Costco Wholesale — Mar 6, 2025 release

Exhibit 99.1 Press Release COSTCO WHOLESALE CORPORATION REPORTS SECOND QUARTER AND YEAR-TO-DATE OPERATING RESULTS FOR FISCAL 2025 AND FEBRUARY SALES RESULTS ISSAQUAH, Wash., March 6, 2025 - Costco Wholesale Corporation (“Costco” or the “Company”) (Nasdaq: COST) today announced its operating results for the second quarter (twelve weeks) and the first 24 weeks of fiscal 2025, ended February 16, 2025. Net sales for the quarter increased 9.1 percent, to $62.53 billion, from $57.33 billion last year. Net sales for the first 24 weeks increased 8.3 percent, to $123.52 billion, from $114.05 billion last year. Comparable sales for the second quarter and first 24 weeks of fiscal 2025 were as follows: 12 Weeks 12 Weeks 24 Weeks 24 Weeks Adjusted* Adjusted* U.S. 8.3% 8.6% 6.8% 7.9% Canada 4.6% 10.5% 5.2% 8.6% Other International 1.7% 10.3% 3.2% 8.7% Total Company 6.8% 9.1% 6.0% 8.1% E-commerce 20.9% 22.2% 17.1% 17.9% *Excluding the impacts from changes in gasoline prices and foreign exchange. Net income for the quarter was $1,788 million, $4.02 per diluted share, compared to $1,743 million, $3.92 per diluted share, last year. Last year's second quarter net income was positively impacted by a $94 million ($0.21 per diluted share) tax benefit due to the deductibility of the $15 per share special dividend to the extent received by 401(k) plan participants. Net income for the first 24 weeks was $3.59 billion, $8.06 per diluted share, compared to $3.33 billion, $7.49 per diluted share, last year. For the four-week reporting month of February, ended March 2, 2025, the Company reported net sales of $19.81 billion, an increase of 8.8 percent from $18.21 billion last year. Net sales for the first 26 weeks were $133.36 billion, an increase of 8.3 percent from $123.15 billion last year. Comparable sales for the February and year-to-date periods ended March 2, 2025, were as follows: 4 Weeks 4 Weeks 26 Weeks 26 Weeks Adjusted* Adjusted* U.S. 8.6% 8.6% 6.9% 7.9% Canada 3.2% 8.7% 5.1% 8.6% Other International -0.6% 6.5% 3.0% 8.7% Total Company 6.5% 8.3% 6.1% 8.1% E-commerce 19.0% 20.2% 16.9% 17.7% *Excluding the impacts from changes in gasoline prices and foreign exchange. Press Release Costco currently operates 897 warehouses, including 617 in the United States and Puerto Rico, 109 in Canada, 41 in Mexico, 36 in Japan, 29 in the United Kingdom, 19 in Korea, 15 in Australia, 14 in Taiwan, seven in China, five in Spain, two in France, and one each in Iceland, New Zealand and Sweden. Costco also operates e-commerce sites in the U.S., Canada, the U.K., Mexico, Korea, Taiwan, Japan and Australia. A conference call to discuss these results is scheduled for 2:00 p.m. (PT) today, March 6, 2025, and is available via a webcast on investor.costco.com (click on "Events & Presentations”). Certain statements contained in this document constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. For these purposes, forward-looking statements are statements that address activities, events, conditions or developments that the Company expects or anticipates may occur in the future. In some cases forward-looking statements can be identified because they contain words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “likely,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” or similar expressions and the negatives of those terms. Such forward-looking statements involve risks and uncertainties that may cause actual events, results or performance to differ materially from those indicated by such statements. These risks and uncertainties include, but are not limited to, domestic and international economic conditions, including exchange rates, inflation or deflation, the effects of competition and regulation, uncertainties in the financial markets, consumer and small business spending patterns and debt levels, breaches of security or privacy of member or business information, conditions affecting the acquisition, development, ownership or use of real estate, capital spending, actions of vendors, rising costs associated with employees (generally including health-care costs and wages), workforce interruptions, energy and certain commodities, geopolitical conditions (including tariffs), the ability to maintain effective internal control over financial reporting, regulatory and other impacts related to environmental and social matters, public-health related factors, and other risks identified from time to time in the Company’s public statements and reports filed with the Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made, and the Company does not undertake to update these statements, except as required by law. Comparable sales and comparable sales excluding impacts from changes in gasoline prices and foreign exchange are intended as supplemental information and are not a substitute for net sales presented in accordance with U.S. GAAP. CONTACTS:    Costco Wholesale Corporation David Sherwood, 425/313-8239 Josh Dahmen, 425/313-8254 Andrew Yoon, 425/313-6305 COST-Earn COST-Sales Press Release COSTCO WHOLESALE CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME  (dollars in millions, except per share data) (unaudited) 12 Weeks Ended 24 Weeks Ended February 16, 2025 February 18, 2024 February 16, 2025 February 18, 2024 REVENUE Net sales $ 62,530  $ 57,331  $ 123,515  $ 114,048  Membership fees 1,193  1,111  2,359  2,193  Total revenue 63,723  58,442  125,874  116,241  OPERATING EXPENSES Merchandise costs 55,744  51,140  109,853  101,597  Selling, general and administrative 5,663  5,240  11,509  10,598  Operating income 2,316  2,062  4,512  4,046  OTHER INCOME (EXPENSE) Interest expense (36) (41) (73) (79) Interest income and other, net 142  216  289  376  INCOME BEFORE INCOME TAXES 2,422  2,237  4,728  4,343  Provision for income taxes 634  494  1,142  1,011  NET INCOME $ 1,788  $ 1,743  $ 3,586  $ 3,332  NET INCOME PER COMMON SHARE: Basic $ 4.03  $ 3.93  $ 8.08  $ 7.51  Diluted $ 4.02  $ 3.92  $ 8.06  $ 7.49  Shares used in calculation (000's): Basic 443,982  443,892  443,985  443,859  Diluted 444,886  444,754  444,888  444,579  Press Release COSTCO WHOLESALE CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS  (amounts in millions, except par value and share data) (unaudited) Subject to Reclassification February 16, 2025 September 1, 2024 ASSETS CURRENT ASSETS Cash and cash equivalents $ 12,356  $ 9,906  Short-term investments 802  1,238  Receivables, net 3,060  2,721  Merchandise inventories 18,754  18,647  Other current assets 1,925  1,734  Total current assets 36,897  34,246  OTHER ASSETS Property and equipment, net 29,809  29,032  Operating lease right-of-use assets 2,531  2,617  Other long-term assets 3,987  3,936  TOTAL ASSETS $ 73,224  $ 69,831  LIABILITIES AND EQUITY CURRENT LIABILITIES Accounts payable $ 18,610  $ 19,421  Accrued salaries and benefits 5,150  4,794  Accrued member rewards 2,491  2,435  Deferred membership fees 2,824  2,501  Other current liabilities 7,924  6,313  Total current liabilities 36,999  35,464  OTHER LIABILITIES Long-term debt, excluding current portion 5,755  5,794  Long-term operating lease liabilities 2,284  2,375  Other long-term liabilities 2,609  2,576  TOTAL LIABILITIES 47,647  46,209  COMMITMENTS AND CONTINGENCIES EQUITY Preferred stock $0.005 par value; 100,000,000 shares authorized; no shares issued and outstanding —  —  Common stock $0.005 par value; 900,000,000 shares authorized; 443,730,000 and 443,126,000 shares issued and outstanding 2  2  Additional paid-in capital 8,047  7,829  Accumulated other comprehensive loss (2,242) (1,828) Retained earnings 19,770  17,619  TOTAL EQUITY 25,577  23,622  TOTAL LIABILITIES AND EQUITY $ 73,224  $ 69,831  Press Release COSTCO WHOLESALE CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS  (amounts in millions) (unaudited) Subject to Reclassification 24 Weeks Ended February 16, 2025 February 18, 2024 CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 3,586  $ 3,332  Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 1,100  1,015  Non-cash lease expense 137  148  Stock-based compensation 614  580  Other non-cash operating activities, net (79) (7) Changes in working capital 650  314  Net cash provided by operating activities 6,008  5,382  CASH FLOWS FROM INVESTING ACTIVITIES Purchases of short-term investments (345) (719) Maturities of short-term investments 752  1,029  Additions to property and equipment (2,401) (2,071) Other investing activities, net (13) 9  Net cash used in investing activities (2,007) (1,752) CASH FLOWS FROM FINANCING ACTIVITIES Repayments of short-term borrowings (389) (409) Proceeds from short-term borrowings 370  383  Proceeds from issuance of long-term debt —  498  Tax withholdings on stock-based awards (390) (292) Repurchases of common stock (412) (322) Cash dividend payments (515) (8,012) Financing lease payments and other financing activities, net (98) (96) Net cash used in financing activities (1,434) (8,250) EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS (117) 15  Net change in cash and cash equivalents 2,450  (4,605) CASH AND CASH EQUIVALENTS BEGINNING OF YEAR 9,906  13,700  CASH AND CASH EQUIVALENTS END OF PERIOD $ 12,356  $ 9,095