Costco Wholesale (COST) FY2016 results: revenue $118.7 billion, up 2.2% on the year
Costco Wholesale Corp. (COST) reported revenue of $118.7 billion for fiscal 2016, the year ended 28 August 2016, up 2.2% on the year before. Net income was $2.4 billion, down 1.1%, and diluted earnings per share $5.33. The figures are the company's own, from the 10-K it filed with the SEC on 12 October 2016.
Revenue
$118.7 billion
+2.2% on the year
FY2009FY2016
Operating margin
3.1%
3.1% a year earlier
FY2009FY2016
Net income
$2.4 billion
-1.1% on the year
FY2009FY2016
Diluted EPS
$5.33
-0.7% on the year
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
118,719
116,199
112,640
+2.2%
Cost of revenue
102,901
101,065
98,458
+1.8%
Gross profit
15,818
15,134
14,182
+4.5%
Gross margin
13.3%
13.0%
12.6%
Selling, general and administrative
12,068
11,445
10,899
+5.4%
Operating income
3,672
3,624
3,220
+1.3%
Operating margin
3.1%
3.1%
2.9%
Interest expense
133
124
113
+7.3%
Pre-tax income
3,619
3,604
3,197
+0.4%
Income tax
1,243
1,195
1,109
+4.0%
Effective tax rate
34.3%
33.2%
34.7%
Net income
2,350
2,377
2,058
-1.1%
Net margin
2.0%
2.0%
1.8%
Diluted EPS
$5.33
$5.37
$4.65
-0.7%
$ 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
3,292
4,285
3,984
-23.2%
Capital expenditure
2,649
2,393
1,993
+10.7%
Free cash flow
643
1,892
1,991
-66.0%
Free cash flow margin
0.5%
1.6%
1.8%
Cash from investing
n/a
n/a
-2,093
Cash from financing
n/a
n/a
-786
Depreciation and amortisation
1,255
1,127
1,029
+11.4%
Share-based compensation
459
394
327
+16.5%
Buybacks
486
481
334
+1.0%
Dividends paid
746
2,865
584
-74.0%
Dividend per share
$1.70
$6.51
$1.33
-73.9%
Diluted shares, weighted
441m
443m
442m
-0.3%
Shares outstanding at period end
438m
438m
438m
-0.1%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
12,079
10,617
12,303
+13.8%
Non-controlling interest
253
226
212
+11.9%
Debt
5,161
6,147
5,093
-16.0%
Other liabilities
15,670
16,027
15,054
-2.2%
Total liabilities and equity
33,163
33,017
32,662
+0.4%
Fixed assets
17,043
15,401
14,830
+10.7%
Investments
1,350
1,618
1,577
-16.6%
Cash and equivalents
3,379
4,801
5,738
-29.6%
Receivables
1,252
1,224
1,148
+2.3%
Inventory
8,969
8,908
8,456
+0.7%
Other assets
1,170
1,065
913
+9.9%
Total assets
33,163
33,017
32,662
+0.4%
10-K for the year ended 28 August 2016, filed 12 October 2016: the filing.