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NASDAQ: COST Nasdaq Consumer Staples Merchandise Retail Next results ~December 10, 2026

C Fundamentals grade

Costco is a US-listed company in the consumer staples merchandise retail industry. Its financial year ends in August.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$470

Cash-flow model

Base case. Range ~$360–$610 across our lower- and higher-growth cases (3.9%–13.9% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 55% below it.

Price used: $1040.55, November 2, 2026

Costco valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Costco files

Where Costco stands after its latest 10-K

Revenue for the twelve months to August 2026 was $303.2bn, up 10.1% on a year earlier, faster than 9.2% a quarter earlier. Free-cash-flow margin held at 3.1%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 7 of our 7 financial-health checks. Our cash-flow model value is $466 a share, against a share price of $994. At that price, our model says the market is pricing in about 23.6% a year of cash-flow growth for five years, faster than the 9.1% a year revenue growth it has delivered.

Source: 10-K filed October 7, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~December 10, 2026 (estimated)

Costco's trailing-twelve-month revenue grew 10.1% year on year, with a free-cash-flow margin of 3.1%. Where it lags: gross margin of 12.8% ranks 9 of 9 consumer staples merchandise retail companies we cover.

Our discounted-cash-flow model values the business at ~$470 per share in the base case (~$360–$610 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth accelerating: TTM revenue growth rose to 10.1% (+0.9pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Priced above our value. The share price of $1,040.55 is 55% above our value per share of $470.
  • Insiders selling. 9 insiders sold $15M of stock over the past 365 days and none bought (0% under pre-set trading plans).
  • Below peers: gross margin. Gross margin of 12.8% ranks 9 of 9 consumer staples merchandise retail companies we cover (median 25.2%).
  • Below peers: operating margin. Operating margin of 3.9% ranks 7 of 9 consumer staples merchandise retail companies we cover (median 4.4%).

Latest results: FY2026 Q4

Filed October 7, 2026
Earnings per share
$6.75 against an average estimate of $6.53: beat by 3.4%
Revenue
$95.72bn, up 11.1% on a year earlier
Share reaction
+2.0% in the first session after the results on September 24, 2026, against +0.5% for the S&P 500
Next report
December 10, 2026; average EPS estimate $4.94

Costco's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.8%
  • 1 week+3.7%
  • 1 month+13.2%
  • This year+21.4%
  • 1 year+14.8%
  • 5 years+118.6%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$303B
Operating margin
3.9%
Net margin
3.0%
EPS (TTM, diluted)
$20.76

Growth

Revenue growth
+10.1%
Change in growth rate
+0.9 pts
Share count change
−0.1%

Cash

Free cash flow (TTM)
$9.4B
FCF margin
3.1%
Stock pay % of revenue
0.3%

Earnings

Last results
September 24, 2026
Next results (est.)
December 10, 2026

News & updates

Updated November 1, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Leadership

    Costco sets 2027 executive bonus targets

    Costco said its board approved fiscal 2027 bonus criteria on October 13, 2026. The CEO is eligible for a base bonus of $1.2 million, while other executives can earn $400,000. Payouts depend on sales, pre-tax income, and environmental metrics.

    SEC 8-KRead source ↗
  2. Dividend
  3. Announcement
  4. Insider trade
  5. Results

    Costco posts 13% rise in September net sales to $30.02 billion

    Costco said net sales reached $30.02 billion for the five weeks ended October 4, 2026, up 13.0 percent from the prior year. Comparable sales rose 11.4 percent across the company, with U.S. stores growing 12.5 percent. The retailer noted that a later Labor Day date added slightly more than 50 basis points to total sales.

    Company releaseRead source ↗
  6. Insider trade
  7. Results
  8. Results
  9. Results
  10. Results
  11. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Costco valuation models and calculator

What the price is pricing in

The share price implies about 23.9% a year of cash-flow growth for five years.That is faster than the 9.1% a year revenue growth Costco has delivered.

  • Priced in23.9%
  • Last 12 months10.1%
  • 3 years a year7.8%
  • 5 years a year9.1%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($1023.03, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$470
Price used
$1023.03close November 3, 2026
Implied change
▼ 54%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Costco's free cash flow after stock-based pay with after-tax interest added back ($7.9B, FY2026 Q4 TTM), growing 8.8% and 8.4% in the next two years (forecasts, guidance and its record), then back to 8.9% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$360–~$610 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Costco's free cash flow after stock-based pay ( $7.9B, FY2026 Q4 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Costco as an operating company, with every model that fits that kind of business. Cost of equity 7.7%: the 10-year Treasury yield (4.9%) plus a beta of 0.61 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$470 ~$360–$610 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$500 ~$420–$540 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$510 ~$370–$720 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$460 ~$380–$580 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$480 ~$460–$510 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Costco with Consumer Staples Merchandise Retail in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −23%
  • Revenue growth 5 points higher ▲ +30%
  • Free-cash-flow margin 1 point lower ▼ −30%
  • Last year's free-cash-flow margin change, if it persists ▲ +8%
  • Discount rate 1 point higher ▼ −14%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $290$382$503$663$872$1141
8.5% $230$297$384$499$647$839
10% $194$245$313$400$513$659

Valuation multiples over time Market data may be delayed

At fiscal year end 20162017201820192020202120222023202420252026
Share price$138.28$140.53$209.33$267.33$318.71$426.14$506.52$522.27$881.37$936.46$944.07
Market value$61.0bn$62.0bn$92.5bn$118.4bn$141.5bn$189.4bn$225.3bn$232.1bn$392.0bn$416.5bn$419.6bn
+ Net debt (− = net cash)$1.8bn$2.2bn$559m−$1.5bn−$4.6bn−$3.7bn−$3.6bn−$7.2bn−$4.0bn−$8.4bn−$14.0bn
Enterprise value$62.8bn$64.1bn$93.0bn$116.9bn$136.9bn$185.7bn$221.7bn$224.9bn$388.0bn$408.2bn$405.5bn
Multiples
Price / sales 0.5x0.5x0.7x0.8x0.8x1.0x1.0x1.0x1.5x1.5x1.4x
Price / earnings 26.0x23.1x29.5x32.4x35.4x37.8x38.5x36.9x53.2x51.4x45.5x
Price / free cash flow 94.9x14.7x33.0x35.3x23.4x35.3x64.3x34.4x59.1x53.2x44.7x
EV / EBITDA 12.7x11.7x15.7x18.8x19.3x21.9x22.9x22.1x33.7x31.9x28.2x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

58 /100

Moderate moat

How hard Costco's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 17 / 20

    Cash operating profit has been a median 13.2% of total assets over 8 years.

  • Pricing power 8 / 20

    Gross margin has been a median 12.7%, moving by 0.7 percentage points (standard deviation) across 8 years.

  • Durability 10 / 20

    Operating margin has been a median 3.4%; its worst year was 3.1%.

  • Cash conversion 11 / 20

    Free cash flow was positive in 10 of 10 years, at a median 2.8% of revenue.

  • Discipline 17 / 20

    The diluted share count rose 0.0% over five years; stock-based pay has been a median 0.3% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (63 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: December 10, 2026, after the close. Analysts expect revenue of $74.2bn and EPS of $4.94 (range $4.62 to $5.61) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $22.81 +10% $329.4bn +9%
Next $25.08 +10% $353.7bn +7%

Next year's EPS estimate has moved +0.6% in 90 days, across 31 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.5% on 90 days ago. In the last 30 days, 18 analysts raised Costco's forecast and 4 cut it.

Consensus EPS forecast Costco, last 90 days
$22.00 $23.00 $24.00 $25.00 $26.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $22.69 Current fiscal year, 60 days ago: $22.71 Current fiscal year, 30 days ago: $22.76 Current fiscal year, 7 days ago: $22.80 Current fiscal year, Now: $22.81 $22.81 Next fiscal year, 90 days ago: $24.93 Next fiscal year, 60 days ago: $24.96 Next fiscal year, 30 days ago: $24.95 Next fiscal year, 7 days ago: $25.07 Next fiscal year, Now: $25.08 $25.08

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $22.69$24.93
60 days ago $22.71$24.96
30 days ago $22.76$24.95
7 days ago $22.80$25.07
Now $22.81$25.08

Earnings against estimates

Quarter toEstimateActualSurprise
Aug 2026 $6.53 $6.75 +3.4%
May 2026 $4.92 $4.93 +0.1%
Feb 2026 $4.54 $4.58 +0.8%
Nov 2025 $4.28 $4.50 +5.3%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, September 24, 2026

No numeric guidance in Costco's latest earnings release (filed September 24, 2026). Some companies give their outlook only on the earnings call.

How our valuation uses these forecasts

Our cash-flow model grows Costco's revenue by +8.8% next year and +8.4% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+8.7%, weight 70%) and the company's own record (+8.9%, weight 30%) . How the weights are set.

Analyst recommendations

41 analysts, Oct 2026
Buy2663%
Hold1332%
Sell25%

Monthly trend

  1. Oct 20265211341
  2. Sep 20264201339
  3. Aug 20264191439
  4. Jul 20264191439

Counts of recommendations published by analysts covering Costco, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
1.7%
of tradable shares
Days to cover
3.21
at average volume
Short interest, 1 month
+3%
to October 15, 2026
Held by institutions
74%
of shares
Held by insiders
0.1%
of shares
Employees
355,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +14.8%

$906.11 on October 31, 2025 to $1040.55

ThenNowEffect
Revenue (last 12 months) $275.2bn $303.2bn +10.1%
Net margin 2.9% 3.0% +3.4%
P/E multiple 49.8x 50.1x +0.7%
Share count 445m 444m +0.1%

Biggest factor: revenue.

Last 3 years +93.0%

$539.23 on November 3, 2023 to $1040.55

ThenNowEffect
Revenue (last 12 months) $242.3bn $303.2bn +25.1%
Net margin 2.6% 3.0% +17.2%
P/E multiple 38.1x 50.1x +31.6%
Share count 444m 444m 0.0%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
COST+52%−19%+49%+40%−5%+21%
Industry peers (median)+22%−1%+1%+25%+25%+23%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
COST75%50%75%50%50%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
COST−18%−31%−10%−10%−21%−18%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 31% from April 7, 2022 to May 20, 2022. Getting back needed a 46% gain, reached on December 5, 2023, 564 days after the low.

Price behaviour

52-week range
$845.02 – $1090.97
From 52-week high
−4.6%
vs 50-day average
+10.2%
vs 200-day average
+7.5%
Volatility (1 year)
20%
Beta vs S&P 500
-0.20

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±2.9%
After a week
3 up, 9 down
typical move ±3.8%
After a month
5 up, 7 down
typical move ±6.0%
Results releasedNext dayS&P 500 next day5 days21 days
September 24, 2026 +2.0% +0.5% +1.1% +10.9%
May 28, 2026 −4.7% +0.8% −3.1% −5.7%
March 5, 2026 −0.9% −1.9% −0.3% +1.2%
December 11, 2025 +1.2% −0.8% −1.9% +7.7%
September 25, 2025 −3.1% +0.1% −3.0% −1.4%
May 29, 2025 +2.7% +0.3% −0.2% −2.3%
March 6, 2025 −8.0% −1.2% −15.0% −12.5%
December 12, 2024 −0.5% −0.5% −4.0% −7.2%
September 26, 2024 −2.5% +0.3% −3.6% −1.9%
May 30, 2024 +0.4% +0.2% +4.5% +4.9%
March 7, 2024 −6.2% +0.4% −5.3% −7.9%
December 14, 2023 +2.6% +0.2% +3.6% +9.0%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Costco’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Includes results

A results date falls inside these options’ life. Implied volatility is meant to be higher for that, so we do not call it rich.

  • Implied is 1.32× the last 60 days’ realised volatility .
  • Why: an earnings date falls inside the option's life, so implied volatility is expected to be high.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

COST Costco Grade C $1,038.66

Own 100 shares, sell the $1,050 call expiring November 27, 2026 (25 days) for $18.85 a share — $1,885 per contract.

Previous session · Bid $18.85, ask $22.10, quoted Mon 2 Nov, 17:19 New York time with COST at $1,038.66. Option prices move with the shares: check the live chain at your broker before trading.

  • If COST ends below $1,050: you keep your shares and the $1,885 — 1.8% extra on the position, 26.5% a year at that pace.
  • If it ends above $1,050: your shares are sold at $1,050, a total return of 2.9% including the premium — at or above our value of ~$470.
$3.0k $0 −$20.4k Break-even $1,019.81 Price $1,038.66 ← Our value ~$470
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$1,885
Annualised
26.5%
Break-even
$1,019.81
Max gain
$3,019
Chance of selling
~46%

Collar

Own the shares, buy the $990 put and sell the $1,050 call, both expiring November 27, 2026 (25 days).

  • Net credit of $11.95 a share ($1,195 per contract of 100 shares).
  • Worst case at expiry: -3.5%, if the shares fall below $990 (-4.7% from today).
  • Best case at expiry: +2.2%, if the shares rise above $1,050 (+1.1%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $470: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Costco in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Costco
$240B $260B $280B $300B $320B FY24 Q1 FY24 Q4 FY25 Q3 FY26 Q4 Revenue (TTM), FY24 Q1: $245.7B Revenue (TTM), FY24 Q2: $248.8B Revenue (TTM), FY24 Q3: $253.7B Revenue (TTM), FY24 Q4: $254.5B Revenue (TTM), FY25 Q1: $258.8B Revenue (TTM), FY25 Q2: $264.1B Revenue (TTM), FY25 Q3: $268.8B Revenue (TTM), FY25 Q4: $275.2B Revenue (TTM), FY26 Q1: $280.4B Revenue (TTM), FY26 Q2: $286.3B Revenue (TTM), FY26 Q3: $293.6B Revenue (TTM), FY26 Q4: $303.2B $303.2B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY24 Q1 $245.7B
FY24 Q2 $248.8B
FY24 Q3 $253.7B
FY24 Q4 $254.5B
FY25 Q1 $258.8B
FY25 Q2 $264.1B
FY25 Q3 $268.8B
FY25 Q4 $275.2B
FY26 Q1 $280.4B
FY26 Q2 $286.3B
FY26 Q3 $293.6B
FY26 Q4 $303.2B
Revenue growth, TTM YoY Costco
4% 6% 8% 10% 12% FY24 Q1 FY24 Q4 FY25 Q3 FY26 Q4 Revenue growth, TTM YoY, FY24 Q1: 6.3% Revenue growth, TTM YoY, FY24 Q2: 6.2% Revenue growth, TTM YoY, FY24 Q3: 7.8% Revenue growth, TTM YoY, FY24 Q4: 5.0% Revenue growth, TTM YoY, FY25 Q1: 5.4% Revenue growth, TTM YoY, FY25 Q2: 6.1% Revenue growth, TTM YoY, FY25 Q3: 5.9% Revenue growth, TTM YoY, FY25 Q4: 8.2% Revenue growth, TTM YoY, FY26 Q1: 8.3% Revenue growth, TTM YoY, FY26 Q2: 8.4% Revenue growth, TTM YoY, FY26 Q3: 9.2% Revenue growth, TTM YoY, FY26 Q4: 10.1% 10.1%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q1 6.3%
FY24 Q2 6.2%
FY24 Q3 7.8%
FY24 Q4 5.0%
FY25 Q1 5.4%
FY25 Q2 6.1%
FY25 Q3 5.9%
FY25 Q4 8.2%
FY26 Q1 8.3%
FY26 Q2 8.4%
FY26 Q3 9.2%
FY26 Q4 10.1%
Operating margin (TTM) Costco
3.2% 3.4% 3.6% 3.8% 4% FY24 Q1 FY24 Q4 FY25 Q3 FY26 Q4 Operating margin (TTM), FY24 Q1: 3.4% Operating margin (TTM), FY24 Q2: 3.4% Operating margin (TTM), FY24 Q3: 3.6% Operating margin (TTM), FY24 Q4: 3.6% Operating margin (TTM), FY25 Q1: 3.7% Operating margin (TTM), FY25 Q2: 3.7% Operating margin (TTM), FY25 Q3: 3.8% Operating margin (TTM), FY25 Q4: 3.8% Operating margin (TTM), FY26 Q1: 3.8% Operating margin (TTM), FY26 Q2: 3.8% Operating margin (TTM), FY26 Q3: 3.8% Operating margin (TTM), FY26 Q4: 3.9% 3.9%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY24 Q1 3.4%
FY24 Q2 3.4%
FY24 Q3 3.6%
FY24 Q4 3.6%
FY25 Q1 3.7%
FY25 Q2 3.7%
FY25 Q3 3.8%
FY25 Q4 3.8%
FY26 Q1 3.8%
FY26 Q2 3.8%
FY26 Q3 3.8%
FY26 Q4 3.9%
FCF margin (TTM) Costco
1.5% 2% 2.5% 3% 3.5% 4% FY24 Q1 FY24 Q4 FY25 Q3 FY26 Q4 FCF margin (TTM), FY24 Q1: 3.6% FCF margin (TTM), FY24 Q2: 2.5% FCF margin (TTM), FY24 Q3: 2.9% FCF margin (TTM), FY24 Q4: 2.6% FCF margin (TTM), FY25 Q1: 1.9% FCF margin (TTM), FY25 Q2: 2.6% FCF margin (TTM), FY25 Q3: 2.7% FCF margin (TTM), FY25 Q4: 2.8% FCF margin (TTM), FY26 Q1: 3.2% FCF margin (TTM), FY26 Q2: 3.2% FCF margin (TTM), FY26 Q3: 3.0% FCF margin (TTM), FY26 Q4: 3.1% 3.1%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY24 Q1 3.6%
FY24 Q2 2.5%
FY24 Q3 2.9%
FY24 Q4 2.6%
FY25 Q1 1.9%
FY25 Q2 2.6%
FY25 Q3 2.7%
FY25 Q4 2.8%
FY26 Q1 3.2%
FY26 Q2 3.2%
FY26 Q3 3.0%
FY26 Q4 3.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2026, from the 10-K

Each dollar Costco took in during FY2026, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $303B
  2. Cost of revenue $264B · 87.2%
  3. Gross profit $38.9B · 12.8%
  4. Selling, general and admin $27.2B · 9.0%
  5. Operating income $11.7B · 3.9%
  6. Income tax $3B · 1.0%
  7. Net income $9.2B · 3.0%

Shares of revenue. Source: Costco's 10-K for FY2026, as filed with the SEC.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2010 Aug 2010 2011 Aug 2011 2012 Sept 2012 2013 Sept 2013 2014 Aug 2014 2015 Aug 2015 2016 Aug 2016 2017 Sept 2017 2018 Sept 2018 2019 Sept 2019 2020 Aug 2020 2021 Aug 2021 2022 Aug 2022 2023 Sept 2023 2024 Sept 2024 2025 Aug 2025 2026 Aug 2026
Income
Revenue 77.9 88.9 99.1 105.2 112.6 116.2 118.7 129.0 141.6 152.7 166.8 195.9 227.0 242.3 254.5 275.2 303.2
Gross profit — — — — — — 15.8 17.1 18.4 16.5 21.8 25.2 27.6 29.7 32.1 35.3 38.9
EBITDA 2.9 3.3 3.7 4.0 4.2 4.8 4.9 5.5 5.9 6.2 7.1 8.5 9.7 10.2 11.5 12.8 14.4
Operating income 2.1 2.4 2.8 3.1 3.2 3.6 3.7 4.1 4.5 4.7 5.4 6.7 7.8 8.1 9.3 10.4 11.7
Net income 1.3 1.5 1.7 2.0 2.1 2.4 2.4 2.7 3.1 3.7 4.0 5.0 5.8 6.3 7.4 8.1 9.2
Diluted EPS $2.92 $3.30 $3.89 $4.63 $4.65 $5.37 $5.33 $6.08 $7.09 $8.26 $9.02 $11.27 $13.14 $14.16 $16.56 $18.21 $20.76
Growth (year on year)
Revenue +9.1% +14.1% +11.5% +6.1% +7.1% +3.2% +2.2% +8.7% +9.7% +7.9% +9.2% +17.5% +15.8% +6.8% +5.0% +8.2% +10.1%
EBITDA +14.7% +14.7% +11.3% +9.1% +6.3% +11.8% +3.7% +11.2% +8.0% +5.3% +13.7% +19.9% +14.2% +5.1% +13.1% +11.2% +12.1%
Operating income +16.9% +17.4% +13.1% +10.7% +5.5% +12.5% +1.3% +12.0% +9.0% +5.7% +14.7% +23.4% +16.2% +4.1% +14.4% +11.8% +12.5%
Net income — — — — — — −1.1% — +17.0% +16.8% +9.4% +25.1% +16.7% +7.7% +17.1% +9.9% +13.9%
Diluted EPS — — — — — — −0.7% — +16.6% +16.5% +9.2% +24.9% +16.6% +7.8% +16.9% +10.0% +14.0%
Margins
Gross margin — — — — — — 13.3% 13.3% 13.0% 10.8% 13.1% 12.9% 12.1% 12.3% 12.6% 12.8% 12.8%
EBITDA margin 3.7% 3.7% 3.7% 3.8% 3.8% 4.1% 4.2% 4.2% 4.2% 4.1% 4.2% 4.3% 4.3% 4.2% 4.5% 4.7% 4.7%
Operating margin 2.7% 2.7% 2.8% 2.9% 2.9% 3.1% 3.1% 3.2% 3.2% 3.1% 3.3% 3.4% 3.4% 3.3% 3.6% 3.8% 3.9%
Net margin 1.7% 1.6% 1.7% 1.9% 1.8% 2.0% 2.0% 2.1% 2.2% 2.4% 2.4% 2.6% 2.6% 2.6% 2.9% 2.9% 3.0%
Free-cash-flow margin 2.2% 2.1% 1.6% 1.3% 1.8% 1.6% 0.5% 3.3% 2.0% 2.2% 3.6% 2.7% 1.5% 2.8% 2.6% 2.8% 3.1%
Cash flow
Cash from operations 2.8 3.2 3.1 3.4 4.0 4.3 3.3 6.7 5.8 6.4 8.9 9.0 7.4 11.1 11.3 13.3 15.8
Capital spending 1.1 1.3 1.5 2.1 2.0 2.4 2.6 2.5 3.0 3.0 2.8 3.6 3.9 4.3 4.7 5.5 6.4
Free cash flow 1.7 1.9 1.6 1.4 2.0 1.9 0.6 4.2 2.8 3.4 6.1 5.4 3.5 6.7 6.6 7.8 9.4
Stock-based pay 0.2 0.2 0.2 0.3 0.3 0.4 0.5 0.5 0.5 0.6 0.6 0.7 0.7 0.8 0.8 0.9 0.9
Free cash flow after stock pay 1.5 1.7 1.3 1.1 1.7 1.5 0.2 3.7 2.3 2.8 5.4 4.7 2.8 6.0 5.8 7.0 8.5
Balance sheet
Cash 3.2 4.0 3.5 4.6 5.7 4.8 3.4 4.5 6.1 8.4 12.3 11.3 10.2 13.7 9.9 14.2 20.2
Total debt 2.2 2.2 1.4 5.0 5.1 6.1 5.2 6.7 6.6 6.9 7.7 7.6 6.6 6.5 5.9 5.8 6.2
Net debt (negative = net cash) −1.0 −1.9 −2.1 0.4 −0.6 1.3 1.8 2.2 0.6 −1.5 −4.6 −3.7 −3.6 −7.2 −4.0 −8.4 −14.0
Diluted shares 446m 443m 439m 441m 442m 443m 441m 441m 442m 443m 444m 444m 445m 444m 445m 445m 444m
Returned to shareholders
Dividends 0.3 0.4 0.4 3.6 0.6 2.9 0.7 3.9 0.7 1.0 1.5 5.7 1.5 1.3 9.0 2.2 2.5
Buybacks 0.6 0.6 0.6 0.0 0.3 0.5 0.5 0.5 0.3 0.2 0.2 0.5 0.4 0.7 0.7 0.9 0.8
Total returned 0.9 1.0 1.1 3.6 0.9 3.3 1.2 4.4 1.0 1.3 1.7 6.2 1.9 1.9 9.7 3.1 3.3

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

7 of 7 checks passed · August 30, 2026
What it owns · $89.0bn
Short-term assets $46.6bnLonger-term assets $42.5bn
What it owes, and who funded it · $89.0bn
Short-term liabilities $44.0bnLonger-term liabilities $9.3bnShareholders' equity $35.8bn
  • Short-term assets cover short-term liabilities $46.6bn of assets due within a year against $44.0bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $46.6bn short-term assets against $9.3bn of longer-dated liabilities.
  • More cash than debt $20.2bn of cash against $6.2bn of debt.
  • Debt below 40% of shareholders' equity Debt is 17% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 34% to 17% over five years.
  • A year's operating cash flow covers at least 20% of debt $15.8bn of operating cash flow against $6.2bn of debt.
  • Operating profit covers interest at least five times over Operating income of $11.7bn against $145m of interest.

From Costco's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q4 TTM
Buybacks (TTM)
$848M
Dividends (TTM)
$2.5B
Returned to shareholders
35%
of free cash flow
Buybacks, last 3 fiscal years
$2.5B
Diluted share count
−0.1%
year over year
Total shareholder yield
0.7%
dividends 0.5% + buybacks 0.2% of market value
Dividend payout ratio
27%
of net income paid out
Sales & admin spending
9.0%
of revenue

Competitors: side by side with peers

Closest by revenue in consumer staples merchandise retail
Last 12 months unless stated COST WMT TGT DG BJ DLTR Median
Revenue, last 12 months $303.2bn $735.8bn $107.7bn $43.6bn $22.8bn $20.1bn $22.8bn
Revenue growth, last 12 months 10.1% 6.2% 2.0% 4.8% 9.1% 8.2% 9.1%
Revenue growth, 3-year average 7.8% 5.3% −0.1% 4.0% 5.5% 7.0% 6.3%
Revenue growth, latest quarter 11.1% 5.9% 5.3% 5.2% 15.7% 7.0% 9.1%
Gross margin 12.8% 25.2% 29.3% 31.2% 18.2% 38.7% 25.2%
Operating margin 3.9% 4.4% 5.6% 5.6% 3.8% 11.0% 4.4%
Operating margin, 3-year average 3.8% 4.3% 5.5% 5.1% 3.8% 9.0% 4.4%
Net margin 3.0% 3.0% 4.1% 3.9% 2.6% 8.0% 3.0%
Cash from operations / revenue 5.2% 5.8% 8.1% 7.6% 4.9% 15.5% 6.0%
Free-cash-flow margin 3.1% 1.8% 4.1% 4.6% 1.6% 9.9% 3.1%
Free-cash-flow margin, 3-year average 2.8% 1.9% 3.9% 4.4% 1.6% 7.3% 3.4%
Stock pay / revenue 0.3% — 0.3% 0.2% 0.2% 0.3% 0.3%
Change in share count −0.1% −0.7% −0.5% 0.5% −2.2% −7.1% −0.5%

Median of all 9 companies we cover in consumer staples merchandise retail. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

9 consumer staples merchandise retail companies
Measure Company Peer median Rank
Revenue growth Growth 10.1% 9.1% 4 of 9
Change in growth rate Growth +0.9pp +0.9pp 5 of 9
Gross margin Profitability 12.8% 25.2% 9 of 9
Operating margin Profitability 3.9% 4.4% 7 of 9
Net margin Profitability 3.0% 3.0% 5 of 9
Free-cash-flow margin Cash generation 3.1% 3.1% 5 of 9
Stock pay as % of revenue Cash generation 0.3% 0.3% 4 of 8
Long-term debt as % of assets Balance sheet 4.4% 12.4% 3 of 8
Change in share count Balance sheet -0.1% -0.5% 6 of 9

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to August 30, 2026
Products and services
Line of business Revenue Share YoY
Products $297B 98.1% ▲ 10.1%
Food and Sundries $117B 39.3% ▲ 6.6%
Non Foods $77.4B 26.0% ▲ 8.7%
Other $61.4B 20.6% ▲ 19.9%
Fresh Food $41.7B 14.0% ▲ 9.8%
Membership $5.9B 1.9% ▲ 11.0%

From Costco's 10-K filed October 7, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$302B
Institutions reporting
4,182
Shares held vs prior quarter
▲ 1.2%
Positions opened / closed
137 / 158

Top buyers and sellers, Q2 2026: 1,849 institutions bought and 1,852 sold ; the biggest buyer was SG Americas Securities, LLC (+956K shares) and the biggest seller Diamant Asset Management, Inc (−6.7M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $32B 34.2M 10.6% ▼ 2.1%
Vanguard Capital Management LLC $27.1B 29.0M 9.0% ▲ 0.4%
State Street Corp $17.2B 18.4M 5.7% ▲ 1.3%
Invesco Ltd. $13.1B 14.0M 4.3% ▲ 2.6%
Geode Capital Management, LLC $9.9B 10.6M 3.3% ▼ 0.3%
Vanguard Portfolio Management LLC $9.7B 10.4M 3.2% ▼ 2.8%
Morgan Stanley $9.6B 10.2M 3.2% ▲ 3.3%
Bank Of America Corp $6.8B 7.2M 2.2% ▼ 3.5%
Norges Bank $6.1B 6.5M 2.0% —
FMR LLC $5.8B 6.2M 1.9% ▼ 8.3%
Northern Trust Corp $4.5B 4.8M 1.5% ▼ 1.9%
Royal Bank Of Canada $4B 4.3M 1.3% ▲ 14.2%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Costco's complete shareholder register. Values are as reported by the filers ; 21 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $14.6M 13 trades by 9 insiders · 0% under pre-set plans
Net ▼ $14.6M net selling
Insider Date Trade Shares Price Value
Wilcox William Richard Executive Vice President October 13, 2026 Sell 1,100 $958.21 $1.1M
Adamo Claudine Executive Vice President September 29, 2026 Sell 2,200 $915.93 $2M
Frates Caton Sr. Executive Vice President September 29, 2026 Sell 801 $915.93 $733,328
Denman Kenneth D Director June 23, 2026 Sell 885 $957.45 $847,345
Frates Caton Executive Vice President April 1, 2026 Sell 700 $993.00 $695,100
Adamo Claudine Executive Vice President March 9, 2026 Sell 730 $1003.02 $732,205
Jones Teresa A. Executive Vice President January 21, 2026 Sell 850 $986.26 $838,318
Decker Susan L Director January 16, 2026 Sell 458 $955.00 $437,390
Klauer James C Executive Vice President January 14, 2026 Sell 1,500 $939.00 $1.4M
Miller Russell D Sr. Executive Vice President January 9, 2026 Sell 1,500 $916.32 $1.4M
Polit Javier Executive Vice President December 30, 2025 Sell 558 $862.89 $481,759
Polit Javier Executive Vice President December 29, 2025 Sell 2,049 $867.21 $1.8M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 172 trades and filings

In the last 12 months, 5 members of Congress disclosed 3 purchases and 5 sales of Costco shares.

  • Pete Sessions(R-TX 17):Sale (full), $100,001 - $250,000, traded October 13, 2026, filed October 27, 2026
  • Pete Sessions(R-TX 17):Sale (full), $250,001 - $500,000, traded October 2, 2026, filed October 27, 2026
  • Rick W. Allen(R-GA 12):Sale (full), $1,001 - $15,000, traded September 18, 2026, filed October 14, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around December 10, 2026 estimated from the company's past filing pattern, not announced

  • September 24, 2026
  • May 28, 2026
  • March 5, 2026
  • December 11, 2025
  • September 25, 2025
  • May 29, 2025

Recent SEC filings

Data status

When each part of this page on Costco was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Costco in brief

What does Costco do?
Costco is a US-listed company in the consumer staples merchandise retail industry. Its financial year ends in August.
What is Costco's stock ticker?
Costco trades under the ticker COST on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Costco's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Costco reported revenue of $303B, 10.1% higher than a year earlier, according to its SEC filings.
What is Costco's free cash flow?
Costco's free-cash-flow margin is 3.1% of revenue over the trailing twelve months, ranking 5 of the 9 consumer staples merchandise retail companies we cover.
What is Costco's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Costco's free cash flow after stock-based pay gives ~$470 per share in the base case, and ~$360–$610 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Costco's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Costco buying back stock, and does it pay a dividend?
Costco spent $848M on share repurchases over the trailing twelve months, and its diluted share count fell 0.1% over the year.
What is Costco's market cap?
On August 28, 2026, Costco's market capitalisation was about $420B, with a price-to-earnings ratio of 45.5 and net debt of -$14B. Market figures come from third-party market data and may be delayed.
Does Costco pay a dividend?
Yes: Costco paid $2.5B in dividends over the trailing twelve months, a dividend yield of 0.53% and a payout ratio of 26.6%.
How much debt does Costco have?
Costco's debt-to-equity ratio is 17.2%, from its latest balance sheet (34.3% five years earlier). The financial health section below sets out its other solvency checks.
Who are Costco's competitors?
In our Consumer Staples Merchandise Retail peer group, the companies closest to Costco are Walmart, Target Corporation, Dollar General, Bj's Wholesale Club Holdings, Inc. and Dollar Tree. The side-by-side comparison below sets their revenue, margins and growth against Costco's.
Are insiders buying or selling Costco stock?
Over the last 12 months, Costco's directors and officers reported 0 open-market purchases and 13 sales on Form 4. The insider trading page charts every trade.
When is Costco's next earnings date?
Around December 10, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Costco announces its own schedule.