Costco Wholesale Corporation (COST) Cash Flow Statement
Where COST’s cash came from and went, FY2026
August 31, 2026 · U.S. dollars- Cash from operations
- $15.82B +18.7% vs FY2025
- Capital expenditures
- $6.43B 2.1% of revenue
- Free cash flow
- $9.39B 3.1% margin
- Returned to shareholders
- $3.31B 35% of free cash flow
- Change in cash
- $6.05B cash at year-end $20.21B
Drawn to scale: where the cash came from and how it was used. Hover for values.
COST operating cash flow, capex and free cash flow
COST cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $6.73BFY2017 | $15.82BFY2026 | +10.0%/yr | |
| Capital expenditures | $2.50BFY2017 | $6.43BFY2026 | +11.1%/yr | |
| Free cash flow | $4.22BFY2017 | $9.39BFY2026 | +9.3%/yr | |
| Free cash flow margin | 3.3%FY2017 | 3.1%FY2026 | −0.2 pts | |
| Operating cash flow / net income | 2.48FY2017 | 1.72FY2026 | −0.76 | |
| Stock-based compensation | $514.0MFY2017 | $924.0MFY2026 | +6.7%/yr | |
| Dividends paid | $3.90BFY2017 | $2.46BFY2026 | −5.0%/yr | |
| Share buybacks (net) | $469.0MFY2017 | $848.0MFY2026 | +6.8%/yr | |
| Capex / revenue | 1.9%FY2017 | 2.1%FY2026 | +0.2 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
COST cash flow by activity
COST net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
COST cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $9.23B | $8.10B | $7.37B | $6.29B | $5.92B | $5.08B | $4.06B | $3.70B | $3.18B | $2.71B |
| Depreciation & amortization | $2.67B | $2.43B | $2.24B | $2.08B | $1.90B | $1.78B | $1.65B | $1.49B | $1.44B | $1.37B |
| Stock-based compensation | $924.0M | $860.0M | $818.0M | $774.0M | $724.0M | $665.0M | $619.0M | $595.0M | $544.0M | $514.0M |
| Change in working capital | $2.33B | $1.76B | $611.0M | $1.02B | −$1.56B | $1.00B | $2.20B | $409.0M | $669.0M | $2.17B |
| Other non-cash items | $673.0M | $186.0M | $306.0M | $907.0M | $416.0M | $430.0M | $340.0M | $156.0M | −$55.0M | −$43.0M |
| Cash from operating activities | $15.82B | $13.34B | $11.34B | $11.07B | $7.39B | $8.96B | $8.86B | $6.36B | $5.77B | $6.73B |
| Investing activities | ||||||||||
| Capital expenditures | −$6.43B | −$5.50B | −$4.71B | −$4.32B | −$3.89B | −$3.59B | −$2.81B | −$3.00B | −$2.97B | −$2.50B |
| Investments (net) | — | −$5.31B | −$4.41B | −$4.97B | $24.0M | $115.0M | $52.0M | $137.0M | $18.0M | — |
| Acquisitions & other investing | $49.0M | $5.50B | $4.71B | $4.32B | −$48.0M | −$62.0M | −$1.13B | −$4.0M | $4.0M | $136.0M |
| Cash from investing activities | −$6.39B | −$5.31B | −$4.41B | −$4.97B | −$3.92B | −$3.54B | −$3.89B | −$2.87B | −$2.95B | −$2.37B |
| Financing activities | ||||||||||
| Dividends paid | −$2.46B | −$2.18B | −$9.04B | −$1.25B | −$1.50B | −$5.75B | −$1.48B | −$1.04B | −$689.0M | −$3.90B |
| Share repurchases & issuance (net) | −$848.0M | −$903.0M | −$700.0M | −$676.0M | −$439.0M | −$496.0M | −$196.0M | −$247.0M | −$328.0M | −$469.0M |
| Net borrowing (repayment) | — | −$296.0M | −$708.0M | −$384.0M | −$800.0M | $135.0M | $929.0M | $419.0M | −$6.0M | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$49.0M | −$393.0M | −$315.0M | −$303.0M | −$1.55B | −$379.0M | −$401.0M | −$281.0M | −$258.0M | $1.16B |
| Cash from financing activities | −$3.35B | −$3.77B | −$10.76B | −$2.61B | −$4.28B | −$6.49B | −$1.15B | −$1.15B | −$1.28B | −$3.22B |
| Summary | ||||||||||
| Net change in cash | $6.05B | $4.25B | −$3.79B | $3.50B | −$1.05B | −$1.02B | $3.89B | $2.33B | $1.51B | $1.17B |
| Cash at end of period | $20.21B | $14.16B | $9.91B | $13.70B | $10.20B | $11.26B | $12.28B | $8.38B | $6.05B | $4.55B |
| Free cash flow | $9.39B | $7.84B | $6.63B | $6.75B | $3.50B | $5.37B | $6.05B | $3.36B | $2.81B | $4.22B |
| Free cash flow margin | 3.1% | 2.8% | 2.6% | 2.8% | 1.5% | 2.7% | 3.6% | 2.2% | 2.0% | 3.3% |
| Capex / revenue | 2.1% | 2.0% | 1.9% | 1.8% | 1.7% | 1.8% | 1.7% | 2.0% | 2.1% | 1.9% |
| Operating cash flow / net income | 1.72 | 1.65 | 1.54 | 1.76 | 1.25 | 1.76 | 2.18 | 1.72 | 1.82 | 2.48 |
| Aug '26 | May '26 | Feb '26 | Nov '25 | Aug '25 | May '25 | Feb '25 | Nov '24 | Aug '24 | May '24 | Feb '24 | Nov '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $3.00B | $2.19B | $2.04B | $2.00B | $2.61B | $1.90B | $1.79B | $1.80B | $2.35B | $1.68B | $1.74B | $1.59B |
| Depreciation & amortization | $883.0M | $597.0M | $597.0M | $597.0M | $774.0M | $552.0M | $552.0M | $548.0M | $706.0M | $516.0M | $514.0M | $501.0M |
| Stock-based compensation | $153.0M | $119.0M | $166.0M | $486.0M | $140.0M | $106.0M | $151.0M | $463.0M | $132.0M | $106.0M | $136.0M | $444.0M |
| Change in working capital | $1.53B | $499.0M | $53.0M | $1.53B | $350.0M | $764.0M | $199.0M | $451.0M | −$355.0M | $652.0M | −$1.69B | $2.00B |
| Other non-cash items | −$876.0M | $42.0M | $145.0M | $70.0M | −$7.0M | $135.0M | $58.0M | $0 | $121.0M | $44.0M | $24.0M | $117.0M |
| Cash from operating activities | $4.69B | $3.45B | $3.00B | $4.69B | $3.87B | $3.46B | $2.75B | $3.26B | $2.96B | $3.00B | $731.0M | $4.65B |
| Investing activities | ||||||||||||
| Capital expenditures | −$2.21B | −$1.41B | −$1.29B | −$1.53B | −$1.97B | −$1.13B | −$1.14B | −$1.26B | −$1.58B | −$1.06B | −$1.03B | −$1.04B |
| Investments (net) | — | −$196.0M | $115.0M | $145.0M | −$1.97B | −$1.34B | −$1.02B | −$985.0M | −$1.70B | −$954.0M | −$1.39B | −$366.0M |
| Acquisitions & other investing | −$19.0M | — | $4.0M | −$17.0M | $1.97B | $1.13B | $1.14B | $1.26B | $1.58B | $1.06B | $1.03B | $1.04B |
| Cash from investing activities | −$2.23B | — | −$1.17B | −$1.40B | −$1.97B | −$1.34B | −$1.02B | −$985.0M | −$1.70B | −$954.0M | −$1.39B | −$366.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$1.30B | $0 | −$577.0M | −$577.0M | −$1.15B | −$515.0M | −$515.0M | −$515.0M | −$514.0M | −$515.0M | −$7.11B | −$905.0M |
| Share repurchases & issuance (net) | −$245.0M | −$184.0M | −$209.0M | −$210.0M | −$280.0M | −$211.0M | −$205.0M | −$207.0M | −$216.0M | −$162.0M | −$160.0M | −$162.0M |
| Net borrowing (repayment) | — | −$91.0M | $57.0M | −$23.0M | −$159.0M | −$20.0M | −$35.0M | −$82.0M | −$1.08B | — | — | $387.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $369.0M | −$3.0M | −$1.0M | −$357.0M | −$1.0M | −$2.0M | $514.0M | −$389.0M | −$1.0M | −$21.0M | −$9.0M | −$294.0M |
| Cash from financing activities | −$1.18B | −$278.0M | −$730.0M | −$1.17B | −$1.59B | −$748.0M | −$241.0M | −$1.19B | −$1.82B | −$698.0M | −$7.28B | −$974.0M |
| Summary | ||||||||||||
| Net change in cash | $1.26B | $1.56B | $1.17B | $2.06B | $325.0M | $1.48B | $1.45B | $1.00B | −$498.0M | $1.31B | −$7.92B | $3.31B |
| Cash at end of period | $20.21B | $18.95B | $17.38B | $16.22B | $14.16B | $13.84B | $12.36B | $10.91B | $9.91B | $10.40B | $9.10B | $17.01B |
| Free cash flow | $2.48B | $2.04B | $1.71B | $3.16B | $1.90B | $2.33B | $1.61B | $2.00B | $1.38B | $1.94B | −$300.0M | $3.61B |
| Free cash flow margin | 2.6% | 2.9% | 2.5% | 4.7% | 2.2% | 3.7% | 2.5% | 3.2% | 1.7% | 3.3% | −0.5% | 6.2% |
| Capex / revenue | 2.3% | 2.0% | 1.9% | 2.3% | 2.3% | 1.8% | 1.8% | 2.0% | 2.0% | 1.8% | 1.8% | 1.8% |
| Operating cash flow / net income | 1.57 | 1.57 | 1.47 | 2.34 | 1.48 | 1.82 | 1.54 | 1.81 | 1.26 | 1.78 | 0.42 | 2.93 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
COST cash generation
In fiscal 2026 (ended August 31, 2026), Costco generated $15.8 billion of cash from operations (up 18.7%) and spent $6.4 billion on capital expenditures, leaving free cash flow of $9.4 billion, 3.1% of revenue. It returned $3.3 billion to shareholders through dividends ($2.5 billion) and net share buybacks ($848.0 million). Cash and equivalents rose by $6.0 billion over the year.
Related: COST income statement, COST balance sheet, COST dividend history. See the COST stock overview for the latest quote and news.
COST cash flow FAQ
What is Costco's free cash flow?
Costco's free cash flow was $9.4 billion in fiscal 2026: $15.8 billion of operating cash flow minus $6.4 billion of capital expenditures It was $7.8 billion a year earlier..
How much cash does Costco generate from operations?
Costco generated $15.8 billion of cash from operating activities in fiscal 2026, 1.72 times its net income of $9.2 billion.
How much does Costco spend on capital expenditures?
Costco spent $6.4 billion on capital expenditures in fiscal 2026, 2.1% of revenue, compared with $5.5 billion the year before.
How much stock does Costco buy back?
Costco spent $848.0 million on net share repurchases in fiscal 2026.
How much does Costco pay in dividends?
Costco paid $2.5 billion in dividends in fiscal 2026, 26.2% of free cash flow.