Costco Wholesale (COST) FY2014 results: revenue $112.6 billion, up 7.1% on the year
Costco Wholesale Corp. (COST) reported revenue of $112.6 billion for fiscal 2014, the year ended 31 August 2014, up 7.1% on the year before. Net income was $2.1 billion, up 0.9%, and diluted earnings per share $4.65. The figures are the company's own, from the 10-K it filed with the SEC on 15 October 2014.
Revenue
$112.6 billion
+7.1% on the year
FY2008FY2014
Operating margin
2.9%
2.9% a year earlier
FY2008FY2014
Net income
$2.1 billion
+0.9% on the year
FY2008FY2014
Diluted EPS
$4.65
+0.4% on the year
FY2008FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
112,640
105,156
99,137
+7.1%
Cost of revenue
98,458
91,948
86,823
+7.1%
Gross profit
14,182
13,208
12,314
+7.4%
Gross margin
12.6%
12.6%
12.4%
Selling, general and administrative
10,899
10,104
9,518
+7.9%
Operating income
3,220
3,053
2,759
+5.5%
Operating margin
2.9%
2.9%
2.8%
Interest expense
113
99.0
95.0
+14.1%
Pre-tax income
3,197
3,051
2,767
+4.8%
Income tax
1,109
990
1,000
+12.0%
Effective tax rate
34.7%
32.4%
36.1%
Net income
2,058
2,039
1,709
+0.9%
Net margin
1.8%
1.9%
1.7%
Diluted EPS
$4.65
$4.63
$3.89
+0.4%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
3,984
3,437
3,057
+15.9%
Capital expenditure
1,993
2,083
1,480
-4.3%
Free cash flow
1,991
1,354
1,577
+47.0%
Free cash flow margin
1.8%
1.3%
1.6%
Cash from investing
-2,093
-2,251
-1,236
Cash from financing
-786
44.0
-2,281
Depreciation and amortisation
1,029
946
908
+8.8%
Share-based compensation
327
285
241
+14.7%
Buybacks
334
36.0
632
+827.8%
Dividends paid
584
3,560
446
-83.6%
Dividend per share
$1.33
$8.17
$1.03
-83.7%
Diluted shares, weighted
442m
441m
439m
+0.4%
Shares outstanding at period end
438m
437m
432m
+0.2%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
12,303
10,833
12,361
+13.6%
Non-controlling interest
212
179
157
+18.4%
Short-term borrowings
n/a
36.0
0.0
Debt
5,093
4,998
1,382
+1.9%
Other liabilities
15,054
14,237
13,240
+5.7%
Total liabilities and equity
32,662
30,283
27,140
+7.9%
Fixed assets
14,830
13,881
12,961
+6.8%
Goodwill
n/a
63.0
66.0
Investments
1,577
1,480
1,326
+6.6%
Cash and equivalents
5,738
4,644
3,528
+23.6%
Receivables
1,148
1,201
1,026
-4.4%
Inventory
8,456
7,894
7,096
+7.1%
Other assets
913
1,120
1,137
-18.5%
Total assets
32,662
30,283
27,140
+7.9%
10-K for the year ended 31 August 2014, filed 15 October 2014: the filing.