Costco's model isn't retail — it's a membership‑driven cash engine whose predictability makes earnings almost pre‑announced, even before the quarterly call. With warehouses expanding, renewal rates above 92%, and gross membership income nearing $9B, Costco's core profit pool is accelerating into FY26. A massive cash build and a history of “Christmas” payouts set the stage for a potential special dividend as Costco enters its most anticipated quarter.