COST Costco FILING REVIEW ONLY
FORM 10-K · FY2025 ENDED 2025-08-31 · FILED 2025-10-08 · 445M DILUTED WTD-AVG SHARES
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Diluted weighted-average shares: the average share count across the fiscal year, including shares that in-the-money options and awards would add — the denominator of diluted EPS.
· EDGAR ↗

The document provided does not contain sufficient information to describe the company's business, segments, products, customers, or areas of operation.

S&P 500 · CONSUMER STAPLES · CIK 909832

S&P 500

REVENUE$275.2B+8.2% YoY
NET INCOME$8.1B+9.9% YoY
OPERATING CASH FLOW$13.3B+17.6% YoY
FREE CASH FLOW
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Free cash flow = operating cash flow − capital expenditure, both as filed.
$7.8B+18.2% YoY
72
FILING SCORE / 100
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How the score is computed: 5 management claims are checked against the filed statements and 8 earnings-quality warning signs are computed from them. Each check earns 2 points when the numbers fully back it, 1 when partly, 0 when they contradict or flag red — 5/10 on claims and 15/16 on warning signs, averaged to 0–100. 70+ reads strong; 45–69 mixed; below 45 weak. Every check's arithmetic is on this page.
STRONG13 CHECKS · 0 red · 1 watchNEXT 10-Q ~SEP 2026 (EST.)
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Estimated from the filer's own quarter cadence: last filed quarter end + one quarter; filing typically ~40 days later. An estimate, not an announcement.
Statements & commentary
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Statements as filed on the left — every figure from the company's own XBRL filing, in millions of dollars. What management wrote on the right, quoted verbatim. Open any claim for its arithmetic. The gold number beside a statement line counts the claims resting on that line. ✓ matches · ◐ partly · ✗ contradicts or red flag · ◐ watch.
EVERY FIGURE AS FILED · $M EXCEPT PER-SHARE
Income statement · $ millions202520242023
Total revenues275,235254,453242,2907
· Food and Sundries109,564101,46396,175
· Non-Foods71,19063,97360,865
· Warehouse ancillary and other businesses51,17049,96948,693
· Fresh Foods37,98834,22031,977
· Membership fees5,3234,8284,580
Cost of revenue239,886222,358212,586
Selling, general and administrative24,96622,81021,590
Depreciation, depletion and amortization2,4262,2372,077
Operating income10,3839,2858,1143
Interest expense1541691601
Income before income taxes10,8189,7408,487
Income tax provision2,7192,3732,1951
Net income incl. noncontrolling interests8,0997,3676,292
Less: noncontrolling interests—00
Net income attributable to common8,0997,3676,2922
Diluted earnings per share$18.21$16.56$14.16
Weighted-average diluted shares4454454441
Cash flow · $ millions202520242023
Net income incl. noncontrolling interests8,0997,3676,292
Depreciation, depletion and amortization2,4262,2372,077
Share-based compensation860818774
Change in inventories(559)2,068(1,228)
Change in payables4041,938(382)
Net cash provided by operating activities13,33511,33911,0683
Capital expenditure5,4984,7104,3231
Net cash used in investing activities(5,311)(4,409)(4,972)
Dividends paid2,1839,0411,2511
Repurchases of common stock9037006761
Debt issued04980
Debt repaid1031,07775
Net cash used in financing activities(3,775)(10,764)(2,614)
Cash and equivalents at end of period14,1619,90613,700
Balance sheet · $ millions20252024
Cash and cash equivalents14,1619,906
Short-term investments1,1231,238
Receivables, net3,2032,7211
Inventories18,11618,6471
Total current assets38,38034,246
Property, plant and equipment, net31,90929,032
Goodwill—994
Total assets77,09969,831
Accounts payable19,78319,421
Current debt75103
Total current liabilities37,10835,464
Long-term debt5,7135,794
Total liabilities47,93546,209
Stockholders' equity29,16423,622
Total equity29,16423,622
Segments · as filed in the segment note · $ millionsUnited StatesOther International OperationsCanadaConsolidated
Net sales200,04638,26636,923275,235
Cost of sales174,02133,66132,204239,886
Selling, general & administrative19,1472,9492,87024,966
Operating income6,8781,6561,84910,383
· operating margin3.4%4.3%5.0%3.8%
Depreciation & amortization1,8953351962,426
Assets54,86214,9337,30477,099
Revenue by product or service · as filed · $ millionsFY2025Share
Food and Sundries109,56439.8%
Non-Foods71,19025.9%
Warehouse ancillary and other businesses51,17018.6%
Fresh Foods37,98813.8%
Membership fees5,3231.9%
Total revenues, as filed275,235100.0%

Product lines sum to the filed total.

Revenue by geography

Geographic revenue is tagged under the filer's own concept, not a standard one; not read.

Lines render when they sum to the filed total within 0.5 percent. A reconciling line the company filed closes the gap at any size, and the table is split: every line shown is filed, nothing is implied. A computed line, the filed total less the lines shown, closes up to 5 percent of the total; beyond that the table is partial and says so. Members that add to more than the filed total are a conflict and are not shown. The tolerance is 0.5 percent of the filed total or 2 million dollars, whichever is larger; for a filed total under 400 million dollars the floor is the binding one and the table says within tolerance. Every figure is as filed, in millions of dollars; shares are arithmetic on filed lines.

Largest FY/FY moves · $ millions, ranked by |Δ|FY2025FY2024Δ $Δ %Reading
Total revenues · IS275,235254,453+20,782+8.2%—
Cost of revenue · IS239,886222,358+17,528+7.9%—
· Food and Sundries · IS109,564101,463+8,101+8.0%—
Total assets · BS77,09969,831+7,268+10.4%—
· Non-Foods · IS71,19063,973+7,217+11.3%—
Net cash used in financing activities · CF(3,775)(10,764)+6,989+64.9%—
Dividends paid · CF2,1839,041−6,858-75.9%—
Stockholders' equity · BS29,16423,622+5,542+23.5%—
Total equity · BS29,16423,622+5,542+23.5%—
Cash and equivalents at end of period · CF14,1619,906+4,255+43.0%—
Cash and cash equivalents · BS14,1619,906+4,255+43.0%—
Total current assets · BS38,38034,246+4,134+12.1%—
· Fresh Foods · IS37,98834,220+3,768+11.0%—
Property, plant and equipment, net · BS31,90929,032+2,877+9.9%—
Business quality — Buffett/Munger screen · deterministic · not part of the filing scoreValueReading
Return on equity
net income ÷ average of start- and end-of-year equity
30.7%
sector median 17.7%
strong
Share count, year-end
(year-end shares − prior year-end) ÷ prior year-end
+0.0%
sector median +0.0%
flat
Debt to equity
(current debt + long-term debt) ÷ year-end equity
0.20
sector median 0.64
low
FCF consistency, 5yr
operating cash flow − capital expenditure, per year
positive 5 of 5consistent
Margin stability
pre-tax income ÷ revenue, swing across up to five years
pre-tax margin 3.9%
sector median 8.4%
stable
Quarterly · as filed in 10-Q/10-K · $ millionsFEB 25MAY 25NOV 25FEB 26MAY 26
Total revenues63,72363,20567,30769,59770,527
Cost of revenue55,74454,99658,51060,71961,519
Selling, general and administrative5,6635,6796,3346,2726,193
Depreciation, depletion and amortization552552597597597
Operating income2,3162,5302,4632,6062,815
Interest expense3635353332
Income tax provision634677582686746
Net income attributable to common1,7881,9032,0012,0352,192
Diluted earnings per share$4.02$4.28$4.50$4.58$4.93
Weighted-average diluted shares445445445444444
Largest QoQ moves · latest vs prior filed quarterPriorLatestΔ $Δ %
Total revenues69,59770,527+930+1.3%
Cost of revenue60,71961,519+800+1.3%
Operating income2,6062,815+209+8.0%
Net income attributable to common2,0352,192+157+7.7%
Selling, general and administrative6,2726,193−79-1.3%
Income tax provision686746+60+8.7%
Interest expense3332−1-3.0%
Depreciation, depletion and amortization597597−00.0%
Ownership — insiders & floatForm 4 + 10-K cover · open-market trades onlyValueReading
Public float$475,200M10-K cover · as of 2025-02-16
Insider Form 4s, 90d9 filings · 0 buys / 1 sellsnet selling · −$847,345
· Denman Kenneth DSELL $847,345Form 4 filed 2026-06-25 · open market
Insider ownership %—needs the proxy statement — not read yet, never estimated
Institutional %—needs 13F aggregation — not read yet, never estimated
Five-year seriesEACH OPENS ITS OWN PAGE WITH DERIVATION AND HISTORY
Revenue →Net income →Operating cash flow →Free cash flow →Capital expenditure →Cash & equivalents →Total assets →Shareholders' equity →Total debt →Return on equity →Days sales outstanding →
Terms and acronyms used on this page
Income statement & cash flow
OCFOperating cash flow — net cash provided by operating activities, as reported.
FCFFree cash flow. Not a GAAP measure and not defined in this filing. Derived here as operating cash flow less additions to oil and gas property less leasehold acquisitions. The method is shown wherever the figure is used.
Balance sheet & market
Public floatThe market value of shares held by non-affiliates, disclosed on the 10-K cover at the prior 30 June. Converting it to a float percentage needs a share price on that date, which the filing does not contain.
Filing & document terms
10-KThe annual report filed with the SEC. Item 7 is management's discussion and analysis; Item 1A is risk factors; Item 8 and Item 15 carry the audited financial statements.
YoY · CAGRYear over year · compound annual growth rate.
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Not investment advice. DHI Signal publishes impersonal, rules-based research; no recommendation to buy or sell any security is made or implied. Every statement figure is transcribed from Costco's Form 10-K for FY2025 (accession 0000909832-25-000101), pulled from EDGAR XBRL. Derived measures are computed only from lines shown on this page and the arithmetic is displayed so it can be checked. COST is not in the tracked book. Market posture attaches only when the dashboard feed carries the name; this page computes none of it.