Costco (COST) revenue and profit, from its SEC filings
Every figure below is as Costco Wholesale Corporation filed it with the U.S. Securities and Exchange Commission in its annual (10-K) and quarterly (10-Q) reports. Latest filing: 10-Q filed June 3, 2026. Costco's fiscal year ends on the Sunday nearest the end of August. Its first three quarters are twelve weeks long and the fourth is sixteen, which is why the fourth quarter's revenue looks larger.
In short
Costco runs membership warehouse clubs. It sells goods at very low markups and charges members an annual fee.
The membership fees are a small share of its revenue but a large share of its operating income — the business is built so that the fees, more than the goods, carry the profit.
Revenue went from $195.9B in fiscal 2021 to $275.2B in fiscal 2025 — growth of 8.9% a year on average.
In fiscal 2025 it was 8.2% higher than the year before.
Costco kept 2.9% of its revenue as net profit in fiscal 2025, against 2.6% in fiscal 2021.
Free cash flow — operating cash flow minus capital expenditure — was $7.84B, less than its net income.
In its latest quarter (Q3 FY2026, to May 10, 2026) revenue was $70.5B, 11.6% more than a year earlier.
Revenue and profit by year
| Period | Revenue | Gross profit | Operating income | Net income | Net margin | Free cash flow | Total debt | Cash |
|---|---|---|---|---|---|---|---|---|
| FY2025 to August 31, 2025 | $275.2B | $35.3B | $10.4B | $8.10B | 2.9% | $7.84B | $5.79B | $14.2B |
| FY2024 to September 1, 2024 | $254.5B | $32.1B | $9.29B | $7.37B | 2.9% | $6.63B | $5.90B | $9.91B |
| FY2023 to September 3, 2023 | $242.3B | $29.7B | $8.11B | $6.29B | 2.6% | $6.75B | $6.46B | $13.7B |
| FY2022 to August 28, 2022 | $227.0B | $27.6B | $7.79B | $5.84B | 2.6% | $3.50B | $6.56B | $10.2B |
| FY2021 to August 29, 2021 | $195.9B | $25.2B | $6.71B | $5.01B | 2.6% | $5.37B | $7.53B | $11.3B |
The latest quarters
| Period | Revenue | Gross profit | Operating income | Net income | Net margin | Free cash flow | Total debt | Cash |
|---|---|---|---|---|---|---|---|---|
| Q3 FY2026 to May 10, 2026 | $70.5B | $9.01B | $2.81B | $2.19B | 3.1% | $2.04B | $5.67B | $18.9B |
| Q2 FY2026 to February 15, 2026 | $69.6B | $8.88B | $2.61B | $2.04B | 2.9% | $1.71B | $5.76B | $17.4B |
| Q1 FY2026 to November 23, 2025 | $67.3B | $8.80B | $2.46B | $2.00B | 3.0% | $3.16B | $5.74B | $16.2B |
| Q4 FY2025 to August 31, 2025 | $86.2B | $11.1B | $3.34B | $2.61B | 3.0% | $1.90B | $5.79B | $14.2B |
| Q3 FY2025 to May 11, 2025 | $63.2B | $8.21B | $2.53B | $1.90B | 3.0% | $2.33B | $5.89B | $13.8B |
A quarter is taken as filed where the report states it; otherwise it is the year-to-date figure minus the one before it, which is how the fourth quarter (never filed on its own) is found.
What to watch in Costco's statements
- Net margin, which is thin by design: a few cents on the dollar.
- Revenue growth, which follows how many members it has and how much they spend.
- Cash, which it keeps high and has used to pay large special dividends.
How to read these figures
- Revenue vs profit — why the top line and the bottom line tell different stories.
- Reading an earnings report — where these figures come from each quarter.
- How to read a company — what to look at first.
- P/E and its traps — and why this page shows no P/E: it needs the share price, which our licences keep inside the app.
Source: the company's filings with the U.S. Securities and Exchange Commission (EDGAR). Free cash flow is operating cash flow minus capital expenditure; total debt adds long-term debt (current and non-current), commercial paper and short-term borrowings, each as filed. A dash means the company did not file that line for the period. No share price, market value or estimate appears here: those are licensed market data, shown to members in the app.
Other companies
Questions
What was Costco's revenue in fiscal 2025?
Costco reported revenue of $275.2B for fiscal 2025, the year that ended on August 31, 2025, in its annual report (10-K) filed with the SEC.
Is Costco profitable?
Yes. It reported net income of $8.10B in fiscal 2025, a net margin of 2.9% — 3 cents kept as profit from every dollar of revenue.
Has Costco made a profit every year?
In each of the 5 fiscal years shown (fiscal 2021 to 2025), it reported a net profit.
What is Costco's profit margin?
In fiscal 2025 its gross margin was 12.8% (revenue minus the direct cost of what it sold) and its net margin 2.9% (what was left after every cost, interest and tax).
How much debt does Costco have?
At the end of fiscal 2025 it reported $5.79B of debt — long-term debt, including the part due within a year, plus commercial paper and short-term borrowings as filed — against $14.2B of cash and cash equivalents.
How much of Costco's revenue is membership fees?
Costco reports membership fees as their own line in its income statement. They are a small part of total revenue but a large part of operating income. This page shows total revenue, which includes them; the split is in the 10-K linked at the top.
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