Costco Wholesale Corporation (COST) 10-K Financial Statements & Excel Model (.xlsx)
Access audited annual financial statements for Costco Wholesale Corporation directly from SEC EDGAR. Review multi-year US-GAAP performance across Foods & Sundries, Non-Foods, Fresh Foods, and Membership Fees ($4.8B+ at 93% renewal rate), negative working capital dynamics, and download the financial model in Excel (.xlsx).
Download Costco Wholesale Corporation (COST) 10-K Financial Model
Complete multi-sheet workbook: Summary, Income Statement, Balance Sheet, Cash Flow, Segment Schedule, and 5-Year DCF
1. Audited 3-Year Multi-Period Financial Performance (US-GAAP)
Reported multi-period figures extracted directly from Costco Wholesale Corporation's official SEC Form 10-K filings with US-GAAP XBRL taxonomy verification:
| Line Item (US-GAAP Taxonomy) | FY2022 | FY2023 | FY2024 (Latest) | YoY Growth |
|---|---|---|---|---|
| Net Sales | $222,730M | $237,710M | $249,600M | +5.0% |
| Membership Fees | $4,224M | $4,580M | $4,800M | +4.8% |
| Total Revenue | $226,954M | $242,290M | $254,400M | +5.0% |
| Merchandise Costs | $199,382M | $212,586M | $222,800M | +4.8% |
| Gross Margin (incl. Membership) | 12.1% | 12.3% | 12.4% | +10 bps |
| Selling, General & Administrative | $19,779M | $21,590M | $22,300M | +3.3% |
| Operating Income (GAAP EBIT) | $7,793M | $8,114M | $9,300M | +14.6% |
| Net Income (GAAP) | $5,844M | $6,292M | $7,360M | +17.0% |
| Diluted Earnings Per Share (EPS) | $13.14 | $14.16 | $16.56 | +17.0% |
| Cash Flow from Operations (CFO) | $7,387M | $9,947M | $11,300M | +13.6% |
| Capital Expenditures (Warehouse Openings) | ($3,887M) | ($3,947M) | ($4,700M) | +19.1% |
| Free Cash Flow (FCF) | $3,500M | $6,000M | $6,600M | +10.0% |
2. ASC 280 Segment & Operating Revenue Breakdown
Costco reports net sales across major merchandise categories, with profits driven primarily by membership dues:
| Segment / Operating Division | FY2022 ($M) | FY2023 ($M) | FY2024 (Latest) ($M) | % of Total Sales | YoY Growth |
|---|---|---|---|---|---|
| Foods and Sundries | $86,800M | $92,700M | $97,300M | 39.0% | +5.0% |
| Non-Foods (Apparel, Electronics) | $55,600M | $59,400M | $62,400M | 25.0% | +5.1% |
| Fresh Foods (Bakery, Meat, Produce) | $31,100M | $33,200M | $35,000M | 14.0% | +5.4% |
| Warehouse Ancillary (Gas, Pharmacy, Optical) | $49,230M | $52,410M | $54,900M | 22.0% | +4.8% |
| Total Net Sales | $222,730M | $237,710M | $249,600M | 100.0% | +5.0% |
3. Solvency Analysis, Forensic Accruals & Quality of Earnings
Review of institutional solvency and earnings quality indicators to evaluate balance sheet robustness and financial reporting integrity:
Top-tier creditworthiness; loyal subscription membership base provides virtually immune recurring cash flow.
Completely transparent retail inventory turnover with instant cash collection at warehouse checkout registers.
Famous negative cash cycle: merchandise sells to members within 30 days while suppliers are paid on 35-day terms, generating free supplier funding.
Frequently Asked Questions (COST 10-K & Valuation)
Why is the membership fee so critical to Costco's business model?
Costco sells retail merchandise at near-breakeven gross margins (~11% cap). Membership fees ($4.8 billion annually) drop almost 100% to operating income, representing over 52% of total corporate operating profit.
What was the financial impact of Costco's 2024 membership fee increase?
Costco raised US/Canada annual Gold Star dues from $60 to $65 and Executive memberships from $120 to $130 (first hike since 2017), contributing ~$370 million in high-margin incremental annual operating profit over a two-year roll-in.
How does Costco maintain a negative cash conversion cycle?
Costco turns its high-volume inventory every 30 days while paying vendors on 35-day accounts payable terms. As a result, Costco collects cash from customers before paying suppliers, funding warehouse expansion without debt.
Where can I download Costco's 10-K financial model in Excel?
Click 'Download COST .XLSX' to export the audited 3-year multi-sheet retail warehouse model, membership fee walks, and 5-year DCF.
Run Interactive Valuations for COST
Open the full CALIO Terminal to adjust WACC, terminal growth rates, and compare Costco Wholesale Corporation directly against industry sector peer benchmarks.