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COSTCO WHOLESALE CORPORATION CONSOLIDATED BALANCE SHEETS (amounts in millions, except par value and share data) September 1, 2019 September 2, 2018 ASSETS $ CURRENT ASSETS Cash and cash equivalents Short-term investments Receivables, net Merchandise inventories Other current assets Total current assets PROPERTY AND EQUIPMENT Land Buildings and improvements Equipment and fixtures 8,384 1,060 1,535 11,395 1.111 23,485 6,055 1,204 1,669 11,040 321 20,289 6,417 17,136 7.801 1,272 32,626 (11,736) 20,890 1,025 45,400 6,193 16,107 7,274 1,140 30,714 (11,033) 19,681 860 40,830 WA 11,679 3,176 1,180 1,711 1,699 3,792 Less accumulated depreciation and amortization Net property and equipment OTHER ASSETS TOTAL ASSETS LIABILITIES AND EQUITY CURRENT LIABILITIES Accounts payable Accrued salaries and benefits Accrued member rewards Deferred membership fees Current portion of long-term debt Other current liabilities Total current liabilities LONG-TERM DEBT, excluding current portion OTHER LIABILITIES Total liabilities COMMITMENTS AND CONTINGENCIES EQUITY Preferred stock $0.01 par value; 100,000,000 shares authorized; no shares issued and outstanding Common stock $0.01 par value: 900,000,000 shares authorized: 439,625,000 and 438,189,000 shares issued and outstanding Additional paid-in capital Accumulated other comprehensive loss Retained earnings Total Costco stockholders' equity Noncontrolling interests Total equity 11,237 2,994 1,057 1,624 90 2,924 19,926 6,487 1,314 27,727 23,237 5,124 1,455 29,816 0 6,107 6,417 (1,436) 10,258 15,243 341 15,584 (1.199) 7,887 12,799 304 13,103 40,830 TOTAL LIABILITIES AND EQUITY $ 45,400 $ The accompanying notes are an integral part of these consolidated financial statements. 35 COSTCO WHOLESALE CORPORATION CONSOLIDATED STATEMENTS OF INCOME (amounts in millions, except per share data) 52 Weeks Ended September 1, 2019 52 Weeks Ended September 2, 2018 53 Weeks Ended September 3, 2017 $ $ 149,351 3,352 152,703 138,434 3,142 141,576 126,172 2,853 129,025 132,886 14,994 86 111.882 12,950 123,152 13,876 68 4,480 82 4,737 4,111 (159) (134) REVENUE Net sales Membership fees Total revenue OPERATING EXPENSES Merchandise costs Selling, general and administrative Preopening expenses Operating income OTHER INCOME (EXPENSE) Interest expense Interest income and other, net INCOME BEFORE INCOME TAXES Provision for income taxes Net income including noncontrolling interests Net income attributable to noncontrolling interests NET INCOME ATTRIBUTABLE TO COSTCO NET INCOME PER COMMON SHARE ATTRIBUTABLE TO COSTCO: Basic Diluted Shares used in calculation (000's) Basic Diluted 4,039 (150) 178 4,765 1,061 3,704 (45) 3,659 4,442 1,263 3,179 (45) 3,134 2,714 $ $ $ (35) 2,679 7.15 $ 6.11 8.26 6.00 439,755 442,923 438,515 441,834 438,437 440,937 COSTCO WHOLESALE CORPORATION CONSOLIDATED BALANCE SHEETS (amounts in millions, except par value and share data) September 1, 2019 September 2, 2018 ASSETS $ CURRENT ASSETS Cash and cash equivalents Short-term investments Receivables, net Merchandise inventories Other current assets Total current assets PROPERTY AND EQUIPMENT Land Buildings and improvements Equipment and fixtures 8,384 1,060 1,535 11,395 1.111 23,485 6,055 1,204 1,669 11,040 321 20,289 6,417 17,136 7.801 1,272 32,626 (11,736) 20,890 1,025 45,400 6,193 16,107 7,274 1,140 30,714 (11,033) 19,681 860 40,830 WA 11,679 3,176 1,180 1,711 1,699 3,792 Less accumulated depreciation and amortization Net property and equipment OTHER ASSETS TOTAL ASSETS LIABILITIES AND EQUITY CURRENT LIABILITIES Accounts payable Accrued salaries and benefits Accrued member rewards Deferred membership fees Current portion of long-term debt Other current liabilities Total current liabilities LONG-TERM DEBT, excluding current portion OTHER LIABILITIES Total liabilities COMMITMENTS AND CONTINGENCIES EQUITY Preferred stock $0.01 par value; 100,000,000 shares authorized; no shares issued and outstanding Common stock $0.01 par value: 900,000,000 shares authorized: 439,625,000 and 438,189,000 shares issued and outstanding Additional paid-in capital Accumulated other comprehensive loss Retained earnings Total Costco stockholders' equity Noncontrolling interests Total equity 11,237 2,994 1,057 1,624 90 2,924 19,926 6,487 1,314 27,727 23,237 5,124 1,455 29,816 0 6,107 6,417 (1,436) 10,258 15,243 341 15,584 (1.199) 7,887 12,799 304 13,103 40,830 TOTAL LIABILITIES AND EQUITY $ 45,400 $ The accompanying notes are an integral part of these consolidated financial statements. 35 COSTCO WHOLESALE CORPORATION CONSOLIDATED STATEMENTS OF INCOME (amounts in millions, except per share data) 52 Weeks Ended September 1, 2019 52 Weeks Ended September 2, 2018 53 Weeks Ended September 3, 2017 $ $ 149,351 3,352 152,703 138,434 3,142 141,576 126,172 2,853 129,025 132,886 14,994 86 111.882 12,950 123,152 13,876 68 4,480 82 4,737 4,111 (159) (134) REVENUE Net sales Membership fees Total revenue OPERATING EXPENSES Merchandise costs Selling, general and administrative Preopening expenses Operating income OTHER INCOME (EXPENSE) Interest expense Interest income and other, net INCOME BEFORE INCOME TAXES Provision for income taxes Net income including noncontrolling interests Net income attributable to noncontrolling interests NET INCOME ATTRIBUTABLE TO COSTCO NET INCOME PER COMMON SHARE ATTRIBUTABLE TO COSTCO: Basic Diluted Shares used in calculation (000's) Basic Diluted 4,039 (150) 178 4,765 1,061 3,704 (45) 3,659 4,442 1,263 3,179 (45) 3,134 2,714 $ $ $ (35) 2,679 7.15 $ 6.11 8.26 6.00 439,755 442,923 438,515 441,834 438,437 440,937

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