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COST: Consumer Polarization Deepens — Still 'Sitting Pretty'?
Results remain solid. Revenue and profit both slightly beat expectations.
+11Costco
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COST (Trans): comps steady at 6.7%, membership growth slowed
FY26 Q4 net sales were $93.87bn (+11.2% YoY). Ex fuel and FX, comps held at 6.7%, while growth in total paid memberships slowed to 3.8%, and the YoY lift from the U.S./Canada fee hike rolled off by quarter-end.
For FY27, capex was raised to approx. $7.5bn, with a target to open net 30 warehouses per year. Most of the tariff refunds received will be reinvested into membership fees.
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COST (Trans): tariff refunds to be received within a few months
Below is Dolphin Research's Trans of $Costco Wholesale(COST.US) FQ3 2026 earnings call. For our earnings take, see 'Inflation Resurges, Costco Still Resilient'.
I. Earnings highlights recap. 1) Key financials: FQ3 2026 (12 weeks ended May 10, 2026) net income of $2.20bn (+15% YoY), with diluted EPS of $4.93.Net sales were $69.15bn (+11.6% YoY). Comparable sales rose 9.8%...D![COSTCO WHOLESALE]()
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+14
Inflation Resurges, COST Stays Resilient
Global discount retail leader — $Costco Wholesale(COST.US) — reported after-hours on May 29 its FY2026 Q3 results for the period ended May 10. Overall performance remained very resilient, broadly in line with market expectations.
By contrast, Dolphin Research believes the company’s prints offer a useful lens into shifts in US consumer health. That may be the more interesting angle.On the headline numbers, the key narrative this quarter was US–Iran tensions pushing up oil and commodity prices, lifting both revenue and costs. On revenue, total sales rose 11.6% YoY this quarter...D![COSTCO WHOLESALE]()
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COST (Trans): Tariffs & Iran impact in focus
Below is Dolphin Research's summarized transcript on $Costco Wholesale(COST.US) FY26 Q2 earnings call; for the earnings analysis, cf. 'Will AI trigger mass layoffs? Costco remains a safe haven'.
I. Core financial highlights review. II. Detailed call notes — 2.1 Management's key messages. 1) Tariff impact: the future impact remains highly uncertain. IEEPA tariffs that were previously cancelled have been replaced by new global tariffs, effective for at least the next 150 days. Refunds: regarding IEEPA tariff refunds...D![COSTCO WHOLESALE]()
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AI to Trigger Layoffs? COST Still a Safe Haven---
Global discount retail leader — $Costco Wholesale(COST.US) reported Q2 FY2026 results in U.S. after-hours today.
The quarter ended on Feb 15.Overall, results remained solid, with both revenue and earnings slightly beating estimates.
Momentum stayed intact.On headline metrics, total revenue rose 9.2% YoY, an acceleration vs. last quarter’s 8.3%.
The pickup was aided by FX tailwinds and broadly higher precious metals and commodity prices.OP was $2.61bn, up 12.5% YoY.
Margin expanded by 10 bps YoY, remaining on an improving trajectory...D![COSTCO VHOLTAL]()
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COST (Trans): Confident on inflation; plans to open 30 warehouses annually.
Below is Dolphin Research's full earnings call Trans for $Costco Wholesale(COST.US) FY26 Q1. For our First Take, see 'US Gov. shutdown victim? Is Costco's last leg down?'
1) Key metrics recap. Headline results: net income of $2.001bn and diluted EPS of $4.50.
Excluding tax benefits related to SBC, net income and EPS rose 13.6% YoY. Sales: net sales were $65.98bn (+8.2% YoY), with comps up 6.4%...
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US Gov. Shutdown Casualty? COST's Last Dip?
The global discount retail leader — $Costco Wholesale(COST.US) — reported FY2026 Q1 results for the quarter ended Nov 23 after the U.S. close on Dec 11.
Overall performance was steady, with revenue and OP growth improving and slightly beating estimates.However, key operating metrics — comps/traffic growth and member additions/renewal rates — remained soft.Specifically:1) Same-store growth looks better, but traffic is still weakening.Overall comps rose 6.4% this quarter, an acceleration of 70bps vs. last quarter...
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Costco (Minutes): 35 new stores to open in fiscal year 26, price increases only if absolutely necessary
The following are the minutes of Costco FY25Q4 earnings call organized by Dolphin Research. For earnings interpretation, please refer to the article "The Middle Class is also 'Weakening', is Costco Facing Headwinds?". 1. Review of Core Financial Information 1. Same-store sales: Reported growth of 5.7%, adjusted growth of 6.4% after excluding the impact of gasoline price deflation (-0.9%) and foreign exchange (+0.2%). a. Traffic: Global growth of 3.7%, the main driver of sales growth...
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The Middle Class is also "Weakening," and is Costco facing headwinds?
Global Discount Retail King—$Costco Wholesale(COST.US) released its Q4 FY2025 financial report, ending in late August, after the U.S. stock market closed on September 26. Overall, Costco's growth remains relatively stable, with both revenue and operating profit maintaining an 8%~9% growth rate. However, some potential issues have also been exposed. Specifically: 1. Nominal same-store growth appears stable, but customer traffic has significantly weakened: The most critical operating indicator, Costco's overall same-store sales growth rate for this quarter was 5.7%, unchanged from the previous quarter, seemingly still stable...