Costco Wholesale Corporation (COST) Earnings

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Nov 2026upcoming

Next quarter

Expected to report Dec 10, 2026 — estimated from last year’s reporting date.

Consensus is $4.89 EPS for Nov 2026 across 10 estimates, ranging $4.73 to $5.08.

COST Aug 2026

Reported Sep 24, 2026 · after the close

: 1.85%
: +2.93%

: $6.48
: $6.60
: —
: —

Highlights

Comparable sales: Fourth-quarter total-company comps rose 9.4%, or 6.7% excluding gasoline-price and foreign-exchange effects; U.S. adjusted comps were 7.2% and digitally enabled comps were 19.8%.
EPS and tariff refunds: Diluted EPS was $6.75 versus $5.87 a year earlier. The quarter included a $0.15-per-share benefit from IEEPA tariff refunds, net of partial reinvestment; excluding that benefit, $6.60 EPS was 1.9% above the $6.48 consensus.
Revenue growth: Net sales increased 11.2% to $93.9 billion in the 16-week quarter; total revenue, including membership fees, was $95.7 billion versus $86.2 billion.
Operating results: Operating income increased 13.8% to $3.80 billion and net income rose 14.9% to $3.00 billion year over year.
Membership fees: Quarterly fee revenue grew 7.3% to $1.85 billion, from $1.72 billion.
Full-year cash generation: Fiscal 2026 operating cash flow was $15.8 billion, up from $13.3 billion; property-and-equipment additions were $6.4 billion.

Analysis

Costco’s 16-week fourth quarter delivered strong sales and earnings growth, with comparable sales the clearest read on underlying momentum: total-company comps were up 9.4%, or 6.7% after excluding gasoline prices and foreign exchange. Net sales rose 11.2% year over year to $93.9 billion, while operating income grew 13.8% to $3.80 billion and net income increased 14.9% to $3.00 billion. Diluted EPS was $6.75, compared with $5.87 a year earlier. The reported quarter included a $0.15-per-share tariff-refund benefit, partly reinvested in member value; excluding it, $6.60 EPS was 1.9% above the $6.48 consensus provided. The release’s GAAP EPS is higher than that adjusted figure because it includes the refund benefit.

Digital growth and membership income also contributed to the picture: digitally enabled comps rose 19.8% on an adjusted basis and membership fees increased 7.3% to $1.85 billion. For fiscal 2026, net sales grew 10.1% to $297.2 billion and net income reached $9.23 billion, while operating cash flow was $15.8 billion. The prior quarter’s $70.5 billion of revenue is not a like-for-like comparison: it covered 12 weeks, versus 16 weeks in this fourth quarter.

Comparable sales

Companywide: Fourth-quarter comparable sales rose 9.4%; excluding changes in gasoline prices and foreign exchange, growth was 6.7%.
Regional results: Adjusted comps were 7.2% in the U.S., 4.6% in Canada and 6.2% in Other International. The U.S. reported comp increase was 10.7%, versus 5.0% in Canada and 7.0% in Other International.
Digital: Digitally enabled comps increased 19.5% as reported and 19.8% adjusted. For the full year, adjusted companywide comps were 6.6% and adjusted digitally enabled comps were 20.7%.

Earnings and tariff refunds

Quarterly operating income increased to $3.80 billion from $3.34 billion a year earlier, while net income rose to $3.00 billion from $2.61 billion. Diluted EPS of $6.75 compared with $5.87 in the year-ago 16-week quarter. Costco said the current-period result benefited by $0.15 per diluted share from IEEPA tariff refunds, after partial reinvestment of the refunds in increased member value. Removing that stated benefit yields $6.60 per share, 1.9% above the $6.48 consensus supplied. The prior quarter’s $4.93 EPS covered a shorter period and is not directly comparable.

Sales and membership

Net sales: Fourth-quarter net sales grew 11.2% to $93.9 billion from $84.4 billion. Including membership fees, total revenue was $95.7 billion, up from $86.2 billion.
Membership fees: Fee revenue increased 7.3% to $1.85 billion from $1.72 billion, adding to total revenue growth.
Full year: Net sales rose 10.1% to $297.2 billion; total revenue reached $303.2 billion, compared with $275.2 billion in fiscal 2025.

Cash flow and investment

For fiscal 2026, cash generated from operations was $15.8 billion, versus $13.3 billion in fiscal 2025. Additions to property and equipment rose to $6.4 billion from $5.5 billion. Costco ended the year with $20.2 billion of cash and cash equivalents, compared with $14.2 billion a year earlier, and operated 939 warehouses.

Costco Wholesale Corporation

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