Costco 8-K

PositiveEarnings

IEEPA tariff refunds lifted Q4 earnings, partly offset by reinvestment in member value.

Filed 2026-09-24 16:17 ET

Summary

Q4 and FY2026 results. Costco reported higher sales and net income for the 16-week quarter and 52-week fiscal year ended 8/30/2026. Q4 net income included a $0.15-per-share benefit from IEEPA tariff refunds, partly offset by reinvestment in member value.

Key Figures

Metric Q4 FY2026 Q4 FY2025 Y/Y
Total revenue $95.7B $86.2B +11.1%
Net sales $93.9B $84.4B +11.2%
Operating income $3.80B $3.34B +13.8%
Net income (GAAP) $3.00B $2.61B +14.9%
Diluted EPS $6.75 $5.87 +15.0%
Metric FY2026 FY2025 Y/Y
Total revenue $303B $275B +10.1%
Net sales $297B $270B +10.1%
Operating income $11.7B $10.4B +12.5%
Net income (GAAP) $9.23B $8.10B +13.9%
Diluted EPS $20.76 $18.21 +14.0%
Operating cash flow $15.8B $13.3B +18.7%
  • Q4 total-company comparable sales rose 9.4% (6.7% excluding gasoline-price and foreign-exchange impacts); traffic increased 3.3% and ticket 5.9%. Digitally enabled comparable sales grew 19.5%. FY comparable sales rose 8.4% (6.6% adjusted).
  • Q4 gross margin was 11.02%, down 11 bp Y/Y but up 20 bp excluding gasoline impacts. Selling, general and administrative expense was 8.94% of sales, up 27 bp Y/Y and up 2 bp excluding gasoline impacts. Excluding the tariff-refund benefit, Q4 net income grew 12.3% and EPS 12.4%.
  • FY cash was $20.2B vs $14.2B; property and equipment additions were $6.44B vs $5.50B. Share repurchases were $848M vs $903M; shares outstanding increased by 29,000 Y/Y, to 443.266M.

Guidance

No guidance in this filing.

Investor Takeaways

  • Costco estimated 967 warehouses by FY2027 year-end, vs 939 at FY2026 year-end; progress on expansion and comparable-sales trends are the next operating measures to watch.

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