Costco Wholesale Corp. Q4 FY2023 results: revenue $78.9 billion, up 9.5% on the year

Costco Wholesale Corp. (COST) reported revenue of $78.9 billion for Q4 FY2023, the quarter ended 3 September 2023, up 9.5% on the same quarter a year earlier. Net income was $2.2 billion, up 15.6% on the year, and diluted earnings per share $4.86. The figures are the company's own, from the 10-K it filed with the SEC on 11 October 2023.

Revenue$78.9 billionup 9.5%

Net income$2.2 billionup 15.6%

Diluted EPS$4.86

QuarterQ4 FY2023ended 3 September 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Quarter before	A year earlier	Change on the year
Revenue	78,939	n/a	n/a	n/a
Cost of revenue	69,219	n/a	n/a	n/a
Gross profit	9,720	n/a	n/a	n/a
Gross margin	12.3%	n/a	n/a
Selling, general and administrative	6,939	n/a	n/a	n/a
Operating income	2,781	n/a	n/a	n/a
Operating margin	3.5%	n/a	n/a
Interest expense	56.0	n/a	n/a	n/a
Pre-tax income	2,963	n/a	n/a	n/a
Income tax	803	n/a	n/a	n/a
Effective tax rate	27.1%	n/a	n/a
Net income	2,160	n/a	n/a	n/a
Net margin	2.7%	n/a	n/a
Diluted EPS	$4.86	n/a	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free 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 and capital returned

Line	Q4 FY2023	Quarter before	A year earlier	Change on the year
Share-based compensation	131	n/a	n/a	n/a
Diluted shares, weighted	444m	n/a	n/a	n/a
Shares outstanding at period end	443m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Quarter before	A year earlier	Change on the year
Total assets	68,994	n/a	n/a	n/a
Cash and equivalents	13,700	n/a	n/a	n/a
Receivables	2,285	n/a	n/a	n/a
Inventory	16,651	n/a	n/a	n/a
Goodwill	994	n/a	n/a	n/a
Long-term debt	5,377	n/a	n/a	n/a
Borrowings, as the company tags them	6,484	n/a	n/a	n/a
Operating lease liabilities	2,426	n/a	n/a	n/a
Shareholders' equity	25,058	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	78,939	57,799	58,442	58,515	79,697	62,151	63,723	63,205	86,156	67,307	69,597	70,527
Cost of revenue	69,219	50,457	51,140	51,173	69,588	54,109	55,744	54,996	75,037	58,510	60,719	61,519
Gross profit	9,720	7,342	7,302	7,342	10,109	8,042	7,979	8,209	11,119	8,797	8,878	9,008
Gross margin	12%	13%	12%	13%	13%	13%	13%	13%	13%	13%	13%	13%
SG&A	6,939	5,358	5,240	5,145	7,067	5,846	5,663	5,679	7,778	6,334	6,272	6,193
Operating income	2,781	1,984	2,062	2,197	3,042	2,196	2,316	2,530	3,341	2,463	2,606	2,815
Operating margin	4%	3%	4%	4%	4%	4%	4%	4%	4%	4%	4%	4%
Interest expense	56.0	38.0	41.0	41.0	49.0	37.0	36.0	35.0	46.0	35.0	33.0	32.0
Pre-tax income	2,963	2,106	2,237	2,284	3,113	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Tax rate	27%	25%	22%	26%	24%	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Net income	2,160	1,589	1,743	1,681	2,354	1,798	1,788	1,903	2,610	2,001	2,035	2,192
Net margin	3%	3%	3%	3%	3%	3%	3%	3%	3%	3%	3%	3%
Diluted EPS	$4.86	$3.58	$3.92	$3.78	$5.28	$4.04	$4.02	$4.28	$5.87	$4.50	$4.58	$4.93
Operating cash flow	n/a	4,651	n/a	n/a	n/a	3,260	n/a	n/a	n/a	4,688	n/a	n/a
Capital expenditure	n/a	1,040	n/a	n/a	n/a	1,264	n/a	n/a	n/a	1,526	n/a	n/a
Free cash flow	n/a	3,611	n/a	n/a	n/a	1,996	n/a	n/a	n/a	3,162	n/a	n/a
Buybacks	n/a	162	n/a	n/a	n/a	207	n/a	n/a	n/a	210	n/a	n/a
Dividends paid	n/a	905	n/a	n/a	n/a	515	n/a	n/a	n/a	577	n/a	n/a
Shares outstanding	443m	444m	444m	443m	443m	444m	444m	444m	443m	444m	444m	444m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 3 September 2023, filed 11 October 2023, accession 0000909832-23-000042: the filing on EDGAR. All of Costco Wholesale Corp.'s filings: EDGAR company page.

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