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How Costco Wholesale (COST) makes money

Costco Wholesale (COST) made $95.7B of revenue in the fourth quarter fiscal 2026 (Q4 FY26), +11% from a year earlier. Of every dollar of revenue, 4¢ was left as operating profit, 3¢ was left as net earnings.

Drawing the Sankey…

Costco Wholesale: revenue by line, Q2 FY25 to Q3 FY26Costco Wholesale: revenue by line, Q2 FY25 to Q3 FY26Net SalesMembership feesNet Sales: $69.2B latest$69.2BMembership fees: $1.4B latestQ2 FY25Q3 FY25Q1 FY26Q2 FY26Q3 FY26
The mix barely moved between Q2 FY25 and Q3 FY26.
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: where each dollar of revenue goesCostco Wholesale: where each dollar of revenue goesOperating profit4¢Income tax1¢Net earnings3¢

Where each dollar of revenue goes

LineQ4 FY26% of revenue
Revenue$95.7B100.0%
Operating profit$3.8B4.0%
Income tax$1.0B1.1%
Net earnings$3.0B3.1%

Revenue, quarter by quarter

QuarterRevenueY/Y
Q4 FY26$95.7B+11%
Q3 FY26$70.5B+12%
Q2 FY26$69.6B+9%
Q1 FY26$67.3B+8%
Q4 FY25$86.2B+8%
Q3 FY25$63.2B+8%
Q2 FY25$63.7B+9%

From Costco Wholesale's 10-K filed Oct 7, 2026 (on EDGAR).

Questions

How does Costco Wholesale make money?

Costco Wholesale (COST) made $95.7B of revenue in the fourth quarter fiscal 2026 (Q4 FY26), +11% from a year earlier. Of every dollar of revenue, 4¢ was left as operating profit, 3¢ was left as net earnings.

What is Costco Wholesale's profit margin?

Net earnings were $3.0B, 3.1% of revenue, in the fourth quarter fiscal 2026; the operating margin was 4.0%.

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Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.