Costco Wholesale Corporation

Name: Costco Wholesale Corporation financial statements and ratios
Creator: Annalist

COST · Nasdaq · Consumer retail, general merchandise · United States · US GAAP · Fiscal year ends August

Latest report: Q4 FY2026, the quarter ended 30 August 2026, released 7 October 2026. Snapshot FY2026Q4_73283460.

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Overview

Revenue, quarter

+11.1% year on year

Operating income, quarter

+13.8% year on year

Net income, quarter

+14.9% year on year

Diluted EPS, quarter

n/aThe annual report gives the fiscal year only

Operating margin, last 4 quarters

+0.1pp year on year

Return on equity, last 4 quarters

−2.3pp year on year

Select a figure to see the document it came from.

Key Findings

Findings for the latest quarter, with their history over earlier quarters.

Revenue for the quarter ended 30 August 2026 was US$95.7 billion, 11.1% higher than in the same quarter a year earlier.
Confirmedin Q4 FY2026 · stated since Q4 FY2024
Rule: Revenue against a year earlier · Sources 10-K 2026-08, 10-Q 2026-05
History of this finding, 9 records
1. Q4 FY2026 ConfirmedRevenue for the quarter ended 30 August 2026 was US$95.7 billion, 11.1% higher than in the same quarter a year earlier.Recorded from FY2026Q4_0af5a396 · data update
2. Q3 FY2026 StrengthenedRevenue for the quarter ended 10 May 2026 was US$70.5 billion, 11.6% higher than in the same quarter a year earlier.Reconstructed · data update
3. Q2 FY2026 ConfirmedRevenue for the quarter ended 15 February 2026 was US$69.6 billion, 9.2% higher than in the same quarter a year earlier.Reconstructed · data update
4. Q1 FY2026 ConfirmedRevenue for the quarter ended 23 November 2025 was US$67.3 billion, 8.3% higher than in the same quarter a year earlier.Reconstructed · data update
5. Q4 FY2025 ConfirmedRevenue for the quarter ended 31 August 2025 was US$86.2 billion, 8.1% higher than in the same quarter a year earlier.Reconstructed · data update
6. Q3 FY2025 WeakenedRevenue for the quarter ended 11 May 2025 was US$63.2 billion, 8.0% higher than in the same quarter a year earlier.Reconstructed · data update
7. Q2 FY2025 StrengthenedRevenue for the quarter ended 16 February 2025 was US$63.7 billion, 9.0% higher than in the same quarter a year earlier.Reconstructed · data update
8. Q1 FY2025 StrengthenedRevenue for the quarter ended 24 November 2024 was US$62.2 billion, 7.5% higher than in the same quarter a year earlier.Reconstructed · data update
9. Q4 FY2024 NewRevenue for the quarter ended 1 September 2024 was US$79.7 billion, 1.0% higher than in the same quarter a year earlier.Reconstructed · initial
Net income attributable to the company was US$3.0 billion, 14.9% higher than in the same quarter a year earlier.
Confirmedin Q4 FY2026 · stated since Q4 FY2024
Rule: Net income against a year earlier · Sources 10-K 2026-08, 10-Q 2026-05
History of this finding, 9 records
1. Q4 FY2026 ConfirmedNet income attributable to the company was US$3.0 billion, 14.9% higher than in the same quarter a year earlier.Recorded from FY2026Q4_0af5a396 · data update
2. Q3 FY2026 StrengthenedNet income attributable to the company was US$2.2 billion, 15.2% higher than in the same quarter a year earlier.Reconstructed · data update
3. Q2 FY2026 StrengthenedNet income attributable to the company was US$2.0 billion, 13.8% higher than in the same quarter a year earlier.Reconstructed · data update
4. Q1 FY2026 ConfirmedNet income attributable to the company was US$2.0 billion, 11.3% higher than in the same quarter a year earlier.Reconstructed · data update
5. Q4 FY2025 WeakenedNet income attributable to the company was US$2.6 billion, 10.9% higher than in the same quarter a year earlier.Reconstructed · data update
6. Q3 FY2025 StrengthenedNet income attributable to the company was US$1.9 billion, 13.2% higher than in the same quarter a year earlier.Reconstructed · data update
7. Q2 FY2025 WeakenedNet income attributable to the company was US$1.8 billion, 2.6% higher than in the same quarter a year earlier.Reconstructed · data update
8. Q1 FY2025 StrengthenedNet income attributable to the company was US$1.8 billion, 13.2% higher than in the same quarter a year earlier.Reconstructed · data update
9. Q4 FY2024 NewNet income attributable to the company was US$2.4 billion, 9.0% higher than in the same quarter a year earlier.Reconstructed · initial
The operating margin over the last 4 quarters was 3.9%, 0.1 percentage points higher than a year earlier.
Confirmedin Q4 FY2026 · stated since Q4 FY2024
Rule: Operating margin against a year earlier · Sources 10-Q 2025-11, 10-Q 2026-02, 10-Q 2026-05 and 1 more
History of this finding, 9 records
1. Q4 FY2026 ConfirmedThe operating margin over the last 4 quarters was 3.9%, 0.1 percentage points higher than a year earlier.Recorded from FY2026Q4_0af5a396 · data update
2. Q3 FY2026 ConfirmedThe operating margin over the last 4 quarters was 3.8%, 0.1 percentage points higher than a year earlier.Reconstructed · data update
3. Q2 FY2026 ConfirmedThe operating margin over the last 4 quarters was 3.8%, 0.1 percentage points higher than a year earlier.Reconstructed · data update
4. Q1 FY2026 ConfirmedThe operating margin over the last 4 quarters was 3.8%, 0.1 percentage points higher than a year earlier.Reconstructed · data update
5. Q4 FY2025 ConfirmedThe operating margin over the last 4 quarters was 3.8%, 0.1 percentage points higher than a year earlier.Reconstructed · data update
6. Q3 FY2025 ConfirmedThe operating margin over the last 4 quarters was 3.8%, 0.2 percentage points higher than a year earlier.Reconstructed · data update
7. Q2 FY2025 ConfirmedThe operating margin over the last 4 quarters was 3.7%, 0.3 percentage points higher than a year earlier.Reconstructed · data update
8. Q1 FY2025 ConfirmedThe operating margin over the last 4 quarters was 3.7%, 0.3 percentage points higher than a year earlier.Reconstructed · data update
9. Q4 FY2024 NewThe operating margin over the last 4 quarters was 3.6%, 0.3 percentage points higher than a year earlier.Reconstructed · initial
Return on equity over the last 4 quarters was 28.4%, against 30.7% a year earlier.
Weakenedin Q4 FY2026 · stated since Q2 FY2026
Rule: Return on equity against a year earlier · Sources 10-K 2026-08, 10-Q 2025-11, 10-Q 2026-02 and 2 more
History of this finding, 10 records
1. Q4 FY2026 WeakenedReturn on equity over the last 4 quarters was 28.4%, against 30.7% a year earlier.Recorded from FY2026Q4_0af5a396 · data update
2. Q3 FY2026 ConfirmedReturn on equity over the last 4 quarters was 29.2%, against 32.1% a year earlier.Reconstructed · data update
3. Q2 FY2026 NewReturn on equity over the last 4 quarters was 29.7%, against 32.9% a year earlier.Reconstructed · data update
4. Q2 FY2026 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
5. Q1 FY2026 ConfirmedReturn on equity over the last 4 quarters was 30.3%, against 29.9% a year earlier.Reconstructed · data update
6. Q4 FY2025 ConfirmedReturn on equity over the last 4 quarters was 30.7%, against 30.3% a year earlier.Reconstructed · data update
7. Q3 FY2025 WeakenedReturn on equity over the last 4 quarters was 32.1%, against 31.6% a year earlier.Reconstructed · data update
8. Q2 FY2025 WeakenedReturn on equity over the last 4 quarters was 32.9%, against 31.2% a year earlier.Reconstructed · data update
9. Q1 FY2025 ConfirmedReturn on equity over the last 4 quarters was 29.9%, against 27.4% a year earlier.Reconstructed · data update
10. Q4 FY2024 NewReturn on equity over the last 4 quarters was 30.3%, against 27.5% a year earlier.Reconstructed · initial
Free cash flow over the last 4 quarters was US$9.4 billion, and operating cash flow was 1.7 times net income attributable to the company.
Interpretation. Operating cash flow paid for all capital expenditure, and the rest is free for dividends, share buybacks or debt repayment.
Strengthenedin Q4 FY2026 · stated since Q4 FY2024
Rule: Free cash flow · Sources 10-Q 2025-11, 10-Q 2026-02, 10-Q 2026-05 and 1 more
History of this finding, 9 records
1. Q4 FY2026 StrengthenedFree cash flow over the last 4 quarters was US$9.4 billion, and operating cash flow was 1.7 times net income attributable to the company.Recorded from FY2026Q4_0af5a396 · data update
2. Q3 FY2026 ConfirmedFree cash flow over the last 4 quarters was US$8.8 billion, and operating cash flow was 1.7 times net income attributable to the company.Reconstructed · data update
3. Q2 FY2026 ConfirmedFree cash flow over the last 4 quarters was US$9.1 billion, and operating cash flow was 1.8 times net income attributable to the company.Reconstructed · data update
4. Q1 FY2026 StrengthenedFree cash flow over the last 4 quarters was US$9.0 billion, and operating cash flow was 1.8 times net income attributable to the company.Reconstructed · data update
5. Q4 FY2025 StrengthenedFree cash flow over the last 4 quarters was US$7.8 billion, and operating cash flow was 1.6 times net income attributable to the company.Reconstructed · data update
6. Q3 FY2025 StrengthenedFree cash flow over the last 4 quarters was US$7.3 billion, and operating cash flow was 1.6 times net income attributable to the company.Reconstructed · data update
7. Q2 FY2025 StrengthenedFree cash flow over the last 4 quarters was US$6.9 billion, and operating cash flow was 1.6 times net income attributable to the company.Reconstructed · data update
8. Q1 FY2025 WeakenedFree cash flow over the last 4 quarters was US$5.0 billion, and operating cash flow was 1.3 times net income attributable to the company.Reconstructed · data update
9. Q4 FY2024 NewFree cash flow over the last 4 quarters was US$6.6 billion, and operating cash flow was 1.5 times net income attributable to the company.Reconstructed · initial
Cash and short-term investments exceeded total debt by US$15.1 billion at 30 August 2026.
Strengthenedin Q4 FY2026 · stated since Q4 FY2024
Rule: Net debt or net cash · Sources 10-K 2026-08
History of this finding, 9 records
1. Q4 FY2026 StrengthenedCash and short-term investments exceeded total debt by US$15.1 billion at 30 August 2026.Recorded from FY2026Q4_0af5a396 · data update
2. Q3 FY2026 StrengthenedCash and short-term investments exceeded total debt by US$14.3 billion at 10 May 2026.Reconstructed · data update
3. Q2 FY2026 StrengthenedCash and short-term investments exceeded total debt by US$12.5 billion at 15 February 2026.Reconstructed · data update
4. Q1 FY2026 StrengthenedCash and short-term investments exceeded total debt by US$11.4 billion at 23 November 2025.Reconstructed · data update
5. Q4 FY2025 StrengthenedCash and short-term investments exceeded total debt by US$9.5 billion at 31 August 2025.Reconstructed · data update
6. Q3 FY2025 StrengthenedCash and short-term investments exceeded total debt by US$9.0 billion at 11 May 2025.Reconstructed · data update
7. Q2 FY2025 StrengthenedCash and short-term investments exceeded total debt by US$7.3 billion at 16 February 2025.Reconstructed · data update
8. Q1 FY2025 StrengthenedCash and short-term investments exceeded total debt by US$6.0 billion at 24 November 2024.Reconstructed · data update
9. Q4 FY2024 NewCash and short-term investments exceeded total debt by US$5.2 billion at 1 September 2024.Reconstructed · initial

Records before Q4 FY2026 are reconstructed from the latest snapshot. Ledger: findings.json. Correction of 20 October 2026: Costco reports the regular dividend of each quarter, 1.02 for its second quarter of fiscal 2024, and 19.36 for the year with the special dividend of 15.00 declared in December 2023. The year less the 3 quarters put the special dividend in the fourth quarter, 16.16. Annalist derives no per-share figure from 2 filings, and that quarter is no longer published. No finding cites the figure.

Credit, liquidity, earnings quality and score findings: Analysis.

Data

Source documents24 documents, latest Form 10-K, period ended 30 August 2026List

DownloadsExcel workbook · JSON

SnapshotFY2026Q4_73283460

Corporate Events

No corporate event found in the filings since 2020.

Earnings, Returns and Balance Sheet

Revenue

By quarter, US dollars

Operating Income

By quarter, US dollars

Net Income Attributable to the Company

By quarter, US dollars

Margins

Last 4 quarters at each quarter end, per cent

Returns

Last 4 quarters, per cent

Free Cash Flow

Operating cash flow less capital expenditure, by quarter, US dollars

Net Debt

Total debt less cash and short-term investments, at quarter end, US dollars

Diluted Earnings per Share

By quarter, as reported

Financial Statements

Figures as filed. Select a figure for its source document and method; a small d marks a quarter derived from cumulative reports.

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Ratios

Select a ratio for its formula and the figures it uses, each with its document; (i) gives its definition.

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Analysis

Credit update

Q4 FY2026

Form 10-K, period ended 30 August 2026, filed 7 October 2026. Changes are against the previous report, and each figure shows its period.

4changes0thresholds crossed

Changes in This Report 4

WeakenedReturn on Equity Against a Year Earlier10-K 2026-08
Return on equity over the last 4 quarters was 28.4%, against 30.7% a year earlier.
Earlier record, Q3 FY2026
Return on equity over the last 4 quarters was 29.2%, against 32.1% a year earlier.
StrengthenedFree Cash Flow10-K 2026-08
Free cash flow over the last 4 quarters was US$9.4 billion, and operating cash flow was 1.7 times net income attributable to the company.
Earlier record, Q3 FY2026
Free cash flow over the last 4 quarters was US$8.8 billion, and operating cash flow was 1.7 times net income attributable to the company.
StrengthenedNet Debt or Net Cash10-K 2026-08
Cash and short-term investments exceeded total debt by US$15.1 billion at 30 August 2026.
Earlier record, Q3 FY2026
Cash and short-term investments exceeded total debt by US$14.3 billion at 10 May 2026.
WeakenedPiotroski F-score10-K 2026-08
The Piotroski F-score for fiscal 2026 was 7 of 9. The 2 signals not met were margin higher than a year earlier and asset turnover higher than a year earlier.
Earlier record, FY2025
The Piotroski F-score for fiscal 2025 was 9 of 9.

Thresholds Crossed 0

No published finding crosses a threshold.

Fiscal years and the latest quarter, with flows over the last 4 quarters and balances at the quarter end. Select a value for its formula and the figures it uses.

Credit MetricsDebt to EBITDA 0.56x, FFO to debt 143% · Q4 FY2026

Lease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

Lease-adjusted debt was 0.6 times adjusted EBITDA over the last 4 quarters, and funds from operations equalled 143.0% of that debt. Both ratios are within the minimal band of the S&P standard volatility table.
Interpretation. Debt to EBITDA shows how many years of EBITDA the debt equals, and FFO to debt the share of the debt that 1 year of cash flow after interest and taxes would repay. The S&P table sorts both into 6 bands; the minimal band is number 1 of 6, and a higher number means more debt against earnings.
Confirmedin Q4 FY2026 · stated since FY2024
Rule: Debt against the S&P benchmark bands · Sources 10-K 2026-08, 10-Q 2025-11, 10-Q 2026-02 and 2 more
History of this finding, 5 records
1. Q4 FY2026 ConfirmedLease-adjusted debt was 0.6 times adjusted EBITDA over the last 4 quarters, and funds from operations equalled 143.0% of that debt. Both ratios are within the minimal band of the S&P standard volatility table.Recorded from FY2026Q4_c71f5555 · methodology
2. FY2026 ConfirmedLease-adjusted debt was 0.6 times adjusted EBITDA for fiscal 2026, and funds from operations equalled 143.0% of that debt. Both ratios are within the minimal band of the S&P standard volatility table.Recorded from FY2026Q4_c71f5555 · methodology
3. FY2026 ConfirmedLease-adjusted debt was 0.6 times adjusted EBITDA for fiscal 2026, and funds from operations equalled 143.0% of that debt. Both ratios are within the minimal band of the S&P standard volatility table.Recorded from FY2026Q4_0af5a396 · data update
4. FY2025 ConfirmedLease-adjusted debt was 0.6 times adjusted EBITDA for fiscal 2025, and funds from operations equalled 128.2% of that debt. Both ratios are within the minimal band of the S&P standard volatility table.Reconstructed · data update
5. FY2024 NewLease-adjusted debt was 0.7 times adjusted EBITDA for fiscal 2024, and funds from operations equalled 119.6% of that debt. Both ratios are within the minimal band of the S&P standard volatility table.Reconstructed · initial

Position in the S&P Standard Volatility Table, Last 4 Quarters to Q4 FY2026

S&P sorts companies into 6 bands by debt against earnings and cash flow, from the least debt to the most.

Debt equals 0.6 years of adjusted EBITDA; a year of funds from operations equals 143.0% of it.

Band	Minimal	Modest	Intermediate	Significant	Aggressive	Highly leveraged
Debt to EBITDA	0.56xbelow 1.5x	1.5x to 2x	2x to 3x	3x to 4x	4x to 5x	5x and above
FFO to debt	143%60% and above	45% to 60%	30% to 45%	20% to 30%	12% to 20%	below 12%

By Fiscal Year

Ratio	FY202228 Aug 2022	FY20233 Sep 2023	FY20241 Sep 2024	FY202531 Aug 2025	FY202630 Aug 2026
Lease-adjusted debtBorrowings plus the obligations of long-term leases, such as rents of stores, offices and warehouses, which credit analysts count as debt.Total debt + operating lease liabilities
Adjusted EBITDAOperating profit before depreciation, amortisation, goodwill impairment, pay in shares and lease costs: the earnings that credit analysts set against lease-adjusted debt.EBIT + depreciation and amortisation + goodwill impairment + share-based compensation + operating lease cost
Funds from operationsAdjusted EBITDA less interest and tax paid in cash: the cash the business produces each year for investment, dividends and debt repayment.Adjusted EBITDA - cash interest - lease interest - cash taxes
Debt to EBITDALease-adjusted debt measured in years of adjusted EBITDA. A figure of 3 means debt equals 3 years of those earnings; a lower figure means less debt against earnings.Lease-adjusted debt / adjusted EBITDA	minimal	minimal	minimal	minimal	minimal
FFO to debtFunds from operations as a share of lease-adjusted debt. A figure of 25% means a year of those funds equals a quarter of the debt; a higher figure means less debt.Funds from operations / lease-adjusted debt	minimal	minimal	minimal	minimal	minimal
Net debt to adjusted EBITDADebt to EBITDA after cash and short-term investments are set against the debt.(Lease-adjusted debt - cash - short-term investments) / adjusted EBITDA
Operating cash flow to debtOperating cash flow, with lease costs added back, as a share of lease-adjusted debt. A higher share means the debt could be repaid sooner from operating cash.Lease-adjusted operating cash flow / lease-adjusted debt
Free operating cash flow to debtOperating cash flow less capital spending, as a share of lease-adjusted debt: the cash left for the debt after the company maintains and expands its assets.(Lease-adjusted operating cash flow - capital expenditure) / lease-adjusted debt
Discretionary cash flow to debtCash left after capital spending, dividends and share repurchases, as a share of lease-adjusted debt. A negative figure means the company paid out more than it generated.(Lease-adjusted operating cash flow - capital expenditure - dividends - repurchases of common stock) / lease-adjusted debt
FFO cash interest coverThe number of times cash earnings cover cash interest, lease interest included.(FFO + cash interest + lease interest) / (cash interest + lease interest)
EBITDA interest coverThe number of times adjusted EBITDA covers interest, lease interest included.Adjusted EBITDA / (interest expense + lease interest)
EBITA interest coverOperating profit before the amortisation of acquired intangible assets and goodwill impairment, divided by interest expense.(EBIT + amortisation of intangible assets + goodwill impairment) / interest expense
Liquid assets to debtCash and short-term investments as a share of lease-adjusted debt: the part of the debt that cash on hand could repay at once.(Cash + short-term investments) / lease-adjusted debt

Reconciliation of the Credit Figures

Item	FY202228 Aug 2022	FY20233 Sep 2023	FY20241 Sep 2024	FY202531 Aug 2025	FY202630 Aug 2026
Total debt	$6.6bn	$6.5bn	$5.9bn	$5.8bn	$6.2bn
Operating lease liabilities	$2.7bn	$2.6bn	$2.6bn	$2.7bn	$2.6bn
Lease-adjusted debt	$9.3bn	$9.1bn	$8.5bn	$8.5bn	$8.8bn
EBIT	$7.8bn	$8.1bn	$9.3bn	$10.4bn	$11.7bn
Depreciation and amortisation	$1.9bn	$2.1bn	$2.2bn	$2.4bn	$2.7bn
Goodwill impairment	$0	$0	$0	$0	$0
Share-based compensation	$724m	$774m	$818m	$860m	$924m
Operating lease cost	$297m	$309m	$284m	$271m	$282m
Adjusted EBITDA	$10.7bn	$11.3bn	$12.6bn	$13.9bn	$15.6bn
Cash interest	−$145m	−$125m	−$129m	−$106m	−$103m
Lease interest	−$63.1m	−$66.3m	−$69.4m	−$79.6m	−$84.4m
Cash taxes	−$1.9bn	−$2.2bn	−$2.3bn	−$2.9bn	−$2.8bn
Funds from operations	$8.6bn	$8.8bn	$10.1bn	$10.8bn	$12.5bn

Method

Lease-adjusted debt is total debt plus operating lease liabilities, before the deduction of cash. Adjusted EBITDA adds goodwill impairment, share-based compensation and operating lease cost to EBIT and depreciation and amortisation; restructuring and litigation charges, other impairments and profits on disposals stay in EBIT. FFO deducts cash interest, lease interest and cash taxes.
Lease interest is the average operating lease liability times the weighted average discount rate of the leases, or the implied cost of debt where the rate is not reported.
S&P applies its table to its own adjusted figures, which also deduct surplus cash and adjust for pensions and other items, so the band of an S&P calculation can differ.
Operating lease cost is reported in the annual report only. Over the last 4 quarters, the lease figures that the quarters do not report are estimated from the latest fiscal year, and every value computed with such an estimate is marked.

Liquidity and MaturitiesLiquidity cover 3.33x, Debt due within 12 months $2.2bn · Q4 FY2026

Cash and operating cash flow against debt due within 12 months, capital expenditure and dividends, with the debt maturities of the latest annual report.

Cash, short-term investments and operating cash flow over the last 4 quarters equalled 3.3 times the sum of debt due within 12 months, capital expenditure and dividends.
Interpretation. Cash on hand and 1 year of operating cash flow pay for the debt due in the next 12 months, capital expenditure and dividends, without new borrowing. Undrawn credit lines are not counted.
Confirmedin Q4 FY2026 · stated since Q4 FY2024
Rule: Liquidity cover · Sources 10-K 2026-08, 10-Q 2025-11, 10-Q 2026-02 and 1 more
History of this finding, 11 records
1. Q4 FY2026 ConfirmedCash, short-term investments and operating cash flow over the last 4 quarters equalled 3.3 times the sum of debt due within 12 months, capital expenditure and dividends.Recorded from FY2026Q4_c71f5555 · methodology
2. Q4 FY2026 ConfirmedCash, short-term investments and operating cash flow over the last 4 quarters equalled 3.3 times the sum of debt due within 12 months, capital expenditure and dividends.Recorded from FY2026Q4_c71f5555 · methodology
3. Q4 FY2026 WeakenedCash, short-term investments and operating cash flow over the last 4 quarters equalled 3.3 times the sum of debt due within 12 months, capital expenditure and dividends.Recorded from FY2026Q4_0af5a396 · data update
4. Q3 FY2026 ConfirmedCash, short-term investments and operating cash flow over the last 4 quarters equalled 4.1 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
5. Q2 FY2026 ConfirmedCash, short-term investments and operating cash flow over the last 4 quarters equalled 3.8 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
6. Q1 FY2026 ConfirmedCash, short-term investments and operating cash flow over the last 4 quarters equalled 4.0 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
7. Q4 FY2025 ConfirmedCash, short-term investments and operating cash flow over the last 4 quarters equalled 3.7 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
8. Q3 FY2025 ConfirmedCash, short-term investments and operating cash flow over the last 4 quarters equalled 4.0 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
9. Q2 FY2025 StrengthenedCash, short-term investments and operating cash flow over the last 4 quarters equalled 3.8 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
10. Q1 FY2025 ConfirmedCash, short-term investments and operating cash flow over the last 4 quarters equalled 1.6 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
11. Q4 FY2024 NewCash, short-term investments and operating cash flow over the last 4 quarters equalled 1.6 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · initial

Sources and Uses, Last 4 Quarters to Q4 FY2026

Sources	Amount
Cash and short-term investments	$21.3bn
Operating cash flow	$15.8bn
Sources	$37.1bn

Uses	Amount
Debt due within 12 months	$2.2bn
Capital expenditure	$6.4bn
Dividends paid	$2.5bn
Uses	$11.1bn

Liquidity cover 3.33x

Debt Maturities at 30 August 2026

Principal due by fiscal year, US dollars

FY2027	FY2028	FY2029	FY2030	FY2031	After FY2031	Total
$2.2bn	$0	$136m	$1.8bn	$161m	$1.9bn	$6.2bn

By Fiscal Year

Ratio	FY202228 Aug 2022	FY20233 Sep 2023	FY20241 Sep 2024	FY202531 Aug 2025	FY202630 Aug 2026
Liquidity coverCash on hand plus a year of operating cash flow, against the cash needed in the next 12 months for maturing debt, capital spending and dividends. Above 1, these sources cover the uses without new borrowing.(Cash + short-term investments + operating cash flow) / (debt due within 12 months + capital expenditure + dividends); the flows of the fiscal year or of the last 4 quarters are taken as those of the next 12 months, and undrawn facilities are not included
Debt due within 12 monthsBorrowings due within the next 12 months, which the company must repay or refinance.The larger of long-term debt maturing within 12 months in the maturity schedule and the current portion of long-term debt, + short-term borrowings
Maturity concentrationThe largest amount of debt due in a single year of the next 5, as a share of the debt in the schedule. A high share means the repayments are concentrated in 1 year.Largest single year of debt maturing within 5 years / total debt in the maturity schedule

Method

Debt due within 12 months is the larger of the first year of the maturity schedule and the current portion of long-term debt, plus short-term borrowings. The schedule of a quarterly report can cover the rest of the fiscal year only and leaves out finance leases.
Capital expenditure and dividends of the fiscal year, or of the last 4 quarters, are taken as those of the next 12 months. Undrawn credit facilities are not included.

Earnings QualityCash-flow accruals −7.9%, Operating cash flow to EBITDA 1.10x · Q4 FY2026

Accruals and the cash backing of reported earnings.

Operating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 7.9% of average total assets.
Interpretation. The profit came in as cash: operating cash flow was larger than net income. Profit backed by cash tends to repeat more than profit made of accounting entries (Sloan, 1996).
Confirmedin Q4 FY2026 · stated since Q4 FY2024
Rule: Cash backing of earnings · Sources 10-K 2026-08, 10-Q 2025-11, 10-Q 2026-02 and 1 more
History of this finding, 10 records
1. Q4 FY2026 ConfirmedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 7.9% of average total assets.Recorded from FY2026Q4_c71f5555 · methodology
2. Q4 FY2026 ConfirmedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 7.9% of average total assets.Recorded from FY2026Q4_0af5a396 · data update
3. Q3 FY2026 WeakenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 7.6% of average total assets.Reconstructed · data update
4. Q2 FY2026 ConfirmedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 8.2% of average total assets.Reconstructed · data update
5. Q1 FY2026 StrengthenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 8.3% of average total assets.Reconstructed · data update
6. Q4 FY2025 StrengthenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 7.1% of average total assets.Reconstructed · data update
7. Q3 FY2025 ConfirmedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 6.4% of average total assets.Reconstructed · data update
8. Q2 FY2025 StrengthenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 6.2% of average total assets.Reconstructed · data update
9. Q1 FY2025 WeakenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 3.2% of average total assets.Reconstructed · data update
10. Q4 FY2024 NewOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 5.7% of average total assets.Reconstructed · initial

Net Income and Operating Cash Flow

Last 4 quarters at each quarter end, US dollars

By Fiscal Year

Ratio	FY202228 Aug 2022	FY20233 Sep 2023	FY20241 Sep 2024	FY202531 Aug 2025	FY202630 Aug 2026
Cash-flow accrualsNet income less operating cash flow, against average assets: the part of profit not received in cash in the same period. Research associates high accruals with lower earnings in later years; a negative figure means cash exceeded profit.(Net income attributable to the company - operating cash flow) / average total assets
Balance sheet accrualsThe same gap between profit and cash, measured from the changes in the balance sheet (Sloan, 1996).[(Change in current assets - change in cash) - (change in current liabilities - change in short-term debt - change in taxes payable) - depreciation and amortisation] / average total assets (Sloan, 1996)
Total accrualsAccruals that also cover long-term operating and financial assets and liabilities (Richardson, Sloan, Soliman and Tuna, 2005). Acquisitions raise the figure.Change in net operating working capital, net non-current operating assets and net financial assets / average total assets (Richardson, Sloan, Soliman and Tuna, 2005)
Operating cash flow to EBITDAOperating cash flow against EBITDA: the part of operating profit before depreciation that turns into cash after interest, tax and changes in stock, receivables and payables.Operating cash flow / (operating income + depreciation and amortisation)
Free cash flow to net incomeFree cash flow against net income. Below 1, investment and working capital take up part of the profit.(Operating cash flow - capital expenditure) / net income attributable to the company
Working capital investment to revenueCash put into receivables and stock, less extra credit from suppliers and customers, as a share of revenue. A positive figure means growth or slower collection uses cash.(Increase in receivables + increase in inventories - increase in payables - increase in contract liabilities) / revenue

Method

Cash-flow accruals are net income attributable to the company less operating cash flow, over average total assets. Balance sheet accruals follow Sloan (1996) and total accruals Richardson, Sloan, Soliman and Tuna (2005).
Balance sheet and total accruals include the assets and liabilities that acquisitions bring in and disposals take out; cash-flow accruals exclude them.

Forensic and Distress ScoresAltman Z'' 2.83, Beneish −2.66 · Piotroski 7 of 9 · Last 4 quarters 2.83 at Q4 FY2026 · FY2026

Published distress and misstatement models, with their original coefficients and thresholds.

The Altman Z'' score for fiscal 2026 was 2.83, above the safe threshold of 2.60.
Interpretation. By this model, the balance sheet and earnings look like those of companies that did not go bankrupt in its original study: above 2.60 means safe, below 1.10 distress.
Confirmedin FY2026 · stated since FY2025
Rule: Altman Z'' zone · Sources 10-K 2026-08
History of this finding, 4 records
1. FY2026 ConfirmedThe Altman Z'' score for fiscal 2026 was 2.83, above the safe threshold of 2.60.Recorded from FY2026Q4_0af5a396 · data update
2. FY2025 NewThe Altman Z'' score for fiscal 2025 was 2.61, above the safe threshold of 2.60.Reconstructed · data update
3. Q4 FY2025 RetiredThe finding changed to the safe zone.Reconstructed · data update
4. FY2024 NewThe Altman Z'' score for fiscal 2024 was 2.14, between the distress threshold of 1.10 and the safe threshold of 2.60.Reconstructed · initial
The Beneish M-score for fiscal 2026 was minus 2.66, below the model threshold of minus 1.78.
Interpretation. The model finds no sign of earnings manipulation. Beneish (1999) set a threshold of minus 1.78, above which a company resembles the companies that manipulated their earnings.
Confirmedin FY2026 · stated since FY2024
Rule: Beneish M-score against its threshold · Sources 10-K 2026-08
History of this finding, 3 records
1. FY2026 ConfirmedThe Beneish M-score for fiscal 2026 was minus 2.66, below the model threshold of minus 1.78.Recorded from FY2026Q4_0af5a396 · data update
2. FY2025 ConfirmedThe Beneish M-score for fiscal 2025 was minus 2.66, below the model threshold of minus 1.78.Reconstructed · data update
3. FY2024 NewThe Beneish M-score for fiscal 2024 was minus 2.61, below the model threshold of minus 1.78.Reconstructed · initial
The Piotroski F-score for fiscal 2026 was 7 of 9. The 2 signals not met were margin higher than a year earlier and asset turnover higher than a year earlier.
Interpretation. The score counts how many of 9 tests of profit, debt, liquidity and efficiency the company passes. A score of 7 to 9 is the strongest group: Piotroski (2000) placed 0 to 3 in the weakest.
Weakenedin FY2026 · stated since FY2025
Rule: Piotroski F-score · Sources 10-K 2025-08, 10-K 2026-08
History of this finding, 4 records
1. FY2026 WeakenedThe Piotroski F-score for fiscal 2026 was 7 of 9. The 2 signals not met were margin higher than a year earlier and asset turnover higher than a year earlier.Recorded from FY2026Q4_0af5a396 · data update
2. FY2025 NewThe Piotroski F-score for fiscal 2025 was 9 of 9.Reconstructed · data update
3. Q4 FY2025 RetiredThe finding changed to a high score.Reconstructed · data update
4. FY2024 NewThe Piotroski F-score for fiscal 2024 was 6 of 9. The 3 signals not met were long-term debt to assets lower than a year earlier, current ratio higher than a year earlier and asset turnover higher than a year earlier.Reconstructed · initial

By Fiscal Year

Ratio	FY202228 Aug 2022	FY20233 Sep 2023	FY20241 Sep 2024	FY202531 Aug 2025	FY202630 Aug 2026
Altman Z'' scoreA measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.6.56 x working capital / total assets + 3.26 x retained earnings / total assets + 6.72 x EBIT / total assets + 1.05 x total equity / total liabilities (Altman, 1995); distress zone below 1.10, safe zone above 2.60	grey zone	grey zone	grey zone	safe zone	safe zone
Beneish M-scoreA screen for earnings manipulation, built from 8 changes in the accounts, such as receivables growing faster than sales. Above minus 1.78 the model groups a company with the companies in the Beneish sample that manipulated their earnings.-4.84 + 0.920 DSRI + 0.528 GMI + 0.404 AQI + 0.892 SGI + 0.115 DEPI - 0.172 SGAI + 4.679 TATA - 0.327 LVGI (Beneish, 1999); model threshold -1.78	below threshold	below threshold	below threshold	below threshold	below threshold
Dechow F-scoreThe probability of a material misstatement in the accounts, estimated from accruals, receivables, stock, cash sales, profitability and new financing, against the average. A score of 1 means average risk and 2 means twice the average.Predicted probability of a misstatement (model 1 of Dechow, Ge, Larson and Sloan, 2011) / 0.0037, the unconditional probability; 1 equals the base rate	n/a
Piotroski F-scoreA count of 9 yes or no tests on profitability, cash flow, debt, liquidity, new shares, margins and the use of assets. A score of 7 to 9 indicates improving strength and 0 to 3 indicates weakness.Number of 9 binary signals met on profitability, cash flow, debt, liquidity, equity issuance, margin and asset turnover (Piotroski, 2000)	n/a

Altman Z'' Score

fiscal 2026

A measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.

Distress zone, below 1.10

Grey zone, 1.10 to 2.60

2.83Safe zone, above 2.60

The score of 2.83 is in the safe zone of the model, above 2.60. The largest part is retained earnings, at 1.05.

Part	Value	Coefficient	Contribution
Working capital / total assetsCurrent assets less current liabilities, against total assets: the short-term funds available for operations.	0.030	6.560	0.194
Retained earnings / total assetsProfits kept in the business over its life, against total assets.	0.321	3.260	1.047
EBIT / total assetsOperating profit against total assets: the earning power of the assets.	0.131	6.720	0.882
Total equity / total liabilitiesBook equity against liabilities: how far the assets could fall in value before liabilities exceed them.	0.672	1.050	0.706
Score			2.828

Altman, Hartzell and Peck (1995), for non-manufacturing companies. The model omits the ratio of sales to total assets of the 1968 model and uses book equity. Working capital below zero and equity reduced by share repurchases lower the score.

Beneish M-score

fiscal 2026

A screen for earnings manipulation, built from 8 changes in the accounts, such as receivables growing faster than sales. Above minus 1.78 the model groups a company with the companies in the Beneish sample that manipulated their earnings.

−2.66Below the threshold, −1.78 and below

Above the threshold, above −1.78

The score of minus 2.66 is below the model threshold of minus 1.78. Of the 8 measures, receivables against sales raises the score most.

Part	Value	Coefficient	Contribution
Intercept			−4.840
Days sales in receivables indexReceivables against sales, against a year earlier. A rise can mean sales recorded before customers pay.	1.122	0.920	1.032
Gross margin indexGross margin a year earlier against the current gross margin. Above 1, margins fell, which the model treats as a risk factor.	1.002	0.528	0.529
Asset quality indexAssets other than current assets and property, plant and equipment, as a share of total assets, against a year earlier. A rise can mean more costs recorded as assets.	0.868	0.404	0.351
Sales growth indexSales against a year earlier. The model treats fast growth as a risk factor.	1.101	0.892	0.982
Depreciation indexThe rate of depreciation a year earlier against the current rate. Above 1, depreciation slowed, which raises profit.	1.012	0.115	0.116
Selling, general and administrative expenses indexOverheads against sales, against a year earlier.	0.989	−0.172	−0.170
Total accruals to total assetsNet income less operating cash flow, against total assets: profit not backed by cash. It carries the largest coefficient in the model.	−0.074	4.679	−0.346
Leverage indexDebt against total assets, against a year earlier.	0.968	−0.327	−0.316
Score			−2.662

Beneish (1999), estimated on 74 companies identified as earnings manipulators in SEC enforcement releases and the press for 1982 to 1992, against 2,332 Compustat companies. The model classes a score above minus 1.78 with the first group. An index whose inputs are not reported counts as 1.

Dechow F-score

fiscal 2026

The probability of a material misstatement in the accounts, estimated from accruals, receivables, stock, cash sales, profitability and new financing, against the average. A score of 1 means average risk and 2 means twice the average.

A score of 0.63 means a probability of a misstatement 0.63 times the average rate in the Dechow sample: 0.23% against 0.37%.

Part	Value	Coefficient	Contribution
Intercept			−7.893
Total accruals (Richardson, Sloan, Soliman and Tuna)Total accruals: the growth of operating and financial assets net of liabilities, against average assets.	0.007	0.790	0.006
Change in receivables / average total assetsThe growth of receivables against average assets.	0.009	2.518	0.023
Change in inventories / average total assetsThe growth of stock against average assets.	0.015	1.191	0.017
Assets other than cash and property, plant and equipment / total assetsAssets other than cash and property, plant and equipment, as a share of total assets: assets whose value depends more on judgement.	0.373	1.979	0.738
Change in cash salesThe growth of sales collected in cash.	0.101	0.171	0.017
Change in return on assetsThe change in return on assets against a year earlier. A fall raises the score.	0.001	−0.932	−0.001
Debt or equity issued in the year, 1 or 01 when the company issued shares or debt in the year.	1.000	1.029	1.029
Predicted value			−6.064
Probability of a misstatement			0.23%

Model 1 of Dechow, Ge, Larson and Sloan (2011), estimated on misstatements named in SEC Accounting and Auditing Enforcement Releases. The score is the predicted probability of a misstatement over 0.37%, the unconditional probability in their sample, so 1.00 equals that base rate.

Piotroski F-score

fiscal 2026

A count of 9 yes or no tests on profitability, cash flow, debt, liquidity, new shares, margins and the use of assets. A score of 7 to 9 indicates improving strength and 0 to 3 indicates weakness.

7 of the 9 tests are met, in the high group of 7 to 9.

Signal	FY2026	FY2025
Return on assets above zero	Met	Met
Operating cash flow above zero	Met	Met
Return on assets higher than a year earlier	Met	Met
Operating cash flow above net income	Met	Met
Long-term debt to assets lower than a year earlier	Met	Met
Current ratio higher than a year earlier	Met	Met
No common equity issued	Met	Met
Margin higher than a year earlier	Not met	Met
Asset turnover higher than a year earlier	Not met	Met

Piotroski (2000), 9 signals on profitability, funding and operating efficiency, designed for companies with high book-to-market ratios. Piotroski grouped scores of 8 and 9 as high and 0 and 1 as low; the findings group 7 to 9 and 0 to 3.

Source Documents

Documents of this snapshot, latest first.

Document	Date	Id
Form 10-K, period ended 30 August 2026	7 Oct 2026	10-K:0000909832-26-000093
Form 10-Q, period ended 10 May 2026	3 Jun 2026	10-Q:0000909832-26-000051
Form 10-Q, period ended 15 February 2026	11 Mar 2026	10-Q:0000909832-26-000029
Form 10-Q, period ended 23 November 2025	17 Dec 2025	10-Q:0000909832-25-000169
Form 10-K, period ended 31 August 2025	8 Oct 2025	10-K:0000909832-25-000101
Form 10-Q, period ended 11 May 2025	5 Jun 2025	10-Q:0000909832-25-000033
Form 10-Q, period ended 16 February 2025	13 Mar 2025	10-Q:0000909832-25-000015
Form 10-Q, period ended 24 November 2024	19 Dec 2024	10-Q:0000909832-24-000079
Form 10-K, period ended 1 September 2024	9 Oct 2024	10-K:0000909832-24-000049
Form 10-Q, period ended 12 May 2024	6 Jun 2024	10-Q:0000909832-24-000029
Form 10-Q, period ended 18 February 2024	13 Mar 2024	10-Q:0000909832-24-000017
Form 10-Q, period ended 26 November 2023	20 Dec 2023	10-Q:0000909832-23-000065
Form 10-K, period ended 3 September 2023	11 Oct 2023	10-K:0000909832-23-000042
Form 10-Q, period ended 7 May 2023	1 Jun 2023	10-Q:0000909832-23-000028
Form 10-Q, period ended 12 February 2023	9 Mar 2023	10-Q:0000909832-23-000014
Form 10-Q, period ended 20 November 2022	29 Dec 2022	10-Q:0000909832-22-000035
Form 10-K, period ended 28 August 2022	5 Oct 2022	10-K:0000909832-22-000021
Form 10-Q, period ended 8 May 2022	2 Jun 2022	10-Q:0000909832-22-000014
Form 10-Q, period ended 13 February 2022	10 Mar 2022	10-Q:0000909832-22-000005
Form 10-Q, period ended 21 November 2021	22 Dec 2021	10-Q:0000909832-21-000021
Form 10-K, period ended 29 August 2021	6 Oct 2021	10-K:0000909832-21-000014
Form 10-Q, period ended 9 May 2021	3 Jun 2021	10-Q:0000909832-21-000008
Form 10-Q, period ended 14 February 2021	10 Mar 2021	10-Q:0000909832-21-000003
Form 10-Q, period ended 22 November 2020	16 Dec 2020	10-Q:0000909832-20-000026

Checks

268268 checks, all passed

Fiscal calendar65 passedFiscal years last 350 to 380 days, quarters 80 to 125 days, and each period starts on the day after the one before. Checked at error level.

Quarters and fiscal year125 passedThe 4 quarters of every item add up to its fiscal year, or a later filing restated the year. Checked at error level.

Filer identity1 passedThe documents are those of the company of this page. Checked at error level.

Balance sheet identity24 passedTotal assets equal total liabilities and equity at each balance sheet date. Checked at error level.

Balance sheet structure17 passedTotal assets equal liabilities, temporary equity and total equity. Checked at warning level.

Lease liabilities6 passedLease payments due, less imputed interest, equal the lease liabilities. Checked at warning level.

Debt maturities6 passedThe debt maturity schedule adds up to the long-term debt. Checked at warning level.

Quarters and 9 months18 passedThe 3 reported quarters of a fiscal year add up to the reported 9-month figure. Checked at error level.

Earnings per share6 passedNet income divided by average shares agrees with reported basic earnings per share. Checked at warning level.

Data Quality

How many values of this snapshot the checks prove, and how many Annalist derives, withholds and tracks as restated. Every company.

Values published	1,291
Proven by a check	54.8%, 707 values
Confirmed by a second document	0.0%, 0 values
Derived from reported figures	20.1%, 260 values
Values withheld	0
Restated figures tracked	7
Changes compared on one basis	0
Company lines mapped	0 of 0 reviewed

Citation

Annalist, Costco Wholesale Corporation, snapshot costco/FY2026Q4_73283460 (as of FY2026 Q4); <item label>, <period>; source <document id> (<document url>)

Snapshot FY2026Q4_73283460 · dataset SHA-256 732834600cc8573dd167deefc29dface5a9aab03a160d6d8d79c3944055decaa · findings rules 0.4

Data: info.json · dataset.json · validation.json · documents.json