COSTCO WHOLESALE CORP /NEWCOST

COSTCO WHOLESALE CORP /NEW Financial Overview 2021–2025

Updated Jul 10, 2026

Costco’s membership fee revenue surged 10% in FY2025 and accelerated to 14% growth early in FY2026, underscoring a remarkably sticky subscription model that serves as the primary engine for the retailer's profitability. This high-margin loyalty empowers the warehouse club to intentionally suppress merchandise markups, driving aggressive volume expansion and market share gains without sacrificing its bottom line.

The company's long-term trajectory highlights the success of this strategy. Net sales grew steadily from $192.05 billion in FY2021 to $269.9 billion in FY2025, fueled by a rapidly expanding global footprint and consistently higher shopping frequency. Over this same period, operational efficiencies allowed Costco to continuously widen its profitability, expanding its gross margin by 20 basis points to reach 11.12% in FY2025. This financial discipline generated massive shareholder returns, including a $15.00 per share special cash dividend distributed in FY2024 that totaled approximately $6.7 billion.

This execution has earned Costco a massive premium from the market. Net income jumped to $8.1 billion by the close of FY2025, and investors responded by assigning the stock a $418.1 billion market cap. Shares traded at $943.32 at the end of FY2025, valuing the business at a lofty 51.8x earnings as the company proved it could sustain double-digit top-line momentum, reaching 10% comparable sales growth by Q3 2026.

Recent Developments (Q2 and Q3 2026)

Costco sustained its robust top-line momentum in Q3 2026, generating $70.5 billion in total revenue, representing a 12% increase year-over-year. This expansion translated to strong bottom-line results, with diluted earnings per share jumping to $4.93 from $4.28 in the prior year. The retailer also demonstrated confidence in its operational cash flow by raising its regular quarterly dividend to $1.47 per share in April 2026, up from $1.30. To sustain this trajectory, management allocated $6.5 billion in capital expenditures for FY2026 to fund new warehouse openings and digital initiatives.

Rising membership fee income—up 11% to $1.37 billion in the third quarter—and steady global footprint expansion provide a robust bull case for continued, high-margin profit growth. Conversely, the bear case highlights that at 52.8x earnings as of June 3, 2026, the stock's valuation is priced for perfection, leaving virtually no margin of safety if consumer spending decelerates.

What to watch: returns on the ongoing digital investments; pace of international and domestic warehouse openings.

Rev

$275.24B

+8.2% YoY

FY2025

NI

$8.10B

+9.9% YoY

FY2025

EPS

$18.24

+9.9% YoY

FY2025

OCF

$13.34B

+17.6% YoY

FY2025

Revenue Trend
Beta

Year-over-year comparison from 10-K annual reports

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Data from SEC Company Facts

All COST Financial Metrics(56)

Recent SEC Filings

COSTCO WHOLESALE CORP /NEW 8-K Report, Corporate Update (Jul 8, 2026)

Costco Wholesale Corporation (COST) announced a quarterly cash dividend on its common stock. The Board of Directors declared a dividend of $1.47 per share, a positive signal for shareholders focused on income generation. This dividend demonstrates the company's continued ability to return capital to its investors, reflecting confidence in its financial stability and ongoing operational performance. The dividend is payable on August 7, 2026, to shareholders of record as of July 24, 2026. Investors should note the record date to ensure they are eligible to receive the payout. While this filing does not contain detailed financial performance updates, the consistent declaration of dividends is a key indicator of a mature and cash-generative business model.

COSTCO WHOLESALE CORP /NEW 8-K Report, Financial Results (May 28, 2026)

Costco Wholesale Corporation /New (COST) filed an 8-K on May 28, 2026, to report its financial and operating results for the third quarter and the first 36 weeks of fiscal year 2026, ending May 10, 2026. The filing includes a press release (Exhibit 99.1) detailing these results and a supplemental information package (Exhibit 99.2) offering further insights into the company's performance. Investors should review these attached documents for specific financial metrics, sales figures, and operational performance details for the reported periods.

COSTCO WHOLESALE CORP /NEW 8-K Report, Corporate Update (Apr 15, 2026)

Costco Wholesale Corporation (COST) announced a significant increase in its quarterly cash dividend, a move that directly benefits its shareholders. The Board of Directors declared a dividend of $1.47 per share, representing a substantial increase from the previous $1.30 per share. This hike translates to an annualized dividend of $5.88 per share, signaling management's confidence in the company's financial health and its commitment to returning value to investors. The dividend is payable on May 15, 2026, to shareholders of record as of May 1, 2026. This announcement is a key indicator of Costco's ongoing financial strength and its ability to generate consistent cash flow to support dividend growth.

COSTCO WHOLESALE CORP /NEW 8-K Report, Financial Results (Mar 5, 2026)

Costco Wholesale Corporation (COST) filed an 8-K on March 5, 2026, to announce its financial results for the second quarter and the first 24 weeks of fiscal year 2026, ending February 15, 2026. The filing also includes sales results for the four weeks ended March 1, 2026. Investors should refer to the attached press release (Exhibit 99.1) and the supplemental information (Exhibit 99.2) for detailed operational and financial performance data. The primary purpose of this 8-K is to provide timely updates on the company's performance as disclosed in the accompanying press release. While the 8-K itself does not contain the specific financial figures, it directs investors to the exhibits where these details can be found. These exhibits are crucial for understanding the company's revenue generation, profitability, and overall financial health during the reported periods.

COSTCO WHOLESALE CORP /NEW 8-K Report, Shareholder Vote Results (Jan 21, 2026)

Costco Wholesale Corporation (COST) has filed an 8-K report detailing the outcomes of its Annual Meeting of Shareholders held on January 15, 2026. The key takeaway for investors is the strong shareholder support for the company's leadership and financial oversight. All nominated directors were re-elected, indicating continued confidence in the current board's strategic direction. Furthermore, shareholders overwhelmingly ratified the selection of KPMG LLP as the independent auditor for fiscal year 2026, a crucial vote of confidence in the company's financial reporting integrity. In addition to governance matters, the report highlights the company's commitment to returning value to shareholders through a declared quarterly cash dividend of $1.30 per share, payable in February 2026. While a shareholder proposal regarding a greenwashing risk audit was not approved, the overwhelming success of the other voting items suggests a stable and supportive shareholder base focused on operational and financial performance.

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