Costco Wholesale (COST) FY2017 results: revenue $129.0 billion, up 8.7% on the year
Costco Wholesale Corp. (COST) reported revenue of $129.0 billion for fiscal 2017, the year ended 3 September 2017, up 8.7% on the year before. Net income was $2.7 billion, up 14.0%, and diluted earnings per share $6.08. The figures are the company's own, from the 10-K it filed with the SEC on 18 October 2017.
Revenue
$129.0 billion
+8.7% on the year
FY2010FY2017
Operating margin
3.2%
3.1% a year earlier
FY2010FY2017
Net income
$2.7 billion
+14.0% on the year
FY2010FY2017
Diluted EPS
$6.08
+14.1% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
129,025
118,719
116,199
+8.7%
Cost of revenue
111,882
102,901
101,065
+8.7%
Gross profit
17,143
15,818
15,134
+8.4%
Gross margin
13.3%
13.3%
13.0%
Selling, general and administrative
12,950
12,068
11,445
+7.3%
Operating income
4,111
3,672
3,624
+12.0%
Operating margin
3.2%
3.1%
3.1%
Interest expense
134
133
124
+0.8%
Pre-tax income
4,039
3,619
3,604
+11.6%
Income tax
1,325
1,243
1,195
+6.6%
Effective tax rate
32.8%
34.3%
33.2%
Net income
2,679
2,350
2,377
+14.0%
Net margin
2.1%
2.0%
2.0%
Diluted EPS
$6.08
$5.33
$5.37
+14.1%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
6,726
3,292
4,285
+104.3%
Capital expenditure
2,502
2,649
2,393
-5.5%
Free cash flow
4,224
643
1,892
+556.9%
Free cash flow margin
3.3%
0.5%
1.6%
Cash from investing
-2,366
n/a
n/a
Cash from financing
-3,218
n/a
n/a
Depreciation and amortisation
1,370
1,255
1,127
+9.2%
Share-based compensation
514
459
394
+12.0%
Buybacks
469
486
481
-3.5%
Dividends paid
3,904
746
2,865
+423.3%
Dividend per share
$8.90
$1.70
$6.51
+423.5%
Diluted shares, weighted
441m
441m
443m
-0.1%
Shares outstanding at period end
437m
438m
438m
-0.1%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
10,778
12,079
10,617
-10.8%
Non-controlling interest
301
253
226
+19.0%
Debt
6,659
5,161
6,147
+29.0%
Other liabilities
18,609
15,670
16,027
+18.8%
Total liabilities and equity
36,347
33,163
33,017
+9.6%
Fixed assets
18,161
17,043
15,401
+6.6%
Investments
1,233
1,350
1,618
-8.7%
Cash and equivalents
4,546
3,379
4,801
+34.5%
Receivables
1,432
1,252
1,224
+14.4%
Inventory
9,834
8,969
8,908
+9.6%
Other assets
1,141
1,170
1,065
-2.5%
Total assets
36,347
33,163
33,017
+9.6%
10-K for the year ended 3 September 2017, filed 18 October 2017: the filing.