Aug 2026 (Q4 FY26) — Sep 24, 2026
Costco Wholesale Corporation Q4 FY26 — Strong Sales Growth and Membership Engagement
Read the full callCostco Wholesale (COST) earnings
- May 2026
- Aug 2026 (Q4 FY26)
- Aug 2026
Costco Wholesale earnings: last reported Thu, 24 Sep 2026, for the quarter ended Aug 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 70,527 | +11.6% YoY | Quarterly, as filed | Quarter to May 2026 | Revenue from operations as filed. |
| Operating margin | 4.0 | −0.0 pts YoY | Operating profit / revenue | Quarter to May 2026 | For the quarter; a change is in percentage points. |
| Net profit | 2,192 | +15.2% YoY | Quarterly, as filed | Quarter to May 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
9 of 11 judged targets kept · 10 open · verdicts reflect calls analysed to May 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Top-of-scale hourly wage increase of $1 under the employee agreement | additional $1 per hour top-of-scale increase in March 2026 | Feb 2025 | The operations component of SG&A was lower or better by 12 basis points, but worse or higher by 3 basis points, excluding the impact of gas inflation as underlying improvements in productivity were offset by higher health care costs. | Ghosted |
| Net new warehouse buildings opened | 30 net new buildings (35 openings including 5 relocations) | Aug 2025 | We currently expect to have 26 net new openings in fiscal year '26, down 2 buildings from the prior call with those 2 buildings now set to open in fiscal year '27. | Revised Down |
| Pharmacy pay-ahead in the Costco app | launch pay-ahead for the pharmacy | Nov 2025 | as a result of our mobile wallet enhancements, pharmacy pay ahead and the rollout of employee pre-scan technology | Achieved |
2 of COSTCO WHOLESALE CORP /NEW's 21 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 18 more targets are in the full ledger.
Claimed
- Net sales increased 11.2% year-over-year to $93.87 billion in Q4 FY26.
- Comparable sales, adjusted for gas price inflation and FX, grew 6.7% in Q4 FY26.
- Digitally enabled sales exceeded $33 billion, an increase of more than 20% in FY26.
- Paid Executive Members reached 42.3 million, up 9.4% year-over-year, driving higher spend.
- Worldwide membership renewal rate improved by 10 basis points to 89.8%.
Qualified
- Core on core gross margin was lower by 32 basis points year-over-year, or 9 basis points excluding gas inflation.
- LIFO charge negatively impacted gross margin by 11 basis points, with a $152 million charge in Q4 FY26.
- FX negatively impacted Q4 comparable sales by approximately 0.3%.
Price
$995.53 +0.65% · +$6.42
Performance +6.3% 1Y
1Y: $936.33 on 17 Oct 2025 → $995.53. High $1,094.32 (19 May 2026), low $850 (22 Dec 2025).
- Previous close
- $989.11
- 52-week range
- $850 – $1,094.32
- One year
- +6.35%
Overview
- Symbol
- COST
- Sector
- Consumer Staples
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
9 of 11 judged targets kept · 10 open · verdicts reflect calls analysed to May 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Top-of-scale hourly wage increase of $1 under the employee agreement | additional $1 per hour top-of-scale increase in March 2026 | Feb 2025 | The operations component of SG&A was lower or better by 12 basis points, but worse or higher by 3 basis points, excluding the impact of gas inflation as underlying improvements in productivity were offset by higher health care costs. | Ghosted |
| Net new warehouse buildings opened | 30 net new buildings (35 openings including 5 relocations) | Aug 2025 | We currently expect to have 26 net new openings in fiscal year '26, down 2 buildings from the prior call with those 2 buildings now set to open in fiscal year '27. | Revised Down |
| Pharmacy pay-ahead in the Costco app | launch pay-ahead for the pharmacy | Nov 2025 | as a result of our mobile wallet enhancements, pharmacy pay ahead and the rollout of employee pre-scan technology | Achieved |
Claimed
- Net sales increased 11.2% year-over-year to $93.87 billion in Q4 FY26.
- Comparable sales, adjusted for gas price inflation and FX, grew 6.7% in Q4 FY26.
- Digitally enabled sales exceeded $33 billion, an increase of more than 20% in FY26.
- Paid Executive Members reached 42.3 million, up 9.4% year-over-year, driving higher spend.
- Worldwide membership renewal rate improved by 10 basis points to 89.8%.
Qualified
- Core on core gross margin was lower by 32 basis points year-over-year, or 9 basis points excluding gas inflation.
- LIFO charge negatively impacted gross margin by 11 basis points, with a $152 million charge in Q4 FY26.
- FX negatively impacted Q4 comparable sales by approximately 0.3%.
The full ledger
Open COSTCO WHOLESALE CORP /NEW’s full ledger
A free account opens 5 company ledgers a month. All 21 tracked commitments, with each call’s wording and source.
Call summaries
May 2026 (Q3 FY26) — May 28, 2026
Costco Q3 FY26 — Record gas volumes drive 11.6% sales growth amid strategic price investment
Read the full callFeb 2026 (Q2 FY26) — Mar 5, 2026
Costco Q2 FY26 — Strong Sales Growth Driven by Digital and Membership Gains
Read the full callNews
Latest news
From the news desk, item by item, hours after each call.
Every analysed call
Costco Wholesale earnings calls (COST)
Financials
What the filings say
Net profit, year on year: +15% (quarter to may 2026 against may 2025).
| Line item | Feb 2024 | May 2024 | Nov 2024 | Feb 2025 | May 2025 | Nov 2025 | Feb 2026 | May 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 58,442 | 58,515 | 62,151 | 63,723 | 63,205 | 67,307 | 69,597 | 70,527 |
| Operating profit | 2,062 | 2,197 | 2,196 | 2,316 | 2,530 | 2,463 | 2,606 | 2,815 |
| Operating margin | 3.5% | 3.8% | 3.5% | 3.6% | 4.0% | 3.7% | 3.7% | 4.0% |
| Interest | 41 | 41 | 37 | 36 | 35 | 35 | 33 | 32 |
| Profit before tax | 2,237 | 2,284 | — | — | — | — | — | — |
| Tax rate | 22.1% | 26.4% | — | — | — | — | — | — |
| Net profit | 1,743 | 1,681 | 1,798 | 1,788 | 1,903 | 2,001 | 2,035 | 2,192 |
| EPS ($ per share) | 3.93 | 3.79 | 4.05 | 4.03 | 4.29 | 4.51 | 4.58 | 4.94 |
| Line item | Sep 2019 | Aug 2020 | Aug 2021 | Aug 2022 | Sep 2023 | Sep 2024 | Aug 2025 | Aug 2026 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 4 | 4 | 4 | 2 | 2 | 2 | 2 | 2 |
| Reserves | 10,258 | 12,879 | 11,666 | 15,585 | 19,521 | 17,619 | 22,650 | 28,591 |
| Total liabilities | 29,816 | 36,851 | 41,190 | 43,519 | 43,936 | 46,209 | 47,935 | 53,242 |
| Fixed assets | 20,890 | 21,807 | 23,492 | 24,646 | 26,684 | 29,032 | 31,909 | 35,633 |
| Investments | 1,060 | 1,028 | 917 | 846 | 1,534 | 1,238 | 1,123 | 1,094 |
| Total assets | 45,400 | 55,556 | 59,268 | 64,166 | 68,994 | 69,831 | 77,099 | 89,045 |
| Line item | Sep 2019 | Aug 2020 | Aug 2021 | Aug 2022 | Sep 2023 | Sep 2024 | Aug 2025 | Aug 2026 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 6,356 | 8,861 | 8,958 | 7,392 | 11,068 | 11,339 | 13,335 | 15,817 |
| Cash from investing | -2,865 | -3,891 | -3,535 | -3,915 | -4,972 | -4,409 | -5,311 | -6,378 |
| Cash from financing | -1,147 | -1,147 | -6,488 | -4,283 | -2,614 | -10,764 | -3,775 | -3,355 |
| Net cash flow | — | 3,893 | -1,019 | -1,055 | 3,497 | -3,794 | 4,255 | 6,046 |
| Capital expenditure | -2,998 | -2,810 | -3,588 | -3,891 | -4,323 | -4,710 | -5,498 | -6,435 |
| Free cash flow | 3,358 | 6,051 | 5,370 | 3,501 | 6,745 | 6,629 | 7,837 | 9,382 |
COST revenue by segment
| Segment | FY2024 | FY2024 | FY2025 | FY2025 | FY2025 | FY2026 | FY2026 | FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| United States | — | — | — | — | — | 72% | 72% | 73% | — |
| Other International | — | — | — | — | — | 14% | 15% | 14% | — |
| Canada | — | — | — | — | — | 13% | 13% | 13% | — |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
COST operating KPIs by quarter
| KPI | May 2025 Q3 FY25 | 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 | — | 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 | 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 | 90.2%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 | 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 | 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 | 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 | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Revenue by region
FY2025 · share of revenue
- US 73% ↑ 2 pt
- Other International Operations 14% ↓ 1 pt
- CA 13%
As COST cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
88 filings between Oct 22, 2025 and Oct 13, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$18.31M
15 sales by 10 insiders
Compensation
not trading decisions- 21
- Award — granted as compensation
- 45
- Tax withheld — shares kept back by the company to cover tax
Also filed: 6 gifts, 1 code i.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Adamo Claudine | — | $5.27M | Sep 29, 2026 |
| Wilcox William Richard | — | $3.29M | Oct 13, 2026 |
| POLIT JAVIER | — | $2.26M | Dec 30, 2025 |
| Frates Caton | — | $1.43M | Sep 29, 2026 |
| Klauer James C | — | $1.41M | Jan 14, 2026 |
| Miller Russell D | — | $1.37M | Jan 9, 2026 |
| Barbre Tiffany Marie | — | $1.16M | Oct 24, 2025 |
| DENMAN KENNETH D | — | $847.3K | Jun 23, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 13, 2026 | Wilcox William Richard Executive Vice President | Sale | 1,100 | $1.05M |
| Sep 29, 2026 | Frates Caton Sr. Executive Vice President | Sale | 801 | $733.3K |
| Sep 29, 2026 | Adamo Claudine Executive Vice President | Sale | 2,200 | $2.02M |
| Sep 10, 2026 | Wilcox William Richard Executive Vice President | Tax withheld | 1,935 | $1.75M |
| Sep 10, 2026 | Klauer James C Executive Vice President | Award | 4,129 | $0 |
| Sep 10, 2026 | Riel Pierre Executive Vice President | Tax withheld | 1,562 | $1.41M |
| Sep 10, 2026 | Adamo Claudine Executive Vice President | Tax withheld | 917 | $827.2K |
| Sep 10, 2026 | Adamo Claudine Executive Vice President | Award | 4,129 | $0 |
| Sep 10, 2026 | Frates Caton Executive Vice President | Tax withheld | 1,654 | $1.49M |
| Sep 10, 2026 | Rubanenko Yoram Executive Vice President | Tax withheld | 1,696 | $1.53M |
| Sep 10, 2026 | Jones Teresa A. Executive Vice President | Tax withheld | 1,459 | $1.32M |
| Sep 10, 2026 | Wilcox William Richard Executive Vice President | Award | 4,129 | $0 |
| Sep 10, 2026 | Klauer James C Executive Vice President | Tax withheld | 936 | $844.7K |
| Sep 10, 2026 | Riel Pierre Executive Vice President | Award | 4,552 | $0 |
| Sep 10, 2026 | Frates Caton Executive Vice President | Award | 4,552 | $0 |
| Sep 10, 2026 | Rubanenko Yoram Executive Vice President | Award | 4,129 | $0 |
| Sep 10, 2026 | Jones Teresa A. Executive Vice President | Award | 4,129 | $0 |
| Jul 10, 2026 | RAIKES JEFFREY S Director | Gift | 5,249 | $0 |
| Jun 23, 2026 | DENMAN KENNETH D Director | Sale | 885 | $847.3K |
| Apr 1, 2026 | Frates Caton Executive Vice President | Sale | 700 | $695.1K |
| Mar 12, 2026 | George Sarah Catherine Executive Vice President | Code I | 642 | $636.5K |
| Mar 11, 2026 | MILLERCHIP GARY Executive Vice President | Tax withheld | 1,154 | $1.15M |
| Mar 9, 2026 | Adamo Claudine Executive Vice President | Sale | 730 | $732.2K |
| Jan 27, 2026 | Jones Teresa A. Executive Vice President | Gift | 300 | $0 |
| Jan 27, 2026 | RAIKES JEFFREY S Director | Gift | 5,115 | $0 |
| Jan 21, 2026 | Jones Teresa A. Executive Vice President | Sale | 850 | $838.3K |
| Jan 16, 2026 | Raimondo Gina Marie Director | Award | 215 | $0 |
| Jan 16, 2026 | DECKER SUSAN L Director | Sale | 458 | $437.4K |
| Jan 14, 2026 | Klauer James C Executive Vice President | Sale | 1,500 | $1.41M |
| Jan 9, 2026 | Miller Russell D Sr. Executive Vice President | Sale | 1,500 | $1.37M |
| Dec 30, 2025 | POLIT JAVIER Executive Vice President | Sale | 558 | $481.8K |
| Dec 29, 2025 | POLIT JAVIER Executive Vice President | Sale | 2,049 | $1.78M |
| Dec 19, 2025 | DENMAN KENNETH D Director | Gift | 325 | $0 |
| Dec 15, 2025 | DECKER SUSAN L Director | Gift | 2,827 | $0 |
| Nov 10, 2025 | RAIKES JEFFREY S Director | Gift | 4,120 | $0 |
| Nov 7, 2025 | Wilcox William Richard Executive Vice President | Sale | 2,400 | $2.23M |
| Oct 24, 2025 | Adamo Claudine Executive Vice President | Sale | 2,700 | $2.53M |
| Oct 24, 2025 | Barbre Tiffany Marie Insider | Sale | 1,239 | $1.16M |
| Oct 22, 2025 | Adamo Claudine Executive Vice President | Tax withheld | 199 | $187.7K |
| Oct 22, 2025 | Adamo Claudine Executive Vice President | Tax withheld | 97 | $91.6K |
| Oct 22, 2025 | Adamo Claudine Executive Vice President | Tax withheld | 122 | $115.0K |
| Oct 22, 2025 | STANTON JOHN W Director | Award | 286 | $0 |
| Oct 22, 2025 | Wilderotter Mary Agnes Director | Award | 286 | $0 |
| Oct 22, 2025 | RAIKES JEFFREY S Director | Award | 286 | $0 |
| Oct 22, 2025 | MILLERCHIP GARY Executive Vice President | Award | 6,268 | $0 |
| Oct 22, 2025 | Klauer James C Executive Vice President | Tax withheld | 111 | $104.8K |
| Oct 22, 2025 | Klauer James C Executive Vice President | Tax withheld | 177 | $167.3K |
| Oct 22, 2025 | JEWELL SARAH MR SALLY Director | Award | 286 | $0 |
| Oct 22, 2025 | JAMES HAMILTON E Director | Award | 286 | $0 |
| Oct 22, 2025 | Klauer James C Executive Vice President | Tax withheld | 199 | $187.7K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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