Costco Wholesale (COST) FY2020 results: revenue $166.8 billion, up 9.2% on the year
Costco Wholesale Corp. (COST) reported revenue of $166.8 billion for fiscal 2020, the year ended 30 August 2020, up 9.2% on the year before. Net income was $4.0 billion, up 9.4%, and diluted earnings per share $9.02. The figures are the company's own, from the 10-K it filed with the SEC on 7 October 2020.
Revenue
$166.8 billion
+9.2% on the year
FY2013FY2020
Operating margin
3.3%
3.1% a year earlier
FY2013FY2020
Net income
$4.0 billion
+9.4% on the year
FY2013FY2020
Diluted EPS
$9.02
+9.2% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
166,761
152,703
141,576
+9.2%
Cost of revenue
144,939
132,886
123,152
+9.1%
Gross profit
21,822
16,465
18,424
+32.5%
Gross margin
13.1%
10.8%
13.0%
Selling, general and administrative
16,387
14,994
13,876
+9.3%
Operating income
5,435
4,737
4,480
+14.7%
Operating margin
3.3%
3.1%
3.2%
Interest expense
160
150
159
+6.7%
Pre-tax income
5,367
4,765
4,442
+12.6%
Income tax
1,308
1,061
1,263
+23.3%
Effective tax rate
24.4%
22.3%
28.4%
Net income
4,002
3,659
3,134
+9.4%
Net margin
2.4%
2.4%
2.2%
Diluted EPS
$9.02
$8.26
$7.09
+9.2%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
8,861
6,356
5,774
+39.4%
Capital expenditure
2,810
2,998
2,969
-6.3%
Free cash flow
6,051
3,358
2,805
+80.2%
Free cash flow margin
3.6%
2.2%
2.0%
Cash from investing
-3,891
-2,865
-2,947
Cash from financing
-1,147
-1,147
-1,281
Depreciation and amortisation
1,645
1,492
1,437
+10.3%
Share-based compensation
619
595
544
+4.0%
Buybacks
196
247
328
-20.6%
Dividends paid
1,479
1,038
689
+42.5%
Dividend per share
n/a
$2.44
$2.14
Diluted shares, weighted
444m
443m
442m
+0.2%
Shares outstanding at period end
441m
440m
438m
+0.4%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
18,284
15,243
12,799
+20.0%
Non-controlling interest
421
341
304
+23.5%
Debt
7,657
6,852
6,613
+11.7%
Operating lease liabilities
2,558
0.0
n/a
Finance lease liabilities
657
n/a
n/a
Other liabilities
25,979
22,964
21,114
+13.1%
Total liabilities and equity
55,556
45,400
40,830
+22.4%
Fixed assets
21,807
20,890
19,681
+4.4%
Goodwill
988
53.0
n/a
+1,764.2%
Investments
1,028
1,060
1,204
-3.0%
Cash and equivalents
12,277
8,384
6,055
+46.4%
Receivables
1,550
1,535
1,669
+1.0%
Inventory
12,242
11,395
11,040
+7.4%
Other assets
5,664
2,083
1,181
+171.9%
Total assets
55,556
45,400
40,830
+22.4%
10-K for the year ended 30 August 2020, filed 7 October 2020: the filing.