# EDGAR Filing Document

**Accession Number:** 0000909832
**File Stem:** 0000909832-25-000038
**Filing Date:** 2025-6
**Character Count:** 74647
**Document Hash:** 2a1610c80a7db4525bbe620e1a08cf2c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000909832-25-000038.hdr.sgml**: 20250627

**ACCESSION NUMBER**: 0000909832-25-000038

**CONFORMED SUBMISSION TYPE**: 11-K

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20241231

**FILED AS OF DATE**: 20250627

**DATE AS OF CHANGE**: 20250627

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** COSTCO WHOLESALE CORP /NEW
- **CENTRAL INDEX KEY:** 0000909832
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-VARIETY STORES [5331]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 911223280
- **STATE OF INCORPORATION:** WA
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** 11-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-20355
- **FILM NUMBER:** 251086837

**BUSINESS ADDRESS:**
- **STREET 1:** 999 LAKE DRIVE
- **CITY:** ISSAQUAH
- **STATE:** WA
- **ZIP:** 98027-
- **BUSINESS PHONE:** 4253138100

**MAIL ADDRESS:**
- **STREET 1:** 999 LAKE DRIVE
- **CITY:** ISSAQUAH
- **STATE:** WA
- **ZIP:** 98027

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** COSTCO COMPANIES INC
- **DATE OF NAME CHANGE:** 19970401

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRICE/COSTCO INC
- **DATE OF NAME CHANGE:** 19930728

<u>[**Table of Contents**](#i746e2510119f403cb2140a5e302e9e3f_4)</u>

**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**

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

**For the fiscal year ended December 31, 2024** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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**

------

<u>[**Table of Contents**](#i746e2510119f403cb2140a5e302e9e3f_4)</u>

**COSTCO 401(k) RETIREMENT PLAN**

**Table of Contents**

---

| | |
|:---|:---|
| | **Page** |
| <u>[Report of Independent Registered Public Accounting Firm](#i746e2510119f403cb2140a5e302e9e3f_7)</u> | <u>[1](#i746e2510119f403cb2140a5e302e9e3f_7)</u> |
| Financial Statements: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Statements of Net Assets Available for Benefits as of December 31, 2024 and 2023](#i746e2510119f403cb2140a5e302e9e3f_10)</u> | <u>[2](#i746e2510119f403cb2140a5e302e9e3f_10)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2024](#i746e2510119f403cb2140a5e302e9e3f_13)</u> | <u>[3](#i746e2510119f403cb2140a5e302e9e3f_13)</u> |
| <u>[Notes to Financial Statements](#i746e2510119f403cb2140a5e302e9e3f_16)</u> | <u>[4](#i746e2510119f403cb2140a5e302e9e3f_16)</u> |
| Supplementary Information: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Schedule H, Line 4i - Schedule of Assets (Held at End of Year) as of December 31, 2024](#i746e2510119f403cb2140a5e302e9e3f_19)</u> | <u>[10](#i746e2510119f403cb2140a5e302e9e3f_19)</u> |
| <u>[Signatures](#i746e2510119f403cb2140a5e302e9e3f_22)</u> | <u>[24](#i746e2510119f403cb2140a5e302e9e3f_22)</u> |
| Exhibits: |  |
| <u>[23.1 - Consent of Independent Registered Public Accounting Firm](exhibit2312024.htm)</u>  |  |

---

------

<u>[**Table of Contents**](#i746e2510119f403cb2140a5e302e9e3f_4)</u>

**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

------

<u>[**Table of Contents**](#i746e2510119f403cb2140a5e302e9e3f_4)</u>

**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 | Investments at fair value | $38028873 | $30435735 |
| Investments at contract value: | Investments at contract value: |  |  |
| Fully benefit-responsive investment contracts | Fully benefit-responsive investment contracts | 1797653 | 1780521 |
|  | Total investments | 39826526 | 32216256 |
| Receivables: | Receivables: |  |  |
| Notes receivable from participants | Notes receivable from participants | 587174 | 559994 |
| Employee contributions | Employee contributions |  | 43139 |
| Employer contributions | Employer contributions | 597843 | 563469 |
|  | Total receivables | 1185017 | 1166602 |
| Non-interest bearing cash | Non-interest bearing cash | 5849 | 1988 |
| Net assets available for benefits | Net assets available for benefits | $41017392 | $33384846 |

---

See accompanying notes to financial statements.

------

<u>[**Table of Contents**](#i746e2510119f403cb2140a5e302e9e3f_4)</u>

**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 | $8169131 |
| Interest | 60344 |
| Dividends | 548716 |
| Total net investment income | 8778191 |
| Interest on notes receivable from participants | 45384 |
| Contributions to the Plan: |  |
| Employee | 1144552 |
| Employer | 680725 |
| Total contributions | 1825277 |
| Distributions to participants and other | (3016306) |
| Increase in net assets | 7632546 |
| Net assets available for benefits, beginning of year | 33384846 |
| Net assets available for benefits, end of year | $41017392 |

---

See accompanying notes to financial statements.

------

<u>[**Table of Contents**](#i746e2510119f403cb2140a5e302e9e3f_4)</u>

**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)**&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)**&nbsp;&nbsp;&nbsp;&nbsp;**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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<u>[**Table of Contents**](#i746e2510119f403cb2140a5e302e9e3f_4)</u>

**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(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

------

<u>[**Table of Contents**](#i746e2510119f403cb2140a5e302e9e3f_4)</u>

**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(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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<u>[**Table of Contents**](#i746e2510119f403cb2140a5e302e9e3f_4)</u>

**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(e)Distribution of Benefits***

Distributions of benefits are recorded when paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(f) &nbsp;&nbsp;&nbsp;&nbsp;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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<u>[**Table of Contents**](#i746e2510119f403cb2140a5e302e9e3f_4)</u>

**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.

---

| | |
|:---|:---|
| **<u>December 31, 2024:</u>** | **Level 1<br>(in 000's)** |
| Investments, at fair value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale Corporation common stock | $21006481 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common commingled trust funds | 12039144 |
| &nbsp;&nbsp;&nbsp;&nbsp;Separately managed accounts | 2629978 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registered investment company funds | 2353270 |
| Total investments in fair value hierarchy | $38028873 |

---

---

| | |
|:---|:---|
| **<u>December 31, 2023:</u>** | **Level 1<br>(in 000's)** |
| Investments, at fair value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale Corporation common stock | $15977459 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common commingled trust funds | 10080126 |
| &nbsp;&nbsp;&nbsp;&nbsp;Separately managed accounts | 2491563 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registered investment company funds | 1886587 |
| Total investments in fair value hierarchy | $30435735 |

---

**(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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<u>[**Table of Contents**](#i746e2510119f403cb2140a5e302e9e3f_4)</u>

**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,<br>lessor, or similar party** | **(c) Description of investment** | **(d) Cost** | **(e) Current value** |
| Registered investment company and common commingled trust funds: |  |  |  |
| Capital Group | New Perspective Trust U3 | \*\* | $532538 |
| PIMCO | Income Institutional | \*\* | 547097 |
| \* T. Rowe Price | Retirement Balanced Trust K | \*\* | 34625 |
| \* T. Rowe Price | TRP Ret 2005 Active Trust K | \*\* | 21922 |
| \* T. Rowe Price | TRP Ret 2010 Active Trust K | \*\* | 36337 |
| \* T. Rowe Price | TRP Ret 2015 Active Trust K | \*\* | 115620 |
| \* T. Rowe Price | TRP Ret 2020 Active Trust K | \*\* | 373889 |
| \* T. Rowe Price | TRP Ret 2025 Active Trust K | \*\* | 816719 |
| \* T. Rowe Price | TRP Ret 2030 Active Trust K | \*\* | 1234005 |
| \* T. Rowe Price | TRP Ret 2035 Active Trust K | \*\* | 1240681 |
| \* T. Rowe Price | TRP Ret 2040 Active Trust K | \*\* | 1432959 |
| \* T. Rowe Price | TRP Ret 2045 Active Trust K | \*\* | 1629654 |
| \* T. Rowe Price | TRP Ret 2050 Active Trust K | \*\* | 1137885 |
| \* T. Rowe Price | TRP Ret 2055 Active Trust K | \*\* | 1366220 |
| \* T. Rowe Price | TRP Ret 2060 Active Trust K | \*\* | 719126 |
| \* T. Rowe Price | TRP Ret 2065 Active Trust K | \*\* | 186806 |
| \* T. Rowe Price | TRP Ret 2020 Active Trust-Income K | \*\* | 9420 |
| \* T. Rowe Price | TRP Ret 2025 Active Trust-Income K | \*\* | 947 |
| Vanguard | Extended Market Index Institutional | \*\* | 110597 |
| Vanguard | Total International Stock Index Institutional | \*\* | 94431 |
| Vanguard | Total Bond Market Index Fund Institutional | \*\* | 141279 |
| Vanguard | Institutional Index, Plus | \*\* | 1459866 |
| Wellington | CIF II Growth S5 | \*\* | 1149791 |
| Total registered investment company and common commingled trust funds | Total registered investment company and common commingled trust funds |  | 14392414 |
| Separately managed accounts: |  |  |  |
| Mid-Cap Growth Portfolio: |  |  |  |
| Acadia Healthcare Company Inc. | Common Stock | \*\* | 5472 |
| Agilent Technologies Inc. | Common Stock | \*\* | 24767 |
| Align Technology Inc. | Common Stock | \*\* | 9323 |
| Alnylam Pharmaceuticals Inc. | Common Stock | \*\* | 18295 |
| Amphenol Corp., Class A | Common Stock | \*\* | 8901 |
| Assurant Inc. | Common Stock | \*\* | 19534 |
| Avantor Inc. | Common Stock | \*\* | 19557 |
| Avery Dennison Corp. | Common Stock | \*\* | 17777 |
| Axis Capital Holdings Ltd. | Common Stock | \*\* | 6119 |
| Ball Corp. | Common Stock | \*\* | 18540 |
| Bath & Body Works Inc. | Common Stock | \*\* | 7739 |
| Biogen Inc. | Common Stock | \*\* | 9121 |
| Boston Beer Company Inc., Class A | Common Stock | \*\* | 2342 |
| Bright Horizons Family Solutions | Common Stock | \*\* | 9239 |
| Broadridge Financial Solutions Inc. | Common Stock | \*\* | 12638 |
| Bruker Corp. | Common Stock | \*\* | 12192 |
| Burlington Stores Inc. | Common Stock | \*\* | 14934 |
| BWX Technologies Inc. | Common Stock | \*\* | 8885 |
| Casey's General Stores Inc. | Common Stock | \*\* | 14323 |

---

------

<u>[**Table of Contents**](#i746e2510119f403cb2140a5e302e9e3f_4)</u>

**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,<br>lessor, or similar party** | **(c) Description of investment** | **(d) Cost** | **(e) Current value** |
| Cboe Global Markets Inc. | Common Stock | \*\* | 12239 |
| CCC Intelligent Solutions Holdings Inc. | Common Stock | \*\* | 13753 |
| Cheniere Energy Inc. | Common Stock | \*\* | 23108 |
| Cognex Corp. | Common Stock | \*\* | 3699 |
| Constellation Brands, Inc., Class A | Common Stock | \*\* | 6580 |
| Corpay Inc. | Common Stock | \*\* | 14019 |
| Costar Group Inc. | Common Stock | \*\* | 10173 |
| Cytokinetics Inc. | Common Stock | \*\* | 4394 |
| Dollar General Corp. | Common Stock | \*\* | 2393 |
| Dollar Tree Inc. | Common Stock | \*\* | 16813 |
| Domino's Pizza Inc. | Common Stock | \*\* | 23954 |
| DraftKings Inc., Class A | Common Stock | \*\* | 15536 |
| Duolingo Inc. | Common Stock | \*\* | 2615 |
| Encompass Health Corp. | Common Stock | \*\* | 3430 |
| Enovis Corp. | Common Stock | \*\* | 6096 |
| EQT Corp. | Common Stock | \*\* | 15731 |
| Equifax Inc. | Common Stock | \*\* | 14618 |
| Esab Corp. | Common Stock | \*\* | 16312 |
| Exact Sciences Corp. | Common Stock | \*\* | 4286 |
| Expand Energy Corp. | Common Stock | \*\* | 7732 |
| Fair Isaac Corp. | Common Stock | \*\* | 14274 |
| Ferguson Enterprises Inc. Par | Common Stock | \*\* | 8093 |
| Five Below Inc. | Common Stock | \*\* | 8426 |
| Fortinet Inc. | Common Stock | \*\* | 14460 |
| Fortive Corp. | Common Stock | \*\* | 17619 |
| Gartner Inc. | Common Stock | \*\* | 1447 |
| Hilton Worldwide Holdings Inc. | Common Stock | \*\* | 21068 |
| Hologic Inc. | Common Stock | \*\* | 28377 |
| Howmet Aerospace Inc. | Common Stock | \*\* | 2897 |
| J.B. Hunt Transport Services Inc. | Common Stock | \*\* | 13340 |
| IDEX Corp. | Common Stock | \*\* | 8045 |
| Ingersoll Rand Inc. | Common Stock | \*\* | 19142 |
| Insmed Inc. | Common Stock | \*\* | 810 |
| Intercontinental Exchange Inc. | Common Stock | \*\* | 12316 |
| Ionis Pharmaceuticals Inc. | Common Stock | \*\* | 8569 |
| ITT Inc. | Common Stock | \*\* | 2988 |
| Keysight Technologies Inc. | Common Stock | \*\* | 11869 |
| KKR & Co Inc., Class A | Common Stock | \*\* | 1355 |
| Lattice Semiconductor Corp. | Common Stock | \*\* | 20613 |
| Liberty Media Corp., Series C Liberty Formula One | Common Stock | \*\* | 17049 |
| Liberty Media Corp., Series C | Common Stock | \*\* | 1898 |
| Littelfuse Inc. | Common Stock | \*\* | 2135 |
| Lululemon Athletica Inc. | Common Stock | \*\* | 2628 |
| Maplebear Inc. | Common Stock | \*\* | 4372 |
| Markel Group Inc. | Common Stock | \*\* | 6016 |
| Marketaxess Holdings Inc. | Common Stock | \*\* | 11007 |

---

------

<u>[**Table of Contents**](#i746e2510119f403cb2140a5e302e9e3f_4)</u>

**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,<br>lessor, or similar party** | **(c) Description of investment** | **(d) Cost** | **(e) Current value** |
| Martin Marietta Materials | Common Stock | \*\* | 13788 |
| Marvell Technology Inc. | Common Stock | \*\* | 44592 |
| Match Group Inc. | Common Stock | \*\* | 6813 |
| McCormick & Company Inc. | Common Stock | \*\* | 5453 |
| Mettler-Toldeo International Inc. | Common Stock | \*\* | 10114 |
| Microchip Technology Inc. | Common Stock | \*\* | 21250 |
| Molina Healthcare Inc. | Common Stock | \*\* | 7333 |
| Monday.com Ltd. | Common Stock | \*\* | 2462 |
| MongoDB Inc. | Common Stock | \*\* | 2550 |
| Monolithic Power Systems Inc. | Common Stock | \*\* | 2480 |
| New York Times Co., Class A | Common Stock | \*\* | 8106 |
| Old Dominion Freight Line Inc. | Common Stock | \*\* | 5726 |
| Onestream Inc., Class A | Common Stock | \*\* | 1569 |
| Paylocity Holding Corp. | Common Stock | \*\* | 16355 |
| Penumbra Inc. | Common Stock | \*\* | 2412 |
| Planet Fitness Inc., Class A | Common Stock | \*\* | 12454 |
| PTC Inc. | Common Stock | \*\* | 24927 |
| Pure Storage Inc., Class A | Common Stock | \*\* | 9188 |
| Quanta Services Inc. | Common Stock | \*\* | 5854 |
| Quidelortho Corp. | Common Stock | \*\* | 6750 |
| Range Resources Corp. | Common Stock | \*\* | 5844 |
| Raymond James Financial Inc. | Common Stock | \*\* | 14400 |
| Reddit Inc., Class A | Common Stock | \*\* | 10317 |
| Reynolds Consumer Products Inc. | Common Stock | \*\* | 5004 |
| Roku Inc., Class A | Common Stock | \*\* | 3457 |
| Roper Technologies Inc. | Common Stock | \*\* | 4141 |
| Ross Stores Inc. | Common Stock | \*\* | 19387 |
| RPM International Inc. | Common Stock | \*\* | 5649 |
| Sarepta Therapeutics Inc. | Common Stock | \*\* | 4982 |
| Sealed Air Corp. | Common Stock | \*\* | 7826 |
| ServiceTitan Inc., Class A | Common Stock | \*\* | 689 |
| StandardAero, Inc. | Common Stock | \*\* | 3448 |
| Teleflex Inc. | Common Stock | \*\* | 24963 |
| Texas Roadhouse Inc. | Common Stock | \*\* | 1473 |
| Textron Inc. | Common Stock | \*\* | 19394 |
| Cooper Companies Inc. | Common Stock | \*\* | 14317 |
| Trade Desk Inc/The, Class A | Common Stock | \*\* | 36117 |
| Toast Inc., Class A | Common Stock | \*\* | 10914 |
| TopBuild Corp. | Common Stock | \*\* | 3534 |
| TPG Inc., Class A | Common Stock | \*\* | 2203 |
| Tractor Supply Co. | Common Stock | \*\* | 3400 |
| Tradeweb Markets Inc., Class A | Common Stock | \*\* | 7692 |
| Transunion | Common Stock | \*\* | 7016 |
| Treehouse Foods Inc. | Common Stock | \*\* | 3147 |
| Tyler Technologies Inc. | Common Stock | \*\* | 19523 |
| UL Solutions Inc., Class A | Common Stock | \*\* | 3470 |
| Ulta Beauty Inc. | Common Stock | \*\* | 5531 |

---

------

<u>[**Table of Contents**](#i746e2510119f403cb2140a5e302e9e3f_4)</u>

**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,<br>lessor, or similar party** | **(c) Description of investment** | **(d) Cost** | **(e) Current value** |
| United Rentals Inc. | Common Stock | \*\* | 7436 |
| Vaxcyte Inc. | Common Stock | \*\* | 3037 |
| Veeva Systems Inc., Class A | Common Stock | \*\* | 24389 |
| Veralto Corp. | Common Stock | \*\* | 7523 |
| Verisk Analytics Inc. | Common Stock | \*\* | 8941 |
| Viking Holdings Ltd. | Common Stock | \*\* | 8177 |
| Waste Connections Inc. | Common Stock | \*\* | 5587 |
| West Pharmaceutical Services | Common Stock | \*\* | 4522 |
| XPO Inc. | Common Stock | \*\* | 5106 |
| Yum! Brands Inc. | Common Stock | \*\* | 18179 |
| Zoom Communications Inc. | Common Stock | \*\* | 11654 |
| Argenx SE | Foreign Stock | \*\* | 6324 |
| Ascendis Pharma | Foreign Stock | \*\* | 6471 |
| Alcon AG | Foreign Stock | \*\* | 12097 |
| Atlassian Corp., Class A | Foreign Stock | \*\* | 10106 |
| Birkenstock Holding PLC | Foreign Stock | \*\* | 5190 |
| Crispr Therapeutics AG | Foreign Stock | \*\* | 2709 |
| NXP Semiconductors N.V. | Foreign Stock | \*\* | 6572 |
| On Holding AG, Class A | Foreign Stock | \*\* | 4167 |
| Spotify Technology SA | Foreign Stock | \*\* | 11717 |
| TechnipFMC PLC | Foreign Stock | \*\* | 16912 |
| Weatherford International PLC | Foreign Stock | \*\* | 4622 |
| 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 | \*\* | 27577 |
| \*T. Rowe Price Treasury Reserve Fund | Money Market Securities | \*\* | 2839 |
| Large Cap Value Portfolio: |  |  |  |
| Advanced Micro Devices Inc. | Common Stock | \*\* | 3433 |
| Allstate Corp. | Common Stock | \*\* | 4402 |
| Ameren Corporation | Common Stock | \*\* | 5272 |
| American Express Company | Common Stock | \*\* | 7300 |
| Ametek Inc. | Common Stock | \*\* | 7097 |
| Amphenol Corp., Class A | Common Stock | \*\* | 1912 |
| Analog Devices Inc. | Common Stock | \*\* | 2973 |
| Annaly Capital Management, Inc. | Common Stock | \*\* | 2613 |
| Atmos Energy Corp. | Common Stock | \*\* | 3256 |
| Autozone Inc. | Common Stock | \*\* | 5198 |
| Bank of America Corp. | Common Stock | \*\* | 10575 |
| Becton, Dickinson and Co. | Common Stock | \*\* | 3633 |
| Berkshire Hathaway Inc., Class B | Common Stock | \*\* | 16349 |
| Boeing Co. | Common Stock | \*\* | 4075 |
| Booking Holdings Inc. | Common Stock | \*\* | 4423 |

---

------

<u>[**Table of Contents**](#i746e2510119f403cb2140a5e302e9e3f_4)</u>

**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,<br>lessor, or similar party** | **(c) Description of investment** | **(d) Cost** | **(e) Current value** |
| Cencora Inc. | Common Stock | \*\* | 6794 |
| Chevron Corp. | Common Stock | \*\* | 5292 |
| Chubb Ltd. | Common Stock | \*\* | 2384 |
| Cigna Group | Common Stock | \*\* | 2384 |
| Citigroup Inc. | Common Stock | \*\* | 2610 |
| CME Group Inc. | Common Stock | \*\* | 3830 |
| Coca-Cola Co/The | Common Stock | \*\* | 5448 |
| Colgate-Palmolive Company | Common Stock | \*\* | 5286 |
| Comcast Corp | Common Stock | \*\* | 4088 |
| Conocophillips | Common Stock | \*\* | 6959 |
| Corebridge Financial Inc. | Common Stock | \*\* | 3523 |
| Corpay Inc. | Common Stock | \*\* | 2976 |
| CSX Corp. | Common Stock | \*\* | 1669 |
| Cummins Inc. | Common Stock | \*\* | 3589 |
| Danaher Corp. | Common Stock | \*\* | 2394 |
| Deere & Company | Common Stock | \*\* | 6978 |
| Diamondback Energy Inc. | Common Stock | \*\* | 3536 |
| Dollar Tree Inc. | Common Stock | \*\* | 1555 |
| Elevance Health Inc. | Common Stock | \*\* | 8163 |
| EQT Corp. | Common Stock | \*\* | 4040 |
| Equity Lifestyle Properties, Inc. | Common Stock | \*\* | 1100 |
| Equinix Inc. | Common Stock | \*\* | 2251 |
| Exelon Corp. | Common Stock | \*\* | 5182 |
| Expand Energy Corp. | Common Stock | \*\* | 1673 |
| Exxon Mobil Corp. | Common Stock | \*\* | 7057 |
| Ferguson Enterprises Inc. Par | Common Stock | \*\* | 2845 |
| Fiserv Inc. | Common Stock | \*\* | 10055 |
| Franco-Nevada Corp. | Common Stock | \*\* | 2785 |
| Freeport-McMoRan Inc. | Common Stock | \*\* | 1538 |
| GE Healthcare Technologies Inc. | Common Stock | \*\* | 1556 |
| General Dynamics Corp. | Common Stock | \*\* | 3104 |
| General Electric Co | Common Stock | \*\* | 3268 |
| Goldman Sachs Group Inc. | Common Stock | \*\* | 2820 |
| HCA Healthcare Inc. | Common Stock | \*\* | 1167 |
| Home Depot Inc. | Common Stock | \*\* | 3672 |
| Huntington Bancshares Inc | Common Stock | \*\* | 1376 |
| International Paper Co | Common Stock | \*\* | 6034 |
| Johnson & Johnson | Common Stock | \*\* | 5091 |
| JPMorgan Chase & Co. | Common Stock | \*\* | 16428 |
| Kenvue Inc. | Common Stock | \*\* | 12857 |
| Keurig Dr Pepper Inc. | Common Stock | \*\* | 5636 |
| KeyCorp | Common Stock | \*\* | 2556 |
| Keysight Technologies Inc. | Common Stock | \*\* | 8548 |
| KLA Corp. | Common Stock | \*\* | 1379 |
| L3Harris Technologies Inc. | Common Stock | \*\* | 3616 |
| Martin Marietta Materials | Common Stock | \*\* | 2184 |
| McDonald's Corp. | Common Stock | \*\* | 5974 |

---

------

<u>[**Table of Contents**](#i746e2510119f403cb2140a5e302e9e3f_4)</u>

**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,<br>lessor, or similar party** | **(c) Description of investment** | **(d) Cost** | **(e) Current value** |
| Metlife Inc. | Common Stock | \*\* | 1915 |
| Micron Technologies Inc. | Common Stock | \*\* | 2339 |
| Molina Healthcare Inc. | Common Stock | \*\* | 1448 |
| Mondelez International Inc., Class A | Common Stock | \*\* | 2472 |
| Mosaic Co. | Common Stock | \*\* | 1870 |
| NextEra Energy Inc. | Common Stock | \*\* | 1799 |
| Norfolk Southern Corp. | Common Stock | \*\* | 5536 |
| Northrop Grumman Corp. | Common Stock | \*\* | 2596 |
| Old Dominion Freight Line Inc. | Common Stock | \*\* | 3438 |
| Owens Corning | Common Stock | \*\* | 1491 |
| Parker-Hannifin Corp. | Common Stock | \*\* | 3353 |
| Phillips 66 | Common Stock | \*\* | 2697 |
| PPG Industries, Inc. | Common Stock | \*\* | 2153 |
| Proctor & Gamble Co/The | Common Stock | \*\* | 6190 |
| Progressive Corp. | Common Stock | \*\* | 1618 |
| Public Storage | Common Stock | \*\* | 4475 |
| Range Resources Corp. | Common Stock | \*\* | 6021 |
| Regeneron Pharmaceuticals Inc. | Common Stock | \*\* | 3189 |
| Republic Services Inc. | Common Stock | \*\* | 3882 |
| Revvity Inc. | Common Stock | \*\* | 5113 |
| Rockwell Automation Inc. | Common Stock | \*\* | 4915 |
| Ross Stores Inc. | Common Stock | \*\* | 3401 |
| Sherwin-Williams Co. | Common Stock | \*\* | 5613 |
| Southern Copper Corp. | Common Stock | \*\* | 1078 |
| TE Connectivity Ltd. | Common Stock | \*\* | 4343 |
| Tenet Healthcare Corp. | Common Stock | \*\* | 4041 |
| Texas Instruments Corp. | Common Stock | \*\* | 6565 |
| The Charles Schwab Corp. | Common Stock | \*\* | 8660 |
| Thermo Fisher Scientific Inc. | Common Stock | \*\* | 5409 |
| T-Mobile US Inc. | Common Stock | \*\* | 4865 |
| Tractor Supply Co. | Common Stock | \*\* | 2286 |
| Travelers Cos Inc/The | Common Stock | \*\* | 4163 |
| Union Pacific Corp. | Common Stock | \*\* | 4855 |
| UnitedHealth Group Inc. | Common Stock | \*\* | 9647 |
| Visa Inc., Class A | Common Stock | \*\* | 3722 |
| Wabtec Corp. | Common Stock | \*\* | 7440 |
| Walmart Inc. | Common Stock | \*\* | 6295 |
| Wheaton Precious Metals Corp. | Common Stock | \*\* | 1282 |
| Williams Companies Inc. | Common Stock | \*\* | 1182 |
| Xcel Energy | Common Stock | \*\* | 7053 |
| AstraZeneca PLC | Foreign Stock | \*\* | 6754 |
| Compagnie Financiere Richemont | Foreign Stock | \*\* | 3184 |
| Linde PLC | Foreign Stock | \*\* | 4667 |
| Schlumberger Limited | Foreign Stock | \*\* | 5009 |
| TechnipFMC PLC | Foreign Stock | \*\* | 1212 |
| \*Northern Institutional Treasury Portfolio | Money Market Securities | \*\* | 2823 |
| \*T. Rowe Price Government Money Fund | Money Market Securities | \*\* | 3883 |

---

------

<u>[**Table of Contents**](#i746e2510119f403cb2140a5e302e9e3f_4)</u>

**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,<br>lessor, or similar party** | **(c) Description of investment** | **(d) Cost** | **(e) Current value** |
| Small-Cap Core Portfolio: |  |  |  |
| AAON Inc. | Common Stock | \*\* | 1981 |
| Acelyrin Inc. | Common Stock | \*\* | 754 |
| Admiral Acquisition Limited | Common Stock | \*\* | 1302 |
| Agco Corp. | Common Stock | \*\* | 233 |
| Akero Therapeutics Inc. | Common Stock | \*\* | 406 |
| Alignment Healthcare Inc. | Common Stock | \*\* | 1919 |
| Amplitude Inc., Class A | Common Stock | \*\* | 2778 |
| Antero Resources Corp. | Common Stock | \*\* | 2128 |
| API Group Corp. | Common Stock | \*\* | 2902 |
| AppFolio Inc., Class A | Common Stock | \*\* | 49 |
| Arcellx Inc. | Common Stock | \*\* | 1123 |
| Arcosa Inc. | Common Stock | \*\* | 3271 |
| Arrowhead Pharmaceuticals Inc. | Common Stock | \*\* | 1076 |
| Arvinas Inc. | Common Stock | \*\* | 758 |
| Assurant Inc. | Common Stock | \*\* | 4341 |
| AST SpaceMobile Inc., Class A | Common Stock | \*\* | 582 |
| Atkore Inc. | Common Stock | \*\* | 632 |
| Atlanta Braves Holdings Inc., Series C | Common Stock | \*\* | 1917 |
| Atmus Filtration Technologies Inc. | Common Stock | \*\* | 1846 |
| Aurora Innovation Inc., Class A | Common Stock | \*\* | 2481 |
| AZZ Inc. | Common Stock | \*\* | 4457 |
| Banc of California Inc. | Common Stock | \*\* | 2306 |
| Beacon Roofing Supply Inc. | Common Stock | \*\* | 2903 |
| Bellring Brands Inc. | Common Stock | \*\* | 1810 |
| Black Diamond Therapeutics Inc. | Common Stock | \*\* | 323 |
| Blue Foundry Bancorp. | Common Stock | \*\* | 424 |
| Blueprint Medicines Corp. | Common Stock | \*\* | 1626 |
| Boston Beer Company Inc., Class A | Common Stock | \*\* | 1840 |
| Braze Inc., Class A | Common Stock | \*\* | 2344 |
| Bright Horizons Family Solutions | Common Stock | \*\* | 4061 |
| BrightSpring Health Services Inc. | Common Stock | \*\* | 804 |
| BrightView Holdings Inc. | Common Stock | \*\* | 1853 |
| Bruker Corp. | Common Stock | \*\* | 3057 |
| Burlington Stores Inc. | Common Stock | \*\* | 1893 |
| Cactus Inc., Class A | Common Stock | \*\* | 1626 |
| Cadence Bank | Common Stock | \*\* | 3007 |
| Caesars Entertainment Inc. | Common Stock | \*\* | 1534 |
| California Water Services Group | Common Stock | \*\* | 1955 |
| Capitol Federal Financial Inc. | Common Stock | \*\* | 1112 |
| Capstone Copper Corp. | Common Stock | \*\* | 1000 |
| Casella Waste Systems Inc., Class A | Common Stock | \*\* | 1942 |
| Cava Group Inc. | Common Stock | \*\* | 142 |
| Cboe Global Markets Inc. | Common Stock | \*\* | 7102 |
| CCC Intelligent Solutions Holdings Inc. | Common Stock | \*\* | 3583 |
| Celldex Therapeutics Inc. | Common Stock | \*\* | 810 |
| Celsius Holdings Inc. | Common Stock | \*\* | 168 |

---

------

<u>[**Table of Contents**](#i746e2510119f403cb2140a5e302e9e3f_4)</u>

**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,<br>lessor, or similar party** | **(c) Description of investment** | **(d) Cost** | **(e) Current value** |
| Centessa Pharmaceuticals PLC - ADR | Common Stock | \*\* | 908 |
| Champion Homes Inc. | Common Stock | \*\* | 2346 |
| Checkr Inc. | Common Stock | \*\* | 155 |
| Chesapeake Utilities Corp. | Common Stock | \*\* | 4598 |
| Columbia Banking Systems Inc. | Common Stock | \*\* | 3192 |
| Concentra Group Holdings Parent Inc. | Common Stock | \*\* | 1878 |
| Crane Co. | Common Stock | \*\* | 2539 |
| CRB Group Inc., | Common Stock | \*\* | 83 |
| Crinetics Pharmaceuticals Inc. | Common Stock | \*\* | 1361 |
| Crossfirst Bankshares Inc. | Common Stock | \*\* | 733 |
| CSW Industrials Inc. | Common Stock | \*\* | 1359 |
| CTS Corp. | Common Stock | \*\* | 2077 |
| Cubesmart | Common Stock | \*\* | 3673 |
| Curbline Properties Corp. | Common Stock | \*\* | 1998 |
| Custom Truck One Source Inc., Class A | Common Stock | \*\* | 628 |
| Cytokinetics Inc. | Common Stock | \*\* | 4476 |
| Digitalbridge Group Inc. | Common Stock | \*\* | 1932 |
| Dime Community Bancshares Inc. | Common Stock | \*\* | 1821 |
| Diploma PLC | Common Stock | \*\* | 846 |
| Dogwood State Bank, Voting | Common Stock | \*\* | 346 |
| Doximity, Inc., Class A | Common Stock | \*\* | 2005 |
| DT Midstream Inc. | Common Stock | \*\* | 2380 |
| Duolingo Inc. | Common Stock | \*\* | 931 |
| Dutch Bros Inc., Class A | Common Stock | \*\* | 2391 |
| Eagle Materials Inc. | Common Stock | \*\* | 49 |
| East West Bancorp Inc. | Common Stock | \*\* | 4871 |
| Eastern Bankshares Inc. | Common Stock | \*\* | 1860 |
| Eastgroup Properties Inc. | Common Stock | \*\* | 3035 |
| Elanco Animal Health Inc. | Common Stock | \*\* | 2071 |
| Element Solutions Inc. | Common Stock | \*\* | 2723 |
| Encore Capital Group Inc. | Common Stock | \*\* | 2090 |
| Enerpac Tool Group Corp. | Common Stock | \*\* | 1816 |
| Enpro Inc. | Common Stock | \*\* | 3395 |
| Entegris Inc. | Common Stock | \*\* | 86 |
| Equity Bancshares Inc., Class A | Common Stock | \*\* | 1933 |
| Erasca Inc. | Common Stock | \*\* | 546 |
| Esab Corp. | Common Stock | \*\* | 5677 |
| Esco Technologies Inc. | Common Stock | \*\* | 1807 |
| Expand Energy Corp. | Common Stock | \*\* | 4487 |
| Expro Group Holdings NV | Common Stock | \*\* | 1513 |
| Fabrinet | Common Stock | \*\* | 66 |
| FB Financial Corp. | Common Stock | \*\* | 2633 |
| Federal Signal Corp. | Common Stock | \*\* | 2853 |
| First American Financial Corp. | Common Stock | \*\* | 560 |
| First Bancshares Inc. | Common Stock | \*\* | 1893 |
| Five Star Bancorp | Common Stock | \*\* | 1691 |
| Floor & Décor Holdings Inc., Class A | Common Stock | \*\* | 202 |

---

------

<u>[**Table of Contents**](#i746e2510119f403cb2140a5e302e9e3f_4)</u>

**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,<br>lessor, or similar party** | **(c) Description of investment** | **(d) Cost** | **(e) Current value** |
| FTAI Aviation Ltd. | Common Stock | \*\* | 3159 |
| FTI Consulting Inc. | Common Stock | \*\* | 1865 |
| Global-E Online Ltd. | Common Stock | \*\* | 809 |
| Globant SA | Common Stock | \*\* | 1986 |
| GMS Inc. | Common Stock | \*\* | 2348 |
| Goosehead Insurance Inc., Class A | Common Stock | \*\* | 2489 |
| Graco Inc. | Common Stock | \*\* | 2214 |
| Grand Canyon Education Inc. | Common Stock | \*\* | 571 |
| Grasshopper Bancorp Inc. | Common Stock | \*\* | 97 |
| H.B. Fuller Company | Common Stock | \*\* | 2041 |
| Haemonetics Corporation | Common Stock | \*\* | 3858 |
| Hamilton Lane Inc., Class A | Common Stock | \*\* | 1946 |
| Hanover Insurance Group Inc/The | Common Stock | \*\* | 2005 |
| HarborOne Bancorp Inc. | Common Stock | \*\* | 835 |
| Haul Hub, Series C Convertible | Common Stock | \*\* | 23 |
| Hawaiian Electric Industries Inc. | Common Stock | \*\* | 1732 |
| Healthequity Inc. | Common Stock | \*\* | 2273 |
| Home Bancshares Inc. | Common Stock | \*\* | 1762 |
| Howard Hughes Holdings Inc. | Common Stock | \*\* | 1901 |
| Idacorp Inc. | Common Stock | \*\* | 2860 |
| Immunome Inc. | Common Stock | \*\* | 1341 |
| Immunovant Inc. | Common Stock | \*\* | 3381 |
| Independence Realty Trust Inc. | Common Stock | \*\* | 4139 |
| Insight Enterprises Inc. | Common Stock | \*\* | 2848 |
| Insmed Inc. | Common Stock | \*\* | 2622 |
| Installed Building Products Inc. | Common Stock | \*\* | 1518 |
| Intapp Inc. | Common Stock | \*\* | 4223 |
| International Game Techonolgy PLC | Common Stock | \*\* | 579 |
| Interparfums Inc. | Common Stock | \*\* | 2290 |
| Ionis Pharmaceuticals Inc. | Common Stock | \*\* | 1869 |
| Iovance Biotherapeutics Inc. | Common Stock | \*\* | 837 |
| JFrog Ltd. | Common Stock | \*\* | 1397 |
| Kearny Financial Corp/Md | Common Stock | \*\* | 528 |
| Kestra Medical Technologies Ltd., Class A | Common Stock | \*\* | 413 |
| Kimbell Royalty Partners, LP | Common Stock | \*\* | 1028 |
| Knife River Corp. | Common Stock | \*\* | 395 |
| LandBridge Company LLC | Common Stock | \*\* | 2016 |
| Landstar System Inc. | Common Stock | \*\* | 40 |
| Lantheus Holdings Inc. | Common Stock | \*\* | 2056 |
| Lattice Semiconductor Corp. | Common Stock | \*\* | 6441 |
| Leonardo DRS Inc. | Common Stock | \*\* | 2427 |
| Liberty Media Corp., Series C | Common Stock | \*\* | 9289 |
| Live Oak Bancshares Inc. | Common Stock | \*\* | 2599 |
| Loar Holdings Inc. | Common Stock | \*\* | 587 |
| Louisiana-Pacific Corp. | Common Stock | \*\* | 1898 |
| MACOM Technology Solutions Holdings Inc. | Common Stock | \*\* | 1798 |
| Madison Square Garden Sports Corp. | Common Stock | \*\* | 1955 |

---

------

<u>[**Table of Contents**](#i746e2510119f403cb2140a5e302e9e3f_4)</u>

**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,<br>lessor, or similar party** | **(c) Description of investment** | **(d) Cost** | **(e) Current value** |
| Magnolia Oil & Gas Corp., Class A | Common Stock | \*\* | 1956 |
| Marqeta Inc. | Common Stock | \*\* | 1203 |
| Masimo Corp. | Common Stock | \*\* | 8215 |
| Matador Resources Co. | Common Stock | \*\* | 213 |
| McGrath RentCorp | Common Stock | \*\* | 1971 |
| Merus NV | Common Stock | \*\* | 641 |
| Middlesex Water Co. | Common Stock | \*\* | 1203 |
| Mirion Technologies Inc., Class A | Common Stock | \*\* | 6399 |
| Modine Manufacturing Company | Common Stock | \*\* | 2591 |
| Molina Healthcare Inc. | Common Stock | \*\* | 974 |
| MSA Safety Inc. | Common Stock | \*\* | 1567 |
| MYR Group Inc. | Common Stock | \*\* | 874 |
| nCino, Inc. | Common Stock | \*\* | 1345 |
| Neogen Corp. | Common Stock | \*\* | 1861 |
| Neogenomics Inc. | Common Stock | \*\* | 3152 |
| Neumora Therapeutics Inc. | Common Stock | \*\* | 657 |
| Novocure Ltd. | Common Stock | \*\* | 1292 |
| Nurix Therapeutics Inc. | Common Stock | \*\* | 657 |
| OGE Energy Corp. | Common Stock | \*\* | 2917 |
| 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 | \*\* | 1460 |
| Oscar Health Inc., Class A | Common Stock | \*\* | 3033 |
| Osisko Gold Royalties Ltd. | Common Stock | \*\* | 1155 |
| Pacific Premier Bancorp Inc. | Common Stock | \*\* | 1629 |
| Papa John's International Inc. | Common Stock | \*\* | 1742 |
| PAR Technology Corp/Del | Common Stock | \*\* | 5982 |
| Parsons Corp. | Common Stock | \*\* | 2785 |
| Pax Labs Inc., Class A | Common Stock | \*\* | 68 |
| Paycor HCM Inc. | Common Stock | \*\* | 2324 |
| Paylocity Holding Corp. | Common Stock | \*\* | 1922 |
| Peloton Interactive Inc. | Common Stock | \*\* | 766 |
| Pennymac Financial Services | Common Stock | \*\* | 5512 |
| Penumbra Inc. | Common Stock | \*\* | 1809 |
| Pinnacle Financial Partners | Common Stock | \*\* | 4148 |
| Planet Fitness Inc., Class A | Common Stock | \*\* | 5819 |
| Post Holdings Inc. | Common Stock | \*\* | 1884 |
| Power Integrations Inc. | Common Stock | \*\* | 1821 |
| Prime Medicine Inc. | Common Stock | \*\* | 121 |
| Primo Brands Corp. | Common Stock | \*\* | 1017 |
| Privia Health Group Inc. | Common Stock | \*\* | 1699 |
| Procept Biorobotics Corp. | Common Stock | \*\* | 1842 |
| Progyny Inc. | Common Stock | \*\* | 1622 |
| Prosperity Bancshares Inc. | Common Stock | \*\* | 2623 |
| Quidelortho Corp. | Common Stock | \*\* | 3065 |

---

------

<u>[**Table of Contents**](#i746e2510119f403cb2140a5e302e9e3f_4)</u>

**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,<br>lessor, or similar party** | **(c) Description of investment** | **(d) Cost** | **(e) Current value** |
| QXO Inc. | Common Stock | \*\* | 5112 |
| Radnet Inc. | Common Stock | \*\* | 1866 |
| Range Resources Corp. | Common Stock | \*\* | 5180 |
| Rapt Therapeutics Inc. | Common Stock | \*\* | 448 |
| RBC Bearings Inc. | Common Stock | \*\* | 5397 |
| Red Rock Resorts Inc., Class A | Common Stock | \*\* | 1670 |
| Reddit Inc., Class A | Common Stock | \*\* | 4067 |
| Repligen Corp. | Common Stock | \*\* | 876 |
| RH | Common Stock | \*\* | 1905 |
| RLI Corp. | Common Stock | \*\* | 2231 |
| Root Inc., Class A | Common Stock | \*\* | 231 |
| Royal Gold Inc. | Common Stock | \*\* | 1996 |
| Rush Enterprises Inc., Class A | Common Stock | \*\* | 1727 |
| Ryman Hospitality Properties Inc. | Common Stock | \*\* | 1303 |
| Saia Inc. | Common Stock | \*\* | 2501 |
| Savers Value Village Inc. | Common Stock | \*\* | 1000 |
| Selective Insurance Group Inc. | Common Stock | \*\* | 1811 |
| ServiceTitan Inc., Class A | Common Stock | \*\* | 1562 |
| Shake Shack Inc. | Common Stock | \*\* | 2881 |
| Simply Good Foods Co/The | Common Stock | \*\* | 2746 |
| Simpson Manufacturing Co. Inc. | Common Stock | \*\* | 826 |
| Siteone Landscape Supply Inc. | Common Stock | \*\* | 5618 |
| Skechers U.S.A. Inc., Class A | Common Stock | \*\* | 1693 |
| SLM Corp. | Common Stock | \*\* | 2213 |
| Solaris Energy Infrastructure Inc. | Common Stock | \*\* | 1437 |
| Sotera Health Co. | Common Stock | \*\* | 2220 |
| SouthState Corp. | Common Stock | \*\* | 4011 |
| SPX Technologies Inc. | Common Stock | \*\* | 4277 |
| Stepstone Group Inc., Class A | Common Stock | \*\* | 1800 |
| Stevanato Group SpA | Common Stock | \*\* | 2223 |
| Stifel Financial Corp. | Common Stock | \*\* | 2039 |
| Strategic Education Inc. | Common Stock | \*\* | 1861 |
| Talen Energy Corp. | Common Stock | \*\* | 157 |
| Teledyne Technologies Inc. | Common Stock | \*\* | 2953 |
| Terreno Realty Corp. | Common Stock | \*\* | 3274 |
| Tetra Tech Inc. | Common Stock | \*\* | 757 |
| Texas Capital Bancshares Inc. | Common Stock | \*\* | 2953 |
| The Baldwin Insurance Group Inc., Class A | Common Stock | \*\* | 1383 |
| Themis Sol (Clio), Series E Convertible | Common Stock | \*\* | 177 |
| Themis Solutions Inc. | Common Stock | \*\* | 221 |
| Thermon Group Holdings Inc. | Common Stock | \*\* | 1707 |
| Third Harmonic Bio Inc. | Common Stock | \*\* | 361 |
| Toast Inc., Class A | Common Stock | \*\* | 1265 |
| Toro Co. | Common Stock | \*\* | 63 |
| Transcat Inc. | Common Stock | \*\* | 1563 |
| TTM Technologies Inc. | Common Stock | \*\* | 540 |
| TWFG Inc., Class A | Common Stock | \*\* | 1168 |

---

------

<u>[**Table of Contents**](#i746e2510119f403cb2140a5e302e9e3f_4)</u>

**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,<br>lessor, or similar party** | **(c) Description of investment** | **(d) Cost** | **(e) Current value** |
| TXNM Energy Inc. | Common Stock | \*\* | 4014 |
| UFP Industries Inc. | Common Stock | \*\* | 1475 |
| UTZ Brands Inc., Class A | Common Stock | \*\* | 1680 |
| Varonis Systems Inc. | Common Stock | \*\* | 1204 |
| Vaxcyte Inc. | Common Stock | \*\* | 2058 |
| Vera Therapeutics Inc., Class A | Common Stock | \*\* | 1382 |
| Vertex Inc., Class A | Common Stock | \*\* | 1868 |
| Vimeo Inc. | Common Stock | \*\* | 1238 |
| Viper Energy Inc. | Common Stock | \*\* | 2927 |
| VSE Corp. | Common Stock | \*\* | 3922 |
| Warrior Met Coal Inc. | Common Stock | \*\* | 1372 |
| Western Alliance Bancorporation | Common Stock | \*\* | 3168 |
| White Mountains Insurance Group Ltd. | Common Stock | \*\* | 2402 |
| Willscot Holdings Corp. | Common Stock | \*\* | 977 |
| Workiva Inc., Class A | Common Stock | \*\* | 5041 |
| Wyndham Hotels & Resorts Inc. | Common Stock | \*\* | 2193 |
| Xenon Pharmaceuticals Inc. | Common Stock | \*\* | 709 |
| Ascendis Pharma | Foreign Stock | \*\* | 1042 |
| Colliers International Group Inc. | Foreign Stock | \*\* | 1332 |
| Constellium SE | Foreign Stock | \*\* | 3043 |
| Crispr Therapeutics AG | Foreign Stock | \*\* | 406 |
| Descartes Systems Group/The | Foreign Stock | \*\* | 5153 |
| Firstservice Corp. | Foreign Stock | \*\* | 3906 |
| Flagship Communities REIT UT | Foreign Stock | \*\* | 966 |
| Immatics NV | Foreign Stock | \*\* | 970 |
| Immunocore Holdings PLC - ADR | Foreign Stock | \*\* | 3441 |
| Novanta Inc. | Foreign Stock | \*\* | 3101 |
| Popular Inc. | Foreign Stock | \*\* | 1467 |
| Rentokil Initial PLC | Foreign Stock | \*\* | 58 |
| Smith (DS) | Foreign Stock | \*\* | 4240 |
| Spirax Group PLC. | Foreign Stock | \*\* | 224 |
| TechnipFMC PLC | Foreign Stock | \*\* | 5432 |
| TMX Group Ltd. | Foreign Stock | \*\* | 6325 |
| Unite Group PLC | Foreign Stock | \*\* | 961 |
| Watches of Switzerland Group PLC | Foreign Stock | \*\* | 704 |
| Weatherford International PLC | Foreign Stock | \*\* | 2424 |
| Weir Group ADR | Foreign Stock | \*\* | 58 |
| West Fraser Timber Co. Ltd. | Foreign Stock | \*\* | 1625 |
| 1661 Inc. D/B/A/ Goat, Series F Convertible | Preferred Stock | \*\* | 86 |
| ABL Space Systems, Series B | Preferred Stock | \*\* | 6 |
| Caris Life Sciences, Series C Convertible | Preferred Stock | \*\* | 381 |
| Caris Life Sciences, Series D Convertible | Preferred Stock | \*\* | 255 |
| Cellink Inc., Series D | Preferred Stock | \*\* | 28 |
| 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 |

---

------

<u>[**Table of Contents**](#i746e2510119f403cb2140a5e302e9e3f_4)</u>

**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,<br>lessor, or similar party** | **(c) Description of investment** | **(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 | \*\* | 61 |
| Haul Hub, Series B Convertible | Preferred Stock | \*\* | 64 |
| Honor Technology Inc., Series D | Preferred Stock | \*\* | 321 |
| Inscripta Inc., Series E | Preferred Stock | \*\* | 63 |
| 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 | \*\* | 1109 |
| National Resilence, Series C Convertible | Preferred Stock | \*\* | 640 |
| Nuro Inc., Series C | Preferred Stock | \*\* | 305 |
| Nuro Inc., Series D | Preferred Stock | \*\* | 97 |
| 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 | \*\* | 27 |
| Socure Inc., Series A Convertible | Preferred Stock | \*\* | 33 |
| Socure Inc., Series A-1 Convertible | Preferred Stock | \*\* | 27 |
| Socure Inc., Series E Convertible | Preferred Stock | \*\* | 63 |
| Themis Sol (Clio), Series AA Convertible | Preferred Stock | \*\* | 50 |
| Themis Sol (Clio), Series AB Convertible | Preferred Stock | \*\* | 5 |
| Themis Sol (Clio), Series B Convertible | Preferred Stock | \*\* | 6 |
| 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 | \*\* | 3677 |
| \*T. Rowe Price Treasury Reserve Fund | Money Market Securities | \*\* | 1874 |
| Grasshopper Bancorp Inc., Warrants | Warrants | \*\* | 3 |
| International Equity Portfolio: |  |  |  |
| Capital Group International All Country Equity Trust | Common Trust | \*\* | 183869 |
| \*Northern Institutional Treasury Portfolio Premier Shares | Money Market Securities | \*\* | 7 |
| Total separately managed accounts | Total separately managed accounts |  | 2629978 |
| Fully Benefit-Responsive Contracts: |  |  |  |
| Capital Preservation Portfolio: |  |  |  |
| \* T. Rowe Price Cash Reserve Trust | Common Trust | \*\* | 44730 |
| \* Northern Institutional Treasury Portfolio Premier Shares | Common Trust | \*\* | 31559 |
| \* T. Rowe Price Short Term Common Trust: |  |  |  |
| American General Life Insurance Company | Collective Trust Fund | \*\* | 47392 |
| Citibank N.A. | Collective Trust Fund | \*\* | 53752 |
| Massachusetts Mutual Life Insurance Company | Collective Trust Fund | \*\* | 64206 |
| Met Tower Life Insurance | Collective Trust Fund | \*\* | 32657 |
| Monumental Life(Transamerica) | Collective Trust Fund | \*\* | 48606 |

---

------

<u>[**Table of Contents**](#i746e2510119f403cb2140a5e302e9e3f_4)</u>

**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,<br>lessor, or similar party** | **(c) Description of investment** | **(d) Cost** | **(e) Current value** |
| New York Life | Collective Trust Fund | \*\* | 64228 |
| Pacific Life Insurance Company | Collective Trust Fund | \*\* | 29351 |
| Prudential Insurance Company of America | Collective Trust Fund | \*\* | 63427 |
| Royal Bank of Canada | Collective Trust Fund | \*\* | 45386 |
| State Street Bank & Trust Company | Collective Trust Fund | \*\* | 30354 |
| \* T. Rowe Price Intermediate Term Common Trust: |  |  |  |
| American General Life Insurance Company | Collective Trust Fund | \*\* | 69356 |
| Citibank N.A. | Collective Trust Fund | \*\* | 78664 |
| Massachusetts Mutual Life Insurance Company | Collective Trust Fund | \*\* | 103384 |
| Met Tower Life Insurance | Collective Trust Fund | \*\* | 151418 |
| Monumental Life(Transamerica) | Collective Trust Fund | \*\* | 71133 |
| New York Life | Collective Trust Fund | \*\* | 103419 |
| Pacific Life Insurance Company | Collective Trust Fund | \*\* | 136091 |
| Prudential Insurance Company of America | Collective Trust Fund | \*\* | 102129 |
| Royal Bank of Canada | Collective Trust Fund | \*\* | 73080 |
| State Street Bank & Trust Company | Collective Trust Fund | \*\* | 140742 |
| \* T. Rowe Price Managed Bond Trust: |  |  |  |
| American General Life Insurance Company | Collective Trust Fund | \*\* | 16450 |
| Citibank N.A. | Collective Trust Fund | \*\* | 18658 |
| Massachusetts Mutual Life Insurance Company | Collective Trust Fund | \*\* | 23614 |
| Met Tower Life Insurance | Collective Trust Fund | \*\* | 25936 |
| Monumental Life(Transamerica) | Collective Trust Fund | \*\* | 16871 |
| New York Life | Collective Trust Fund | \*\* | 23622 |
| Pacific Life Insurance Company | Collective Trust Fund | \*\* | 23311 |
| Prudential Insurance Company of America | Collective Trust Fund | \*\* | 23327 |
| Royal Bank of Canada | Collective Trust Fund | \*\* | 16692 |
| State Street Bank & Trust Company | Collective Trust Fund | \*\* | 24108 |
| Total fully benefit-responsive contracts | Total fully benefit-responsive contracts |  | 1797653 |
| \* Costco Wholesale Corporation | Common stock | \*\* | 21006481 |
| Total investments | Total investments |  | 39826526 |
| \* Participant loans | Interest rates of 4.25% to 10.50% maturing through 2039 | __ | 587174 |
| Total | Total |  | $40413700 |
| _________________________ |  |  |  |
| \* Indicates a party-in-interest |  |  |  |
| \*\* Information is not required as investments are participant directed | \*\* Information is not required as investments are participant directed | \*\* Information is not required as investments are participant directed | \*\* Information is not required as investments are participant directed |

---

See accompanying report of independent registered public accounting firm.

------

<u>[**Table of Contents**](#i746e2510119f403cb2140a5e302e9e3f_4)</u>

**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<br>*Executive Vice President*<br>*Costco Wholesale Corporation* |

---

## Exhibit 23.1

**Exhibit 23.1**

**Consent of Independent Registered Public Accounting Firm**

We consent to the incorporation by reference in Registration Statements Nos. 333-204739, 333-180163, 333-150014, and 333-120523 on Form S-8 of Costco Wholesale Corporation of our report dated June 27, 2025 appearing in this Annual Report on Form 11-K of Costco 401(k) Retirement Plan for the year ended December 31, 2024.

/s/ Crowe LLP

Oakbrook Terrace, Illinois

June 27, 2025

<br>