The ratios behind the ROE storyThe same reported financials, read across four ratio families — select a year to highlight it

Sources: Costco Wholesale Corporation Forms 10-K — FY2024 (52 weeks ended Sep 1, 2024) and FY2023 (53 weeks ended Sep 3, 2023): net sales, membership fees, merchandise costs, operating income, income before taxes, net income; total assets, total equity, current assets, current liabilities, merchandise inventories, long-term debt. Equity per company balance sheets ($23,622M FY2024; $25,058M FY2023). Figures as reported ($ in millions). Not investment advice.