Balance Sheet: Assets
Quarterly Data
The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.
Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.
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Costco Wholesale Corp. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Debt to Equity since 2005
- Price to Book Value (P/BV) since 2005
- Aggregate Accruals
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Costco Wholesale Corp., consolidated balance sheet: assets (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2026-05-10), 10-Q (reporting date: 2026-02-15), 10-Q (reporting date: 2025-11-23), 10-K (reporting date: 2025-08-31), 10-Q (reporting date: 2025-05-11), 10-Q (reporting date: 2025-02-16), 10-Q (reporting date: 2024-11-24), 10-K (reporting date: 2024-09-01), 10-Q (reporting date: 2024-05-12), 10-Q (reporting date: 2024-02-18), 10-Q (reporting date: 2023-11-26), 10-K (reporting date: 2023-09-03), 10-Q (reporting date: 2023-05-07), 10-Q (reporting date: 2023-02-12), 10-Q (reporting date: 2022-11-20), 10-K (reporting date: 2022-08-28), 10-Q (reporting date: 2022-05-08), 10-Q (reporting date: 2022-02-13), 10-Q (reporting date: 2021-11-21), 10-K (reporting date: 2021-08-29), 10-Q (reporting date: 2021-05-09), 10-Q (reporting date: 2021-02-14), 10-Q (reporting date: 2020-11-22), 10-K (reporting date: 2020-08-30), 10-Q (reporting date: 2020-05-10), 10-Q (reporting date: 2020-02-16), 10-Q (reporting date: 2019-11-24).
Total assets demonstrate a consistent long-term growth trajectory, increasing from 51,431 million USD in November 2019 to 86,430 million USD by May 2026. This expansion reflects a broader scaling of the balance sheet, driven by simultaneous increases in both current and non-current asset categories.
- Liquidity and Cash Management
- Cash and cash equivalents exhibit significant volatility with a general upward trend, rising from 9,027 million USD to 18,946 million USD. Periodic fluctuations are observed, with notable peaks occurring in late 2020, late 2023, and throughout 2025 and 2026, suggesting cyclical cash accumulation. Short-term investments have remained relatively stable, generally fluctuating between 477 million USD and 1,534 million USD, indicating a preference for high liquidity over short-term yield instruments.
- Inventory and Working Capital
- Merchandise inventories show a steady increase over the analyzed period, growing from 13,818 million USD in November 2019 to 19,418 million USD in May 2026. This upward trend aligns with the growth in total assets and suggests an expansion of operational scale. Receivables, net, have also increased, moving from 1,711 million USD to 3,750 million USD, which may correlate with increased sales volume over the seven-year period.
- Fixed Asset Expansion
- Property and equipment, net, demonstrate linear growth, increasing from 21,237 million USD to 34,293 million USD. This consistent rise indicates sustained capital expenditure in physical infrastructure and warehouse capacity. In contrast, operating lease right-of-use assets have remained remarkably stable, hovering between 2,531 million USD and 2,887 million USD, suggesting a consistent strategy regarding leased facilities.
- Other Asset Categories
- Other long-term assets experienced a sharp increase between November 2019 (954 million USD) and November 2020 (3,048 million USD), after which they stabilized and grew modestly to 4,213 million USD by May 2026. Other current assets have followed a similar gradual upward trend, increasing from 1,094 million USD to 2,013 million USD.
The asset composition reveals a balanced growth strategy, where the company has expanded its physical footprint through property and equipment while simultaneously strengthening its liquidity position. The increase in total current assets from 26,643 million USD to 45,177 million USD underscores a robust capacity to meet short-term obligations and support operational scaling.