Costco Wholesale Corporation Reports Fourth Quarter and Fiscal Year 2025 Operating Results

ISSAQUAH, Wash., Sept. 25, 2025 (GLOBE NEWSWIRE) -- Costco Wholesale Corporation (“Costco” or the “Company”) (Nasdaq: COST) today announced its operating results for the 16-week fourth quarter and the 52-week fiscal year ended August 31, 2025.

Net sales for the quarter increased 8.0 percent, to $84.4 billion, from $78.2 billion last year. Net sales for the fiscal year increased 8.1 percent, to $269.9 billion, from $249.6 billion last year.

Comparable sales for the fourth quarter and fiscal year were as follows:

16 Weeks 16 Weeks 52 Weeks 52 Weeks Adjusted* 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 for the fourth quarter was $2.610 billion, $5.87 per diluted share, compared to $2.354 billion, $5.29 per diluted share, last year. Last year’s results included a net non-recurring tax benefit of $63 million, $0.14 per diluted share, related to a transfer pricing settlement, and true-ups of tax reserves. Net income for the fiscal year was $8.099 billion, $18.21 per diluted share, compared to $7.367 billion, $16.56 per diluted share, last year.

Costco currently operates 914 warehouses, 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. Costco also operates e-commerce sites in the U.S., Canada, the U.K., Mexico, Korea, Taiwan, Japan, and Australia.

A conference call to discuss these results is scheduled for 2:00 p.m. (PT) today, September 25, 2025, and will be available via a webcast on investor.costco.com (click “Events & Presentations”).

Certain statements contained in this document constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. For these purposes, forward-looking statements are statements that address activities, events, conditions or developments that the Company expects or anticipates may occur in the future. In some cases forward-looking statements can be identified because they contain words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “likely,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” or similar expressions and the negatives of those terms. Such forward-looking statements involve risks and uncertainties that may cause actual events, results or performance to differ materially from those indicated by such statements. These risks and uncertainties include, but are not limited to, domestic and international economic conditions, including exchange rates, inflation or deflation, the effects of competition and regulation, uncertainties in the financial markets, consumer and small business spending patterns and debt levels, breaches of security or privacy of member or business information, conditions affecting the acquisition, development, ownership or use of real estate, capital spending, actions of vendors, rising costs associated with employees (generally including health-care costs and wages), workforce interruptions, energy and certain commodities, geopolitical conditions (including tariffs), the ability to maintain effective internal control over financial reporting, regulatory and other impacts related to environmental and social matters, public-health related factors, and other risks identified from time to time in the Company’s public statements and reports filed with the Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made, and the Company does not undertake to update these statements, except as required by law. Comparable sales and comparable sales excluding impacts from changes in gasoline prices and foreign exchange are intended as supplemental information and are not a substitute for net sales presented in accordance with U.S. GAAP.

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CONTACTS: Costco Wholesale Corporation Josh Dahmen, 425/313-8254 Andrew Yoon, 425/313-6305

COST-Earn

COSTCO WHOLESALE CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(dollars in millions, except per share data) (unaudited) 16 Weeks Ended 52 Weeks Ended August 31, 2025 September 1, 2024 August 31, 2025 September 1, 2024 REVENUE 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 EXPENSES Merchandise costs 75,037 69,588 239,886 222,358 Selling, general and administrative 7,778 7,067 24,966 22,810 Operating income 3,341 3,042 10,383 9,285 OTHER INCOME (EXPENSE) Interest expense (46 ) (49 ) (154 ) (169 ) Interest income and other, net 215 120 589 624 INCOME BEFORE INCOME TAXES 3,510 3,113 10,818 9,740 Provision for income taxes 900 759 2,719 2,373 NET INCOME $ 2,610 $ 2,354 $ 8,099 $ 7,367 NET INCOME PER COMMON SHARE: Basic $ 5.88 $ 5.30 $ 18.24 $ 16.59 Diluted $ 5.87 $ 5.29 $ 18.21 $ 16.56 Shares used in calculation (000’s): Basic 444,007 444,013 443,985 443,914 Diluted 444,706 444,977 444,803 444,759

COSTCO WHOLESALE CORPORATION
CONSOLIDATED BALANCE SHEETS
(amounts in millions, except par value and share data) (unaudited) Subject to Reclassification August 31,
2025 September 1,
2024 ASSETS CURRENT ASSETS Cash and cash equivalents $ 14,161 $ 9,906 Short-term investments 1,123 1,238 Receivables, net 3,203 2,721 Merchandise inventories 18,116 18,647 Other current assets 1,777 1,734 Total current assets 38,380 34,246 OTHER ASSETS Property and equipment, net 31,909 29,032 Operating lease right-of-use assets 2,725 2,617 Other long-term assets 4,085 3,936 TOTAL ASSETS $ 77,099 $ 69,831 LIABILITIES AND EQUITY CURRENT LIABILITIES Accounts payable $ 19,783 $ 19,421 Accrued salaries and benefits 5,205 4,794 Accrued member rewards 2,677 2,435 Deferred membership fees 2,854 2,501 Other current liabilities 6,589 6,313 Total current liabilities 37,108 35,464 OTHER LIABILITIES Long-term debt, excluding current portion 5,713 5,794 Long-term operating lease liabilities 2,460 2,375 Other long-term liabilities 2,654 2,576 TOTAL LIABILITIES 47,935 46,209 COMMITMENTS AND CONTINGENCIES EQUITY Preferred stock $0.005 par value; 100,000,000 shares authorized; no shares issued and outstanding — — Common stock $0.005 par value; 900,000,000 shares authorized; 443,237,000 and 443,126,000 shares issued and outstanding 2 2 Additional paid-in capital 8,282 7,829 Accumulated other comprehensive loss (1,770 ) (1,828 ) Retained earnings 22,650 17,619 TOTAL EQUITY 29,164 23,622 TOTAL LIABILITIES AND EQUITY $ 77,099 $ 69,831

COSTCO WHOLESALE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(amounts in millions) (unaudited) Subject to Reclassification 52 Weeks Ended August 31,
2025 September 1,
2024 CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 8,099 $ 7,367 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 2,426 2,237 Non-cash lease expense 303 315 Stock-based compensation 860 818 Other non-cash operating activities, net (117 ) (9 ) Changes in working capital 1,764 611 Net cash provided by operating activities 13,335 11,339 CASH FLOWS FROM INVESTING ACTIVITIES Purchases of short-term investments (1,028 ) (1,470 ) Maturities of short-term investments 1,141 1,790 Additions to property and equipment (5,498 ) (4,710 ) Other investing activities, net 74 (19 ) Net cash used in investing activities (5,311 ) (4,409 ) CASH FLOWS FROM FINANCING ACTIVITIES Repayments of short-term borrowings (862 ) (920 ) Proceeds from short-term borrowings 816 928 Repayments of long-term debt (103 ) (1,077 ) Proceeds from issuance of long-term debt — 498 Tax withholdings on stock-based awards (393 ) (315 ) Repurchases of common stock (903 ) (700 ) Cash dividend payments (2,183 ) (9,041 ) Financing lease payments and other financing activities, net (147 ) (137 ) Net cash used in financing activities (3,775 ) (10,764 ) EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS 6 40 Net change in cash and cash equivalents 4,255 (3,794 ) CASH AND CASH EQUIVALENTS BEGINNING OF YEAR 9,906 13,700 CASH AND CASH EQUIVALENTS END OF YEAR $ 14,161 $ 9,906

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