Costco Wholesale Corporation, together with its subsidiaries, engages in the operation of membership warehouses in the United States, Puerto Rico, Canada, the United Kingdom, Mexico, Japan, Korea, Australia, Spain, France, Iceland, China, and Taiwan. It offers branded and private-label products in a range of merchandise categories. The company offers sundries, dry groceries, candies, coolers, freezers, liquor, and tobacco and deli products; appliances, electronics, health and beauty aids, hardware, garden and patio products, sporting goods, tires, toys and seasonal products, office supplies, automotive care products, postages, tickets, apparel, small appliances, furniture, domestics, housewares, special order kiosks, and jewelry; and meat, produce, service deli, and bakery products. It also operates pharmacies, opticals, food courts, hearing-aid centers, and tire installation centers, as well as 636 gas stations; and offers business delivery, travel, same-day grocery, and various other services online in various countries. As of August 29, 2021, the company operated 815 membership warehouses, including 564 in the United States and Puerto Rico, 105 in Canada, 39 in Mexico, 30 in Japan, 29 in the United Kingdom, 16 in South Korea, 14 in Taiwan, 12 in Australia, 3 in Spain, 1 in Iceland, 1 in France, and 1 in China. It also operates e-commerce websites in the United States, Canada, the United Kingdom, Mexico, South Korea, Taiwan, Japan, and Australia. The company was formerly known as Costco Companies, Inc. and changed its name to Costco Wholesale Corporation in August 1999. Costco Wholesale Corporation was founded in 1976 and is based in Issaquah, Washington.

Costco Wholesale Corporation

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Operating Activities	Nov '25	Aug '25	May '25	Feb '25	Nov '24	Sep '24
Net Income	2,001	2,610	1,903	1,788	1,798	2,354
Net Income
Depreciation & Amortization	597	774	552	552	548	706
Depreciation and Amortization
Share-Based Compensation Expense	486	140	106	151	463	132
Stock-Based Compensation
Other Adjustments	70	-7	135	58	—	121
Excess Tax Benefits on Stock-Based Awards
Other Non-Cash Operating Activities, Net
Impairment of Assets
Non-Cash Lease Expense
Deferred Income Taxes
Changes in Inventories	—	584	337	2,179	-2,541	-1,237
Merchandise Inventories
Changes in Accounts Payable	—	-200	1,062	-3,059	2,601	558
Accounts Payable
Changes in Other Operating Activities	1,534	-34	-635	1,079	391	324
Other Operating Assets and Liabilities, Net
Changes in Working Capital
Cash from Operating Activities	4,688	3,867	3,460	2,748	3,260	2,958
Net Cash Provided by Operating Activities

Investing Activities	Nov '25	Aug '25	May '25	Feb '25	Nov '24	Sep '24
Capital Expenditure	-1,526	-1,966	-1,131	-1,137	-1,264	-1,577
Additions to Property and Equipment
Purchases of Investments	-195	-455	-228	-98	-247	-463
Purchases of Short-Term Investments
Proceeds from Sale of Investments	340	355	34	211	541	349
Maturities of Short-Term Investments
Payments for Business Acquisitions	—	—	—	—	—	—
Acquisitions
Other Investing Activities	-17	98	-11	2	-15	-12
Other Investing Activities, Net
Cash from Investing Activities	-1,398	-1,968	-1,336	-1,022	-985	-1,703
Net Cash Provided by Investing Activities

Financing Activities	Nov '25	Aug '25	May '25	Feb '25	Nov '24	Sep '24
Issuance of Short-Term Debt	—	200	246	237	133	300
Proceeds from Short-Term Borrowings
Change in Bank Payments Outstanding
Repayments of Short-Term Debt	—	-227	-246	-195	-194	-283
Repayments of Short-Term Borrowings
Net Issuance / (Repayments) of Short-Term Debt	—	-27	—	42	-61	17
Issuance of Long-Term Debt	—	—	—	—	—	—
Proceeds from Issuance of Long-Term Debt
Repayments of Long-Term Debt	—	-103	-51.5	—	—	-1,077
Repayments of Long-Term Debt
Net Issuance / (Repayments) of Long-Term Debt	—	-103	-51.5	—	—	-1,077
Repurchases of Common Shares	-567	-281	-213	-206	-596	-218
Tax Withholdings on Stock-Based Awards
Repurchases of Common Stock
Net Issuance / (Repurchases) of Common Shares	-567	-281	-213	-206	-596	-218
Common Share Dividends Paid	-577	-1,153	-515	-257.5	-515	-514
Cash Dividend Payments
Other Financing Activities	-23	-29	-20	-77	-21	-24
Excess Tax Benefits on Stock-Based Awards
Financing Lease Payments and Other Financing Activities, Net
Other Financing Activities, Net
Dividend to Noncontrolling Interest
Acquisition of Noncontrolling Interest
Cash from Financing Activities	-1,167	-1,593	-748	-241	-1,193	-1,816
Net Cash Provided by Financing Activities

Free Cash Flow	Nov '25	Aug '25	May '25	Feb '25	Nov '24	Sep '24
Free Cash Flow	3,162	1,901	2,329	1,611	1,996	1,381
NOPAT	1,908	2,484.3	1,866.1	1,709.7	1,712.2	2,300.3
Levered Free Cash Flow	2,606	1,638	2,036.5	1,444	1,472	68
Unlevered Free Cash Flow	2,513	1,642.3	2,051.1	1,323.7	1,447.2	1,074.3
Net Change in Cash	2,123	306	1,376	1,485	1,082	-561