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Arphra AIPlain-English read on Costco Wholesale Corporation’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $195.93B | $226.95B | $242.29B | $254.45B | $275.24B | $301.18B | $325.83B | $350.34B | $372.92B |
| Cost of revenue | $170.68B | $199.38B | $212.59B | $222.36B | $239.89B | $262.16B | $280.81B | $308.43B | $321.72B |
| Gross profit | $25.25B | $27.57B | $29.7B | $32.1B | $35.35B | $38.6B | $42.08B | $43.73B | $45.75B |
| Gross margin | +12.88% | +12.15% | +12.26% | +12.61% | +12.84% | +12.81% | +12.91% | +12.48% | +12.27% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $18.46B | $19.78B | $21.59B | $22.81B | $24.97B | $26.83B | $29.64B | $31.95B | $34.2B |
| Total operating expenses | $18.54B | $19.78B | $21.59B | $22.81B | $24.97B | $26.67B | $29.58B | $30.68B | $32.73B |
| Operating income | $6.71B | $7.79B | $8.11B | $9.29B | $10.38B | $10.96B | $11.49B | $12.81B | $13.15B |
| Operating margin | +3.42% | +3.43% | +3.35% | +3.65% | +3.77% | +3.64% | +3.53% | +3.66% | +3.53% |
| EBITDA | $8.63B | $9.9B | $10.72B | $12.15B | $13.4B | $14.1B | $15.57B | $16.12B | $17.88B |
| EBIT | $6.85B | $8B | $8.65B | $9.91B | $10.97B | $11.47B | $12.71B | $13.03B | $14.52B |
| Below the line | |||||||||
| Interest expense | $171M | $158M | $160M | $169M | $154M | $185.95M | $204.88M | $226.3M | $227.78M |
| Interest income | $41M | $61M | $470M | $533M | $505M | $579.79M | $653.41M | $700.6M | $745.17M |
| Other income / expense | -$28M | $47M | $373M | $455M | $435M | — | — | — | — |
| Pre-tax income | $6.68B | $7.84B | $8.49B | $9.74B | $10.82B | $11.6B | $12.34B | $13.15B | $14.16B |
| Income tax expense | $1.6B | $1.93B | $2.2B | $2.37B | $2.72B | $2.82B | $3.14B | $3.3B | $3.47B |
| Earnings | |||||||||
| Net income | $5.01B | $5.84B | $6.29B | $7.37B | $8.1B | $8.42B | $9.22B | $9.73B | $10.29B |
| Net income · continuing ops | $5.08B | $5.92B | $6.29B | $7.37B | $8.1B | $8.41B | $9.12B | $9.64B | $10.57B |
| Net margin | +2.56% | +2.57% | +2.60% | +2.90% | +2.94% | +2.80% | +2.83% | +2.78% | +2.76% |
| EPS · basic | $11.30 | $13.17 | $14.18 | $16.60 | $18.24 | $20.62 | $22.44 | $25.03 | $27.17 |
| EPS · diluted | $11.27 | $13.14 | $14.16 | $16.56 | $18.21 | $20.51 | $22.62 | $24.95 | $27.03 |
| EPS · low estimate | — | — | — | — | — | $20.15 | $21.89 | $23.69 | $26.33 |
| EPS · high estimate | — | — | — | — | — | $20.65 | $23.88 | $26.78 | $27.76 |
| Shares · basic | 443.09M | 443.65M | 443.85M | 443.91M | 443.99M | 439.99M | 446.16M | 446.14M | 441.28M |
| Shares · diluted | 444.35M | 444.76M | 444.45M | 444.76M | 444.8M | 445.74M | 443.03M | 443.99M | 448.01M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 24 | 23 | 18 | 9 |
| Analysts (EPS) | — | — | — | — | — | 25 | 27 | 19 | 8 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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