CostcoCOST

CostcoCOST

Revenue: is the business selling more than it used to?

$275.2B+21% YoYFY 2025

→Revenue reached $275.2B in 2025, compounding +7% a year since 2022 though the pace has cooled. The trailing twelve months are already running at $293.6B, ahead of the last full year.

Source: SEC EDGAR (XBRL company facts) · as at 2026-05-10

CostcoCOST

Net income: how much of that revenue becomes profit?

$8.1B+39% YoYFY 2025

→Net income was $8.1B in 2025, compounding +11% a year over three years. Trailing twelve-month profit stands at $8.8B.

Source: SEC EDGAR (XBRL company facts) · as at 2026-05-10

CostcoCOST

How fast is it growing, year by year?

+21.3%revenue growth, FY 2025

→Revenue grew +21% in 2025 against a five-year average of +19%. Earnings grew faster (+39%), so each new dollar of sales is arriving more profitably.

Source: SEC EDGAR (XBRL company facts) · as at 2026-05-10

CostcoCOST

Revenue per share: is your slice growing as fast as the company?

$618.78revenue per share, FY 2025

→Revenue per share reached $618.78 in 2025, compounding +7% a year - in line with COST's own +7%, so the share count is not distorting your slice. Free cash flow per share stands at $17.62.

Source: SEC EDGAR (XBRL company facts) · as at 2026-05-10

CostcoCOST

Free cash flow: what is left in real cash after everything?

$7.8B+124% YoYFY 2025

→Free cash flow was $7.8B in 2025, compounding +31% a year since 2022. That is the most cash the business has ever thrown off in a year. The trailing twelve months stand at $8.8B.

Source: SEC EDGAR (XBRL company facts) · as at 2026-05-10

CostcoCOST

How much of every sales dollar ends up as free cash?

→3 cents of every sales dollar became free cash in 2025, and it has held steady since 2022.

Source: SEC EDGAR (XBRL company facts) · as at 2026-05-10

CostcoCOST

What does staying competitive cost, per dollar of sales?

→The biggest claim on each sales dollar is capital spending, at 2% of revenue (stock compensation 0%). That share has risen since 2022, so the cost of competing is climbing.

Source: SEC EDGAR (XBRL company facts) · as at 2026-05-10

CostcoCOST

When sales grow, do profits grow faster?

→Operating profit outgrew revenue in 4 of the last 5 years, most recently +33% against +21%. Each additional dollar of sales is landing more profitably than the last - the definition of operating leverage.

Source: SEC EDGAR (XBRL company facts) · as at 2026-05-10

CostcoCOST

Margins: of every $1 of sales, how much survives each cost layer?

→Operating margin has held near 4% since 2022. After everything, 3 cents of each sales dollar reaches net profit. COST doesn't tag a gross-profit line in its filings, so the chart starts at operating margin.

Source: SEC EDGAR (XBRL company facts) · as at 2026-05-10

CostcoCOST

What does it earn on the money it uses?

→ROE of 26% and ROCE of 25% sit close together, so the returns come from the business itself rather than from borrowing.

Source: SEC EDGAR (XBRL company facts) · as at 2026-05-10

CostcoCOST

What has the market paid for COST over time?

46.1xP/E today

→At 46.1x earnings, the market is paying +48% more than COST's own 5-year median of 31.2x. Expectations are elevated, so more has to go right to justify the price.

Source: SEC EDGAR (XBRL company facts) · as at 2026-05-10

CostcoCOST

What cash return does the business throw off per dollar of market value?

2.2%FCF yield today

→Every dollar of market value currently buys 2.2% of annual free cash flow, more than its 5-year median of 1.9% - the cash is cheaper than usual.

Source: SEC EDGAR (XBRL company facts) · as at 2026-05-10

CostcoCOST

Could it handle its debt if things went wrong?

→The company holds $18.9B in cash against $5.7B of debt - a net-cash balance sheet, which means a bad year is an inconvenience rather than a threat.

Source: SEC EDGAR (XBRL company facts) · as at 2026-05-10

CostcoCOST

Is the company's own capital growing?

→The company's own capital grew from $26.1B in 2023 to $33.5B (+28%). The business is building book value rather than consuming it.

Source: SEC EDGAR (XBRL company facts) · as at 2026-05-10

CostcoCOST

How much goes back, and how much leaks out as stock comp?

→Shareholders received $903M in buybacks and $2.2B in dividends in 2025. Stock compensation issued $860M of new shares in the same year, offsetting 28% of that.

Source: SEC EDGAR (XBRL company facts) · as at 2026-05-10

CostcoCOST

How fast is your ownership being diluted - or concentrated?

→The share count grew 0.0% in 2025, averaging 0.1% a year over three years. Your slice of the company shrinks by that much each year unless earnings grow faster.

Source: SEC EDGAR (XBRL company facts) · as at 2026-05-10

CostcoCOST

Is the dividend cheque growing?

→The dividend per share reached $4.91 in 2025, compounding +8% a year since 2020.

Source: SEC EDGAR (XBRL company facts) · as at 2026-05-10

CostcoCOST

Can it afford the dividend?

→The dividend consumed 27% of profit and 28% of free cash flow in 2025. That leaves room to keep paying through a weak year.

Source: SEC EDGAR (XBRL company facts) · as at 2026-05-10

CostcoCOST

Does COST earn more on its capital than that capital costs?

→COST earns 25.3% on the capital it employs, well above the 10% most investors treat as the cost of capital. It was 23.6% in 2022, so the trend is up, and the pace is picking up. That is the highest in COST's filed history.

Source: SEC EDGAR (XBRL company facts) · as at 2026-05-10

CostcoCOST

COST has issued or retired shares - did shareholders end up better off?

→COST's share count has barely moved from 2008 to 2025, so growth has not been funded by issuing stock. Revenue per share is +279% over the same years.

Source: SEC EDGAR (XBRL company facts) · as at 2026-05-10

CostcoCOST

Are the people running it buying or selling?

→Insiders sold $19M on the open market and bought nothing. Many sales are pre-scheduled diversification rather than a view on the price. A further 48 filings were grants, option exercises or tax withholding, which say nothing either way.

Source: SEC EDGAR (XBRL company facts) · as at 2026-05-10