Compare · COST and WMT
Costco vs. Walmart
Revenue, growth, margins, cash flow and cash returned, side by side from each company's latest annual report.
Costco runs membership warehouses where members pay an annual fee to shop. Walmart runs Walmart stores in the US and abroad, and also its own membership warehouse chain, Sam's Club. Below are the figures each one reported in its latest annual report (Form 10-K), side by side, with links to the filing behind every number. Walmart's fiscal year ends on January 31 and Costco's on August 30, so the two years overlap by five months. Why fiscal years differ.
Comparing Costco fiscal 2026 (ended Aug 30, 2026) with Walmart fiscal 2026 (ended Jan 31, 2026)
CostcoWalmart
Each pair of bars shows both companies on one scale. Their fiscal years end on different dates, so the periods overlap but aren't identical.
Revenue and growth
| Company | Prior year | Latest year | Change |
|---|---|---|---|
| Costco (FY2025 to FY2026) | $275.2B | $303.2B | +10.1% |
| Walmart (FY2025 to FY2026) | $681.0B | $713.2B | +4.7% |
Costco reports total revenue: net sales in its warehouses and online plus membership fees. Walmart reports total revenues: net sales plus membership and other income (mostly Sam's Club and Walmart+ membership fees).
Margins
| Company | Revenue | Operating income | Operating margin | Net income | Net margin |
|---|---|---|---|---|---|
| Costco FY2026 | $303.2B | $11.7B | 3.9% | $9.2B | 3.0% |
| Walmart FY2026 | $713.2B | $29.8B | 4.2% | $21.9B | 3.1% |
Margin is the profit line divided by revenue, worked out by Ticker Sage from the linked figures. What profit margins measure.
Cash flow and cash returned
| Company | Cash from operations | Capital spending | Free cash flow | Buybacks | Dividends paid |
|---|---|---|---|---|---|
| Costco FY2026 | $15.8B | $6.4B | $9.4B | $848M | $2.5B |
| Walmart FY2026 | $41.6B | $26.6B | $14.9B | $8.1B | $7.5B |
Capital spending is property and equipment for both companies, as each company labels it in the cash flow statement. Free cash flow isn't a GAAP line; Ticker Sage works it out the same way for both. How free cash flow works · How buybacks work · How dividends work.
How each one makes money
Costco
Costco reports three segments: the United States, Canada and Other International, which includes Mexico, Japan, the UK, Korea, Taiwan, Australia and other countries. Members pay an annual fee to shop; most of what Costco sells is merchandise, priced close to cost.
Its fiscal year ends on the Sunday closest to the end of August, so FY2026 means the year to Aug 30, 2026. The first three quarters are twelve weeks and the fourth is sixteen.
Walmart
Walmart reports three segments. Walmart U.S. covers its American stores and website, including pickup and delivery. Walmart International runs businesses such as Walmex in Mexico, Flipkart in India and Walmart Canada. Sam's Club U.S. is its membership warehouse chain.
Beyond retail sales it earns membership fees (Sam's Club and Walmart+), advertising and marketplace fees from third-party sellers. Its fiscal year ends on January 31, so FY2026 means the year to Jan 31, 2026.
Main risks each one lists
Costco
- Most revenue and profit come from the US and Canada, so problems there weigh heavily.
- Results depend on members renewing; fee increases or poor service could reduce loyalty.
- Opening new warehouses and keeping distribution running smoothly are needed to grow.
- Other retailers and online sellers compete on price, and shopper tastes change.
- IT failures, cyberattacks and payment-security problems are listed risks.
Walmart
- Its spending on eCommerce, automation and new businesses may not pay off as planned.
- Shifts in what shoppers want and how much they can spend affect sales and margins.
- It competes on price and convenience with other retailers, warehouse clubs and online marketplaces.
- Problems at suppliers, or unsafe products sold in stores or on its marketplace, could hurt its reputation.
- IT failures, cyberattacks and data-privacy breaches are listed risks.
How they differ
- Size. Walmart reported $713.2B of revenue for fiscal 2026, and Costco $303.2B for fiscal 2026.
- Growth. Costco's revenue grew 10.1% in its latest year and Walmart's 4.7%.
- Margins. Walmart kept 3.1% of revenue as net income and Costco 3.0%.
- Fiscal calendar. Walmart's year ends in January, Costco's in August, so news in one company's latest 10-K can be up to seven months newer than in the other's.
- Membership. Costco lists members renewing as a risk to its results. At Walmart, membership fees come from Sam's Club and Walmart+.
- Segments. Costco reports the United States, Canada and Other International. Walmart reports Walmart U.S., Walmart International and Sam's Club U.S.
- Where the money goes. In the latest year Walmart spent $8.1B on buybacks and $7.5B on dividends, and Costco $848M and $2.5B.
Differences in size, growth or margin describe the past year only. None of this says which business will do better.
Sources
- Costco Form 10-K for fiscal 2026, filed Oct 7, 2026
- Walmart Form 10-K for fiscal 2026, filed Mar 13, 2026
Costco company file → · Walmart company file →
Common questions
Which is bigger by revenue, Walmart or Costco?
Walmart reported $713.2B of revenue for fiscal 2026 and Costco $303.2B for fiscal 2026. Their fiscal years end on different dates.
Is Sam's Club part of Walmart?
Yes. Sam's Club U.S., Walmart's membership warehouse chain, is one of its three reporting segments.
How do their profit margins compare?
In the latest fiscal year Walmart's net margin was 3.1% and Costco's was 3.0%, worked out from the net income and revenue in each 10-K.
Where do these numbers come from?
From each company's latest Form 10-K filed with the SEC. Every figure on this page links to the filing it came from.
Disclosures
- Editor holdings
- The editor holds no position in any company named on this page. As of Oct 25, 2026.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- Each company's own SEC filings, linked next to each number.
- Last updated
- Oct 26, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold any security, and it doesn't consider your situation.
More in Learn · Methodology & Disclosures explains where every number comes from.