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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Additions to Property and Equipment

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Acquisitions

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Repurchases of Common Stock

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Share-Based Compensation Expense

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Revenue

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Operating Activities	Aug '25	Feb '25	Sep '24	Feb '24	Sep '23	Feb '23
Net Income	4,513	3,586	4,035	3,332	3,462	2,830
Net Income
Depreciation & Amortization	1,326	1,100	1,222	1,015	1,160	917
Depreciation and Amortization
Share-Based Compensation Expense	246	614	238	580	225	549
Stock-Based Compensation
Other Adjustments	128	58	165	141	546	361
Excess Tax Benefits on Stock-Based Awards
Other Non-Cash Operating Activities, Net
Non-Cash Lease Expense
Deferred Income Taxes
Changes in Inventories	921	-362	-1,643	-425	-621	1,849
Merchandise Inventories
Changes in Accounts Payable	862	-458	1,934	4	1,035	-1,417
Accounts Payable
Changes in Other Operating Activities	-669	1,470	6	735	-541	713
Other Operating Assets and Liabilities, Net
Cash from Operating Activities	7,327	6,008	5,957	5,382	5,266	5,802
Net Cash Provided by Operating Activities

Investing Activities	Aug '25	Feb '25	Sep '24	Feb '24	Sep '23	Feb '23
Capital Expenditure	-3,097	-2,401	-2,639	-2,071	-2,376	-1,947
Additions to Property and Equipment
Purchases of Investments	-683	-345	-751	-719	-1,226	-396
Purchases of Short-Term Investments
Proceeds from Sale of Investments	389	752	761	1,029	425	512
Maturities of Short-Term Investments
Payments for Business Acquisitions	—	—	—	—	—	—
Acquisitions
Other Investing Activities	87	-13	-28	9	70	-34
Other Investing Activities, Net
Cash from Investing Activities	-3,304	-2,007	-2,657	-1,752	-3,107	-1,865
Net Cash Provided by Investing Activities

Financing Activities	Aug '25	Feb '25	Sep '24	Feb '24	Sep '23	Feb '23
Issuance of Short-Term Debt	446	370	545	383	438	479
Proceeds from Short-Term Borrowings
Change in Bank Payments Outstanding
Repayments of Short-Term Debt	-473	-389	-511	-409	-415	-520
Repayments of Short-Term Borrowings
Net Issuance / (Repayments) of Short-Term Debt	-27	-19	34	-26	23	-41
Issuance of Long-Term Debt	—	—	—	498	—	—
Proceeds from Issuance of Long-Term Debt
Repayments of Long-Term Debt	-103	—	-1,077	—	-75	—
Repayments of Long-Term Debt
Net Issuance / (Repayments) of Long-Term Debt	-103	—	-1,077	498	-75	—
Repurchases of Common Shares	-494	-802	-401	-614	-393	-586
Tax Withholdings on Stock-Based Awards
Repurchases of Common Stock
Net Issuance / (Repurchases) of Common Shares	-494	-802	-401	-614	-393	-586
Common Share Dividends Paid	-1,668	-515	-1,029	-8,012	-851	-400
Cash Dividend Payments
Other Financing Activities	-49	-98	-41	-96	-103	-188
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	-2,341	-1,434	-2,514	-8,250	-1,399	-1,215
Net Cash Provided by Financing Activities

Free Cash Flow	Aug '25	Feb '25	Sep '24	Feb '24	Sep '23	Feb '23
Free Cash Flow	4,230	3,607	3,318	3,311	2,890	3,855
NOPAT	4,350.7	3,422.2	3,916.9	3,104.1	3,261.6	2,755.3
Levered Free Cash Flow	3,726	2,916	1,872	3,062	2,067	2,904
Unlevered Free Cash Flow	3,693.7	2,771.2	2,796.9	2,362.1	1,918.6	2,870.3
Net Change in Cash	1,682	2,567	786	-4,620	760	2,722