Filing Flows

Filing Flows › Companies › Costco Wholesale › Cash flow

Costco Wholesale cash flow, quarter by quarter

Latest: Q3 FY26 · from the cash-flow statements filed with the SEC

Free cash flow$2.0B in Q3 FY26

Operating cash flow$3.4B
Capital spending−$1.4B
Free cash flow+$2.0B
Cash / net income1.6×
Cash conversion cycle1 days

Analysis

In Q3 FY26, Costco Wholesale generated $3.4B of operating cash flow and spent $1.4B on capital projects, leaving free cash flow of $2.0B.

Operating cash flow was $3.4B against net income of $2.2B — 1.6× profit, cash ran ahead of reported earnings. The largest differences: payables +$1.8B, other operating capital −$811M, depreciation & amortization +$597M.

Its cash conversion cycle was 1 days (receivables 4 + inventory 26 − payables 29).

Free cash flow

Costco Wholesale: free cash flow by quarterCostco Wholesale: free cash flow by quarter−$300MQ2 FY24$1.9BQ3 FY24$2.0BQ1 FY25$1.6BQ2 FY25$2.3BQ3 FY25$3.2BQ1 FY26$1.7BQ2 FY26$2.0BQ3 FY26
Operating cash flow less capital spending.
Costco Wholesale: operating cash flow against capital spendingCostco Wholesale: operating cash flow against capital spendingOperating cash flowCapital spending$731M$1.0BQ2 FY24$3.0B$1.1BQ3 FY24$3.3B$1.3BQ1 FY25$2.7B$1.1BQ2 FY25$3.5B$1.1BQ3 FY25$4.7B$1.5BQ1 FY26$3.0B$1.3BQ2 FY26$3.4B$1.4BQ3 FY26
Latest (Q3 FY26): Operating cash flow $3.4B, Capital spending $1.4B.

Capital allocation, year by year

Costco Wholesale: where the cash came from (up) and went (down), by fiscal yearCostco Wholesale: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingBuybacksDividendsFY22: Operating cash flow $7.4BFY22: Net borrowing −$929MFY22: Capital spending −$3.9BFY22: Buybacks −$439MFY22: Dividends −$1.5B$7.4BFY22FY23: Operating cash flow $11.1BFY23: Net borrowing −$384MFY23: Capital spending −$4.3BFY23: Buybacks −$676MFY23: Dividends −$1.3B$11.1BFY23FY24: Operating cash flow $11.3BFY24: Net borrowing −$707MFY24: Capital spending −$4.7BFY24: Buybacks −$700MFY24: Dividends −$9.0B$11.3BFY24FY25: Operating cash flow $13.3BFY25: Net borrowing −$296MFY25: Capital spending −$5.5BFY25: Buybacks −$903MFY25: Dividends −$2.2B$13.3BFY25FY26: Operating cash flow $15.8BFY26: Net borrowing $314MFY26: Capital spending −$6.4BFY26: Buybacks −$848MFY26: Dividends −$2.5B$16.1BFY26
Over these 5 years operating cash flow totalled $59.0B; the largest uses were capital spending ($24.9B) and dividends ($16.4B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$21.3B
Debt$6.2B
Net cash$15.1B
Due within a year$2.2B

Costco Wholesale funds itself: free cash flow was — over the last twelve months, and $21.3B of cash and investments stands against $6.2B of debt ($2.2B due within a year, 9.5× covered by cash).

Costco Wholesale: debt maturities by year (FY26)Costco Wholesale: debt maturities by year (FY26)$2.2BYear 1$136MYear 3$1.8BYear 4$161MYear 5$1.9BAfter year 5
Principal due in each year as disclosed in the annual report, against $21.3B of cash and investments now.

Where the cash came from and went

Costco Wholesale: sources (+) and uses (−) of cash, Q3 FY26Costco Wholesale: sources (+) and uses (−) of cash, Q3 FY26Operating cash flow$3.4BCash drawn (+) / kept (−)−$1.6BCapital spending−$1.4BBuybacks−$184MOther investing−$179MOther financing−$69.0MNet borrowing (+) / repaid (−)−$22.0MExchange rates−$16.0MTaxes on employees’ shares−$3.0M

From profit to cash

Costco Wholesale: net income to operating cash flow, Q3 FY26Costco Wholesale: net income to operating cash flow, Q3 FY26Net income$2.2BDepreciation & amortization$597MStock-based pay$119MOther non-cash−$30.0MInventory−$457MPayables$1.8BOther operating capital−$811MOperating cash flow$3.4B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 FY26426291
Q2 FY26428311
Q1 FY26428311
Q3 FY25429293
Q2 FY25430303
Q1 FY25431323
Q3 FY24428302
Q2 FY24429312

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 FY26$3.4B−$1.4B−$184M—−$22.0M−$1.6B$2.0B
Q2 FY26$3.0B−$1.3B−$209M−$577M$57.0M−$1.2B$1.7B
Q1 FY26$4.7B−$1.5B−$210M−$577M−$23.0M−$2.1B$3.2B
Q3 FY25$3.5B−$1.1B−$211M−$515M−$20.0M−$1.5B$2.3B
Q2 FY25$2.7B−$1.1B−$205M—−$35.0M−$1.4B$1.6B
Q1 FY25$3.3B−$1.3B−$207M−$515M−$82.0M−$1.0B$2.0B
Q3 FY24$3.0B−$1.1B−$162M−$515M—−$1.3B$1.9B
Q2 FY24$731M−$1.0B−$160M−$7.1B−$9.0M$7.9B−$300M

Costco Wholesale: income statement and cash flow

Costco Wholesale, Q4 FY26: revenue $95.7B (+11% year over year), operating margin 4.0%. The chart follows the revenue to costs, profit and cash.

Costco Wholesale: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.