Stock Analysis on Net

Costco Wholesale Corp. (NASDAQ:COST)

Analysis of Reportable Segments

Microsoft Excel

Segment Profit Margin

Costco Wholesale Corp., profit margin by reportable segment

Microsoft Excel
Sep 1, 2024 Sep 3, 2023 Aug 28, 2022 Aug 29, 2021 Aug 30, 2020 Sep 1, 2019
United States Operations 3.38% 3.05% 3.19% 3.01% 2.97% 2.74%
Canadian Operations 4.73% 4.38% 4.25% 4.31% 3.83% 4.32%
Other International Operations 4.01% 3.91% 3.93% 4.66% 4.25% 3.83%

Based on: 10-K (reporting date: 2024-09-01), 10-K (reporting date: 2023-09-03), 10-K (reporting date: 2022-08-28), 10-K (reporting date: 2021-08-29), 10-K (reporting date: 2020-08-30), 10-K (reporting date: 2019-09-01).

Segment profitability ratio Reportable segment The company
Segment profit margin United States Operations United States Operations segment profit margin ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.
Canadian Operations Canadian Operations segment profit margin ratio improved from 2022 to 2023 and from 2023 to 2024.
Other International Operations Other International Operations segment profit margin ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.

Segment Profit Margin: United States Operations

Costco Wholesale Corp.; United States Operations; segment profit margin calculation

Microsoft Excel
Sep 1, 2024 Sep 3, 2023 Aug 28, 2022 Aug 29, 2021 Aug 30, 2020 Sep 1, 2019
Selected Financial Data (US$ in millions)
Operating income 6,217 5,392 5,268 4,262 3,633 3,063
Total revenue 184,143 176,630 165,294 141,398 122,142 111,751
Segment Profitability Ratio
Segment profit margin1 3.38% 3.05% 3.19% 3.01% 2.97% 2.74%

Based on: 10-K (reporting date: 2024-09-01), 10-K (reporting date: 2023-09-03), 10-K (reporting date: 2022-08-28), 10-K (reporting date: 2021-08-29), 10-K (reporting date: 2020-08-30), 10-K (reporting date: 2019-09-01).

1 2024 Calculation
Segment profit margin = 100 × Operating income ÷ Total revenue
= 100 × 6,217 ÷ 184,143 = 3.38%

Segment profitability ratio Reportable segment The company
Segment profit margin United States Operations United States Operations segment profit margin ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.

Segment Profit Margin: Canadian Operations

Costco Wholesale Corp.; Canadian Operations; segment profit margin calculation

Microsoft Excel
Sep 1, 2024 Sep 3, 2023 Aug 28, 2022 Aug 29, 2021 Aug 30, 2020 Sep 1, 2019
Selected Financial Data (US$ in millions)
Operating income 1,648 1,448 1,346 1,176 860 924
Total revenue 34,874 33,056 31,675 27,298 22,434 21,366
Segment Profitability Ratio
Segment profit margin1 4.73% 4.38% 4.25% 4.31% 3.83% 4.32%

Based on: 10-K (reporting date: 2024-09-01), 10-K (reporting date: 2023-09-03), 10-K (reporting date: 2022-08-28), 10-K (reporting date: 2021-08-29), 10-K (reporting date: 2020-08-30), 10-K (reporting date: 2019-09-01).

1 2024 Calculation
Segment profit margin = 100 × Operating income ÷ Total revenue
= 100 × 1,648 ÷ 34,874 = 4.73%

Segment profitability ratio Reportable segment The company
Segment profit margin Canadian Operations Canadian Operations segment profit margin ratio improved from 2022 to 2023 and from 2023 to 2024.

Segment Profit Margin: Other International Operations

Costco Wholesale Corp.; Other International Operations; segment profit margin calculation

Microsoft Excel
Sep 1, 2024 Sep 3, 2023 Aug 28, 2022 Aug 29, 2021 Aug 30, 2020 Sep 1, 2019
Selected Financial Data (US$ in millions)
Operating income 1,420 1,274 1,179 1,270 942 750
Total revenue 35,436 32,604 29,985 27,233 22,185 19,586
Segment Profitability Ratio
Segment profit margin1 4.01% 3.91% 3.93% 4.66% 4.25% 3.83%

Based on: 10-K (reporting date: 2024-09-01), 10-K (reporting date: 2023-09-03), 10-K (reporting date: 2022-08-28), 10-K (reporting date: 2021-08-29), 10-K (reporting date: 2020-08-30), 10-K (reporting date: 2019-09-01).

1 2024 Calculation
Segment profit margin = 100 × Operating income ÷ Total revenue
= 100 × 1,420 ÷ 35,436 = 4.01%

Segment profitability ratio Reportable segment The company
Segment profit margin Other International Operations Other International Operations segment profit margin ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.

Segment Return on Assets (Segment ROA)

Costco Wholesale Corp., ROA by reportable segment

Microsoft Excel
Sep 1, 2024 Sep 3, 2023 Aug 28, 2022 Aug 29, 2021 Aug 30, 2020 Sep 1, 2019
United States Operations 12.74% 10.96% 11.73% 10.77% 9.47% 9.52%
Canadian Operations 23.83% 22.55% 20.52% 19.72% 16.32% 21.15%
Other International Operations 10.07% 9.52% 9.28% 9.26% 7.90% 8.46%

Based on: 10-K (reporting date: 2024-09-01), 10-K (reporting date: 2023-09-03), 10-K (reporting date: 2022-08-28), 10-K (reporting date: 2021-08-29), 10-K (reporting date: 2020-08-30), 10-K (reporting date: 2019-09-01).

Segment profitability ratio Reportable segment The company
Segment ROA United States Operations United States Operations segment ROA deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.
Canadian Operations Canadian Operations segment ROA improved from 2022 to 2023 and from 2023 to 2024.
Other International Operations Other International Operations segment ROA improved from 2022 to 2023 and from 2023 to 2024.

Segment ROA: United States Operations

Costco Wholesale Corp.; United States Operations; segment ROA calculation

Microsoft Excel
Sep 1, 2024 Sep 3, 2023 Aug 28, 2022 Aug 29, 2021 Aug 30, 2020 Sep 1, 2019
Selected Financial Data (US$ in millions)
Operating income 6,217 5,392 5,268 4,262 3,633 3,063
Total assets 48,816 49,189 44,904 39,589 38,366 32,162
Segment Profitability Ratio
Segment ROA1 12.74% 10.96% 11.73% 10.77% 9.47% 9.52%

Based on: 10-K (reporting date: 2024-09-01), 10-K (reporting date: 2023-09-03), 10-K (reporting date: 2022-08-28), 10-K (reporting date: 2021-08-29), 10-K (reporting date: 2020-08-30), 10-K (reporting date: 2019-09-01).

1 2024 Calculation
Segment ROA = 100 × Operating income ÷ Total assets
= 100 × 6,217 ÷ 48,816 = 12.74%

Segment profitability ratio Reportable segment The company
Segment ROA United States Operations United States Operations segment ROA deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.

Segment ROA: Canadian Operations

Costco Wholesale Corp.; Canadian Operations; segment ROA calculation

Microsoft Excel
Sep 1, 2024 Sep 3, 2023 Aug 28, 2022 Aug 29, 2021 Aug 30, 2020 Sep 1, 2019
Selected Financial Data (US$ in millions)
Operating income 1,648 1,448 1,346 1,176 860 924
Total assets 6,915 6,420 6,558 5,962 5,270 4,369
Segment Profitability Ratio
Segment ROA1 23.83% 22.55% 20.52% 19.72% 16.32% 21.15%

Based on: 10-K (reporting date: 2024-09-01), 10-K (reporting date: 2023-09-03), 10-K (reporting date: 2022-08-28), 10-K (reporting date: 2021-08-29), 10-K (reporting date: 2020-08-30), 10-K (reporting date: 2019-09-01).

1 2024 Calculation
Segment ROA = 100 × Operating income ÷ Total assets
= 100 × 1,648 ÷ 6,915 = 23.83%

Segment profitability ratio Reportable segment The company
Segment ROA Canadian Operations Canadian Operations segment ROA improved from 2022 to 2023 and from 2023 to 2024.

Segment ROA: Other International Operations

Costco Wholesale Corp.; Other International Operations; segment ROA calculation

Microsoft Excel
Sep 1, 2024 Sep 3, 2023 Aug 28, 2022 Aug 29, 2021 Aug 30, 2020 Sep 1, 2019
Selected Financial Data (US$ in millions)
Operating income 1,420 1,274 1,179 1,270 942 750
Total assets 14,100 13,385 12,704 13,717 11,920 8,869
Segment Profitability Ratio
Segment ROA1 10.07% 9.52% 9.28% 9.26% 7.90% 8.46%

Based on: 10-K (reporting date: 2024-09-01), 10-K (reporting date: 2023-09-03), 10-K (reporting date: 2022-08-28), 10-K (reporting date: 2021-08-29), 10-K (reporting date: 2020-08-30), 10-K (reporting date: 2019-09-01).

1 2024 Calculation
Segment ROA = 100 × Operating income ÷ Total assets
= 100 × 1,420 ÷ 14,100 = 10.07%

Segment profitability ratio Reportable segment The company
Segment ROA Other International Operations Other International Operations segment ROA improved from 2022 to 2023 and from 2023 to 2024.

Segment Asset Turnover

Costco Wholesale Corp., asset turnover by reportable segment

Microsoft Excel
Sep 1, 2024 Sep 3, 2023 Aug 28, 2022 Aug 29, 2021 Aug 30, 2020 Sep 1, 2019
United States Operations 3.77 3.59 3.68 3.57 3.18 3.47
Canadian Operations 5.04 5.15 4.83 4.58 4.26 4.89
Other International Operations 2.51 2.44 2.36 1.99 1.86 2.21

Based on: 10-K (reporting date: 2024-09-01), 10-K (reporting date: 2023-09-03), 10-K (reporting date: 2022-08-28), 10-K (reporting date: 2021-08-29), 10-K (reporting date: 2020-08-30), 10-K (reporting date: 2019-09-01).

Segment activity ratio Reportable segment The company
Segment asset turnover United States Operations United States Operations segment asset turnover ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.
Canadian Operations Canadian Operations segment asset turnover ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024.
Other International Operations Other International Operations segment asset turnover ratio improved from 2022 to 2023 and from 2023 to 2024.

Segment Asset Turnover: United States Operations

Costco Wholesale Corp.; United States Operations; segment asset turnover calculation

Microsoft Excel
Sep 1, 2024 Sep 3, 2023 Aug 28, 2022 Aug 29, 2021 Aug 30, 2020 Sep 1, 2019
Selected Financial Data (US$ in millions)
Total revenue 184,143 176,630 165,294 141,398 122,142 111,751
Total assets 48,816 49,189 44,904 39,589 38,366 32,162
Segment Activity Ratio
Segment asset turnover1 3.77 3.59 3.68 3.57 3.18 3.47

Based on: 10-K (reporting date: 2024-09-01), 10-K (reporting date: 2023-09-03), 10-K (reporting date: 2022-08-28), 10-K (reporting date: 2021-08-29), 10-K (reporting date: 2020-08-30), 10-K (reporting date: 2019-09-01).

1 2024 Calculation
Segment asset turnover = Total revenue ÷ Total assets
= 184,143 ÷ 48,816 = 3.77

Segment activity ratio Reportable segment The company
Segment asset turnover United States Operations United States Operations segment asset turnover ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.

Segment Asset Turnover: Canadian Operations

Costco Wholesale Corp.; Canadian Operations; segment asset turnover calculation

Microsoft Excel
Sep 1, 2024 Sep 3, 2023 Aug 28, 2022 Aug 29, 2021 Aug 30, 2020 Sep 1, 2019
Selected Financial Data (US$ in millions)
Total revenue 34,874 33,056 31,675 27,298 22,434 21,366
Total assets 6,915 6,420 6,558 5,962 5,270 4,369
Segment Activity Ratio
Segment asset turnover1 5.04 5.15 4.83 4.58 4.26 4.89

Based on: 10-K (reporting date: 2024-09-01), 10-K (reporting date: 2023-09-03), 10-K (reporting date: 2022-08-28), 10-K (reporting date: 2021-08-29), 10-K (reporting date: 2020-08-30), 10-K (reporting date: 2019-09-01).

1 2024 Calculation
Segment asset turnover = Total revenue ÷ Total assets
= 34,874 ÷ 6,915 = 5.04

Segment activity ratio Reportable segment The company
Segment asset turnover Canadian Operations Canadian Operations segment asset turnover ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024.

Segment Asset Turnover: Other International Operations

Costco Wholesale Corp.; Other International Operations; segment asset turnover calculation

Microsoft Excel
Sep 1, 2024 Sep 3, 2023 Aug 28, 2022 Aug 29, 2021 Aug 30, 2020 Sep 1, 2019
Selected Financial Data (US$ in millions)
Total revenue 35,436 32,604 29,985 27,233 22,185 19,586
Total assets 14,100 13,385 12,704 13,717 11,920 8,869
Segment Activity Ratio
Segment asset turnover1 2.51 2.44 2.36 1.99 1.86 2.21

Based on: 10-K (reporting date: 2024-09-01), 10-K (reporting date: 2023-09-03), 10-K (reporting date: 2022-08-28), 10-K (reporting date: 2021-08-29), 10-K (reporting date: 2020-08-30), 10-K (reporting date: 2019-09-01).

1 2024 Calculation
Segment asset turnover = Total revenue ÷ Total assets
= 35,436 ÷ 14,100 = 2.51

Segment activity ratio Reportable segment The company
Segment asset turnover Other International Operations Other International Operations segment asset turnover ratio improved from 2022 to 2023 and from 2023 to 2024.

Segment Capital Expenditures to Depreciation

Costco Wholesale Corp., capital expenditures to depreciation by reportable segment

Microsoft Excel
Sep 1, 2024 Sep 3, 2023 Aug 28, 2022 Aug 29, 2021 Aug 30, 2020 Sep 1, 2019
United States Operations 2.15 2.06 1.95 1.95 1.65 1.94
Canadian Operations 1.83 1.54 2.16 1.54 1.66 2.12
Other International Operations 2.01 2.56 2.49 2.66 2.03 2.28

Based on: 10-K (reporting date: 2024-09-01), 10-K (reporting date: 2023-09-03), 10-K (reporting date: 2022-08-28), 10-K (reporting date: 2021-08-29), 10-K (reporting date: 2020-08-30), 10-K (reporting date: 2019-09-01).

Segment financial ratio Reportable segment The company
Segment capital expenditures to depreciation United States Operations United States Operations segment capital expenditures to depreciation ratio improved from 2022 to 2023 and from 2023 to 2024.
Canadian Operations Canadian Operations segment capital expenditures to depreciation ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.
Other International Operations Other International Operations segment capital expenditures to depreciation ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.

Segment Capital Expenditures to Depreciation: United States Operations

Costco Wholesale Corp.; United States Operations; segment capital expenditures to depreciation calculation

Microsoft Excel
Sep 1, 2024 Sep 3, 2023 Aug 28, 2022 Aug 29, 2021 Aug 30, 2020 Sep 1, 2019
Selected Financial Data (US$ in millions)
Additions to property and equipment 3,725 3,288 2,795 2,612 2,060 2,186
Depreciation and amortization 1,730 1,599 1,436 1,339 1,248 1,126
Segment Financial Ratio
Segment capital expenditures to depreciation1 2.15 2.06 1.95 1.95 1.65 1.94

Based on: 10-K (reporting date: 2024-09-01), 10-K (reporting date: 2023-09-03), 10-K (reporting date: 2022-08-28), 10-K (reporting date: 2021-08-29), 10-K (reporting date: 2020-08-30), 10-K (reporting date: 2019-09-01).

1 2024 Calculation
Segment capital expenditures to depreciation = Additions to property and equipment ÷ Depreciation and amortization
= 3,725 ÷ 1,730 = 2.15

Segment financial ratio Reportable segment The company
Segment capital expenditures to depreciation United States Operations United States Operations segment capital expenditures to depreciation ratio improved from 2022 to 2023 and from 2023 to 2024.

Segment Capital Expenditures to Depreciation: Canadian Operations

Costco Wholesale Corp.; Canadian Operations; segment capital expenditures to depreciation calculation

Microsoft Excel
Sep 1, 2024 Sep 3, 2023 Aug 28, 2022 Aug 29, 2021 Aug 30, 2020 Sep 1, 2019
Selected Financial Data (US$ in millions)
Additions to property and equipment 351 281 388 272 258 303
Depreciation and amortization 192 183 180 177 155 143
Segment Financial Ratio
Segment capital expenditures to depreciation1 1.83 1.54 2.16 1.54 1.66 2.12

Based on: 10-K (reporting date: 2024-09-01), 10-K (reporting date: 2023-09-03), 10-K (reporting date: 2022-08-28), 10-K (reporting date: 2021-08-29), 10-K (reporting date: 2020-08-30), 10-K (reporting date: 2019-09-01).

1 2024 Calculation
Segment capital expenditures to depreciation = Additions to property and equipment ÷ Depreciation and amortization
= 351 ÷ 192 = 1.83

Segment financial ratio Reportable segment The company
Segment capital expenditures to depreciation Canadian Operations Canadian Operations segment capital expenditures to depreciation ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.

Segment Capital Expenditures to Depreciation: Other International Operations

Costco Wholesale Corp.; Other International Operations; segment capital expenditures to depreciation calculation

Microsoft Excel
Sep 1, 2024 Sep 3, 2023 Aug 28, 2022 Aug 29, 2021 Aug 30, 2020 Sep 1, 2019
Selected Financial Data (US$ in millions)
Additions to property and equipment 634 754 708 704 492 509
Depreciation and amortization 315 295 284 265 242 223
Segment Financial Ratio
Segment capital expenditures to depreciation1 2.01 2.56 2.49 2.66 2.03 2.28

Based on: 10-K (reporting date: 2024-09-01), 10-K (reporting date: 2023-09-03), 10-K (reporting date: 2022-08-28), 10-K (reporting date: 2021-08-29), 10-K (reporting date: 2020-08-30), 10-K (reporting date: 2019-09-01).

1 2024 Calculation
Segment capital expenditures to depreciation = Additions to property and equipment ÷ Depreciation and amortization
= 634 ÷ 315 = 2.01

Segment financial ratio Reportable segment The company
Segment capital expenditures to depreciation Other International Operations Other International Operations segment capital expenditures to depreciation ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.

Total revenue

Costco Wholesale Corp., total revenue by reportable segment

US$ in millions

Microsoft Excel
Sep 1, 2024 Sep 3, 2023 Aug 28, 2022 Aug 29, 2021 Aug 30, 2020 Sep 1, 2019
United States Operations 184,143 176,630 165,294 141,398 122,142 111,751
Canadian Operations 34,874 33,056 31,675 27,298 22,434 21,366
Other International Operations 35,436 32,604 29,985 27,233 22,185 19,586
Total 254,453 242,290 226,954 195,929 166,761 152,703

Based on: 10-K (reporting date: 2024-09-01), 10-K (reporting date: 2023-09-03), 10-K (reporting date: 2022-08-28), 10-K (reporting date: 2021-08-29), 10-K (reporting date: 2020-08-30), 10-K (reporting date: 2019-09-01).


Operating income

Costco Wholesale Corp., operating income by reportable segment

US$ in millions

Microsoft Excel
Sep 1, 2024 Sep 3, 2023 Aug 28, 2022 Aug 29, 2021 Aug 30, 2020 Sep 1, 2019
United States Operations 6,217 5,392 5,268 4,262 3,633 3,063
Canadian Operations 1,648 1,448 1,346 1,176 860 924
Other International Operations 1,420 1,274 1,179 1,270 942 750
Total 9,285 8,114 7,793 6,708 5,435 4,737

Based on: 10-K (reporting date: 2024-09-01), 10-K (reporting date: 2023-09-03), 10-K (reporting date: 2022-08-28), 10-K (reporting date: 2021-08-29), 10-K (reporting date: 2020-08-30), 10-K (reporting date: 2019-09-01).


Depreciation and amortization

Costco Wholesale Corp., depreciation and amortization by reportable segment

US$ in millions

Microsoft Excel
Sep 1, 2024 Sep 3, 2023 Aug 28, 2022 Aug 29, 2021 Aug 30, 2020 Sep 1, 2019
United States Operations 1,730 1,599 1,436 1,339 1,248 1,126
Canadian Operations 192 183 180 177 155 143
Other International Operations 315 295 284 265 242 223
Total 2,237 2,077 1,900 1,781 1,645 1,492

Based on: 10-K (reporting date: 2024-09-01), 10-K (reporting date: 2023-09-03), 10-K (reporting date: 2022-08-28), 10-K (reporting date: 2021-08-29), 10-K (reporting date: 2020-08-30), 10-K (reporting date: 2019-09-01).


Additions to property and equipment

Costco Wholesale Corp., additions to property and equipment by reportable segment

US$ in millions

Microsoft Excel
Sep 1, 2024 Sep 3, 2023 Aug 28, 2022 Aug 29, 2021 Aug 30, 2020 Sep 1, 2019
United States Operations 3,725 3,288 2,795 2,612 2,060 2,186
Canadian Operations 351 281 388 272 258 303
Other International Operations 634 754 708 704 492 509
Total 4,710 4,323 3,891 3,588 2,810 2,998

Based on: 10-K (reporting date: 2024-09-01), 10-K (reporting date: 2023-09-03), 10-K (reporting date: 2022-08-28), 10-K (reporting date: 2021-08-29), 10-K (reporting date: 2020-08-30), 10-K (reporting date: 2019-09-01).


Total assets

Costco Wholesale Corp., total assets by reportable segment

US$ in millions

Microsoft Excel
Sep 1, 2024 Sep 3, 2023 Aug 28, 2022 Aug 29, 2021 Aug 30, 2020 Sep 1, 2019
United States Operations 48,816 49,189 44,904 39,589 38,366 32,162
Canadian Operations 6,915 6,420 6,558 5,962 5,270 4,369
Other International Operations 14,100 13,385 12,704 13,717 11,920 8,869
Total 69,831 68,994 64,166 59,268 55,556 45,400

Based on: 10-K (reporting date: 2024-09-01), 10-K (reporting date: 2023-09-03), 10-K (reporting date: 2022-08-28), 10-K (reporting date: 2021-08-29), 10-K (reporting date: 2020-08-30), 10-K (reporting date: 2019-09-01).