Dollar Amounts
USD (Millions)
Balance sheet data in USD (millions)
Doing some research...
Over the five-year period 2021–2025 Costco’s total assets grew from $59,268m to $77,099m, an increase of about 30%. Growth was steady year-to-year with a modest plateau from 2023 to 2024 (+1.2%) followed by a stronger jump into 2025 (+10.4%). This pattern is consistent with a large retailer expanding inventory, property/plant investments and working capital as memberships and square footage grow. Total liabilities rose more slowly, from $41,190m to $47,935m (+16%), so liabilities as a share of assets fell from ~69.5% in 2021 to ~62.2% in 2025. Stockholders’ equity increased markedly from $17,564m to $29,164m (+66%), raising the equity-to-assets ratio from ~29.6% to ~37.9% and reducing financial leverage (assets/equity) from ~3.4x to ~2.6x. The one notable fluctuation is the dip in equity in 2024 (25,058 → 23,622, −5.7%) before a strong recovery in 2025; because liabilities did not spike in 2024, that drop likely reflects equity-side items (share buybacks, dividends, or a one-time charge) rather than a sudden deterioration in solvency. In industry context, improving capitalization and a lower leverage ratio are positive for a membership-driven retailer—it strengthens the balance sheet to support new warehouses and inventory needs. To explain the 2024 equity decline and the 2025 rebound definitively, review the company’s equity statements and cash-flow/notes for buybacks, dividend policies or extraordinary items.
This analysis is for informational purposes only and does not constitute financial advice or recommendations for any investment decisions. Please consult with a qualified financial professional for personalized guidance.