Costco Wholesale (COST) FY2019 results: revenue $152.7 billion, up 7.9% on the year
Costco Wholesale Corp. (COST) reported revenue of $152.7 billion for fiscal 2019, the year ended 1 September 2019, up 7.9% on the year before. Net income was $3.7 billion, up 16.8%, and diluted earnings per share $8.26. The figures are the company's own, from the 10-K it filed with the SEC on 11 October 2019.
Revenue
$152.7 billion
+7.9% on the year
FY2012FY2019
Operating margin
3.1%
3.2% a year earlier
FY2012FY2019
Net income
$3.7 billion
+16.8% on the year
FY2012FY2019
Diluted EPS
$8.26
+16.5% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
152,703
141,576
129,025
+7.9%
Cost of revenue
132,886
123,152
111,882
+7.9%
Gross profit
16,465
18,424
17,143
-10.6%
Gross margin
10.8%
13.0%
13.3%
Selling, general and administrative
14,994
13,876
12,950
+8.1%
Operating income
4,737
4,480
4,111
+5.7%
Operating margin
3.1%
3.2%
3.2%
Interest expense
150
159
134
-5.7%
Pre-tax income
4,765
4,442
4,039
+7.3%
Income tax
1,061
1,263
1,325
-16.0%
Effective tax rate
22.3%
28.4%
32.8%
Net income
3,659
3,134
2,679
+16.8%
Net margin
2.4%
2.2%
2.1%
Diluted EPS
$8.26
$7.09
$6.08
+16.5%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
6,356
5,774
6,726
+10.1%
Capital expenditure
2,998
2,969
2,502
+1.0%
Free cash flow
3,358
2,805
4,224
+19.7%
Free cash flow margin
2.2%
2.0%
3.3%
Cash from investing
-2,865
-2,947
-2,366
Cash from financing
-1,147
-1,281
-3,218
Depreciation and amortisation
1,492
1,437
1,370
+3.8%
Share-based compensation
595
544
514
+9.4%
Buybacks
247
328
469
-24.7%
Dividends paid
1,038
689
3,904
+50.7%
Dividend per share
$2.44
$2.14
$8.90
+14.0%
Diluted shares, weighted
443m
442m
441m
+0.2%
Shares outstanding at period end
440m
438m
437m
+0.3%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
15,243
12,799
10,778
+19.1%
Non-controlling interest
341
304
301
+12.2%
Debt
6,852
6,613
6,659
+3.6%
Operating lease liabilities
0.0
n/a
n/a
Other liabilities
22,964
21,114
18,609
+8.8%
Total liabilities and equity
45,400
40,830
36,347
+11.2%
Fixed assets
20,890
19,681
18,161
+6.1%
Goodwill
53.0
n/a
n/a
Investments
1,060
1,204
1,233
-12.0%
Cash and equivalents
8,384
6,055
4,546
+38.5%
Receivables
1,535
1,669
1,432
-8.0%
Inventory
11,395
11,040
9,834
+3.2%
Other assets
2,083
1,181
1,141
+76.4%
Total assets
45,400
40,830
36,347
+11.2%
10-K for the year ended 1 September 2019, filed 11 October 2019: the filing.