CO
COST
COST Costco (COST) Q4 FY25 earnings call
Costco delivered strong Q4 FY25 results, driven by robust comparable sales and significant membership growth, particularly in executive tiers. The company is strategically navigating macroeconomic uncertainties and tariff impacts through proactive sourcing and assortment adjustments, while investing in member benefits, digital capabilities, and warehouse expansion. Management remains confident in its ability to grow market share by continuing to deliver value and enhance the member experience.
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COST operating KPIs by quarter
| KPI | Feb 2025 Q2 FY25 | May 2025 Q3 FY25 | This call Aug 2025 Q4 FY25 | Nov 2025 Q1 FY26 | Feb 2026 Q2 FY26 | May 2026 Q3 FY26 | Aug 2026 Q4 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|---|
| New warehouses opened | 1While we only opened 1 new warehouse in the second quarter of fiscal '25, we have big plans for the rest of the fiscal year.Source: earnings call transcript | — | 10In the fourth quarter, we opened 10 new warehouses, including a relocation in Canada, our 20th warehouse in Korea, our second warehouse in Sweden and 5 net new locations in the US For the fiscal year, we opened 27 new warehouses, including 3 relocations for a total of 24 net new buildings.Source: earnings call transcript | 8In Q1, we opened 8 new warehouses, including a relocation in Canada, our third warehouse in France, 4 net new US locations and 2 additional Canadian business centers.Source: earnings call transcript | — | 4In the quarter, we opened 4 net new warehouses, including 3 in the US and 1 additional Canadian business center.Source: earnings call transcript | 12In the fourth quarter, we opened 12 warehouses, including a relocation in Taiwan, 10 new US buildings and our 43rd warehouse in Mexico.Source: earnings call transcript | +200% |
| Membership renewal rate US and Canada | 93%In terms of renewal rates, at Q2 end, our US and Canada renewal rate was 93%.Source: earnings call transcript | 92.7%In terms of renewal rates at Q3 end, our US and Canada renewal rate was 92.7% and the worldwide rate came in at 90.2%.Source: earnings call transcript | 92.3%In terms of renewal rates at Q4 end, our US and Canada renewal rate was 92.3% and the worldwide rates came in at 89.8%.Source: earnings call transcript | 92.2%In terms of renewal rates, at Q1 end, our US and Canada renewal rate was 92.2%, and the worldwide rate came in at 89.7%, both down 10 basis points from last quarter.Source: earnings call transcript | 92.1%In terms of renewal rates, at Q2 end, our US and Canada renewal rate was 92.1%, down 10 basis points from last quarter, and the worldwide rate came in at 89.7%, unchanged from last quarter.Source: earnings call transcript | 92.2%In terms of renewal rates, at Q3 end, our US and Canada renewal rate was 92.2%, up 10 basis points from last quarter, and the worldwide rate came in at 89.7%, unchanged from last quarter.Source: earnings call transcript | 92.3%In terms of renewal rates, at Q4 end, our US and Canada renewal rate was 92.3%, up 10 basis points from last quarter, and the worldwide rate came in at 89.8%, also up 10 basis points.Source: earnings call transcript | +0.1 pt |
| Membership renewal rate Worldwide | 90.5%The worldwide rate came in at 90.5%.Source: earnings call transcript | 90.2%In terms of renewal rates at Q3 end, our US and Canada renewal rate was 92.7% and the worldwide rate came in at 90.2%.Source: earnings call transcript | 89.8%In terms of renewal rates at Q4 end, our US and Canada renewal rate was 92.3% and the worldwide rates came in at 89.8%.Source: earnings call transcript | 89.7%In terms of renewal rates, at Q1 end, our US and Canada renewal rate was 92.2%, and the worldwide rate came in at 89.7%, both down 10 basis points from last quarter.Source: earnings call transcript | 89.7%In terms of renewal rates, at Q2 end, our US and Canada renewal rate was 92.1%, down 10 basis points from last quarter, and the worldwide rate came in at 89.7%, unchanged from last quarter.Source: earnings call transcript | 89.7%In terms of renewal rates, at Q3 end, our US and Canada renewal rate was 92.2%, up 10 basis points from last quarter, and the worldwide rate came in at 89.7%, unchanged from last quarter.Source: earnings call transcript | 89.8%In terms of renewal rates, at Q4 end, our US and Canada renewal rate was 92.3%, up 10 basis points from last quarter, and the worldwide rate came in at 89.8%, also up 10 basis points.Source: earnings call transcript | +0.1 pt |
| Paid members | 78.4MWe ended Q2 with 78.4 million paid household members, up 6.8% versus last year and 140.6 million cardholders, up 6.6% year-over-year.Source: earnings call transcript | 79.6MWe ended Q3 with 79.6 million paid household members, up 6.8% versus last year and 142.8 million cardholders, up 6.6% year-over-year.Source: earnings call transcript | 81MNew member sign-ups continue to be strong, and we ended the fiscal year with 81 million total paid members, up 6.3% versus last year and 145.2 million cardholders, up 6.1% year-over-year.Source: earnings call transcript | 81.4MWe ended the quarter with 81.4 million total paid members, up 5.2% versus last year and 145.9 million cardholders, up 5.1% year-over-year.Source: earnings call transcript | 82.1MWe ended the quarter with 82.1 million total paid members, up 4.8% versus last year and 147.2 million cardholders, up 4.7% year-over-year.Source: earnings call transcript | 82.9MWe ended the quarter with 82.9 million total paid members, up 4.1% versus last year and 148.5 million cardholders, up 4% year-over-year.Source: earnings call transcript | 84.1MWe ended the quarter with 84.1 million total paid members, up 3.8% versus last year and 150.4 million cardholders, up 3.6% year-over-year.Source: earnings call transcript | +1.4% |
| Cardholders | 140.6MWe ended Q2 with 78.4 million paid household members, up 6.8% versus last year and 140.6 million cardholders, up 6.6% year-over-year.Source: earnings call transcript | 142.8MWe ended Q3 with 79.6 million paid household members, up 6.8% versus last year and 142.8 million cardholders, up 6.6% year-over-year.Source: earnings call transcript | 145.2MNew member sign-ups continue to be strong, and we ended the fiscal year with 81 million total paid members, up 6.3% versus last year and 145.2 million cardholders, up 6.1% year-over-year.Source: earnings call transcript | 145.9MWe ended the quarter with 81.4 million total paid members, up 5.2% versus last year and 145.9 million cardholders, up 5.1% year-over-year.Source: earnings call transcript | 147.2MWe ended the quarter with 82.1 million total paid members, up 4.8% versus last year and 147.2 million cardholders, up 4.7% year-over-year.Source: earnings call transcript | 148.5MWe ended the quarter with 82.9 million total paid members, up 4.1% versus last year and 148.5 million cardholders, up 4% year-over-year.Source: earnings call transcript | 150.4MWe ended the quarter with 84.1 million total paid members, up 3.8% versus last year and 150.4 million cardholders, up 3.6% year-over-year.Source: earnings call transcript | +1.3% |
| Executive members | 36.9MAt Q2 end, we had 36.9 million paid Executive Memberships, up 9.1% versus last year.Source: earnings call transcript | 37.6MAt Q3 end, we had 37.6 million paid executive memberships, up 9% versus last year.Source: earnings call transcript | 38.7MAt Q4 end, we had 38.7 million paid executive memberships, up 9.3% versus last year.Source: earnings call transcript | 39.7MAt Q1 end, we had 39.7 million paid executive memberships, up 9.1% versus last year.Source: earnings call transcript | 40.4MAt Q2 end, we had 40.4 million paid executive memberships up 9.5% versus last year.Source: earnings call transcript | 41.2MAt Q3 end, we had 41.2 million paid executive memberships, up 9.6% versus last year.Source: earnings call transcript | 42.3MAt Q4 end, we had 42.3 million paid executive members, up 9.4% versus last year.Source: earnings call transcript | +2.7% |
| Warehouses Worldwide | — | — | 914This brings our total warehouse count to 914 worldwide.Source: earnings call transcript | 921This brings our total warehouse count to 921 worldwide.Source: earnings call transcript | 924This brings our total warehouse count to 924 warehouses worldwide.Source: earnings call transcript | 928Those openings brought our total warehouse count to 928 worldwide.Source: earnings call transcript | 939This brings our warehouse count to 939 worldwide.Source: earnings call transcript | +1.2% |
| Employees | — | — | — | 340K+I'd like to recognize the outstanding work done by our more than 340,000 employees around the world.Source: earnings call transcript | — | — | 355KAs a management team, we continue to be incredibly proud of our 355,000 employees worldwide and the culture that they help foster.Source: earnings call transcript | — |
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