Company file · COST
Costco
Membership fees are a small slice of Costco's revenue
Fees from members were $5.9B in FY2026, 2% of $303.2B in total revenue. Total revenue rose 10.1%, and net income rose 13.9% to $9.2B.
Key facts
In fiscal 2026, which ended Aug 30, 2026, Costco (Nasdaq: COST) took in $303.2B of total revenue (up 10.1% on fiscal 2025); net income to Costco was $9.2B (up 13.9%). The most recent quarter, ended May 10, 2026, brought total revenue of $70.5B, up 11.6% year over year, with net income of $2.2B. Food and sundries was the biggest single line by merchandise category: 39% of fiscal 2026 total revenue. Sources: 10-K for fiscal 2026 (filed Oct 7, 2026) and 10-Q for the quarter ended May 10, 2026 (filed Jun 3, 2026).
Source: 10-K FY2026, filed Oct 7, 2026
Source: 10-Q filed Dec 17, 2025 · 10-Q filed Mar 11, 2026 · 10-Q filed Jun 3, 2026
How it makes money
Food and sundries were 39% of FY2026 revenue, non-foods 26%, warehouse ancillary and other businesses (such as gas and pharmacy) 20%, fresh food 14% and membership fees 2%. The US was 73% of revenue.
Source: 10-K FY2026
By segment, FY2026
Share is of the FY2026 total; the last column is the change from FY2025.
What changed last quarter
The bull case and the bear case
The bull case
- Revenue grew 10.1% in FY2026 to $303.2B, and net income rose 13.9% to $9.2B. 10-K, FY2026
- Membership fees grew 11.0% in FY2026 to $5.9B. 10-K, FY2026
- Revenue in the twelve weeks ended May 10, 2026 was $70.5B, up 11.6% on a year earlier. 10-Q, quarter ended May 10, 2026
- Cash and equivalents were $20.2B at Aug 30, 2026, against total debt of $6.2B. 10-K, FY2026
The bear case
- Food and sundries, its biggest category, grew 6.6% in FY2026, slower than revenue as a whole. 10-K, FY2026
- Merchandise is sold at low markups, so small cost changes matter; the 10-K lists inflation, tariffs and labor costs among its risks. 10-K, Item 1A
- The US and Canada were 73% and 13% of FY2026 revenue, and the 10-K says results depend heavily on those two markets. 10-K, Item 1A
- It also says membership renewals depend on member loyalty and could fall if it raises fees or members are unhappy. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Costco runs membership warehouse clubs in the US, Canada and other countries, selling groceries and household goods in bulk at low markups, plus gasoline, pharmacy and other services.
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.
Source: 10-K, Item 1 Business
Main risks the company lists
Our plain-English paraphrase of the risk factors in Costco's latest 10-K. Read the original for the full list.
- ConcentrationMost revenue and profit come from the US and Canada, so problems there weigh heavily.
- MembershipResults depend on members renewing; fee increases or poor service could reduce loyalty.
- Growth and supplyOpening new warehouses and keeping distribution running smoothly are needed to grow.
- Competition and consumersOther retailers and online sellers compete on price, and shopper tastes change.
- Technology and dataIT failures, cyberattacks and payment-security problems are listed risks.
- Costs and laborLabor costs, inflation, tariffs and supplier problems can raise costs.
- Product safety and legalUnsafe products, lawsuits and changes in laws or taxes could hurt results.
Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Total revenue | $254.5B | $275.2B | $303.2B |
| Net income to Costco | $7.4B | $8.1B | $9.2B |
| Operating cash flow | $11.3B | $13.3B | $15.8B |
| Cash & equivalents (year end) | $9.9B | $14.2B | $20.2B |
| Total debt (year end) | $5.9B | $5.8B | $6.2B |
| Diluted shares | 0.44B | 0.44B | 0.44B |
- Total revenue: Net sales in its warehouses and online plus membership fees.
- Net income to Costco: Net income attributable to Costco after all costs and taxes.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Total debt: Current and long-term debt, at carrying value. Excludes lease obligations.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
About these numbers
- Costco's latest annual report (FY2026, to Aug 30, 2026) is newer than its latest 10-Q, which covers the twelve weeks ended May 10, 2026. It doesn't file a 10-Q for its fourth fiscal quarter, so “What changed last quarter” uses that period.
- Total revenue is net sales plus membership fees.
Recent filings
Latest filings
- Oct 164:52 PM ET
8-K
Costco files an 8-K on director or officer changes
Costco filed a Form 8-K on Oct 16, 2026 at 4:52 PM ET under Item 5.02 (Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers).
- Oct 147:00 PM ET
Form 4
Costco Executive Vice President William Richard Wilcox reports selling 1,100 shares
The filing reports 1,100 shares in an open-market or private sale (code S) at $958.21, about $1.1 million in total.
- Oct 144:16 PM ET
8-K
Costco files an 8-K on other events
Costco filed a Form 8-K on Oct 14, 2026 at 4:16 PM ET under Item 8.01 (Other Events).
- Sep 305:52 PM ET
Form 4
Costco Sr. Executive Vice President Caton Frates reports selling about 801 shares
The filing reports about 801 shares in an open-market or private sale (code S) at $915.93, about $733,328 in total.
- Sep 305:48 PM ET
Form 4
Costco Executive Vice President Claudine Adamo reports selling 2,200 shares
The filing reports 2,200 shares in an open-market or private sale (code S) at $915.93, about $2.0 million in total.
Common questions about Costco
How does Costco make money?
In fiscal 2026, total revenue totaled $303.2B. Food and sundries were 39% of FY2026 revenue, non-foods 26%, warehouse ancillary and other businesses (such as gas and pharmacy) 20%, fresh food 14% and membership fees 2%. The US was 73% of revenue. Source: 10-K for fiscal 2026, filed Oct 7, 2026.
What was Costco's revenue in fiscal 2026?
Total revenue came to $303.2B in the year ended Aug 30, 2026. Going back two years, it was $254.5B in fiscal 2024 and $275.2B in fiscal 2025, so the latest year was up 10.1%. Source: 10-K for fiscal 2026, filed Oct 7, 2026.
Is Costco profitable?
Yes, by US accounting rules (GAAP): net income to Costco was $9.2B in fiscal 2026, up 13.9% from $8.1B a year earlier. For the quarter ended May 10, 2026, net income was $2.2B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2026, filed Oct 7, 2026.
What did Costco report in its latest quarterly filing?
The 10-Q for the quarter ended May 10, 2026 shows total revenue of $70.5B, against $63.2B in the same quarter a year before (up 11.6%), and net income of $2.2B, against $1.9B (up 15.2%). Source: 10-Q for the quarter ended May 10, 2026, filed Jun 3, 2026.
How much cash and debt does Costco have?
On Aug 30, 2026, cash and cash equivalents stood at $20.2B and total debt at $6.2B. Total debt here is current and long-term debt, at carrying value. Excludes lease obligations. Source: 10-K filed Oct 7, 2026.
What are the main risks Costco lists?
Item 1A of the fiscal 2026 10-K (filed Oct 7, 2026) sets out the risks. Grouped, they fall into 7 areas: Concentration; membership; growth and supply; competition and consumers; technology and data; costs and labor; product safety and legal. To start with the first: Most revenue and profit come from the US and Canada, so problems there weigh heavily. Source: 10-K, Item 1A Risk Factors.
Where do these Costco numbers come from?
Two filings Costco made with the SEC: its fiscal 2026 10-K, filed Oct 7, 2026, and its 10-Q for the quarter ended May 10, 2026, filed Jun 3, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.
Disclosures
- Editor holdings in COST
- The editor holds no position in Costco (COST). As of Oct 25, 2026.
- Trading rule
- The editor does not buy or sell COST from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number.
- Last updated
- Oct 25, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold COST, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| CostcoCOST | FY2026 | $303.2B | +10.1% | $9.2B |
| WalmartWMT | FY2026 | $713.2B | +4.7% | $21.9B |
| AmazonAMZN | FY2025 | $716.9B | +12.4% | $77.7B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn lists the first explainer topics. Methodology & Disclosures covers where every number comes from.