Financials Costco Wholesale Corporation

Equities

COST

US22160K1051

Discount Stores

Market Closed - Nasdaq Other stock markets 00:00:00 12/07/2025 +04			After hours 04:00:00
970.33 ^USD	+0.02%		973.79	+0.36%

07-10	Costco's June Sales Shows Steady Momentum, UBS Says	MT
07-10	Bobbie Launches on Costco.com, as the Only USDA Organic Infant Formula Available to Online Costco Shoppers Nationwide	CI

Projected Income Statement: Costco Wholesale Corporation

Fiscal Period: September	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	166,761	195,929	226,954	242,290	254,453	274,712	295,286	316,819
Change	-	17.49%	15.83%	6.76%	5.02%	7.96%	7.49%	7.29%
EBITDA ¹	7,080	8,489	9,693	10,191	11,522	12,836	14,228	15,801
Change	-	19.9%	14.18%	5.14%	13.06%	11.41%	10.85%	11.05%
EBIT ¹	5,435	6,708	7,793	8,114	9,285	10,403	11,523	12,763
Change	-	23.42%	16.17%	4.12%	14.43%	12.04%	10.76%	10.76%
Interest Paid ¹	-160	-171	-158	-160	-169	-152	-149.1	-146.5
Earnings before Tax (EBT) ¹	5,367	6,680	7,840	8,487	9,740	10,781	11,958	13,214
Change	-	24.46%	17.37%	8.25%	14.76%	10.69%	10.92%	10.5%
Net income ¹	4,002	5,007	5,844	6,292	7,367	8,063	8,925	9,868
Change	-	25.11%	16.72%	7.67%	17.09%	9.45%	10.69%	10.56%
Announcement Date	24/09/20	23/09/21	22/09/22	26/09/23	26/09/24	-	-	-

¹USD in Million

Estimates

Fiscal Period: September	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	2026 Q4	2027 Q1	2027 Q2	2027 Q3
Net sales ¹	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	79,697	62,151	63,723	63,205	85,771	66,596	68,680	68,001	92,068	71,547	74,110	73,875
Change	-	-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%	36.2%	-22.02%	2.53%	-0.81%	35.7%	-22.36%	3.13%	-0.99%	35.39%	-22.29%	3.58%	-0.32%
EBITDA ¹	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	3,748	2,744	2,868	3,082	4,176	3,103	3,243	3,471	4,638	3,303	3,495	3,656
Change	-	-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%	38.15%	-26.79%	4.52%	7.46%	35.5%	-25.69%	4.51%	7.04%	33.61%	-28.79%	5.82%	4.61%
EBIT ¹	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	3,042	2,196	2,316	2,530	3,376	2,447	2,599	2,802	3,756	2,701	2,863	3,049
Change	-	-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%	38.46%	-27.81%	5.46%	9.24%	33.43%	-27.5%	6.19%	7.8%	34.07%	-28.09%	6%	6.51%
Charge d'intérêts ¹	-51	-39	-40	-40	-52	-39	-36	-35	-48	-34	-34	-36	-56	-38	-41	-41	-49	-37	-36	-35	-43.73	-35.85	-35.48	-35.98	-43.3	-35.57	-35.9	-35.9
Earnings before Tax (EBT) ¹	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	3,113	2,306	2,422	2,580	3,458	2,541	2,697	2,891	3,863	2,812	2,978	3,156
Change	-	-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%	36.3%	-25.92%	5.03%	6.52%	34.05%	-26.53%	6.12%	7.22%	33.62%	-27.2%	5.89%	6%
Net income ¹	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	2,354	1,798	1,788	1,903	2,579	1,909	2,008	2,154	2,874	2,114	2,212	2,369
Change	-	-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%	40.04%	-23.62%	-0.56%	6.43%	35.52%	-25.99%	5.2%	7.3%	33.38%	-26.44%	4.64%	7.11%
Announcement Date	24/09/20	10/12/20	04/03/21	27/05/21	23/09/21	09/12/21	03/03/22	26/05/22	22/09/22	08/12/22	02/03/23	01/06/23	26/09/23	14/12/23	07/03/24	06/06/24	26/09/24	12/12/24	06/03/25	29/05/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Costco Wholesale Corporation

Fiscal Period: September	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-4,668	-3,767	-3,646	-7,242	-4,009	-8,310	-12,094	-16,691
Change	-	19.3%	3.21%	-98.63%	44.64%	-107.28%	-45.54%	-38.01%
Announcement Date	24/09/20	23/09/21	22/09/22	26/09/23	26/09/24	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Costco Wholesale Corporation

Fiscal Period: September	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	2,810	3,588	3,891	4,323	4,710	5,070	5,176	5,382
Change	-	27.69%	8.44%	11.1%	8.95%	7.65%	2.07%	3.98%
Free Cash Flow (FCF) ¹	6,051	5,370	3,501	6,745	6,629	7,391	8,144	9,256
Change	-	-11.25%	-34.8%	92.66%	-1.72%	11.5%	10.18%	13.65%
Announcement Date	24/09/20	23/09/21	22/09/22	26/09/23	26/09/24	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Costco Wholesale Corporation

Fiscal Period: September	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	4.25%	4.33%	4.27%	4.21%	4.53%	4.67%	4.82%	4.99%
EBIT Margin (%)	3.26%	3.42%	3.43%	3.35%	3.65%	3.79%	3.9%	4.03%
EBT Margin (%)	3.22%	3.41%	3.45%	3.5%	3.83%	3.92%	4.05%	4.17%
Net margin (%)	2.4%	2.56%	2.57%	2.6%	2.9%	2.94%	3.02%	3.11%
FCF margin (%)	3.63%	2.74%	1.54%	2.78%	2.61%	2.69%	2.76%	2.92%
FCF / Net Income (%)	151.2%	107.25%	59.91%	107.2%	89.98%	91.66%	91.24%	93.8%
Profitability
ROA	7.93%	8.72%	9.47%	9.45%	10.61%	10.84%	11.14%	11.05%
ROE	23.87%	27.93%	30.59%	27.54%	30.27%	29.89%	27.99%	25.92%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	1.69%	1.83%	1.71%	1.78%	1.85%	1.85%	1.75%	1.7%
CAPEX / EBITDA (%)	39.69%	42.27%	40.14%	42.42%	40.88%	39.5%	36.38%	34.06%
CAPEX / FCF (%)	46.44%	66.82%	111.14%	64.09%	71.05%	68.6%	63.55%	58.14%
Items per share
Cash flow per share ¹	19.96	20.16	16.62	24.9	25.49	26.42	19.78	18.11
Change	-	0.99%	-17.56%	49.83%	2.38%	3.64%	-25.15%	-8.44%
Dividend per Share ¹	2.7	2.98	3.38	3.84	19.36	4.631	5.26	5.408
Change	-	10.37%	13.42%	13.61%	404.17%	-76.08%	13.59%	2.8%
Book Value Per Share ¹	41.34	39.75	46.63	56.61	53.31	65.36	79.16	95.91
Change	-	-3.84%	17.3%	21.39%	-5.83%	22.61%	21.11%	21.15%
EPS ¹	9.02	11.27	13.14	14.16	16.56	18.12	20.06	22.19
Change	-	24.94%	16.59%	7.76%	16.95%	9.41%	10.7%	10.62%
Nbr of stocks (in thousands)	441,524	442,069	442,963	443,148	443,335	443,477	443,477	443,477
Announcement Date	24/09/20	23/09/21	22/09/22	26/09/23	26/09/24	-	-	-