Costco's Q4 results show continued momentum across all key metrics: strong comp sales, membership growth, digital expansion, and warehouse expansion plans (967 warehouses estimated by end of FY2027). The core-on-core gross margin improved +18 bps ex-tariff refunds suggests underlying merchandising strength. Watch for continued membership renewal rates and digital sales growth as key drivers.
Price Chart
Executive Summary
Costco reported strong Q4 FY2026 results with net sales of $93.9B (+11.2% YoY) and diluted EPS of $6.75, which includes a $0.15 non-recurring benefit from IEEPA tariff refunds. Excluding that benefit, EPS grew 12.4% to $6.60, slightly above the $6.53 consensus estimate. The company also reported total company comparable sales growth of 9.4% (6.7% adjusted) and membership income growth of 7.3%, with 939 warehouses now operating.
Key Financial Metrics
Key Facts
- Q4 net sales $93.9B, +11.2% YoY from $84.4B
- Q4 diluted EPS $6.75 vs $5.87 last year, +15.0%
- Q4 net income $2.998B vs $2.610B last year, +14.9%
- Full-year net sales $297.2B, +10.1% YoY
- Full-year diluted EPS $20.76 vs $18.21 last year, +14.0%
- Total company comparable sales +9.4% (+6.7% adjusted ex-gas/FX)
- Digitally-enabled comparable sales +19.5% (+19.8% adjusted)
- Membership income +7.3% to $1.85B for the quarter
- Worldwide membership renewal rate 89.8%; US/Canada 92.3%
- Executive Memberships 42.3M, +7.7% YoY
- Operating cash flow from operations $15.825B for FY2026 vs $13.83B last year
- 939 total warehouses, up from 914 at end of FY2025
- Non-recurring benefit of $0.15/diluted share from IEEPA tariff refunds
Financial Impact
Q4 EPS $6.75 vs consensus $6.53, a beat of ~3.4% excluding the $0.15 tariff refund benefit; net sales $93.9B vs consensus $94.9B, slightly below consensus by ~1%
Risk Factors
- Non-recurring tariff refund benefit of $0.15/share inflates reported EPS
- Gross margin -11 bps reported, though +20 bps ex-gas impact shows underlying improvement
- Canada comp sales slowed to +5.0% vs +10.7% US, indicating regional variation
- Forward-looking statements about tariffs and global conflicts could impact future results
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000909832-26-000084 |
| Document: cost-20260924.htm | 0000909832-26-000084 |
| Document: costex9928-k92426.htm | 0000909832-26-000084 |
| Document: 0000909832-26-000084-index-headers.html | 0000909832-26-000084 |
| Document: 0000909832-26-000084-index.html | 0000909832-26-000084 |
| Document: 0000909832-26-000084.txt | 0000909832-26-000084 |
| 8-K Data (Synthetic) | 0000909832-26-000084 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 21, 2026 6d ago | ANALYST-UPGRADE | $998.31 | awaiting T+5 | — | $991.96 (−0.64%) |
Oct 20, 2026 6d ago | Institutional Cluster | $998.31 | awaiting T+5 | — | $991.96 (+0.64%) |
Oct 16, 2026 10d ago | 8-K | $995.53 $1,005.16 | ▲ +0.97% | ▲ +1.11% | $991.96 (−0.36%) |
Oct 14, 2026 12d ago | 8-K | $978.01 $1,018.21 | ▲ +4.11% | ▲ +5.12% | $991.96 (+1.43%) |
Oct 13, 2026 13d ago | 144 | $954.63 $994.61 | ▲ +4.19% | ▲ +5.34% | $991.96 (+3.91%) |
Sep 30, 2026 26d ago | Insider Cluster | $914.94 $947.92 | ▲ +3.60% | ▲ +2.30% | $991.96 (+8.42%) |
Sep 29, 2026 28d ago | Court Ruling | $910.34 $942.25 | ▲ +3.51% | ▲ +1.59% | $991.96 (+8.97%) |
Sep 24, 2026 4w ago | 8-K | $922.77 $920.65 | ▼ −0.23% | ▼ −0.01% | $991.96 (+7.50%) |
Sep 24, 2026 4w ago | Press Release | $922.77 $920.65 | ▲ +0.23% | ▲ +0.01% | $991.96 (−7.50%) |
Sep 24, 2026 4w ago | Court Ruling | $922.77 $920.65 | ▼ −0.23% | ▼ −0.01% | $991.96 (+7.50%) |
US Market Status
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