Costco Wholesale Earnings Call Transcripts
Fiscal Year 2026
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March net sales rose 11.3% to $28.41 billion, with comparable sales up 9.4% and digitally enabled sales surging 23.3%. Strong growth was seen in ancillary businesses and key regions, while gas price inflation and FX provided additional boosts.
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Q2 2026 saw net income rise 14% to $2.035B and net sales up 9.1% to $68.24B, with strong growth in membership, digital sales, and core-on-core margins. Expansion plans remain robust, while inflation and tariffs are being managed proactively.
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January net sales rose 9.3% to $21.33 billion, with comparable sales up 7.1% and digitally enabled sales surging 34.4%. Foreign currency and gas price changes impacted results, while strong growth was seen in non-foods and select international regions.
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Board elections and all proposals, including executive compensation and auditor ratification, passed by wide margins. A shareholder climate risk proposal was overwhelmingly rejected, while expansion plans, product innovation, and employee engagement were highlighted.
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Q1 saw strong sales and membership growth, with net income up 13.6% adjusted and digital sales up 20.5%. Expansion continues globally, with robust performance in fresh, non-foods, and ancillary businesses, while renewal rates dipped slightly due to more digital sign-ups.
Fiscal Year 2025
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December net sales rose 8.5% to $29.86 billion, with comparable sales up 7.0% and digitally enabled sales surging 18.9%. Strongest growth was seen in the Midwest, Northwest, Southeast, and key international markets, while gas sales declined due to lower prices.
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November net sales rose 8.1% to $23.64 billion, with comparable sales up 6.9% and digital sales up 16.6%. Strongest growth was seen in the Northeast, Midwest, Southeast, and select international markets. Gas and FX had modest positive impacts.
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Net sales rose 8.6% to $21.75 billion, with total comparable sales up 6.6% and digitally enabled sales up 16.6%. Strongest growth was seen in the Midwest, Southeast, and Northeast, as well as Australia, Taiwan, and Japan.
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Net sales for September rose 8% to $26.58 billion, with total comparable sales up 5.7% and digitally enabled sales surging 26.1%. Strong growth was seen in international markets and across key categories like Food, Fresh Foods, and Non-Foods.
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Q4 and FY25 saw strong sales and membership growth, with net sales up 8% and e-commerce up 15% year-over-year. Membership upgrades and new benefits drove engagement, while inflation and tariffs were managed through sourcing and efficiency. CapEx will rise in FY26 to support expansion.
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August net sales rose 8.7% to $21.56 billion, with strong comparable sales across regions and e-commerce. Gas price deflation and FX had mixed impacts, while Food, Fresh, and Non-Foods categories performed well. Q4 and FY 2025 earnings will be announced September 25.
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Net sales for July rose 8.5% to $20.89 billion, with total comparable sales up 6.4% and e-commerce up 15.1%. Gas price deflation and FX had notable impacts, while food, fresh, and non-food categories all saw strong growth.
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June net sales rose 8% to $26.44 billion, with total comparable sales up 5.8% and e-commerce up 11.5%. Traffic and average transaction values increased, while gas price deflation and strong international performance shaped results.
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Net sales for May rose 6.8% to $20.97 billion, with total comparable sales up 4.3% and e-commerce up 11.6%. Gas price deflation and FX negatively impacted results, while food and fresh categories led growth. Strongest regions included the Northwest, Midwest, and Los Angeles.
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Q3 saw strong sales and earnings growth, with net income up 13% and comp sales up 5.7% (8% adjusted). Membership and digital engagement continued to rise, while inflation and tariffs remain key risks. Gross margin and e-commerce both improved year-over-year.
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April net sales rose 7% to $21.18B, with comparable sales up 4.4% and e-commerce up 12.6%. Excluding gas and FX, comps increased 6.7%. Midwest, Northeast, and Southeast led U.S. growth, while Mexico, Korea, and Taiwan excelled internationally.
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March net sales rose 8.6% to $25.51 billion, with strong U.S. and E-commerce growth. Foods, fresh foods, and non-foods categories performed well, while gas sales declined due to lower prices. April sales may be impacted by one fewer shopping day.
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Q2 2025 saw strong sales and earnings growth, with net income up 8.4% (adjusted) and net sales rising 9.1% year-over-year. Membership metrics, e-commerce, and Non-Foods led performance, while FX and wage increases present ongoing headwinds.
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January net sales rose 9.2% to $19.51 billion, with total comparable sales up 7.5% and e-commerce up 13.6%. Excluding gas and FX, comparable sales increased 9.8%. Strong growth was seen in Food, Fresh, Non-Foods, and Ancillary categories.
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The meeting featured strong financial results, high membership retention, and robust shareholder returns. All directors were reelected, and a shareholder proposal on DEI was overwhelmingly rejected. Strategic plans include global expansion, digital growth, and continued product innovation.
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Q1 FY25 saw net income rise to $1.798B and net sales up 7.5% to $60.99B, with strong growth in e-commerce, membership, and private label penetration. Gross margin improved, CapEx is set at $5B for the year, and new warehouse openings continue globally.
Fiscal Year 2024
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December net sales rose 9.9% to $27.52 billion, with e-commerce boosted by holiday timing. Comparable sales excluding gas and FX impacts were strong across all regions, and non-foods and fresh foods led category growth.
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Net sales for November rose 5.6% to $21.87 billion, with comparable sales up 3.1% and strong growth in Food, Fresh, and Non-Foods categories. E-commerce sales declined due to holiday timing, while international markets like Mexico, Korea, and Taiwan outperformed.
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Net sales for October rose 7.2% to $20.03 billion, with comparable sales up 5.1% and e-commerce surging 19.3%. Gas price deflation and FX impacted results, while food, fresh, and non-foods categories saw strong growth.
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September net sales rose 9% to $24.62 billion, with strong comp sales in e-commerce and key regions. Gas price deflation and FX had modest negative impacts, while food, fresh, and non-food categories performed well. October sales results will be released November 6.
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Q4 net income rose 9% to $2.354B, with strong comp sales and e-commerce growth. Membership and renewal rates remained high, while investments in technology, employee wages, and sustainability supported operational efficiency. Most benefit from the membership fee increase will be realized in late 2025.
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August net sales rose 7.1% to $19.83 billion, with strong e-commerce and traffic growth. Excluding gas and FX, comparable sales increased 7.1%. Non-foods and fresh foods led category gains, while gasoline sales declined due to price deflation.
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Net sales for July rose 7.1% to $19.26 billion, with comparable sales up 5.2% and e-commerce up 20.2%. Excluding gas and FX, comparable sales increased 7.2%. Strongest growth was seen in Fresh Foods, Non-Foods, and select U.S. and international regions.
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June net sales rose 7.4% to $24.48 billion, with strong growth in e-commerce and key regions. Membership fees will increase in the U.S. and Canada starting September, impacting 52 million members and benefiting earnings over the next two fiscal years.
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Net sales for May rose 8.1% to $19.64 billion, with total comparable sales up 6.4% and e-commerce surging 15.3%. Strongest growth was seen in Texas, Mexico, and key food and non-food categories, while currency and gas prices had modest impacts.