SEC Form 11-K filed by Costco Wholesale Corporation

6/27/25 4:30:34 PM ET

$COST

Department/Specialty Retail Stores

Consumer Discretionary

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11-K 1 a202411-k.htm 11-K Document

Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

———————————————————

FORM 11-K

———————————————————


☒			ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2024


☐			TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______ to _____


Commission File Number 0-20355

A. Full title of the plan and the address of the plan, if different from that of the issuer named below:

Costco 401(k) Retirement Plan

B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

———————————————————

Costco Wholesale Corporation

———————————————————

999 Lake Drive

Issaquah, Washington 98027

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COSTCO 401(k) RETIREMENT PLAN

Table of Contents


			Page
Report of Independent Registered Public Accounting Firm			1
Financial Statements:
Statements of Net Assets Available for Benefits as of December 31, 2024 and 2023			2
Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2024			3
Notes to Financial Statements			4
Supplementary Information:
Schedule H, Line 4i - Schedule of Assets (Held at End of Year) as of December 31, 2024			10
Signatures			24
Exhibits:
23.1 - Consent of Independent Registered Public Accounting Firm

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Plan Participants and Plan Administrator of

Costco 401(k) Retirement Plan

Issaquah, Washington

Opinion on the Financial Statements

We have audited the accompanying statements of net assets available for benefits of Costco 401(k) Retirement Plan (the "Plan") as of December 31, 2024 and 2023, the related statement of changes in net assets available for benefits for the year ended December 31, 2024, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2024 and 2023, and the changes in net assets available for benefits for the year ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on the Plan's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Supplemental Information

The supplemental Schedule H, Line 4i - Schedule of Assets (Held at End of Year) as of December 31, 2024, has been subjected to audit procedures performed in conjunction with the audit of Costco 401(k) Retirement Plan’s financial statements. The supplemental schedule is the responsibility of the Plan’s management. Our audit procedures included determining whether the information presented in the supplemental schedule reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedule. In forming our opinion on the supplemental schedule, we evaluated whether the supplemental schedule, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental schedule is fairly stated in all material respects in relation to the financial statements as a whole.

/s/ Crowe LLP

We have served as the Plan's auditor since 2023.

Oakbrook Terrace, Illinois

June 27, 2025

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COSTCO 401(k) RETIREMENT PLAN

Statements of Net Assets Available for Benefits

December 31, 2024 and 2023

(in thousands)


				2024		2023
Assets:
	Investments at fair value			$	38,028,873	$	30,435,735




	Investments at contract value:
		Fully benefit-responsive investment contracts		1,797,653		1,780,521
			Total investments	39,826,526		32,216,256
	Receivables:
		Notes receivable from participants		587,174		559,994
		Employee contributions		—		43,139
		Employer contributions		597,843		563,469
			Total receivables	1,185,017		1,166,602
	Non-interest bearing cash			5,849		1,988
Net assets available for benefits				$	41,017,392	$	33,384,846

See accompanying notes to financial statements.

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COSTCO 401(k) RETIREMENT PLAN

Statement of Changes in Net Assets Available for Benefits

Year Ended December 31, 2024

(in thousands)


			2024
Net investment income:
	Net appreciation of investments		$	8,169,131
	Interest		60,344
	Dividends		548,716
		Total net investment income	8,778,191
Interest on notes receivable from participants			45,384
Contributions to the Plan:
	Employee		1,144,552
	Employer		680,725
		Total contributions	1,825,277
Distributions to participants and other			(3,016,306)
		Increase in net assets	7,632,546
Net assets available for benefits, beginning of year			33,384,846
Net assets available for benefits, end of year			$	41,017,392

See accompanying notes to financial statements.

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COSTCO 401(k) RETIREMENT PLAN

Notes to Financial Statements

December 31, 2024 and 2023

(1)Plan Description

The following description of the Costco 401(k) Retirement Plan (the Plan) provides only general information. Participants should refer to the Plan document for a more complete description of the Plan. To participate in the Plan, an individual must be at least 18 years of age and an employee of Costco Wholesale Corporation (the Company or Costco) or certain subsidiaries.

The Plan is a defined contribution plan for the benefit of eligible employees, established by the Company under Section 401(a) of the Internal Revenue Code (IRC). It includes a qualified cash or deferred arrangement as described in Section 401(k). The Plan is also subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA), as amended.

(a)Employee Contributions

The Plan allows certain employees to make compensation deferral contributions after completing 90 days of service within 12-consecutive months. Eligible employees may contribute from 1% to 50% of their compensation, subject to certain limitations set by the IRC and the Plan. Eligible employees may also contribute amounts representing certain distributions from other retirement plans (rollover contributions).

All newly-eligible participants entering the Plan are automatically enrolled at a salary contribution rate of 4%. On an active participant’s employment anniversary date and each anniversary date thereafter the percentage deferred into the Plan automatically increases by one percentage point, to a maximum of 20%. Employees may opt out of automatic enrollment and increases. Contributions are subject to regulatory requirements.

(b)Employer Contributions

Company contributions are invested in accordance with selections made by participants. If no selection has been made, the contribution defaults to the Retirement Trust corresponding to the participant's age. Employer contributions are allocated based on an employee’s classification as either: covered by the collective bargaining agreements with the International Brotherhood of Teamsters; or other eligible employment.

(1) Covered by the Teamsters Agreements

Eligible employees who have completed one year of service (12 consecutive months) are eligible for an annual employer contribution beginning on the next Plan entry date. Plan entry dates for the employer contribution is the first day of each month. The annual employer contribution is allocated only to the accounts of eligible Plan participants who are employed on the last day of the applicable Plan year. The allocation rate varies, based on years of service, ranging from $0.05 to $0.47 per straight-time hour worked during the Plan year, up to a maximum of 2,080 hours. This annual contribution was $6.3 million for the year ended December 31, 2024, and was deposited into the Plan and allocated to participant accounts in March 2025.

(2) Other eligible employment

The Company matches the lesser of 50% of each employee’s deferral contribution or $500 per year. In addition, eligible employees who have completed one year of service (12 consecutive months) are eligible for an annual discretionary employer contribution beginning on the next Plan entry date. Plan entry dates for the discretionary contribution are the first day of each month. The discretionary contribution is allocated only to the accounts of eligible Plan participants who are employed on the last day of the applicable Plan year. The allocation rate varies, based on years of service, ranging from 4% to 9% of the participant's compensation. This discretionary

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COSTCO 401(k) RETIREMENT PLAN

Notes to Financial Statements (Continued)

December 31, 2024 and 2023

contribution was $605.5 million for the year ended December 31, 2024, and was deposited into the Plan and allocated to participant accounts in March 2025.

(c)Participants’ Accounts

Each participant’s account is credited or debited with the participant’s contributions, the Company’s contributions, distributions from the account, earnings and losses, fees, expenses, and changes in underlying account assets. The benefit to which a participant is entitled is their vested account balance.

(d)Vesting

Participants are immediately vested in their deferral contributions and in certain other contributions as defined in the Plan document, adjusted for net value changes.

Effective for participants employed on or after August 1, 2024, vesting in any form of employer contributions are 100% vested and nonforfeitable. Prior to this date, the Plan had a 5-year graded vesting schedule.

(e)Forfeitures

Forfeited amounts are used to reduce employer contributions, funded subsequent to each year. Forfeitures during 2024 and forfeiture balances as of December 31, 2024, and 2023, were immaterial. Forfeitures are restored to a participant’s account if within five years the participant is re-hired and repays the vested account balance distributed upon termination.

(f)Investment Options

Participants may invest funds in their account in the Plan's available investment options. Participants may transfer amounts between investment options daily, subject to certain trading restrictions. Before 2016, participants could invest 100% of their account in Costco stock; starting January 2016, the Plan has a 50% limit on investment in Costco stock, applied prospectively.

Amounts may be temporarily invested in a cash account prior to investment in the Plan’s investment accounts. See Notes 2, 3 and 4 for additional information regarding the Plan's investments.

(g)Distributions

Upon termination of employment, total disability, reaching age 59-1/2 or death, a participant (or participant's beneficiary in the case of death) can request a full, partial or, in certain circumstances, installment or rollover distribution for the vested portion of the account. Participants are also eligible to withdraw a portion of the salary-deferral contribution account in the event of certain financial hardships.

Dividends on the Company's stock are reinvested in the participant’s Company stock account unless a distribution is requested by the participant. These dividends are reported on a gross basis, with total dividends reported as "Dividends" and the amounts distributed reported as "Distributions to participants and other" in the statement of changes in net assets available for benefits.

(h)Notes Receivable from Participants

A participant may borrow between $1,000 and the lesser of $50,000 or 45% of their vested account balance, reduced by the highest outstanding loan balance in the previous 12 months minus the outstanding balance of all loans on the date on which the loan is made, provided this amount is available in the participant's pre-tax salary deferral and rollover accounts. Loans are repaid through payroll deductions over a period ranging up to four years or, if for the purchase of a principal residence, up to 15 years. The bi-weekly re-payment amount cannot exceed 25% of the participant's net pay. The interest rate is determined by the Plan Administrator from time-to-time and is comparable to rates

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COSTCO 401(k) RETIREMENT PLAN

Notes to Financial Statements (Continued)

December 31, 2024 and 2023

charged by commercial lenders. At December 31, 2024, interest rates on loans outstanding ranged from 4.25% to 10.50%, with various maturities through December 2039. Participant accounts with loans are charged an application fee at initiation and an annual maintenance fee.

(i)Trustee, Recordkeeper, and Plan Administrator

Northern Trust Company is the nondiscretionary trustee of the Plan and T. Rowe Price Retirement Services Inc. is the recordkeeper for the Plan. The Costco Benefits Committee is the Plan Administrator.

(j)Administrative, Recordkeeping and Investment Fees and Expenses

Certain administrative expenses, and recordkeeping and investment fees including investment management and transaction fees, are paid by the Plan. Certain of those expenses are charged to participant accounts.

(2)Summary of Significant Accounting Policies

(a)Basis of Accounting

The financial statements of the Plan are prepared under the accrual method of accounting. As required under U.S. generally accepted accounting principles (U.S. GAAP), fully benefit-responsive investment contracts (FBRIC) are reported at contract value (see Note 3), while all other investments in the Plan are reported at fair value (see Note 4). A FBRIC is a contract with a financial institution or an insurance company that provides for a stated return on principal invested over a specified period and permits withdrawals at contract value for benefit payments, loans, or transfers to other investment options offered to the participant by the Plan. Contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the Plan.

(b)Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates and assumptions.

(c)Investment Valuation and Income Recognition

The Plan invests in the Company’s common stock, common commingled trust funds and other exchange-traded equity securities held in separately managed accounts, as well as registered investment companies and the FBRIC.

Investments, other than the FBRIC, are reported at fair value. If available, quoted market prices are used to value investments. The FBRIC consists of the Capital Preservation Portfolio (CPP), which is invested in synthetic guaranteed investment contracts and is recorded at contract value. Contract value represents contributions made under each contract, plus earnings, less participant withdrawals and administrative expenses.

There are no reserves against contract value for credit risk of the contract issuer or otherwise. The crediting interest rate is based on a formula agreed upon with the issuer, but not less than zero. Such interest rates are reviewed on a quarterly basis for resetting. Certain events may limit the ability of the Plan to transact at contract value with the issuer. Events may include, but are not limited to, Plan termination, bankruptcy of the Company, or defunction of the trustee. In addition, certain events allow the issuer to terminate the contract and settle at an amount different from contract value. Examples of such events include: (1) an uncured violation of the Plan’s investment guidelines, (2) a breach of

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COSTCO 401(k) RETIREMENT PLAN

Notes to Financial Statements (Continued)

December 31, 2024 and 2023

material obligation under the contract, (3) a material misrepresentation, or (4) a material amendment to the agreements without the consent of the issuer. The Plan Administrator believes at this time that any events that would limit the Plan’s ability to transact at contract value with participants or that allow the issuer to terminate the contract with the Plan are not probable.

Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on an accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation or depreciation of investments includes the change in the fair value of assets from one period to the next, plus realized gains and losses.

Investment securities are exposed to various risks, such as interest rate, credit, and overall market volatility. Changes in the values of investment securities could occur, and those changes could materially affect the amounts reported in the statements of net assets available for benefits and participant account balances.

(d)Notes Receivable from Participants

Participant loans are classified as notes receivable from participants, which are segregated from Plan investments and measured at their unpaid principal balance plus any accrued but unpaid interest. Delinquent notes receivable are reclassified as distributions based upon the terms of the Plan document.

(e)Distribution of Benefits

Distributions of benefits are recorded when paid.

(f) Subsequent Events

The Plan monitors significant events occurring after the statement of net assets available for benefits date and prior to the issuance of the financial statements to determine the impacts, if any, on the financial statements to be issued. The Plan has evaluated subsequent events through the date which the financial statements are issued.

(3)Fully Benefit-Responsive Investment Contract

The CPP is invested in synthetic guaranteed investment contracts, which consist of a portfolio of underlying assets owned by the Plan and wrap contracts issued by an insurance company and a financial institution. The issuers of the wrap contracts provide for unscheduled withdrawals from the contracts at contract value, regardless of the value of the underlying assets, in order to fund routine withdrawals.

(4)Fair Value Measurement

U.S. GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is estimated by applying a fair value hierarchy, which requires maximizing the use of observable inputs. The three levels of inputs are:

Level 1: Quoted market prices in active markets for identical assets or liabilities.

Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data.

Level 3: Significant unobservable inputs that are not corroborated by market data.

The asset or liability's fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques maximize the use of relevant observable inputs and minimize the use of unobservable inputs. Valuation techniques utilized during

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COSTCO 401(k) RETIREMENT PLAN

Notes to Financial Statements (Continued)

December 31, 2024 and 2023

the reporting period were not changed from previous practice. The following is a description of the valuation methodologies used for assets measured at fair value.

Common stock, underlying securities in separately managed accounts, and registered investment company funds: These investments are deemed to be actively traded and are valued at the closing price reported in the active market in which the individual securities are traded. These assets are valued using Level 1 inputs. Mutual funds held by the Plan are open-end mutual funds that are registered with the U.S. Securities and Exchange Commission. Separately managed accounts largely consist of common stock, money market securities, and a collective trust as of December 31, 2024, and 2023.

Common commingled trust funds: The valuation techniques used to measure the fair value of common commingled trust funds are based on quoted market prices, such as quoted net asset values (NAV) published by the fund as supported in an active market. Plan participant transactions of investment or withdrawals may occur on a daily basis in these trusts. These assets are valued using Level 1 inputs.

The tables below present information regarding investments that are measured at fair value on a recurring basis and indicate the level within the hierarchy reflecting the valuation techniques utilized to determine fair value as of December 31, 2024, and 2023.


December 31, 2024:	Level 1 (in 000's)
Investments, at fair value:
Costco Wholesale Corporation common stock	$	21,006,481
Common commingled trust funds	12,039,144
Separately managed accounts	2,629,978
Registered investment company funds	2,353,270
Total investments in fair value hierarchy	$	38,028,873


December 31, 2023:	Level 1 (in 000's)
Investments, at fair value:
Costco Wholesale Corporation common stock	$	15,977,459
Common commingled trust funds	10,080,126
Separately managed accounts	2,491,563
Registered investment company funds	1,886,587
Total investments in fair value hierarchy	$	30,435,735

(5)Plan Termination

Although it has no present intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan, subject to ERISA and the requirements of the collective bargaining agreements with the Teamsters. In the event of termination, participants remain 100% vested in their accounts.

(6)Tax Status

In a determination letter dated June 9, 2017, the Internal Revenue Service informed the Company that the Plan is designed in accordance with applicable sections of the IRC. The Plan has since been restated and amended. The Plan Administrator believes that the Plan is designed and is being operated in compliance with the IRC.

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COSTCO 401(k) RETIREMENT PLAN

Notes to Financial Statements (Continued)

December 31, 2024 and 2023

U.S. GAAP requires the Plan Administrator to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The Plan Administrator has concluded that as of December 31, 2024, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; there are currently no audits in progress.

(7)Party-in-Interest and Related Party Transactions

Certain Plan investments are in funds, trusts, and accounts managed by Northern Trust Company, the trustee for the Plan, and by T. Rowe Price Trust Company or T. Rowe Price Associates, Inc., which are affiliates of the recordkeeper for the Plan, T. Rowe Price Retirement Services, Inc. These entities are considered "parties-in-interest" as such term is defined in the ERISA.

As the Plan sponsor, the Company is a party-in-interest with respect to the Plan. At December 31, 2024 and 2023, the Plan held 22,926,000 and 24,205,000 shares of Costco common stock. During 2024, 1,192,000 shares were purchased and 2,471,000 shares were sold.

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COSTCO 401(k) RETIREMENT PLAN

Schedule H, Line 4i - Schedule of Assets (Held at End of Year)

EIN: 91-1223280 Plan #: 002

December 31, 2024

(in thousands)

(a) (b) Identity of issuer, borrower,
lessor, or similar party

(d) Cost

(e) Current value

Registered investment company and common commingled trust funds:

Capital Group

New Perspective Trust U3

532,538

PIMCO

Income Institutional

547,097

* T. Rowe Price

Retirement Balanced Trust K

34,625

* T. Rowe Price

TRP Ret 2005 Active Trust K

21,922

* T. Rowe Price

TRP Ret 2010 Active Trust K

36,337

* T. Rowe Price

TRP Ret 2015 Active Trust K

115,620

* T. Rowe Price

TRP Ret 2020 Active Trust K

373,889

* T. Rowe Price

TRP Ret 2025 Active Trust K

816,719

* T. Rowe Price

TRP Ret 2030 Active Trust K

1,234,005

* T. Rowe Price

TRP Ret 2035 Active Trust K

1,240,681

* T. Rowe Price

TRP Ret 2040 Active Trust K

1,432,959

* T. Rowe Price

TRP Ret 2045 Active Trust K

1,629,654

* T. Rowe Price

TRP Ret 2050 Active Trust K

1,137,885

* T. Rowe Price

TRP Ret 2055 Active Trust K

1,366,220

* T. Rowe Price

TRP Ret 2060 Active Trust K

719,126

* T. Rowe Price

TRP Ret 2065 Active Trust K

186,806

* T. Rowe Price

TRP Ret 2020 Active Trust-Income K

9,420

* T. Rowe Price

TRP Ret 2025 Active Trust-Income K

947

Vanguard

Extended Market Index Institutional

110,597

Vanguard

Total International Stock Index Institutional

94,431

Vanguard

Total Bond Market Index Fund Institutional

141,279

Vanguard

Institutional Index, Plus

1,459,866

Wellington

CIF II Growth S5

1,149,791

Total registered investment company and common commingled trust funds

14,392,414

Separately managed accounts:

Mid-Cap Growth Portfolio:

Acadia Healthcare Company Inc.

Common Stock

5,472

Agilent Technologies Inc.

Common Stock

24,767

Align Technology Inc.

Common Stock

9,323

Alnylam Pharmaceuticals Inc.

Common Stock

18,295

Amphenol Corp., Class A

Common Stock

8,901

Assurant Inc.

Common Stock

19,534

Avantor Inc.

Common Stock

19,557

Avery Dennison Corp.

Common Stock

17,777

Axis Capital Holdings Ltd.

Common Stock

6,119

Ball Corp.

Common Stock

18,540

Bath & Body Works Inc.

Common Stock

7,739

Biogen Inc.

Common Stock

9,121

Boston Beer Company Inc., Class A

Common Stock

2,342

Bright Horizons Family Solutions

Common Stock

9,239

Broadridge Financial Solutions Inc.

Common Stock

12,638

Bruker Corp.

Common Stock

12,192

Burlington Stores Inc.

Common Stock

14,934

BWX Technologies Inc.

Common Stock

8,885

Casey's General Stores Inc.

Common Stock

14,323

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COSTCO 401(k) RETIREMENT PLAN

Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (Continued)

December 31, 2024

(in thousands)

(a) (b) Identity of issuer, borrower,
lessor, or similar party

(d) Cost

(e) Current value

Cboe Global Markets Inc.

Common Stock

12,239

CCC Intelligent Solutions Holdings Inc.

Common Stock

13,753

Cheniere Energy Inc.

Common Stock

23,108

Cognex Corp.

Common Stock

3,699

Constellation Brands, Inc., Class A

Common Stock

6,580

Corpay Inc.

Common Stock

14,019

Costar Group Inc.

Common Stock

10,173

Cytokinetics Inc.

Common Stock

4,394

Dollar General Corp.

Common Stock

2,393

Dollar Tree Inc.

Common Stock

16,813

Domino's Pizza Inc.

Common Stock

23,954

DraftKings Inc., Class A

Common Stock

15,536

Duolingo Inc.

Common Stock

2,615

Encompass Health Corp.

Common Stock

3,430

Enovis Corp.

Common Stock

6,096

EQT Corp.

Common Stock

15,731

Equifax Inc.

Common Stock

14,618

Esab Corp.

Common Stock

16,312

Exact Sciences Corp.

Common Stock

4,286

Expand Energy Corp.

Common Stock

7,732

Fair Isaac Corp.

Common Stock

14,274

Ferguson Enterprises Inc. Par

Common Stock

8,093

Five Below Inc.

Common Stock

8,426

Fortinet Inc.

Common Stock

14,460

Fortive Corp.

Common Stock

17,619

Gartner Inc.

Common Stock

1,447

Hilton Worldwide Holdings Inc.

Common Stock

21,068

Hologic Inc.

Common Stock

28,377

Howmet Aerospace Inc.

Common Stock

2,897

J.B. Hunt Transport Services Inc.

Common Stock

13,340

IDEX Corp.

Common Stock

8,045

Ingersoll Rand Inc.

Common Stock

19,142

Insmed Inc.

Common Stock

810

Intercontinental Exchange Inc.

Common Stock

12,316

Ionis Pharmaceuticals Inc.

Common Stock

8,569

ITT Inc.

Common Stock

2,988

Keysight Technologies Inc.

Common Stock

11,869

KKR & Co Inc., Class A

Common Stock

1,355

Lattice Semiconductor Corp.

Common Stock

20,613

Liberty Media Corp., Series C Liberty Formula One

Common Stock

17,049

Liberty Media Corp., Series C

Common Stock

1,898

Littelfuse Inc.

Common Stock

2,135

Lululemon Athletica Inc.

Common Stock

2,628

Maplebear Inc.

Common Stock

4,372

Markel Group Inc.

Common Stock

6,016

Marketaxess Holdings Inc.

Common Stock

11,007

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COSTCO 401(k) RETIREMENT PLAN

Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (Continued)

December 31, 2024

(in thousands)

(a) (b) Identity of issuer, borrower,
lessor, or similar party

(d) Cost

(e) Current value

Martin Marietta Materials

Common Stock

13,788

Marvell Technology Inc.

Common Stock

44,592

Match Group Inc.

Common Stock

6,813

McCormick & Company Inc.

Common Stock

5,453

Mettler-Toldeo International Inc.

Common Stock

10,114

Microchip Technology Inc.

Common Stock

21,250

Molina Healthcare Inc.

Common Stock

7,333

Monday.com Ltd.

Common Stock

2,462

MongoDB Inc.

Common Stock

2,550

Monolithic Power Systems Inc.

Common Stock

2,480

New York Times Co., Class A

Common Stock

8,106

Old Dominion Freight Line Inc.

Common Stock

5,726

Onestream Inc., Class A

Common Stock

1,569

Paylocity Holding Corp.

Common Stock

16,355

Penumbra Inc.

Common Stock

2,412

Planet Fitness Inc., Class A

Common Stock

12,454

PTC Inc.

Common Stock

24,927

Pure Storage Inc., Class A

Common Stock

9,188

Quanta Services Inc.

Common Stock

5,854

Quidelortho Corp.

Common Stock

6,750

Range Resources Corp.

Common Stock

5,844

Raymond James Financial Inc.

Common Stock

14,400

Reddit Inc., Class A

Common Stock

10,317

Reynolds Consumer Products Inc.

Common Stock

5,004

Roku Inc., Class A

Common Stock

3,457

Roper Technologies Inc.

Common Stock

4,141

Ross Stores Inc.

Common Stock

19,387

RPM International Inc.

Common Stock

5,649

Sarepta Therapeutics Inc.

Common Stock

4,982

Sealed Air Corp.

Common Stock

7,826

ServiceTitan Inc., Class A

Common Stock

689

StandardAero, Inc.

Common Stock

3,448

Teleflex Inc.

Common Stock

24,963

Texas Roadhouse Inc.

Common Stock

1,473

Textron Inc.

Common Stock

19,394

Cooper Companies Inc.

Common Stock

14,317

Trade Desk Inc/The, Class A

Common Stock

36,117

Toast Inc., Class A

Common Stock

10,914

TopBuild Corp.

Common Stock

3,534

TPG Inc., Class A

Common Stock

2,203

Tractor Supply Co.

Common Stock

3,400

Tradeweb Markets Inc., Class A

Common Stock

7,692

Transunion

Common Stock

7,016

Treehouse Foods Inc.

Common Stock

3,147

Tyler Technologies Inc.

Common Stock

19,523

UL Solutions Inc., Class A

Common Stock

3,470

Ulta Beauty Inc.

Common Stock

5,531

Table of Contents

COSTCO 401(k) RETIREMENT PLAN

Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (Continued)

December 31, 2024

(in thousands)

(a) (b) Identity of issuer, borrower,
lessor, or similar party

(d) Cost

(e) Current value

United Rentals Inc.

Common Stock

7,436

Vaxcyte Inc.

Common Stock

3,037

Veeva Systems Inc., Class A

Common Stock

24,389

Veralto Corp.

Common Stock

7,523

Verisk Analytics Inc.

Common Stock

8,941

Viking Holdings Ltd.

Common Stock

8,177

Waste Connections Inc.

Common Stock

5,587

West Pharmaceutical Services

Common Stock

4,522

XPO Inc.

Common Stock

5,106

Yum! Brands Inc.

Common Stock

18,179

Zoom Communications Inc.

Common Stock

11,654

Argenx SE

Foreign Stock

6,324

Ascendis Pharma

Foreign Stock

6,471

Alcon AG

Foreign Stock

12,097

Atlassian Corp., Class A

Foreign Stock

10,106

Birkenstock Holding PLC

Foreign Stock

5,190

Crispr Therapeutics AG

Foreign Stock

2,709

NXP Semiconductors N.V.

Foreign Stock

6,572

On Holding AG, Class A

Foreign Stock

4,167

Spotify Technology SA

Foreign Stock

11,717

TechnipFMC PLC

Foreign Stock

16,912

Weatherford International PLC

Foreign Stock

4,622

Caris Life Sciences, Series D Convertible

Preferred Stock

623

Databricks, Series H Convertible

Preferred Stock

911

Databricks, Series I Convertible

Preferred Stock

388

Nuro Inc., Series D

Preferred Stock

242

Redwood Materials Inc., Series C

Preferred Stock

951

Sila Nanotechnologies Inc., Series F

Preferred Stock

666

Databricks, Series J

Convertible Equity

736

*Northern Institutional Treasury Portfolio

Money Market Securities

27,577

*T. Rowe Price Treasury Reserve Fund

Money Market Securities

2,839

Large Cap Value Portfolio:

Advanced Micro Devices Inc.

Common Stock

3,433

Allstate Corp.

Common Stock

4,402

Ameren Corporation

Common Stock

5,272

American Express Company

Common Stock

7,300

Ametek Inc.

Common Stock

7,097

Amphenol Corp., Class A

Common Stock

1,912

Analog Devices Inc.

Common Stock

2,973

Annaly Capital Management, Inc.

Common Stock

2,613

Atmos Energy Corp.

Common Stock

3,256

Autozone Inc.

Common Stock

5,198

Bank of America Corp.

Common Stock

10,575

Becton, Dickinson and Co.

Common Stock

3,633

Berkshire Hathaway Inc., Class B

Common Stock

16,349

Boeing Co.

Common Stock

4,075

Booking Holdings Inc.

Common Stock

4,423

Table of Contents

COSTCO 401(k) RETIREMENT PLAN

Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (Continued)

December 31, 2024

(in thousands)

(a) (b) Identity of issuer, borrower,
lessor, or similar party

(d) Cost

(e) Current value

Cencora Inc.

Common Stock

6,794

Chevron Corp.

Common Stock

5,292

Chubb Ltd.

Common Stock

2,384

Cigna Group

Common Stock

2,384

Citigroup Inc.

Common Stock

2,610

CME Group Inc.

Common Stock

3,830

Coca-Cola Co/The

Common Stock

5,448

Colgate-Palmolive Company

Common Stock

5,286

Comcast Corp

Common Stock

4,088

Conocophillips

Common Stock

6,959

Corebridge Financial Inc.

Common Stock

3,523

Corpay Inc.

Common Stock

2,976

CSX Corp.

Common Stock

1,669

Cummins Inc.

Common Stock

3,589

Danaher Corp.

Common Stock

2,394

Deere & Company

Common Stock

6,978

Diamondback Energy Inc.

Common Stock

3,536

Dollar Tree Inc.

Common Stock

1,555

Elevance Health Inc.

Common Stock

8,163

EQT Corp.

Common Stock

4,040

Equity Lifestyle Properties, Inc.

Common Stock

1,100

Equinix Inc.

Common Stock

2,251

Exelon Corp.

Common Stock

5,182

Expand Energy Corp.

Common Stock

1,673

Exxon Mobil Corp.

Common Stock

7,057

Ferguson Enterprises Inc. Par

Common Stock

2,845

Fiserv Inc.

Common Stock

10,055

Franco-Nevada Corp.

Common Stock

2,785

Freeport-McMoRan Inc.

Common Stock

1,538

GE Healthcare Technologies Inc.

Common Stock

1,556

General Dynamics Corp.

Common Stock

3,104

General Electric Co

Common Stock

3,268

Goldman Sachs Group Inc.

Common Stock

2,820

HCA Healthcare Inc.

Common Stock

1,167

Home Depot Inc.

Common Stock

3,672

Huntington Bancshares Inc

Common Stock

1,376

International Paper Co

Common Stock

6,034

Johnson & Johnson

Common Stock

5,091

JPMorgan Chase & Co.

Common Stock

16,428

Kenvue Inc.

Common Stock

12,857

Keurig Dr Pepper Inc.

Common Stock

5,636

KeyCorp

Common Stock

2,556

Keysight Technologies Inc.

Common Stock

8,548

KLA Corp.

Common Stock

1,379

L3Harris Technologies Inc.

Common Stock

3,616

Martin Marietta Materials

Common Stock

2,184

McDonald's Corp.

Common Stock

5,974

Table of Contents

COSTCO 401(k) RETIREMENT PLAN

Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (Continued)

December 31, 2024

(in thousands)

(a) (b) Identity of issuer, borrower,
lessor, or similar party

(d) Cost

(e) Current value

Metlife Inc.

Common Stock

1,915

Micron Technologies Inc.

Common Stock

2,339

Molina Healthcare Inc.

Common Stock

1,448

Mondelez International Inc., Class A

Common Stock

2,472

Mosaic Co.

Common Stock

1,870

NextEra Energy Inc.

Common Stock

1,799

Norfolk Southern Corp.

Common Stock

5,536

Northrop Grumman Corp.

Common Stock

2,596

Old Dominion Freight Line Inc.

Common Stock

3,438

Owens Corning

Common Stock

1,491

Parker-Hannifin Corp.

Common Stock

3,353

Phillips 66

Common Stock

2,697

PPG Industries, Inc.

Common Stock

2,153

Proctor & Gamble Co/The

Common Stock

6,190

Progressive Corp.

Common Stock

1,618

Public Storage

Common Stock

4,475

Range Resources Corp.

Common Stock

6,021

Regeneron Pharmaceuticals Inc.

Common Stock

3,189

Republic Services Inc.

Common Stock

3,882

Revvity Inc.

Common Stock

5,113

Rockwell Automation Inc.

Common Stock

4,915

Ross Stores Inc.

Common Stock

3,401

Sherwin-Williams Co.

Common Stock

5,613

Southern Copper Corp.

Common Stock

1,078

TE Connectivity Ltd.

Common Stock

4,343

Tenet Healthcare Corp.

Common Stock

4,041

Texas Instruments Corp.

Common Stock

6,565

The Charles Schwab Corp.

Common Stock

8,660

Thermo Fisher Scientific Inc.

Common Stock

5,409

T-Mobile US Inc.

Common Stock

4,865

Tractor Supply Co.

Common Stock

2,286

Travelers Cos Inc/The

Common Stock

4,163

Union Pacific Corp.

Common Stock

4,855

UnitedHealth Group Inc.

Common Stock

9,647

Visa Inc., Class A

Common Stock

3,722

Wabtec Corp.

Common Stock

7,440

Walmart Inc.

Common Stock

6,295

Wheaton Precious Metals Corp.

Common Stock

1,282

Williams Companies Inc.

Common Stock

1,182

Xcel Energy

Common Stock

7,053

AstraZeneca PLC

Foreign Stock

6,754

Compagnie Financiere Richemont

Foreign Stock

3,184

Linde PLC

Foreign Stock

4,667

Schlumberger Limited

Foreign Stock

5,009

TechnipFMC PLC

Foreign Stock

1,212

*Northern Institutional Treasury Portfolio

Money Market Securities

2,823

*T. Rowe Price Government Money Fund

Money Market Securities

3,883

Table of Contents

COSTCO 401(k) RETIREMENT PLAN

Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (Continued)

December 31, 2024

(in thousands)

(a) (b) Identity of issuer, borrower,
lessor, or similar party

(d) Cost

(e) Current value

Small-Cap Core Portfolio:

AAON Inc.

Common Stock

1,981

Acelyrin Inc.

Common Stock

754

Admiral Acquisition Limited

Common Stock

1,302

Agco Corp.

Common Stock

233

Akero Therapeutics Inc.

Common Stock

406

Alignment Healthcare Inc.

Common Stock

1,919

Amplitude Inc., Class A

Common Stock

2,778

Antero Resources Corp.

Common Stock

2,128

API Group Corp.

Common Stock

2,902

AppFolio Inc., Class A

Common Stock

Arcellx Inc.

Common Stock

1,123

Arcosa Inc.

Common Stock

3,271

Arrowhead Pharmaceuticals Inc.

Common Stock

1,076

Arvinas Inc.

Common Stock

758

Assurant Inc.

Common Stock

4,341

AST SpaceMobile Inc., Class A

Common Stock

582

Atkore Inc.

Common Stock

632

Atlanta Braves Holdings Inc., Series C

Common Stock

1,917

Atmus Filtration Technologies Inc.

Common Stock

1,846

Aurora Innovation Inc., Class A

Common Stock

2,481

AZZ Inc.

Common Stock

4,457

Banc of California Inc.

Common Stock

2,306

Beacon Roofing Supply Inc.

Common Stock

2,903

Bellring Brands Inc.

Common Stock

1,810

Black Diamond Therapeutics Inc.

Common Stock

323

Blue Foundry Bancorp.

Common Stock

424

Blueprint Medicines Corp.

Common Stock

1,626

Boston Beer Company Inc., Class A

Common Stock

1,840

Braze Inc., Class A

Common Stock

2,344

Bright Horizons Family Solutions

Common Stock

4,061

BrightSpring Health Services Inc.

Common Stock

804

BrightView Holdings Inc.

Common Stock

1,853

Bruker Corp.

Common Stock

3,057

Burlington Stores Inc.

Common Stock

1,893

Cactus Inc., Class A

Common Stock

1,626

Cadence Bank

Common Stock

3,007

Caesars Entertainment Inc.

Common Stock

1,534

California Water Services Group

Common Stock

1,955

Capitol Federal Financial Inc.

Common Stock

1,112

Capstone Copper Corp.

Common Stock

1,000

Casella Waste Systems Inc., Class A

Common Stock

1,942

Cava Group Inc.

Common Stock

142

Cboe Global Markets Inc.

Common Stock

7,102

CCC Intelligent Solutions Holdings Inc.

Common Stock

3,583

Celldex Therapeutics Inc.

Common Stock

810

Celsius Holdings Inc.

Common Stock

168

Table of Contents

COSTCO 401(k) RETIREMENT PLAN

Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (Continued)

December 31, 2024

(in thousands)

(a) (b) Identity of issuer, borrower,
lessor, or similar party

(d) Cost

(e) Current value

Centessa Pharmaceuticals PLC - ADR

Common Stock

908

Champion Homes Inc.

Common Stock

2,346

Checkr Inc.

Common Stock

155

Chesapeake Utilities Corp.

Common Stock

4,598

Columbia Banking Systems Inc.

Common Stock

3,192

Concentra Group Holdings Parent Inc.

Common Stock

1,878

Crane Co.

Common Stock

2,539

CRB Group Inc.,

Common Stock

Crinetics Pharmaceuticals Inc.

Common Stock

1,361

Crossfirst Bankshares Inc.

Common Stock

733

CSW Industrials Inc.

Common Stock

1,359

CTS Corp.

Common Stock

2,077

Cubesmart

Common Stock

3,673

Curbline Properties Corp.

Common Stock

1,998

Custom Truck One Source Inc., Class A

Common Stock

628

Cytokinetics Inc.

Common Stock

4,476

Digitalbridge Group Inc.

Common Stock

1,932

Dime Community Bancshares Inc.

Common Stock

1,821

Diploma PLC

Common Stock

846

Dogwood State Bank, Voting

Common Stock

346

Doximity, Inc., Class A

Common Stock

2,005

DT Midstream Inc.

Common Stock

2,380

Duolingo Inc.

Common Stock

931

Dutch Bros Inc., Class A

Common Stock

2,391

Eagle Materials Inc.

Common Stock

East West Bancorp Inc.

Common Stock

4,871

Eastern Bankshares Inc.

Common Stock

1,860

Eastgroup Properties Inc.

Common Stock

3,035

Elanco Animal Health Inc.

Common Stock

2,071

Element Solutions Inc.

Common Stock

2,723

Encore Capital Group Inc.

Common Stock

2,090

Enerpac Tool Group Corp.

Common Stock

1,816

Enpro Inc.

Common Stock

3,395

Entegris Inc.

Common Stock

Equity Bancshares Inc., Class A

Common Stock

1,933

Erasca Inc.

Common Stock

546

Esab Corp.

Common Stock

5,677

Esco Technologies Inc.

Common Stock

1,807

Expand Energy Corp.

Common Stock

4,487

Expro Group Holdings NV

Common Stock

1,513

Fabrinet

Common Stock

FB Financial Corp.

Common Stock

2,633

Federal Signal Corp.

Common Stock

2,853

First American Financial Corp.

Common Stock

560

First Bancshares Inc.

Common Stock

1,893

Five Star Bancorp

Common Stock

1,691

Floor & Décor Holdings Inc., Class A

Common Stock

202

Table of Contents

COSTCO 401(k) RETIREMENT PLAN

Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (Continued)

December 31, 2024

(in thousands)

(a) (b) Identity of issuer, borrower,
lessor, or similar party

(d) Cost

(e) Current value

FTAI Aviation Ltd.

Common Stock

3,159

FTI Consulting Inc.

Common Stock

1,865

Global-E Online Ltd.

Common Stock

809

Globant SA

Common Stock

1,986

GMS Inc.

Common Stock

2,348

Goosehead Insurance Inc., Class A

Common Stock

2,489

Graco Inc.

Common Stock

2,214

Grand Canyon Education Inc.

Common Stock

571

Grasshopper Bancorp Inc.

Common Stock

H.B. Fuller Company

Common Stock

2,041

Haemonetics Corporation

Common Stock

3,858

Hamilton Lane Inc., Class A

Common Stock

1,946

Hanover Insurance Group Inc/The

Common Stock

2,005

HarborOne Bancorp Inc.

Common Stock

835

Haul Hub, Series C Convertible

Common Stock

Hawaiian Electric Industries Inc.

Common Stock

1,732

Healthequity Inc.

Common Stock

2,273

Home Bancshares Inc.

Common Stock

1,762

Howard Hughes Holdings Inc.

Common Stock

1,901

Idacorp Inc.

Common Stock

2,860

Immunome Inc.

Common Stock

1,341

Immunovant Inc.

Common Stock

3,381

Independence Realty Trust Inc.

Common Stock

4,139

Insight Enterprises Inc.

Common Stock

2,848

Insmed Inc.

Common Stock

2,622

Installed Building Products Inc.

Common Stock

1,518

Intapp Inc.

Common Stock

4,223

International Game Techonolgy PLC

Common Stock

579

Interparfums Inc.

Common Stock

2,290

Ionis Pharmaceuticals Inc.

Common Stock

1,869

Iovance Biotherapeutics Inc.

Common Stock

837

JFrog Ltd.

Common Stock

1,397

Kearny Financial Corp/Md

Common Stock

528

Kestra Medical Technologies Ltd., Class A

Common Stock

413

Kimbell Royalty Partners, LP

Common Stock

1,028

Knife River Corp.

Common Stock

395

LandBridge Company LLC

Common Stock

2,016

Landstar System Inc.

Common Stock

Lantheus Holdings Inc.

Common Stock

2,056

Lattice Semiconductor Corp.

Common Stock

6,441

Leonardo DRS Inc.

Common Stock

2,427

Liberty Media Corp., Series C

Common Stock

9,289

Live Oak Bancshares Inc.

Common Stock

2,599

Loar Holdings Inc.

Common Stock

587

Louisiana-Pacific Corp.

Common Stock

1,898

MACOM Technology Solutions Holdings Inc.

Common Stock

1,798

Madison Square Garden Sports Corp.

Common Stock

1,955

Table of Contents

COSTCO 401(k) RETIREMENT PLAN

Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (Continued)

December 31, 2024

(in thousands)

(a) (b) Identity of issuer, borrower,
lessor, or similar party

(d) Cost

(e) Current value

Magnolia Oil & Gas Corp., Class A

Common Stock

1,956

Marqeta Inc.

Common Stock

1,203

Masimo Corp.

Common Stock

8,215

Matador Resources Co.

Common Stock

213

McGrath RentCorp

Common Stock

1,971

Merus NV

Common Stock

641

Middlesex Water Co.

Common Stock

1,203

Mirion Technologies Inc., Class A

Common Stock

6,399

Modine Manufacturing Company

Common Stock

2,591

Molina Healthcare Inc.

Common Stock

974

MSA Safety Inc.

Common Stock

1,567

MYR Group Inc.

Common Stock

874

nCino, Inc.

Common Stock

1,345

Neogen Corp.

Common Stock

1,861

Neogenomics Inc.

Common Stock

3,152

Neumora Therapeutics Inc.

Common Stock

657

Novocure Ltd.

Common Stock

1,292

Nurix Therapeutics Inc.

Common Stock

657

OGE Energy Corp.

Common Stock

2,917

Olaplex Holdings Inc.

Common Stock

911

Ollie's Bargain Outlet Holdings Inc.

Common Stock

227

Onestream Inc., Class A

Common Stock

619

Onto Innovation Inc.

Common Stock

200

Origin Bancorp Inc.

Common Stock

1,460

Oscar Health Inc., Class A

Common Stock

3,033

Osisko Gold Royalties Ltd.

Common Stock

1,155

Pacific Premier Bancorp Inc.

Common Stock

1,629

Papa John's International Inc.

Common Stock

1,742

PAR Technology Corp/Del

Common Stock

5,982

Parsons Corp.

Common Stock

2,785

Pax Labs Inc., Class A

Common Stock

Paycor HCM Inc.

Common Stock

2,324

Paylocity Holding Corp.

Common Stock

1,922

Peloton Interactive Inc.

Common Stock

766

Pennymac Financial Services

Common Stock

5,512

Penumbra Inc.

Common Stock

1,809

Pinnacle Financial Partners

Common Stock

4,148

Planet Fitness Inc., Class A

Common Stock

5,819

Post Holdings Inc.

Common Stock

1,884

Power Integrations Inc.

Common Stock

1,821

Prime Medicine Inc.

Common Stock

121

Primo Brands Corp.

Common Stock

1,017

Privia Health Group Inc.

Common Stock

1,699

Procept Biorobotics Corp.

Common Stock

1,842

Progyny Inc.

Common Stock

1,622

Prosperity Bancshares Inc.

Common Stock

2,623

Quidelortho Corp.

Common Stock

3,065

Table of Contents

COSTCO 401(k) RETIREMENT PLAN

Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (Continued)

December 31, 2024

(in thousands)

(a) (b) Identity of issuer, borrower,
lessor, or similar party

(d) Cost

(e) Current value

QXO Inc.

Common Stock

5,112

Radnet Inc.

Common Stock

1,866

Range Resources Corp.

Common Stock

5,180

Rapt Therapeutics Inc.

Common Stock

448

RBC Bearings Inc.

Common Stock

5,397

Red Rock Resorts Inc., Class A

Common Stock

1,670

Reddit Inc., Class A

Common Stock

4,067

Repligen Corp.

Common Stock

876

Common Stock

1,905

RLI Corp.

Common Stock

2,231

Root Inc., Class A

Common Stock

231

Royal Gold Inc.

Common Stock

1,996

Rush Enterprises Inc., Class A

Common Stock

1,727

Ryman Hospitality Properties Inc.

Common Stock

1,303

Saia Inc.

Common Stock

2,501

Savers Value Village Inc.

Common Stock

1,000

Selective Insurance Group Inc.

Common Stock

1,811

ServiceTitan Inc., Class A

Common Stock

1,562

Shake Shack Inc.

Common Stock

2,881

Simply Good Foods Co/The

Common Stock

2,746

Simpson Manufacturing Co. Inc.

Common Stock

826

Siteone Landscape Supply Inc.

Common Stock

5,618

Skechers U.S.A. Inc., Class A

Common Stock

1,693

SLM Corp.

Common Stock

2,213

Solaris Energy Infrastructure Inc.

Common Stock

1,437

Sotera Health Co.

Common Stock

2,220

SouthState Corp.

Common Stock

4,011

SPX Technologies Inc.

Common Stock

4,277

Stepstone Group Inc., Class A

Common Stock

1,800

Stevanato Group SpA

Common Stock

2,223

Stifel Financial Corp.

Common Stock

2,039

Strategic Education Inc.

Common Stock

1,861

Talen Energy Corp.

Common Stock

157

Teledyne Technologies Inc.

Common Stock

2,953

Terreno Realty Corp.

Common Stock

3,274

Tetra Tech Inc.

Common Stock

757

Texas Capital Bancshares Inc.

Common Stock

2,953

The Baldwin Insurance Group Inc., Class A

Common Stock

1,383

Themis Sol (Clio), Series E Convertible

Common Stock

177

Themis Solutions Inc.

Common Stock

221

Thermon Group Holdings Inc.

Common Stock

1,707

Third Harmonic Bio Inc.

Common Stock

361

Toast Inc., Class A

Common Stock

1,265

Toro Co.

Common Stock

Transcat Inc.

Common Stock

1,563

TTM Technologies Inc.

Common Stock

540

TWFG Inc., Class A

Common Stock

1,168

Table of Contents

COSTCO 401(k) RETIREMENT PLAN

Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (Continued)

December 31, 2024

(in thousands)

(a) (b) Identity of issuer, borrower,
lessor, or similar party

(d) Cost

(e) Current value

TXNM Energy Inc.

Common Stock

4,014

UFP Industries Inc.

Common Stock

1,475

UTZ Brands Inc., Class A

Common Stock

1,680

Varonis Systems Inc.

Common Stock

1,204

Vaxcyte Inc.

Common Stock

2,058

Vera Therapeutics Inc., Class A

Common Stock

1,382

Vertex Inc., Class A

Common Stock

1,868

Vimeo Inc.

Common Stock

1,238

Viper Energy Inc.

Common Stock

2,927

VSE Corp.

Common Stock

3,922

Warrior Met Coal Inc.

Common Stock

1,372

Western Alliance Bancorporation

Common Stock

3,168

White Mountains Insurance Group Ltd.

Common Stock

2,402

Willscot Holdings Corp.

Common Stock

977

Workiva Inc., Class A

Common Stock

5,041

Wyndham Hotels & Resorts Inc.

Common Stock

2,193

Xenon Pharmaceuticals Inc.

Common Stock

709

Ascendis Pharma

Foreign Stock

1,042

Colliers International Group Inc.

Foreign Stock

1,332

Constellium SE

Foreign Stock

3,043

Crispr Therapeutics AG

Foreign Stock

406

Descartes Systems Group/The

Foreign Stock

5,153

Firstservice Corp.

Foreign Stock

3,906

Flagship Communities REIT UT

Foreign Stock

966

Immatics NV

Foreign Stock

970

Immunocore Holdings PLC - ADR

Foreign Stock

3,441

Novanta Inc.

Foreign Stock

3,101

Popular Inc.

Foreign Stock

1,467

Rentokil Initial PLC

Foreign Stock

Smith (DS)

Foreign Stock

4,240

Spirax Group PLC.

Foreign Stock

224

TechnipFMC PLC

Foreign Stock

5,432

TMX Group Ltd.

Foreign Stock

6,325

Unite Group PLC

Foreign Stock

961

Watches of Switzerland Group PLC

Foreign Stock

704

Weatherford International PLC

Foreign Stock

2,424

Weir Group ADR

Foreign Stock

West Fraser Timber Co. Ltd.

Foreign Stock

1,625

1661 Inc. D/B/A/ Goat, Series F Convertible

Preferred Stock

ABL Space Systems, Series B

Preferred Stock

Caris Life Sciences, Series C Convertible

Preferred Stock

381

Caris Life Sciences, Series D Convertible

Preferred Stock

255

Cellink Inc., Series D

Preferred Stock

Checker Inc., Series C Convertible

Preferred Stock

212

Checker Inc., Series D Convertible

Preferred Stock

331

Cleerly, Series C Convertible

Preferred Stock

253

CRB Group, Series D Convertible

Preferred Stock

291

Table of Contents

COSTCO 401(k) RETIREMENT PLAN

Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (Continued)

December 31, 2024

(in thousands)

(a) (b) Identity of issuer, borrower,
lessor, or similar party

(d) Cost

(e) Current value

Epirus Inc., Series C-2 Convertible

Preferred Stock

302

Farmers Business Network Inc.

Preferred Stock

105

Flexe, Series C Convertible

Preferred Stock

154

Flexe, Series D Convertible

Preferred Stock

Haul Hub, Series B Convertible

Preferred Stock

Honor Technology Inc., Series D

Preferred Stock

321

Inscripta Inc., Series E

Preferred Stock

Kardium Inc., Series D-6 Convertible

Preferred Stock

217

KoBold Metals Co., Series B-1

Preferred Stock

968

National Resilence, Series B Convertible

Preferred Stock

1,109

National Resilence, Series C Convertible

Preferred Stock

640

Nuro Inc., Series C

Preferred Stock

305

Nuro Inc., Series D

Preferred Stock

Redwood Materials Inc., Series C

Preferred Stock

464

SecurityScorecard Inc., Series E Convertible

Preferred Stock

285

Sila Nanotechnologies Inc., Series F

Preferred Stock

221

Socure Inc.

Preferred Stock

Socure Inc., Series A Convertible

Preferred Stock

Socure Inc., Series A-1 Convertible

Preferred Stock

Socure Inc., Series E Convertible

Preferred Stock

Themis Sol (Clio), Series AA Convertible

Preferred Stock

Themis Sol (Clio), Series AB Convertible

Preferred Stock

Themis Sol (Clio), Series B Convertible

Preferred Stock

Kobold Metals Co., Series C-1 Convertible

Convertible Equity

549

Lightmatter, Inc., Series D Convertible

Convertible Equity

553

Metsera, Inc., Series B Convertible

Convertible Equity

422

Kardium Inc., Convertible Bonds

Convertible Bonds

281

*Northern Institutional Treasury Portfolio

Money Market Securities

3,677

*T. Rowe Price Treasury Reserve Fund

Money Market Securities

1,874

Grasshopper Bancorp Inc., Warrants

Warrants

International Equity Portfolio:

Capital Group International All Country Equity Trust

Common Trust

183,869

*Northern Institutional Treasury Portfolio Premier Shares

Money Market Securities

Total separately managed accounts

2,629,978

Fully Benefit-Responsive Contracts:

Capital Preservation Portfolio:

* T. Rowe Price Cash Reserve Trust

Common Trust

44,730

* Northern Institutional Treasury Portfolio Premier Shares

Common Trust

31,559

* T. Rowe Price Short Term Common Trust:

American General Life Insurance Company

Collective Trust Fund

47,392

Citibank N.A.

Collective Trust Fund

53,752

Massachusetts Mutual Life Insurance Company

Collective Trust Fund

64,206

Met Tower Life Insurance

Collective Trust Fund

32,657

Monumental Life(Transamerica)

Collective Trust Fund

48,606

Table of Contents

COSTCO 401(k) RETIREMENT PLAN

Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (Continued)

December 31, 2024

(in thousands)

(a) (b) Identity of issuer, borrower,
lessor, or similar party

(d) Cost

(e) Current value

New York Life

Collective Trust Fund

64,228

Pacific Life Insurance Company

Collective Trust Fund

29,351

Prudential Insurance Company of America

Collective Trust Fund

63,427

Royal Bank of Canada

Collective Trust Fund

45,386

State Street Bank & Trust Company

Collective Trust Fund

30,354

* T. Rowe Price Intermediate Term Common Trust:

American General Life Insurance Company

Collective Trust Fund

69,356

Citibank N.A.

Collective Trust Fund

78,664

Massachusetts Mutual Life Insurance Company

Collective Trust Fund

103,384

Met Tower Life Insurance

Collective Trust Fund

151,418

Monumental Life(Transamerica)

Collective Trust Fund

71,133

New York Life

Collective Trust Fund

103,419

Pacific Life Insurance Company

Collective Trust Fund

136,091

Prudential Insurance Company of America

Collective Trust Fund

102,129

Royal Bank of Canada

Collective Trust Fund

73,080

State Street Bank & Trust Company

Collective Trust Fund

140,742

* T. Rowe Price Managed Bond Trust:

American General Life Insurance Company

Collective Trust Fund

16,450

Citibank N.A.

Collective Trust Fund

18,658

Massachusetts Mutual Life Insurance Company

Collective Trust Fund

23,614

Met Tower Life Insurance

Collective Trust Fund

25,936

Monumental Life(Transamerica)

Collective Trust Fund

16,871

New York Life

Collective Trust Fund

23,622

Pacific Life Insurance Company

Collective Trust Fund

23,311

Prudential Insurance Company of America

Collective Trust Fund

23,327

Royal Bank of Canada

Collective Trust Fund

16,692

State Street Bank & Trust Company

Collective Trust Fund

24,108

Total fully benefit-responsive contracts

1,797,653

* Costco Wholesale Corporation

Common stock

21,006,481

Total investments

39,826,526

* Participant loans

Interest rates of 4.25% to 10.50% maturing through 2039

587,174

Total

40,413,700

_________________________

* Indicates a party-in-interest

** Information is not required as investments are participant directed

See accompanying report of independent registered public accounting firm.

Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.


		COSTCO 401(k) RETIREMENT PLAN

June 27, 2025	By:	/s/ PATRICK J. CALLANS
Date		Patrick J. Callans Executive Vice President Costco Wholesale Corporation

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Date	Price Target	Rating	Analyst
10/15/2025	$1115.00	Buy	BTIG Research
9/18/2025		Peer Perform	Wolfe Research
8/5/2025		Buy → Hold	Erste Group
4/11/2025	$975.00	Neutral	Mizuho
12/5/2024	$1000.00 → $1050.00	Outperform	Telsey Advisory Group
10/22/2024	$1016.00	Outperform	Bernstein
10/10/2024	$955.00 → $980.00	Outperform	Oppenheimer
9/27/2024	$925.00 → $1000.00	Outperform	Telsey Advisory Group

SEC Form 11-K filed by Costco Wholesale Corporation

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Recent Analyst Ratings for
$COST

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Insider Trading

Principal Accounting Officer Barbre Tiffany Marie was granted 2,118 shares, covered exercise/tax liability with 542 shares and sold $1,158,353 worth of shares (1,239 units at $934.62), increasing direct ownership by 7% to 5,155 units (SEC Form 4)

President and CEO Vachris Roland Michael covered exercise/tax liability with 2,653 shares and was granted 13,834 shares, increasing direct ownership by 27% to 52,258 units (SEC Form 4)

Executive VP Sullivan John Christopher was granted 4,654 shares and covered exercise/tax liability with 2,514 shares, increasing direct ownership by 5% to 47,671 units (SEC Form 4)

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Costco Wholesale Corporation filed SEC Form 8-K: Leadership Update, Financial Statements and Exhibits

Costco Wholesale Corporation filed SEC Form 8-K: Other Events, Financial Statements and Exhibits

SEC Form 10-Q filed by Costco Wholesale Corporation

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Costco Wholesale Corporation Announces Quarterly Cash Dividend

Costco Wholesale Corporation Reports September Sales Results

Costco Wholesale Corporation Reports Fourth Quarter and Fiscal Year 2025 Operating Results

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Wolfe Research resumed coverage on Costco

Costco downgraded by Erste Group

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SEC Form SC 13G/A filed by Costco Wholesale Corporation (Amendment)

SEC Form SC 13G/A filed by Costco Wholesale Corporation (Amendment)

SEC Form SC 13G/A filed

SEC Form 11-K filed by Costco Wholesale Corporation

Crush Q3 2025 with the Best AI Superconnector

Recent Analyst Ratings for $COST

$COST Insider Trading

Principal Accounting Officer Barbre Tiffany Marie was granted 2,118 shares, covered exercise/tax liability with 542 shares and sold $1,158,353 worth of shares (1,239 units at $934.62), increasing direct ownership by 7% to 5,155 units (SEC Form 4)

President and CEO Vachris Roland Michael covered exercise/tax liability with 2,653 shares and was granted 13,834 shares, increasing direct ownership by 27% to 52,258 units (SEC Form 4)

Executive VP Sullivan John Christopher was granted 4,654 shares and covered exercise/tax liability with 2,514 shares, increasing direct ownership by 5% to 47,671 units (SEC Form 4)

$COST SEC Filings

Costco Wholesale Corporation filed SEC Form 8-K: Leadership Update, Financial Statements and Exhibits

Costco Wholesale Corporation filed SEC Form 8-K: Other Events, Financial Statements and Exhibits

SEC Form 10-Q filed by Costco Wholesale Corporation

$COST Press Releases

Costco Wholesale Corporation Announces Quarterly Cash Dividend

Costco Wholesale Corporation Reports September Sales Results

Costco Wholesale Corporation Reports Fourth Quarter and Fiscal Year 2025 Operating Results

$COST Analyst Ratings

BTIG Research initiated coverage on Costco with a new price target

Wolfe Research resumed coverage on Costco

Costco downgraded by Erste Group

$COST Financials

Costco Wholesale Corporation Announces Quarterly Cash Dividend

Costco Wholesale Corporation Reports Fourth Quarter and Fiscal Year 2025 Operating Results

Costco Wholesale Corporation Announces Quarterly Cash Dividend

$COST Large Ownership Changes

SEC Form SC 13G/A filed by Costco Wholesale Corporation (Amendment)

SEC Form SC 13G/A filed by Costco Wholesale Corporation (Amendment)

SEC Form SC 13G/A filed

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