Costco(COST) - 2025 Q4 - Annual Results

Operating Results Overview This section presents Costco's financial and operational performance for Q4 and FY2025, including sales, income, and global footprint Financial Highlights (Q4 and FY2025) Costco reported strong financial performance for both the fourth quarter and the full fiscal year 2025, with significant increases in net sales, comparable sales across all regions and e-commerce, and net income per diluted share Net Sales Performance This section details Costco's net sales figures and year-over-year growth for the recent quarter and full fiscal year | Metric | 16 Weeks Ended Aug 31, 2025 | 16 Weeks Ended Sep 1, 2024 | 52 Weeks Ended Aug 31, 2025 | 52 Weeks Ended Sep 1, 2024 | | :----- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Net Sales | $84.4 billion | $78.2 billion | $269.9 billion | $249.6 billion | | YoY Growth | 8.0% | - | 8.1% | - | Comparable Sales Performance This section analyzes Costco's comparable sales growth across various regions and e-commerce, both reported and adjusted | Region | 16 Weeks | 16 Weeks Adjusted* | 52 Weeks | 52 Weeks Adjusted* | | :---------------- | :------- | :----------------- | :------- | :----------------- | | U.S. | 5.1% | 6.0% | 6.2% | 7.3% | | Canada | 6.3% | 8.3% | 5.0% | 8.3% | | Other International | 8.6% | 7.2% | 4.8% | 8.2% | | Total Company | 5.7% | 6.4% | 5.9% | 7.6% | | E-commerce | 13.6% | 13.5% | 15.6% | 16.1% | *Excluding the impacts from changes in gasoline prices and foreign exchange. Net Income and Earnings Per Share This section presents Costco's net income and diluted earnings per share for the recent quarter and full fiscal year | Metric | 16 Weeks Ended Aug 31, 2025 | 16 Weeks Ended Sep 1, 2024 | 52 Weeks Ended Aug 31, 2025 | 52 Weeks Ended Sep 1, 2024 | | :----- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Net Income | $2.610 billion | $2.354 billion | $8.099 billion | $7.367 billion | | Diluted EPS | $5.87 | $5.29 | $18.21 | $16.56 | - Last year's Q4 results included a net non-recurring tax benefit of $63 million, or $0.14 per diluted share, related to a transfer pricing settlement and true-ups of tax reserves[3] Operational Footprint As of August 31, 2025, Costco operates 914 warehouses globally, with a significant presence in the United States and Canada, alongside a growing international and e-commerce footprint - Costco currently operates 914 warehouses globally, including 629 in the United States and Puerto Rico, 110 in Canada, 42 in Mexico, 37 in Japan, 29 in the United Kingdom, 20 in Korea, 15 in Australia, 14 in Taiwan, seven in China, five in Spain, two in France, two in Sweden, and one each in Iceland and New Zealand[4] - The Company also operates e-commerce sites in the U.S., Canada, the U.K., Mexico, Korea, Taiwan, Japan, and Australia[4] Conference Call Information A conference call was scheduled for September 25, 2025, to discuss the operating results, with webcast access available for investors - A conference call to discuss these results was scheduled for 2:00 p.m. (PT) on September 25, 2025, and was available via a webcast on investor.costco.com[5] Financial Statements This section provides a comprehensive overview of Costco's financial health through its consolidated income statements, balance sheets, and cash flow statements Consolidated Statements of Income The Consolidated Statements of Income detail Costco's revenue, operating expenses, and net income figures for the 16-week and 52-week periods ending August 31, 2025, and September 1, 2024, showing year-over-year growth in key profitability metrics | Metric (in millions) | 16 Weeks Ended Aug 31, 2025 | 16 Weeks Ended Sep 1, 2024 | 52 Weeks Ended Aug 31, 2025 | 52 Weeks Ended Sep 1, 2024 | | :------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Net sales | $84,432 | $78,185 | $269,912 | $249,625 | | Membership fees | $1,724 | $1,512 | $5,323 | $4,828 | | Total revenue | $86,156 | $79,697 | $275,235 | $254,453 | | Operating income | $3,341 | $3,042 | $10,383 | $9,285 | | Net income | $2,610 | $2,354 | $8,099 | $7,367 | | Diluted EPS | $5.87 | $5.29 | $18.21 | $16.56 | Consolidated Balance Sheets The Consolidated Balance Sheets provide a snapshot of Costco's financial position as of August 31, 2025, and September 1, 2024, highlighting increases in total assets and equity, reflecting business expansion and retained earnings | Metric (in millions) | August 31, 2025 | September 1, 2024 | | :------------------- | :---------------- | :---------------- | | Cash and cash equivalents | $14,161 | $9,906 | | Total current assets | $38,380 | $34,246 | | Property and equipment, net | $31,909 | $29,032 | | TOTAL ASSETS | $77,099 | $69,831 | | Total current liabilities | $37,108 | $35,464 | | TOTAL LIABILITIES | $47,935 | $46,209 | | Retained earnings | $22,650 | $17,619 | | TOTAL EQUITY | $29,164 | $23,622 | Condensed Consolidated Statements of Cash Flows The Condensed Consolidated Statements of Cash Flows illustrate the movement of cash for the 52-week periods ending August 31, 2025, and September 1, 2024, indicating strong cash generation from operating activities and significant investments in property and equipment | Metric (in millions) | 52 Weeks Ended Aug 31, 2025 | 52 Weeks Ended Sep 1, 2024 | | :------------------- | :-------------------------- | :-------------------------- | | Net cash provided by operating activities | $13,335 | $11,339 | | Net cash used in investing activities | $(5,311) | $(4,409) | | Net cash used in financing activities | $(3,775) | $(10,764) | | Net change in cash and cash equivalents | $4,255 | $(3,794) | | CASH AND CASH EQUIVALENTS END OF YEAR | $14,161 | $9,906 | Additional Information This section includes important disclosures regarding forward-looking statements and investor contact details Forward-Looking Statements Disclaimer This section outlines the nature of forward-looking statements within the document, emphasizing the inherent risks and uncertainties that could cause actual results to differ materially from projections - The document contains forward-looking statements regarding future activities, events, conditions, or developments, which are subject to risks and uncertainties that may cause actual results to differ materially[6] - These risks include economic conditions, competition, financial market uncertainties, consumer spending, security breaches, real estate conditions, rising costs, geopolitical conditions, and regulatory impacts[6] - The Company does not undertake to update these statements, except as required by law[6] Company Contacts Contact information for Costco Wholesale Corporation investor relations is provided for further inquiries - For investor inquiries, contacts are Josh Dahmen at 425/313-8254 and Andrew Yoon at 425/313-6305[7]