Costco Wholesale Corporation

NasdaqGS-COST

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Operating Activities	LTM	Aug '25	Sep '24	Sep '23	Aug '22	Aug '21	Aug '20	Sep '19	Sep '18	Sep '17	Aug '16
Net Income	8,302	8,099	7,367	6,292	5,915	5,079	4,059	3,704	3,179	2,714	2,376
Net Income
Depreciation & Amortization	2,475	2,426	2,237	2,077	1,900	1,781	1,645	1,492	1,437	1,370	1,255
Depreciation and Amortization
Share-Based Compensation Expense	883	860	818	774	724	665	619	595	544	514	459
Stock-Based Compensation
Other Adjustments	256	186	306	907	416	430	340	156	-55	-43	212
Undistributed Equity Earnings in Joint Ventures
Net Gain on Sale of Property and Equipment and Other
Excess Tax Benefits on Stock-Based Awards
Other Non-Cash Operating Activities, Net
Provision for Impaired Assets
Minority Interest Earnings
Accretion of Discount on Long-Term Debt
Realized and Other Than Temporary Impairment Loss on Investments
Other Non-Cash Items, Net
Non-Cash Lease Expense
Deferred Income Taxes
Changes in Inventories	—	559	-2,068	1,228	-4,003	-1,892	-791	-536	-1,313	-894	-25
Merchandise Inventories
Changes in Accounts Payable	—	404	1,938	-382	1,891	1,838	2,261	322	1,561	2,258	-1,532
Accounts Payable
Changes in Other Operating Activities	—	801	741	172	549	1,057	728	623	421	807	547
Other Operating Assets and Liabilities, Net
Cash from Operating Activities	14,763	13,335	11,339	11,068	7,392	8,958	8,861	6,356	5,774	6,726	3,292
Net Cash Provided by Operating Activities

Investing Activities	LTM	Aug '25	Sep '24	Sep '23	Aug '22	Aug '21	Aug '20	Sep '19	Sep '18	Sep '17	Aug '16
Capital Expenditure	-5,760	-5,498	-4,710	-4,323	-3,891	-3,588	-2,810	-2,998	-2,969	-2,502	-2,649
Additions to Property and Equipment
Proceeds from Sale of Property, Plant & Equipment	—	—	—	—	—	—	—	—	—	—	—
Proceeds from the Sale of Property and Equipment
Purchases of Investments	-976	-1,028	-1,470	-1,622	-1,121	-1,331	-1,626	-1,094	-1,060	-1,279	-1,432
Purchases of Short-Term Investments
Proceeds from Sale of Investments	940	1,141	1,790	937	1,145	1,446	1,678	1,231	1,078	1,385	1,709
Maturities of Short-Term Investments
Sales of Short-Term Investments
Sales of Investments
Payments for Business Acquisitions	—	—	—	—	—	—	-1,163	—	—	—	—
Acquisitions
Other Investing Activities	72	74	-19	36	-48	-62	30	-4	4	30	27
Change in Certain Other Assets and Other, Net
Investment in Unconsolidated Joint Venture
Purchase of Minority Interests
Increase Resulting from Initial Consolidation of Costco Mexico
Other Investing Activities, Net
Investments Transferred from Cash and Cash Equivalents
Cash from Investing Activities	-5,724	-5,311	-4,409	-4,972	-3,915	-3,535	-3,891	-2,865	-2,947	-2,366	-2,345
Net Cash Provided by Investing Activities

Financing Activities	LTM	Aug '25	Sep '24	Sep '23	Aug '22	Aug '21	Aug '20	Sep '19	Sep '18	Sep '17	Aug '16
Issuance of Short-Term Debt	683	816	928	917	53	41	—	210	80	-236	187
Proceeds from Short-Term Borrowings, Net
Proceeds from Short-Term Borrowings
Change in Bank Payments Outstanding
Repayments of Short-Term Debt	-668	-862	-920	-935	-6	—	—	—	—	—	-106
Repayments of Short-Term Borrowings
Net Issuance / (Repayments) of Short-Term Debt	15	-46	8	-18	47	41	—	210	80	-236	81
Issuance of Long-Term Debt	—	—	498	—	—	—	3,992	298	—	3,782	185
Proceeds from Issuance of Long-Term Debt
Repayments of Long-Term Debt	—	-103	-1,077	-75	-800	-94	-3,200	-89	-86	-2,200	-1,288
Repayments of Long-Term Debt
Net Issuance / (Repayments) of Long-Term Debt	—	-103	-579	-75	-800	-94	792	209	-86	1,582	-1,103
Issuance of Common Shares	—	—	—	—	—	—	—	—	—	—	—
Proceeds from Stock-Based Awards, Net of Minimum Tax Withholdings
Proceeds from Exercise of Stock Options
Repurchases of Common Shares	-1,267	-1,296	-1,015	-979	-802	-808	-526	-519	-545	-671	-706
Tax Withholdings on Stock-Based Awards
Repurchases of Common Stock
Net Issuance / (Repurchases) of Common Shares	-1,267	-1,296	-1,015	-979	-802	-808	-526	-519	-545	-671	-706
Common Share Dividends Paid	-2,502.5	-2,183	-9,041	-1,251	-1,498	-5,748	-1,479	-1,038	-689	-3,904	-746
Cash Dividend Payments
Other Financing Activities	-149	-147	-137	-291	-1,230	121	66	-9	-41	11	55
Investment by Noncontrolling Interests
Excess Tax Benefits on Stock-Based Awards
Financing Lease Payments and Other Financing Activities, Net
Other Financing Activities, Net
Dividend to Noncontrolling Interest
Excess Tax Benefit on Share Based Awards
Acquisition of Noncontrolling Interest
Cash from Financing Activities	-3,749	-3,775	-10,764	-2,614	-4,283	-6,488	-1,147	-1,147	-1,281	-3,218	-2,419
Net Cash Provided by Financing Activities

Free Cash Flow	LTM	Aug '25	Sep '24	Sep '23	Aug '22	Aug '21	Aug '20	Sep '19	Sep '18	Sep '17	Aug '16
Free Cash Flow	9,003	7,837	6,629	6,745	3,501	5,370	6,051	3,358	2,805	4,224	643
NOPAT	7,969	7,773.3	7,022.9	6,015.5	5,879.5	5,100.3	4,110.4	3,682.2	3,206.2	2,762.4	2,410.8
Levered Free Cash Flow	5,032	6,642	4,934	4,971	1,537	4,150	5,827	2,981	2,265	5,064	-1,076
Unlevered Free Cash Flow	4,684	6,465.3	5,160.9	4,787.5	2,325.5	4,296.3	5,143.4	2,585.2	2,343.2	3,801.4	6.8
Net Change in Cash	5,290	4,249	-3,834	3,482	-806	-1,065	3,823	2,344	1,546	1,142	-1,472