– vs a year agoCapex –
Diluted EPS (TTM)–– vs a year agoSum of the last 4 quarters
Net cash$12.7B+151.3% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $449B EV $437B
- Revenue
- – Trailing 12 months
- Revenue growth
- +9% FY2027 consensus
- Profit margin
- – Net income / revenue, TTM
- P/E
- 48.7× Forward 44.4× (FY2027)
- P/S
- 1.5× Price / sales, TTM
- EV / EBITDA
- 30.4× TTM
- Free cash flow
- – Trailing 12 months
- Net income
- – Trailing 12 months
- Revenue estimate
- $330B FY2027 consensus
- Earnings
- 2026-12-10 Revenue est. $74.3B
- Dividend
- $5.71 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-09-24): revenue missed by 1.2%, EPS beat by 3.2%Revenue $93.9B vs $95B expected (-1.2%); EPS $6.75 vs $6.54 (+3.2%).
- Revenue growth accelerating: 11.1% year on yearQ4 '26 revenue $95.7B, against an average of 9.3% over the four quarters before.
- Diluted share count down 0.1% in a year444M diluted shares in Q4 '26, 445M a year earlier.
- Net cash $12.7BCash + short-term investments $21.3B, debt incl. leases $8.58B; a year ago net cash $5.06B.
Last quarter: Q4 '26
Quarter ended 2026-08-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q4 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $95.7B | $86.2B | +11.1% |
| Gross margin | 12.7% | 12.9% | -0.2 pp |
| Operating income | $3.8B | $3.34B | +13.8% |
| Operating margin | 4.0% | 3.9% | +0.1 pp |
| Net income | $3B | $2.61B | +14.9% |
| Diluted EPS | $6.75 | $5.87 | +15.0% |
| Operating cash flow | $4.69B | $3.87B | +21.3% |
| Capex | $2.21B | $1.97B | +12.3% |
| Free cash flow | $2.49B | $1.9B | +30.7% |
| R&D | $0 | $0 | – |
| Stock-based compensation | $153M | $140M | +9.3% |
Reported vs consensus
2026-09-24| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $93.9B | $95B | -1.2% |
| EPS (as estimated) | $6.75 | $6.54 | +3.2% |
From the report of 2026-09-24 for Q4 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q4 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Food and Sundries | $62.7B | +83.1% | 37.7% | – | – | |
| Non-Foods | $40.8B | +90.5% | 24.5% | – | – | |
| Other | $36.7B | +120.9% | 22.1% | – | – | |
| Fresh Food | $22.8B | +87.8% | 13.7% | – | – | |
| Membership | $3.22B | +86.9% | 1.9% | – | – |
Revenue by region
share of total| Segment | Q4 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| United States | $121B | – | 73.0% | – | – | |
| Other International Operations | $22.7B | +89.0% | 13.7% | – | – | |
| CANADA | $22.2B | – | 13.4% | – | – |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Free cash flow
- –
- Returned to shareholders / FCF
- –
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 48.7× | 45.9× | 38.4× – 53.8× |
| EV / EBITDA | 30.4× | 27.6× | 22.2× – 32.6× |
| EV / Sales | 1.4× | 1.3× | 1.0× – 1.6× |
| Price / FCF | 47.8× | 52.2× | 35.8× – 67.3× |
| Price / Book | 12.6× | 12.8× | 9.6× – 16.8× |
| FCF yield | 2.1% | 2.0% | 1.5% – 2.8% |
| Return on invested capital | 18.6% | 18.4% | 16.3% – 20.2% |
| Return on equity | 28.0% | 27.6% | 25.1% – 31.2% |
Analysts
Consensus target $1,111.55 (+9.8%)
range $955.00 – $1,275.00 · rating Buy
Strong buy0
Buy39
Hold19
Sell1
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2027 | $330B | +8.7% | $22.79 | +9.8% | 44.4× | 28 |
| FY2028 | $355B | +7.6% | $25.03 | +9.8% | 40.4× | 25 |
| FY2029 | $378B | +6.5% | $27.43 | +9.6% | 36.9× | 12 |
| FY2030 | $405B | +7.3% | $29.87 | +8.9% | 33.9× | 8 |
| FY2031 | $437B | +7.8% | $32.63 | +9.3% | 31.0× | 6 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 246 figures Costco Wholesale Corporation tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| – | – | – | -$46M | – | – | |
| – | – | – | -0.4% | – | – | |
| – | – | – | $1.38B | – | – | |
| Accounts Payable, Current | $22.6B | $19.8B | +14.2% | $22.6B | $19.8B | +14.2% |
| Accrued Insurance | $2.16B | $1.88B | +14.9% | $2.16B | $1.88B | +14.9% |
| Accrued Liabilities, Current | $3.04B | $2.68B | +13.4% | $3.04B | $2.68B | +13.4% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $21B | $18.9B | +10.8% | $21B | $18.9B | +10.8% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$1.62B | -$1.77B | +8.5% | -$1.62B | -$1.77B | +8.5% |
| Additional Paid in Capital, Common Stock | $8.83B | $8.28B | +6.6% | $8.83B | $8.28B | +6.6% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | – | – | – | 15K2012-09-02 | 0 | – |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | – | – | – | $929M | $864M | +7.5% |
| Assets | $89B | $77.1B | +15.5% | $89B | $77.1B | +15.5% |
| Assets, Current | $46.6B | $38.4B | +21.4% | $46.6B | $38.4B | +21.4% |
| Buildings and Improvements, Gross | $27.8B | $25.5B | +8.9% | $27.8B | $25.5B | +8.9% |
| Capital Expenditures Incurred but Not yet Paid | – | – | – | $220M | $193M | +14.0% |
| Cash and Cash Equivalents, at Carrying Value | $20.2B | $14.2B | +42.7% | $20.2B | $14.2B | +42.7% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $20.2B | $14.2B | +42.7% | $20.2B | $14.2B | +42.7% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | – | – | – | $6.05B | $4.26B | +42.1% |
| Common Stock, Dividends, Per Share, Declared | – | – | – | $5.54 | $4.92 | +12.6% |
| Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 | 0.0% | $0.01 | $0.01 | 0.0% |
| Common Stock, Shares Authorized | 900M | 900M | 0.0% | 900M | 900M | 0.0% |
| Common Stock, Shares, Issued | 443M | 443M | 0.0% | 443M | 443M | 0.0% |
| Common Stock, Shares, Outstanding | 443M | 443M | 0.0% | 443M | 443M | 0.0% |
| Common Stock, Value, Issued | $2M | $2M | 0.0% | $2M | $2M | 0.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | – | – | – | $9.38B | $8.16B | +14.9% |
| Construction in Progress, Gross | $2.72B | $1.88B | +44.6% | $2.72B | $1.88B | +44.6% |
| Cost of Goods and Services Sold | – | – | – | $264B | $240B | +10.2% |
| Credit and Debit Card Receivables, at Carrying Value | $2.84B | $2.67B | +6.4% | $2.84B | $2.67B | +6.4% |
| Current Federal Tax Expense (Benefit) | – | – | – | $1.21B | $1.4B | -13.5% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $1.04B | $955M | +9.0% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $472M | $449M | +5.1% |
| Debt Instrument, Redemption Price, Percentage | – | – | – | 100.0% | 100.0% | 0.0% |
| Debt Issuance Costs, Net | $13M | $17M | -23.5% | $13M | $17M | -23.5% |
| Debt Securities, Available-for-sale | $796M | $786M | +1.3% | $796M | $786M | +1.3% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | $7M2026-02-15 | – | – | $3M2025-08-31 | – | – |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $14M | – | – | $14M | – | – |
| Debt Securities, Available-for-sale, Amortized Cost | $810M | $783M | +3.4% | $810M | $783M | +3.4% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | $273M | $190M | +43.7% | $273M | $190M | +43.7% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $411M | $474M | -13.3% | $411M | $474M | -13.3% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, Year One | $126M | $119M | +5.9% | $126M | $119M | +5.9% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | $265M | $190M | +39.5% | $265M | $190M | +39.5% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $405M | $477M | -15.1% | $405M | $477M | -15.1% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | $126M | $119M | +5.9% | $126M | $119M | +5.9% |
| Debt Securities, Held-to-maturity | $298M | $337M | -11.6% | $298M | $337M | -11.6% |
| Debt Securities, Held-to-Maturity, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | $0 | $0 | – | $0 | $0 | – |
| Debt Securities, Held-to-Maturity, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $0 | $0 | – | $0 | $0 | – |
| Debt Securities, Held-to-Maturity, Amortized Cost, Maturity, Allocated and Single Maturity Date, Year One | $298M | $337M | -11.6% | $298M | $337M | -11.6% |
| Debt Securities, Unrealized Gain (Loss) | – | – | – | $3M2025-08-31 | -$1M | +400.0% |
| DebtSecuritiesAvailableForSaleAndHeldToMaturityAmortizedCostBeforeAllowanceForCreditLoss | $1.11B | $1.12B | -1.1% | $1.11B | $1.12B | -1.1% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $328M | -$42M | +881.0% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | -$43M | -$20M | -115.0% |
| Deferred Revenue, Current | $3.01B | $2.85B | +5.3% | $3.01B | $2.85B | +5.3% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | $21M | -$18M | +216.7% |
| Deferred Tax Assets, Deferred Income | $398M | $369M | +7.9% | $398M | $369M | +7.9% |
| Deferred Tax Assets, Gross | $2.74B | $2.48B | +10.7% | $2.74B | $2.48B | +10.7% |
| Deferred Tax Assets, Net of Valuation Allowance | $2.1B | $1.92B | +9.3% | $2.1B | $1.92B | +9.3% |
| Deferred Tax Assets, Tax Credit Carryforwards, Foreign | $470M | $390M | +20.5% | $470M | $390M | +20.5% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits | $122M | $100M | +22.0% | $122M | $100M | +22.0% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities | $1.04B | $917M | +13.5% | $1.04B | $917M | +13.5% |
| Deferred Tax Liabilities, Gross | $2.53B | $2.05B | +23.3% | $2.53B | $2.05B | +23.3% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-K 2026-08-30, 10-Q 2026-05-10, 10-Q 2026-02-15, 10-Q 2025-11-23, 10-K 2025-08-31, 10-Q 2025-05-11, 10-Q 2025-02-16, 10-Q 2024-11-24, 10-K 2024-09-01
Data as of 2026-11-01