Costco Wholesale (COST) FY2021 results: revenue $195.9 billion, up 17.5% on the year
Costco Wholesale Corp. (COST) reported revenue of $195.9 billion for fiscal 2021, the year ended 29 August 2021, up 17.5% on the year before. Net income was $5.0 billion, up 25.1%, and diluted earnings per share $11.27. The figures are the company's own, from the 10-K it filed with the SEC on 6 October 2021.
Revenue
$195.9 billion
+17.5% on the year
FY2014FY2021
Operating margin
3.4%
3.3% a year earlier
FY2014FY2021
Net income
$5.0 billion
+25.1% on the year
FY2014FY2021
Diluted EPS
$11.27
+24.9% on the year
FY2014FY2021
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Revenue
195,929
166,761
152,703
+17.5%
Cost of revenue
170,684
144,939
132,886
+17.8%
Gross profit
25,245
21,822
16,465
+15.7%
Gross margin
12.9%
13.1%
10.8%
Selling, general and administrative
18,537
16,387
14,994
+13.1%
Operating income
6,708
5,435
4,737
+23.4%
Operating margin
3.4%
3.3%
3.1%
Interest expense
171
160
150
+6.9%
Pre-tax income
6,680
5,367
4,765
+24.5%
Income tax
1,601
1,308
1,061
+22.4%
Effective tax rate
24.0%
24.4%
22.3%
Net income
5,007
4,002
3,659
+25.1%
Net margin
2.6%
2.4%
2.4%
Diluted EPS
$11.27
$9.02
$8.26
+24.9%
$ 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
FY2021
FY2020
FY2019
On the year
Last 8 years
Operating cash flow
8,958
8,861
6,356
+1.1%
Capital expenditure
3,588
2,810
2,998
+27.7%
Free cash flow
5,370
6,051
3,358
-11.3%
Free cash flow margin
2.7%
3.6%
2.2%
Cash from investing
-3,535
-3,891
-2,865
Cash from financing
-6,488
-1,147
-1,147
Depreciation and amortisation
1,781
1,645
1,492
+8.3%
Share-based compensation
665
619
595
+7.4%
Buybacks
496
196
247
+153.1%
Dividends paid
5,748
1,479
1,038
+288.6%
Dividend per share
n/a
n/a
$2.44
Diluted shares, weighted
444m
444m
443m
+0.1%
Shares outstanding at period end
442m
441m
440m
+0.1%
Balance sheet
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Shareholders' equity
17,564
18,284
15,243
-3.9%
Non-controlling interest
514
421
341
+22.1%
Debt
7,531
7,657
6,852
-1.6%
Operating lease liabilities
2,642
2,558
0.0
+3.3%
Finance lease liabilities
n/a
657
n/a
Other liabilities
31,017
25,979
22,964
+19.4%
Total liabilities and equity
59,268
55,556
45,400
+6.7%
Fixed assets
23,492
21,807
20,890
+7.7%
Goodwill
996
988
53.0
+0.8%
Investments
917
1,028
1,060
-10.8%
Cash and equivalents
11,258
12,277
8,384
-8.3%
Receivables
1,803
1,550
1,535
+16.3%
Inventory
14,215
12,242
11,395
+16.1%
Other assets
6,587
5,664
2,083
+16.3%
Total assets
59,268
55,556
45,400
+6.7%
10-K for the year ended 29 August 2021, filed 6 October 2021: the filing.