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Costco Wholesale (COST) earnings and revenue breakdown

Latest: Q4 FY26 · 10-K filed Oct 7, 2026 · Costco Wholesale (COST) Q4 FY26 earnings results →

Q4 FY26 Revenue up 11% year over year to $95.7B · 3¢ of every $1 of revenue kept as net profit · operating margin 4.0%

Costco Wholesale made $95.7B in Q4 FY26 (+11% Y/Y). Operating margin 4.0%, net earnings $3.0B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-K filed Oct 7, 2026.

Revenue$95.7B
Year over year+11%
Operating margin4.0%
Net earnings$3.0B
Operating cash flow—

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Costco Wholesale Q4 FY26 revenue breakdown: Sankey diagram of revenue, costs, profit and cash flow
Costco Wholesale Q4 FY26 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $95.7B in Q4 FY26, up 11% year over year.

Operating profit was $3.8B, a 4.0% margin (up 0.1 points year over year). Of the extra revenue versus Q4 FY25, 5% reached operating profit, above the 4% margin then. Total costs grew 11% against revenue growth of 11%. The fastest-growing cost line was Cost of revenue (+11%). Net earnings were $3.0B, up 15% year over year. The effective tax rate was 25.2%.

Quarterly history

Costco Wholesale revenue by quarterCostco Wholesale revenue by quarter$63.7BQ2 FY25$63.2BQ3 FY25$86.2BQ4 FY25$67.3BQ1 FY26$69.6BQ2 FY26$70.5BQ3 FY26$95.7BQ4 FY26
Costco Wholesale net earnings by quarterCostco Wholesale net earnings by quarter$1.8BQ2 FY25$1.9BQ3 FY25$2.6BQ4 FY25$2.0BQ1 FY26$2.0BQ2 FY26$2.2BQ3 FY26$3.0BQ4 FY26
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q4 FY2610-KOct 7, 2026$95.7B+11%4.0%$3.0B—
Q3 FY2610-QJun 3, 2026$70.5B+12%4.0%$2.2B$3.4B
Q2 FY2610-QMar 11, 2026$69.6B+9%3.7%$2.0B—
Q1 FY2610-QDec 17, 2025$67.3B+8%3.7%$2.0B$4.7B
Q4 FY2510-KOct 8, 2025$86.2B+8%3.9%$2.6B—
Q3 FY2510-QJun 5, 2025$63.2B+8%4.0%$1.9B$3.5B
Q2 FY2510-QMar 13, 2025$63.7B+9%3.6%$1.8B—

Charts

Costco Wholesale: revenue growth, year over year and quarter over quarterCostco Wholesale: revenue growth, year over year and quarter over quarterY/YQ/Q+9%Q2 FY25+8%-1%Q3 FY25+8%+36%Q4 FY25+8%-22%Q1 FY26+9%+3%Q2 FY26+12%+1%Q3 FY26+11%+36%Q4 FY26
Latest (Q4 FY26): Y/Y +11%, Q/Q +36%.
Costco Wholesale: where the cash came from (+) and went (−), FY26Costco Wholesale: where the cash came from (+) and went (−), FY26Operating cash flow$15.8BCapital spending−$6.4BCash drawn (+) / kept (−)−$6.0BDividends−$2.5BBuybacks−$848MTaxes on employees’ shares−$361MNet borrowing (+) / repaid (−)$314MOther investing$57.0MExchange rates−$38.0MOther financing−$2.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Costco Wholesale: profit against cash, quarter by quarterCostco Wholesale: profit against cash, quarter by quarterNet incomeOperating cash flow$1.7BQ2 FY24$1.7B$3.0BQ3 FY24$1.8B$3.3BQ1 FY25$1.8BQ2 FY25$1.9B$3.5BQ3 FY25$2.0B$4.7BQ1 FY26$2.0BQ2 FY26$2.2B$3.4BQ3 FY26
Latest (Q3 FY26): Net income $2.2B, Operating cash flow $3.4B.
Costco Wholesale: diluted shares by fiscal yearCostco Wholesale: diluted shares by fiscal year444MFY21445MFY22444MFY23445MFY24445MFY25444MFY26
+0.0% since FY21: more shares outstanding (issuance, stock pay).
Costco Wholesale: long-term debt falling due (FY26)Costco Wholesale: long-term debt falling due (FY26)$2.2B2027$136M2029$1.8B2030$161M2031$1.9BLater
Cash $20.2B, short-term investments $1.1B, long-term debt — at 2026-08-30.
Costco Wholesale in its industry: growth against margin (9 companies, SIC 5331)Costco Wholesale in its industry: growth against margin (9 companies, SIC 5331)revenue growth, year over year →↑ operating marginmedian +9%median 7%WMTTGTDGBJDLTRPSMTFIVEOLLICOST (+11%, 4%)
Retail-Variety Stores; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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Customers and suppliers named in filings

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About Costco Wholesale

Costco Wholesale Corporation and its subsidiaries (Costco or the Company) began operations in 1983, in Seattle, Washington. We are principally engaged in the operation of membership warehouses in the United States (U.S.) and Puerto Rico, Canada, Mexico, Japan, the United Kingdom (U.K.), Korea, Australia, Taiwan, China, Spain, France, Sweden, Iceland, and New Zealand. Costco operated 939, 914, and 890 warehouses worldwide at August 30, 2026, August 31, 2025, and September 1, 2024. The Company operates e-commerce sites in the U.S., Canada, Mexico, the U.K., Korea, Taiwan, Japan, Australia, and China. Our common stock trades on the NASDAQ Global Select Market, under the symbol “COST.”

In its own words, from its 10-K, filed Oct 7, 2026.

Costco Wholesale against its Retail-Variety Stores peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +11% against the peers' median +9%. Operating margin: 4.0% against the peers' median 6.8%.

CompanyQuarterRevenueY/YOp. margin
COST Costco WholesaleQ4 FY26$95.7B+11%4.0%
WMT WalmartQ2 FY27$187.9B+6%5.0%
TGT TargetQ2 FY27$26.5B+5%9.6%
DG Dollar GeneralQ2 FY27$11.3B+5%6.8%
BJ BJ's Wholesale Club HoldingsQ2 FY27$6.2B+16%4.1%
DLTR Dollar TreeQ2 FY27$4.9B+7%14.1%
PSMT PricesmartQ4 FY26$1.5B+14%3.8%
FIVE Five BelowQ2 FY27$1.3B+23%21.8%
OLLI Ollie's Bargain Outlet HoldingsQ2 FY27$741M+9%14.6%

Source: Costco Wholesale 10-K on SEC EDGAR · CIK 909832 · Retail-Variety Stores

Guidance and outlook

Costco Wholesale Revenue: guidance against what was reportedCostco Wholesale Revenue: guidance against what was reportedguided rangereported (above / within / below)FY26$303.2BFY27
Met or beat 1 of 1 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.
Costco Wholesale: what its forward-looking statements are about (10-K filed 2026-10-07)Costco Wholesale: what its forward-looking statements are about (10-K filed 2026-10-07)Other9The economy1Costs1
11 statements; tone +0.18 (−1 all cautious, +1 all confident); 3 hedged.
Costco Wholesale: outlook statements against the filing beforeCostco Wholesale: outlook statements against the filing beforeNew7Dropped1Confident2

13F: who owns COST and who is buying

Largest holders of COST (13F)Largest holders of COST (13F)Vanguard Group$37.6BBlackRock$32.0BVanguard Capital Management LLC$27.1BState Street$17.2BInvesco$13.1BGeode Capital Management, LLC$9.9BVanguard Portfolio Management LLC$9.7BMorgan Stanley$9.6BBank of America$6.8BFMR LLC$5.8B
Funds' net buying of COST by quarter (13F)Funds' net buying of COST by quarter (13F)−$2.3B2024-09$343M2024-12−$63.4M2025-03$4.3B2025-06−$6.1B2025-09$17.1B2025-12$1.6B2026-03−$3.7B2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on COST

History

Every quarter: Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results · Q3 FY25 results · Q2 FY25 results

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