Costco Wholesale (COST) FY2018 results: revenue $141.6 billion, up 9.7% on the year
Costco Wholesale Corp. (COST) reported revenue of $141.6 billion for fiscal 2018, the year ended 2 September 2018, up 9.7% on the year before. Net income was $3.1 billion, up 17.0%, and diluted earnings per share $7.09. The figures are the company's own, from the 10-K it filed with the SEC on 26 October 2018.
Revenue
$141.6 billion
+9.7% on the year
FY2011FY2018
Operating margin
3.2%
3.2% a year earlier
FY2011FY2018
Net income
$3.1 billion
+17.0% on the year
FY2011FY2018
Diluted EPS
$7.09
+16.6% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
141,576
129,025
118,719
+9.7%
Cost of revenue
123,152
111,882
102,901
+10.1%
Gross profit
18,424
17,143
15,818
+7.5%
Gross margin
13.0%
13.3%
13.3%
Selling, general and administrative
13,876
12,950
12,068
+7.2%
Operating income
4,480
4,111
3,672
+9.0%
Operating margin
3.2%
3.2%
3.1%
Interest expense
159
134
133
+18.7%
Pre-tax income
4,442
4,039
3,619
+10.0%
Income tax
1,263
1,325
1,243
-4.7%
Effective tax rate
28.4%
32.8%
34.3%
Net income
3,134
2,679
2,350
+17.0%
Net margin
2.2%
2.1%
2.0%
Diluted EPS
$7.09
$6.08
$5.33
+16.6%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
5,774
6,726
3,292
-14.2%
Capital expenditure
2,969
2,502
2,649
+18.7%
Free cash flow
2,805
4,224
643
-33.6%
Free cash flow margin
2.0%
3.3%
0.5%
Cash from investing
-2,947
-2,366
n/a
Cash from financing
-1,281
-3,218
n/a
Depreciation and amortisation
1,437
1,370
1,255
+4.9%
Share-based compensation
544
514
459
+5.8%
Buybacks
328
469
486
-30.1%
Dividends paid
689
3,904
746
-82.4%
Dividend per share
$2.14
$8.90
$1.70
-76.0%
Diluted shares, weighted
442m
441m
441m
+0.2%
Shares outstanding at period end
438m
437m
438m
+0.2%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
12,799
10,778
12,079
+18.8%
Non-controlling interest
304
301
253
+1.0%
Debt
6,613
6,659
5,161
-0.7%
Other liabilities
21,114
18,609
15,670
+13.5%
Total liabilities and equity
40,830
36,347
33,163
+12.3%
Fixed assets
19,681
18,161
17,043
+8.4%
Investments
1,204
1,233
1,350
-2.4%
Cash and equivalents
6,055
4,546
3,379
+33.2%
Receivables
1,669
1,432
1,252
+16.6%
Inventory
11,040
9,834
8,969
+12.3%
Other assets
1,181
1,141
1,170
+3.5%
Total assets
40,830
36,347
33,163
+12.3%
10-K for the year ended 2 September 2018, filed 26 October 2018: the filing.