Costco Wholesale Corp.: Q4 FY2026 earnings call

What management said about Q4 FY2026, from the documents filed with the SEC on 24 September 2026: press release. The quarter’s numbers.

Key takeaways

Quarter net sales rose 11.2%: Net sales for the 16-week fourth quarter were $93.9 billion, against $84.4 billion a year earlier. Total revenue, including membership fees, was $95.7 billion. Source
Quarter diluted EPS reached $6.75: Fourth quarter net income was $2.998 billion, or $6.75 per diluted share, against $2.610 billion, or $5.87 per diluted share, a year earlier. Source
U.S. comparable sales led regions: U.S. comparable sales were the highest of the three reported regions in the 16-week quarter, both as reported and excluding gasoline and foreign exchange. Source
Digitally-enabled comparables led growth: Digitally-enabled comparable sales were the highest reported figures in both the 16-week and fiscal-year columns, above every regional line. Source
Operating income rose in both periods: Operating income was $3.801 billion for the quarter, against $3.341 billion, and $11.685 billion for the fiscal year, against $10.383 billion. Source
Capital spending rose to $6.4 billion: Additions to property and equipment were $6.435 billion for the fiscal year, against $5.498 billion a year earlier. Source

“This year's fourth quarter was positively impacted by a non-recurring benefit of $0.15 per diluted share from IEEPA tariff refunds received in the quarter, less partial reinvestment of those refunds in increased member values.”
Costco Wholesale Corp., press release

Fourth quarter and fiscal results

Quarter net sales rose 11.2%: Net sales for the 16-week fourth quarter were $93.9 billion, against $84.4 billion a year earlier. Total revenue, including membership fees, was $95.7 billion. Source
Fiscal year net sales rose 10.1%: Fiscal year net sales were $297.2 billion, against $269.9 billion. Total revenue for the 52-week year was $303.2 billion. Source
Quarter diluted EPS reached $6.75: Fourth quarter net income was $2.998 billion, or $6.75 per diluted share, against $2.610 billion, or $5.87 per diluted share, a year earlier. Source
Fiscal diluted EPS reached $20.76: Fiscal year net income was $9.226 billion, or $20.76 per diluted share, against $8.099 billion, or $18.21 per diluted share, a year earlier. Source

Comparable sales by region

U.S. comparable sales led regions: U.S. comparable sales were the highest of the three reported regions in the 16-week quarter, both as reported and excluding gasoline and foreign exchange. Source
Canada comparable sales trailed others: Canada comparable sales were the lowest of the three regions in the 16-week quarter, as reported and adjusted, and in the fiscal year as reported. Source
Other International ahead of Canada: Other International comparable sales were above Canada in both periods on the reported basis, and above the U.S. for the fiscal year as reported. Source

“Comparable sales for the fourth quarter and fiscal year were as follows:”
Costco Wholesale Corp., press release

Digitally-enabled sales and membership

Digitally-enabled comparables led growth: Digitally-enabled comparable sales were the highest reported figures in both the 16-week and fiscal-year columns, above every regional line. Source
E-commerce sites in nine markets: The company also operates e-commerce sites in nine named markets: the U.S., Canada, the U.K., Mexico, Korea, Taiwan, Japan, Australia and China. Source
Membership fees rose in both periods: Membership fees were $1.850 billion for the quarter, against $1.724 billion, and $5.907 billion for the fiscal year, against $5.323 billion. Source

Costs and operating income

Operating income rose in both periods: Operating income was $3.801 billion for the quarter, against $3.341 billion, and $11.685 billion for the fiscal year, against $10.383 billion. Source
Merchandise costs rose with sales: Merchandise costs were $83.531 billion for the quarter, against $75.037 billion, and $264.279 billion for the fiscal year, against $239.886 billion. Source
SG&A rose in both periods: Selling, general and administrative expense was $8.391 billion for the quarter, against $7.778 billion, and $27.190 billion for the fiscal year, against $24.966 billion. Source
Interest and other income increased: Interest income and other, net was $253 million for the quarter, against $215 million, and $711 million for the fiscal year, against $589 million. Source

Balance sheet and inventory

Cash rose to $20.2 billion: Cash and cash equivalents were $20.207 billion at August 30, 2026, against $14.161 billion at August 31, 2025. Source
Accounts payable rose to $22.6 billion: Accounts payable were $22.591 billion at August 30, 2026, against $19.783 billion a year earlier. Source
Debt mix shifted to current portion: Long-term debt excluding the current portion was $3.914 billion, against $5.713 billion. The current portion was $2.248 billion, against $75 million. Source

Capital spending and cash flow

Capital spending rose to $6.4 billion: Additions to property and equipment were $6.435 billion for the fiscal year, against $5.498 billion a year earlier. Source
Operating cash flow rose to $15.8 billion: Net cash provided by operating activities was $15.825 billion for the fiscal year, against $13.335 billion a year earlier. Source
Dividends rose, buybacks fell: For the fiscal year, cash dividend payments were $2.458 billion, against $2.183 billion. Repurchases of common stock were $848 million, against $903 million. Source
Long-term debt issued in year: Proceeds from issuance of long-term debt were $496 million for the fiscal year. The prior fiscal year reported no such proceeds. Source
Net change in cash $6.0 billion: Net change in cash and cash equivalents was $6.046 billion for the fiscal year, against $4.255 billion a year earlier. Source

Equity and share count

Equity rose to $35.8 billion: Total equity was $35.803 billion, against $29.164 billion. Retained earnings were $28.591 billion, against $22.650 billion. Source
Diluted shares held near 444 million: Diluted weighted shares were 444.364 million for the quarter and 444.427 million for the fiscal year, against 444.706 million and 444.803 million a year earlier. Source

Figures management reported

Figure	Reported
Comparable sales, total company Source	16 weeks 9.4% (6.7% adjusted); 52 weeks 8.4% (6.6% adjusted)
Comparable sales, U.S. Source	16 weeks 10.7% (7.2% adjusted); 52 weeks 8.2% (6.6% adjusted)
Comparable sales, Canada Source	16 weeks 5.0% (4.6% adjusted); 52 weeks 7.8% (6.7% adjusted)
Comparable sales, Other International Source	16 weeks 7.0% (6.2% adjusted); 52 weeks 9.8% (6.5% adjusted)
Digitally-enabled comparable sales Source	16 weeks 19.5% (19.8% adjusted); 52 weeks 20.9% (20.7% adjusted)
Warehouses in operation Source	939 (647 in the United States and Puerto Rico)
Merchandise inventories Source	$19.324 billion at August 30, 2026

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

COSTCO WHOLESALE CORPORATION REPORTS FOURTH QUARTER AND FISCAL YEAR 2026 OPERATING RESULTS

ISSAQUAH, Wash., September 24, 2026 - Costco Wholesale Corporation (“Costco” or the “Company”) (Nasdaq: COST) today announced its operating results for the 16-week fourth quarter and the 52-week fiscal year ended August 30, 2026.

Net sales for the quarter increased 11.2 percent, to $93.9 billion, from $84.4 billion last year. Net sales for the fiscal year increased 10.1 percent, to $297.2 billion, from $269.9 billion last year.

Comparable sales for the fourth quarter and fiscal year were as follows:

	16 Weeks	16 Weeks	52 Weeks	52 Weeks
		Adjusted*		Adjusted*
U.S.	10.7%	7.2%	8.2%	6.6%
Canada	5.0%	4.6%	7.8%	6.7%
Other International	7.0%	6.2%	9.8%	6.5%
Total Company	9.4%	6.7%	8.4%	6.6%
Digitally-Enabled	19.5%	19.8%	20.9%	20.7%

*Excluding the impacts from changes in gasoline prices and foreign exchange.

Net income for the fourth quarter was $2.998 billion, $6.75 per diluted share, compared to $2.610 billion, $5.87 per diluted share, last year. This year's fourth quarter was positively impacted by a non-recurring benefit of $0.15 per diluted share from IEEPA tariff refunds received in the quarter, less partial reinvestment of those refunds in increased member values. Net income for the fiscal year was $9.226 billion, $20.76 per diluted share, compared to $8.099 billion, $18.21 per diluted share, last year.

Costco currently operates 939 warehouses, including 647 in the United States and Puerto Rico, 115 in Canada, 43 in Mexico, 37 in Japan, 29 in the United Kingdom, 20 in Korea, 15 in Australia, 14 in Taiwan, seven in China, five in Spain, three in France, two in Sweden, and one each in Iceland, and New Zealand. Costco also operates e-commerce sites in the U.S., Canada, the U.K., Mexico, Korea, Taiwan, Japan, Australia, and China.

A conference call to discuss these results is scheduled for 2:00 p.m. (PT) today, September 24, 2026, and will be available via a webcast on investor.costco.com (click “Events & Presentations”).

Forward-looking statements notice

Certain statements contained in this document constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. For these purposes, forward-looking statements are statements that address activities, events, conditions or developments that the Company expects or anticipates may occur in the future. In some cases forward-looking statements can be identified because they contain words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “likely,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” or similar expressions and the negatives of those terms. Such forward-looking statements involve risks and uncertainties that may cause actual events, results or performance to differ materially from those indicated by such statements. These risks and uncertainties include, but are not limited to, domestic and international economic conditions, including exchange rates, inflation or deflation, the effects of competition and regulation, uncertainties in the financial markets, consumer and small business spending patterns and debt levels, breaches of security or privacy of member or business information, conditions affecting the acquisition, development, ownership or use of real estate, capital spending, actions of vendors, rising costs associated with employees (generally including health-care costs and wages), workforce interruptions, energy and certain commodities, geopolitical conditions (including tariffs and global conflicts), the ability to maintain effective internal control over financial reporting, regulatory and other impacts related to environmental and social matters, public-health related factors, and other risks identified from time to time in the Company’s public statements and reports filed with the Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made, and the Company does not undertake to update these statements, except as required by law. Comparable sales and comparable sales excluding impacts from changes in gasoline prices and foreign exchange are intended as supplemental information and are not a substitute for net sales presented in accordance with U.S. GAAP.

CONTACTS: Costco Wholesale Corporation

Josh Dahmen, 425/313-8254

Andrew Yoon, 425/313-6305

Bryan Starnes, 425/427-7403

COST-Earn

COSTCO WHOLESALE CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(dollars in millions, except per share data) (unaudited)

	16 Weeks Ended		52 Weeks Ended
	August 30, 2026	August 31, 2025	August 30, 2026	August 31, 2025
REVENUE
Net sales	$93,873	$84,432	$297,247	$269,912
Membership fees	1,850	1,724	5,907	5,323
Total revenue	95,723	86,156	303,154	275,235
OPERATING EXPENSES
Merchandise costs	83,531	75,037	264,279	239,886
Selling, general and administrative	8,391	7,778	27,190	24,966
Operating income	3,801	3,341	11,685	10,383
OTHER INCOME (EXPENSE)
Interest expense	(45)	(46)	(145)	(154)
Interest income and other, net	253	215	711	589
INCOME BEFORE INCOME TAXES	4,009	3,510	12,251	10,818
Provision for income taxes	1,011	900	3,025	2,719
NET INCOME	$2,998	$2,610	$9,226	$8,099
NET INCOME PER COMMON SHARE:
Basic	$6.75	$5.88	$20.78	$18.24
Diluted	$6.75	$5.87	$20.76	$18.21
Shares used in calculation (000's):
Basic	443,975	444,007	443,953	443,985
Diluted	444,364	444,706	444,427	444,803

COSTCO WHOLESALE CORPORATION

CONSOLIDATED BALANCE SHEETS

(amounts in millions, except par value and share data) (unaudited)

Subject to Reclassification

	August 30, 2026	August 31, 2025
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$20,207	$14,161
Short-term investments	1,094	1,123
Receivables, net	3,959	3,203
Merchandise inventories	19,324	18,116
Other current assets	1,998	1,777
Total current assets	46,582	38,380
OTHER ASSETS
Property and equipment, net	35,633	31,909
Operating lease right-of-use assets	2,697	2,725
Other long-term assets	4,133	4,085
TOTAL ASSETS	$89,045	$77,099
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Accounts payable	$22,591	$19,783
Accrued salaries and benefits	5,641	5,205
Accrued member rewards	3,037	2,677
Deferred membership fees	3,006	2,854
Current portion of long-term debt	2,248	75
Other current liabilities	7,429	6,514
Total current liabilities	43,952	37,108
OTHER LIABILITIES
Long-term debt, excluding current portion	3,914	5,713
Long-term operating lease liabilities	2,414	2,460
Other long-term liabilities	2,962	2,654
TOTAL LIABILITIES	53,242	47,935
COMMITMENTS AND CONTINGENCIES
EQUITY
Preferred stock $0.005 par value; 100,000,000 shares authorized; no shares issued and outstanding	-	-
Common stock $0.005 par value; 900,000,000 shares authorized; 443,266,000 and 443,237,000 shares issued and outstanding	2	2
Additional paid-in capital	8,830	8,282
Accumulated other comprehensive loss	(1,620)	(1,770)
Retained earnings	28,591	22,650
TOTAL EQUITY	35,803	29,164
TOTAL LIABILITIES AND EQUITY	$89,045	$77,099

COSTCO WHOLESALE CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(amounts in millions) (unaudited)

Subject to Reclassification

	52 Weeks Ended
	August 30, 2026	August 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$9,226	$8,099
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,674	2,426
Non-cash lease expense	318	303
Stock-based compensation	924	860
Other non-cash operating activities, net	355	(117)
Changes in working capital	2,328	1,764
Net cash provided by operating activities	15,825	13,335
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to property and equipment	(6,435)	(5,498)
Purchases of short-term investments	(788)	(1,028)
Maturities of short-term investments	811	1,141
Other investing activities, net	26	74
Net cash used in investing activities	(6,386)	(5,311)
CASH FLOWS FROM FINANCING ACTIVITIES
Repayments of short-term borrowings	(577)	(862)
Proceeds from short-term borrowings	553	816
Repayments of long-term debt	(69)	(103)
Proceeds from issuance of long-term debt	496	-
Tax withholdings on stock-based awards	(361)	(393)
Repurchases of common stock	(848)	(903)
Cash dividend payments	(2,458)	(2,183)
Financing lease payments and other financing activities, net	(91)	(147)
Net cash used in financing activities	(3,355)	(3,775)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	(38)	6
Net change in cash and cash equivalents	6,046	4,255
CASH AND CASH EQUIVALENTS BEGINNING OF YEAR	14,161	9,906
CASH AND CASH EQUIVALENTS END OF YEAR	$20,207	$14,161