Costco Wholesale (COST) FY2012 results: revenue $99.1 billion, up 11.5% on the year
Costco Wholesale Corp. (COST) reported revenue of $99.1 billion for fiscal 2012, the year ended 2 September 2012, up 11.5% on the year before. Net income was $1.7 billion, up 16.9%, and diluted earnings per share $3.89. The figures are the company's own, from the 10-K it filed with the SEC on 19 October 2012.
Revenue
$99.1 billion
+11.5% on the year
FY2008FY2012
Operating margin
2.8%
2.7% a year earlier
FY2008FY2012
Net income
$1.7 billion
+16.9% on the year
FY2008FY2012
Diluted EPS
$3.89
+17.9% on the year
FY2008FY2012
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Revenue
99,137
88,915
77,946
+11.5%
Cost of revenue
86,823
77,739
67,995
+11.7%
Gross profit
12,314
11,176
9,951
+10.2%
Gross margin
12.4%
12.6%
12.8%
Selling, general and administrative
9,518
8,682
7,840
+9.6%
Operating income
2,759
2,439
2,077
+13.1%
Operating margin
2.8%
2.7%
2.7%
Interest expense
95.0
116
111
-18.1%
Pre-tax income
2,767
2,383
2,054
+16.1%
Income tax
1,000
841
731
+18.9%
Effective tax rate
36.1%
35.3%
35.6%
Net income
1,709
1,462
1,303
+16.9%
Net margin
1.7%
1.6%
1.7%
Diluted EPS
$3.89
$3.30
$2.92
+17.9%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Operating cash flow
3,057
3,198
2,780
-4.4%
Capital expenditure
1,480
1,290
1,055
+14.7%
Free cash flow
1,577
1,908
1,725
-17.3%
Free cash flow margin
1.6%
2.1%
2.2%
Cash from investing
-1,236
-1,180
-2,015
Cash from financing
-2,281
-1,277
-719
Depreciation and amortisation
908
855
795
+6.2%
Share-based compensation
241
207
190
+16.4%
Buybacks
632
624
551
+1.3%
Dividends paid
446
389
338
+14.7%
Dividend per share
$1.03
$0.89
$0.77
+15.7%
Diluted shares, weighted
439m
443m
446m
-0.8%
Shares outstanding at period end
432m
434m
434m
-0.4%
Balance sheet
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Shareholders' equity
12,361
12,002
10,829
+3.0%
Non-controlling interest
157
571
101
-72.5%
Short-term borrowings
0.0
0.0
n/a
Debt
1,382
2,153
2,167
-35.8%
Other liabilities
13,240
12,035
10,718
+10.0%
Total liabilities and equity
27,140
26,761
23,815
+1.4%
Fixed assets
12,961
12,432
11,314
+4.3%
Goodwill
66.0
74.0
71.0
-10.8%
Investments
1,326
1,604
1,535
-17.3%
Cash and equivalents
3,528
4,009
3,214
-12.0%
Receivables
1,026
965
884
+6.3%
Inventory
7,096
6,638
5,638
+6.9%
Other assets
1,137
1,039
1,159
+9.4%
Total assets
27,140
26,761
23,815
+1.4%
10-K for the year ended 2 September 2012, filed 19 October 2012: the filing.