Revenue growth remains robust at 11.6% in 2026Q3, while the company maintains a disciplined gross margin profile consistently near 12.8%.
| Metric | TTM | Aug'25 | Sep'24 | Sep'23 | Aug'22 | Aug'21 | Aug'20 | Aug'19 | Aug'18 | Aug'17 | Aug'16 | Aug'15 | Aug'14 | Aug'13 | Aug'12 | Aug'11 | Aug'10 | Aug'09 | Aug'08 | Aug'07 | Aug'06 | Aug'05 | Aug'04 | Aug'03 | Aug'02 | Aug'01 | Aug'00 | Aug'99 | Aug'98 | Aug'97 | Aug'96 |
|---|
| Sales/Revenue | 293.59B | 275.24B | 254.45B | 242.29B | 226.95B | 195.93B | 166.76B | 152.7B | 141.58B | 129.03B | 118.72B | 116.2B | 112.64B | 105.16B | 99.14B | 88.92B | 77.95B | 71.42B | 72.48B | 64.4B | 60.15B | 52.94B | 48.11B | 42.55B | 38.76B | 34.8B | 32.16B | 27.46B | 24.27B | 21.87B | 19.57B |
| Revenue Growth % | 9.23% | 8.17% | 5.02% | 6.76% | 15.83% | 17.49% | 9.21% | 7.86% | 9.73% | 8.68% | 2.17% | 3.16% | 7.12% | 6.07% | 11.5% | 14.07% | 9.13% | -1.46% | 12.55% | 7.06% | 13.63% | 10.04% | 13.07% | 9.76% | 11.4% | 8.19% | 17.15% | 13.13% | 10.95% | 11.8% | 9.27% |
| Cost of Goods Sold | 255.78B | 239.89B | 222.36B | 212.59B | 199.38B | 170.68B | 144.94B | 132.89B | 123.15B | 111.88B | 102.9B | 101.06B | 98.46B | 91.95B | 86.82B | 77.74B | 68B | 62.34B | 63.5B | 56.45B | 52.75B | 46.35B | 42.09B | 37.24B | 33.98B | 30.6B | 28.07B | 23.95B | 21.18B | 19.13B | 17.18B |
| COGS % of Revenue | - | 87.16% | 87.39% | 87.74% | 87.85% | 87.12% | 86.91% | 87.02% | 86.99% | 86.71% | 86.68% | 86.98% | 87.41% | 87.44% | 87.58% | 87.43% | 87.23% | 87.28% | 87.61% | 87.65% | 87.69% | 87.55% | 87.5% | 87.52% | 87.67% | 87.93% | 87.26% | 87.21% | 87.28% | 87.46% | 87.82% |
| Gross Profit | 37.8B | 35.35B | 32.09B | 29.7B | 27.57B | 25.25B | 21.82B | 19.82B | 18.42B | 17.14B | 15.82B | 15.13B | 14.18B | 13.21B | 12.31B | 11.18B | 9.95B | 9.09B | 8.98B | 7.95B | 7.41B | 6.59B | 6.01B | 5.31B | 4.78B | 4.2B | 4.1B | 3.51B | 3.09B | 2.74B | 2.38B |
| Gross Margin % | 12.88% | 12.84% | 12.61% | 12.26% | 12.15% | 12.88% | 13.09% | 12.98% | 13.01% | 13.29% | 13.32% | 13.02% | 12.59% | 12.56% | 12.42% | 12.57% | 12.77% | 12.72% | 12.39% | 12.35% | 12.31% | 12.45% | 12.5% | 12.48% | 12.33% | 12.07% | 12.74% | 12.79% | 12.72% | 12.54% | 12.18% |
| Gross Profit Growth % | - | 10.14% | 8.05% | 7.73% | 9.22% | 15.69% | 10.12% | 7.56% | 7.47% | 8.38% | 4.52% | 6.71% | 7.37% | 7.26% | 10.18% | 12.31% | 9.51% | 1.19% | 12.95% | 7.36% | 12.41% | 9.53% | 13.27% | 11.11% | 13.82% | 2.5% | 16.69% | 13.74% | 12.56% | 15.08% | 30.77% |
| Operating Expenses | 26.58B | 24.97B | 22.81B | 21.59B | 19.78B | 18.54B | 16.39B | 15.08B | 13.94B | 13.03B | 12.15B | 11.51B | 10.96B | 10.15B | 9.55B | 8.74B | 7.87B | 7.29B | 7.01B | 6.34B | 5.77B | 5.11B | 4.63B | 4.15B | 3.65B | 3.21B | 3.06B | 2.65B | 2.3B | 2.16B | 1.89B |
| OpEx % of Revenue | - | 9.07% | 8.96% | 8.91% | 8.71% | 9.46% | 9.83% | 9.88% | 9.85% | 10.1% | 10.23% | 9.91% | 9.73% | 9.66% | 9.64% | 9.83% | 10.1% | 10.21% | 9.67% | 9.85% | 9.6% | 9.66% | 9.63% | 9.76% | 9.41% | 9.22% | 9.51% | 9.65% | 9.47% | 9.88% | 9.67% |
| Selling, General & Admin | 26.58B | 24.97B | 22.81B | 21.59B | 19.78B | 18.46B | 16.33B | 14.99B | 13.88B | 12.95B | 12.07B | 11.45B | 10.9B | 10.1B | 9.52B | 8.68B | 7.84B | 7.29B | 7.01B | 6.33B | 5.77B | 5.11B | 4.63B | 4.15B | 3.65B | 3.21B | 2.8B | 2.43B | 2.1B | 1.98B | 1.73B |
| SG&A % of Revenue | - | 9.07% | 8.96% | 8.91% | 8.71% | 9.42% | 9.79% | 9.82% | 9.8% | 10.04% | 10.17% | 9.85% | 9.68% | 9.61% | 9.6% | 9.76% | 10.06% | 10.21% | 9.67% | 9.83% | 9.6% | 9.66% | 9.63% | 9.76% | 9.41% | 9.22% | 8.72% | 8.83% | 8.66% | 9.05% | 8.84% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 76M | 55M | 86M | 23M | 17M | 78M | 65M | 12M | 14M | 14M | 55M | 34M | 0 | 248K | 13.61M | 0 | 0 | 1M | 0 | 0 | 0 | 254.4M | 224.8M | 196.3M | 182.3M | 161.6M |
| Operating Income | 11.22B | 10.38B | 9.29B | 8.11B | 7.79B | 6.71B | 5.43B | 4.74B | 4.48B | 4.11B | 3.67B | 3.62B | 3.22B | 3.05B | 2.76B | 2.44B | 2.08B | 1.78B | 1.97B | 1.61B | 1.63B | 1.47B | 1.39B | 1.16B | 1.13B | 992.27M | 1.04B | 860.1M | 787.3M | 580.7M | 490.8M |
| Operating Margin % | 3.82% | 3.77% | 3.65% | 3.35% | 3.43% | 3.42% | 3.26% | 3.1% | 3.16% | 3.19% | 3.09% | 3.12% | 2.86% | 2.9% | 2.78% | 2.74% | 2.66% | 2.49% | 2.72% | 2.5% | 2.7% | 2.79% | 2.88% | 2.72% | 2.92% | 2.85% | 3.23% | 3.13% | 3.24% | 2.65% | 2.51% |
| Operating Income Growth % | - | 11.83% | 14.43% | 4.12% | 16.17% | 23.42% | 14.74% | 5.74% | 8.98% | 11.96% | 1.32% | 12.55% | 5.47% | 10.66% | 13.12% | 17.43% | 16.88% | -9.74% | 22.4% | -1.05% | 10.26% | 6.4% | 19.8% | 2.22% | 14.04% | -4.36% | 20.62% | 9.25% | 35.58% | 18.32% | 294.22% |
| EBITDA | 13.79B | 12.81B | 11.52B | 10.19B | 9.69B | 8.49B | 7.08B | 6.23B | 5.92B | 5.48B | 4.93B | 4.75B | 4.25B | 4B | 3.67B | 3.29B | 2.87B | 2.5B | 2.62B | 2.17B | 2.14B | 1.96B | 1.83B | 1.55B | 1.47B | 1.29B | 1.29B | 1.08B | 983.6M | 762.5M | 652.4M |
| EBITDA Margin % | 4.7% | 4.65% | 4.53% | 4.21% | 4.27% | 4.33% | 4.25% | 4.08% | 4.18% | 4.25% | 4.15% | 4.09% | 3.77% | 3.8% | 3.7% | 3.7% | 3.68% | 3.51% | 3.62% | 3.38% | 3.56% | 3.7% | 3.8% | 3.64% | 3.8% | 3.72% | 4.02% | 3.95% | 4.05% | 3.49% | 3.33% |
| EBITDA Growth % | 10.83% | 11.17% | 13.06% | 5.14% | 14.18% | 19.9% | 13.66% | 5.27% | 7.95% | 11.24% | 3.7% | 11.81% | 6.25% | 9.05% | 11.32% | 14.69% | 14.65% | -4.46% | 20.55% | 1.59% | 9.45% | 7.11% | 17.99% | 5.06% | 13.9% | 0.13% | 19.08% | 10.3% | 29% | 16.88% | 144.8% |
| D&A (Non-Cash Add-back) | 2.56B | 2.43B | 2.24B | 2.08B | 1.9B | 1.78B | 1.65B | 1.49B | 1.44B | 1.37B | 1.25B | 1.13B | 1.03B | 946M | 908M | 855M | 795M | 728M | 653M | 566.38M | 515.28M | 481.84M | 440.72M | 391.3M | 341.78M | 301.3M | 254.4M | 224.8M | 196.3M | 181.8M | 161.6M |
| EBIT | 11.9B | 10.97B | 9.91B | 8.65B | 8B | 6.85B | 5.53B | 4.92B | 4.6B | 4.17B | 3.75B | 3.73B | 3.31B | 3.15B | 2.86B | 2.5B | 2.17B | 1.83B | 2.11B | 1.61B | 1.63B | 1.49B | 1.39B | 1.16B | 1.13B | 992.27M | 1.04B | 860.1M | 787.3M | 580.7M | 490.8M |
| Net Interest Income | 467M | 351M | 364M | 310M | -97M | -130M | -75M | 1M | -61M | -67M | -81M | -67M | -49M | -41M | -32M | -65M | -37M | -81M | -7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 613M | 505M | 533M | 470M | 61M | 41M | 89M | 151M | 98M | 67M | 52M | 57M | 64M | 58M | 63M | 51M | 74M | 27M | 96M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 146M | 154M | 169M | 160M | 158M | 171M | 164M | 150M | 159M | 134M | 133M | 124M | 113M | 99M | 95M | 116M | 111M | 108M | 103M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 527M | 435M | 455M | 373M | 47M | -28M | -68M | 28M | -38M | -72M | -53M | -20M | -23M | -2M | 8M | -56M | -23M | -50M | 30.14M | 101.41M | 77.83M | 74.66M | 14.98M | 1.6M | 6.65M | 11.21M | 14.95M | -1.3M | -20.9M | -60.4M | -67.3M |
| Pretax Income | 11.75B | 10.82B | 9.74B | 8.49B | 7.84B | 6.68B | 5.37B | 4.76B | 4.44B | 4.04B | 3.62B | 3.6B | 3.2B | 3.05B | 2.77B | 2.38B | 2.05B | 1.73B | 2B | 1.71B | 1.75B | 1.55B | 1.4B | 1.16B | 1.14B | 1B | 1.05B | 858.8M | 766.4M | 520.3M | 423.5M |
| Pretax Margin % | 4% | 3.93% | 3.83% | 3.5% | 3.45% | 3.41% | 3.22% | 3.12% | 3.14% | 3.13% | 3.05% | 3.1% | 2.84% | 2.9% | 2.79% | 2.68% | 2.64% | 2.42% | 2.76% | 2.66% | 2.91% | 2.93% | 2.91% | 2.72% | 2.94% | 2.88% | 3.27% | 3.13% | 3.16% | 2.38% | 2.16% |
| Income Tax | 2.91B | 2.72B | 2.37B | 2.19B | 1.93B | 1.6B | 1.31B | 1.06B | 1.26B | 1.32B | 1.24B | 1.2B | 1.11B | 990M | 1B | 841M | 731M | 628M | 716.25M | 627.22M | 648.2M | 485.87M | 518.23M | 437.23M | 438.2M | 401.39M | 420.96M | 343.5M | 306.6M | 208.1M | 174.7M |
| Effective Tax Rate % | 24.8% | 25.13% | 24.36% | 25.86% | 24.55% | 23.97% | 24.37% | 22.27% | 28.43% | 32.81% | 34.35% | 33.16% | 34.69% | 32.45% | 36.14% | 35.29% | 35.59% | 36.36% | 35.83% | 36.68% | 37.01% | 31.37% | 37% | 37.75% | 38.5% | 40% | 40% | 40% | 40.01% | 40% | 41.25% |
| Net Income | 8.84B | 8.1B | 7.37B | 6.29B | 5.84B | 5.01B | 4B | 3.66B | 3.13B | 2.68B | 2.35B | 2.38B | 2.06B | 2.04B | 1.71B | 1.46B | 1.3B | 1.09B | 1.28B | 1.08B | 1.1B | 1.06B | 882.39M | 721M | 699.98M | 602.09M | 631.44M | 397.3M | 459.8M | 312.2M | 248.8M |
| Net Margin % | 3.01% | 2.94% | 2.9% | 2.6% | 2.57% | 2.56% | 2.4% | 2.4% | 2.21% | 2.08% | 1.98% | 2.05% | 1.83% | 1.94% | 1.72% | 1.64% | 1.67% | 1.52% | 1.77% | 1.68% | 1.83% | 2.01% | 1.83% | 1.69% | 1.81% | 1.73% | 1.96% | 1.45% | 1.89% | 1.43% | 1.27% |
| Net Income Growth % | 12.69% | 9.94% | 17.09% | 7.67% | 16.72% | 25.11% | 9.37% | 16.75% | 16.98% | 14% | -1.14% | 15.5% | 0.93% | 19.31% | 16.89% | 12.2% | 19.98% | -15.35% | 18.49% | -1.85% | 3.77% | 20.48% | 22.38% | 3% | 16.26% | -4.65% | 58.93% | -13.59% | 47.28% | 25.48% | 85.95% |
| Net Income (Continuing) | 8.84B | 8.1B | 7.37B | 6.29B | 5.92B | 5.08B | 4.06B | 3.7B | 3.18B | 2.71B | 2.38B | 2.41B | 2.09B | 2.06B | 1.77B | 1.54B | 1.32B | 1.1B | 1.28B | 1.08B | 1.1B | 1.06B | 882.39M | 721M | 699.98M | 602.09M | 631.44M | 515.3M | 459.8M | 312.2M | 248.8M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 5M | 514M | 421M | 341M | 304M | 301M | 253M | 226M | 212M | 179M | 157M | 571M | 101M | 80M | 81.86M | 69.32M | 63.36M | 58.61M | 59.27M | 126.12M | 119.73M | 115.83M | 108.86M | 120.8M | 105.5M | 88.2M | 72.3M |
| EPS (Diluted) | 19.89 | 18.21 | 16.56 | 14.16 | 13.14 | 11.27 | 9.02 | 8.26 | 7.09 | 6.08 | 5.33 | 5.37 | 4.65 | 4.63 | 3.89 | 3.30 | 2.92 | 2.47 | 2.89 | 2.37 | 2.30 | 2.18 | 1.85 | 1.53 | 1.48 | 1.29 | 1.35 | 0.87 | 1.02 | 0.74 | 0.61 |
| EPS Growth % | 12.76% | 9.96% | 16.95% | 7.76% | 16.59% | 24.94% | 9.2% | 16.5% | 16.61% | 14.07% | -0.74% | 15.48% | 0.43% | 19.02% | 17.88% | 13.01% | 18.22% | -14.53% | 21.94% | 3.04% | 5.5% | 17.84% | 20.91% | 3.38% | 14.73% | -4.44% | 55.17% | -14.71% | 37.84% | 21.31% | 79.41% |
| EPS (Basic) | - | 18.24 | 16.60 | 14.18 | 13.17 | 11.30 | 9.05 | 8.32 | 7.15 | 6.11 | 5.36 | 5.41 | 4.69 | 4.68 | 3.94 | 3.35 | 2.97 | 2.50 | 2.95 | 2.42 | 2.35 | 2.24 | 1.92 | 1.58 | 1.54 | 1.34 | 1.41 | 0.91 | 1.07 | 0.76 | 0.64 |
| Diluted Shares Outstanding | 444.43M | 444.8M | 444.76M | 444.45M | 444.76M | 444.35M | 443.9M | 442.92M | 441.83M | 440.94M | 441.26M | 442.72M | 442.49M | 440.51M | 439.37M | 443.09M | 445.97M | 440.45M | 444.24M | 457.64M | 480.34M | 492.04M | 482.46M | 471.24M | 479.26M | 475.83M | 475.74M | 471.12M | 463.37M | 421.89M | 407.87M |
| Basic Shares Outstanding | 443.92M | 443.99M | 443.91M | 443.85M | 443.65M | 443.09M | 442.3M | 439.75M | 438.51M | 438.44M | 438.58M | 439.45M | 438.69M | 435.74M | 433.62M | 436.12M | 438.61M | 433.99M | 434.44M | 447.66M | 469.72M | 473.94M | 459.22M | 455.96M | 453.65M | 449.63M | 446.25M | 439.25M | 431.01M | 410.79M | 388.75M |
| Dividend Payout Ratio | - | 26.95% | 122.72% | 19.88% | 25.63% | 114.8% | 36.96% | 28.37% | 21.98% | 145.73% | 31.74% | 120.53% | 28.38% | 174.6% | 26.1% | 26.61% | 25.94% | 27.26% | 20.66% | 22.7% | 20.87% | 19.24% | 10.44% | - | - | - | - | - | - | - | - |
Domestic market saturation risks
According to recent financial filings, COST achieved an 11.6% year-over-year revenue growth rate in 2026Q3, signaling that the company's core membership-driven model continues to capture significant market share despite the broader retail environment's ongoing challenges and the inherent volatility of fuel-related sales components.
The acceleration in top-line growth suggests that the company's value proposition remains highly compelling to consumers, likely driving increased wallet share among existing members. Investors should monitor whether this growth is sustainable as the company faces potential domestic saturation and relies more heavily on international expansion to maintain these double-digit expansion rates.
As reported in quarterly income statements, COST maintains a remarkably consistent gross margin profile near 12.8%, reflecting a rigid cost-plus pricing philosophy that prioritizes volume and member loyalty over the short-term margin expansion typically pursued by traditional retail competitors in the broader consumer defensive sector.
This structural cap on markups serves as a primary competitive moat, effectively discouraging price-based competition while ensuring high inventory turnover. The stability of these margins suggests that management successfully passes inflationary pressures to the consumer without eroding the fundamental value proposition that underpins the membership model.
Based on the provided income statement data, COST has demonstrated an ability to scale operating income to $2.8 billion in 2026Q3, suggesting that the company's lean, no-frills warehouse operating model effectively leverages incremental gross profit gains into bottom-line growth despite thin operating margins.
The company's ability to keep SG&A growth in check relative to revenue expansion indicates strong operational discipline. This efficiency is critical, as even minor fluctuations in labor or logistics costs could disproportionately impact the company's narrow 4.0% operating margin if not managed with extreme precision.
Analysis of recent SEC filings reveals that COST's net income is periodically influenced by significant stock-based compensation charges, such as the $486 million recorded in 2026Q1, which warrants careful scrutiny when evaluating the true cash-generative capacity of the company's recurring membership-fee-heavy earnings stream.
While the company's EPS growth remains robust, investors should distinguish between operational performance and the non-cash impact of equity-based incentives. The variability in these charges suggests that reported net income may occasionally mask the underlying consistency of the core retail and membership business segments.
While the company's 90%+ renewal rates are often cited as a defensive strength, skeptics might argue that the reliance on membership fees for the majority of operating income creates a vulnerability if consumer sentiment shifts or if the value proposition loses its relative edge.
The market's premium valuation assumes a level of earnings durability that may be tested if the company is forced to increase capital expenditures to modernize its digital infrastructure. Investors should monitor whether the current reliance on physical warehouse traffic remains a sustainable strategy in an increasingly omnichannel retail landscape.
Quick answers to the most common questions about buying COST stock.
For fiscal year 2025, Costco Wholesale Corporation (COST) reported total revenue of $275.24B. This represents a 1306.7% increase compared to $19.57B in 1996.
Costco Wholesale Corporation (COST) is profitable, generating $8.10B in net income for the fiscal year ending 2025 with a net profit margin of 2.9%.
Costco Wholesale Corporation (COST) reported an operating income of $10.38B, resulting in an operating profit margin of 3.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Costco Wholesale Corporation (COST) generated $35.35B in gross profit for the year, representing a gross profit margin of 12.8%. This demonstrates the company's core pricing power and production efficiency.