Costco Wholesale Corp COST

Consumer StaplesDiversified RetailUnited States of America

Last close 1,012.28 USD on Nov 1, 2026, +18.1% year to date

Quant rating

Quant rating A Rank 12 of 124 in Consumer Staples

Growth A 17 of 124
Valuation D 107 of 124
Quality A 4 of 124
Revisions B 22 of 124
Momentum B 35 of 124

Wall Street consensus Buy (2.10)Average target 1,066.89 USD +5.4%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 448.6B
Enterprise value: 434.8B
52-week range: 844.26 – 1,096.47
3-year range: 543.61 – 1,096.47
Dividend yield: 0.58%
Beta (5 years): 0.84
Shares outstanding: 443M
Next earnings: Dec 10, 2026

About the company

Costco Wholesale Corporation (Costco) operates membership warehouses and e-commerce sites that offer a selection of nationally branded and private-label products in a wide range of categories. The Company buys the majority of its merchandise directly from suppliers and route it to cross-docking consolidation points (depots) or directly to its warehouses. It operates 891 warehouses, including 614 in the United States and Puerto Rico, 108 in Canada, 40 in Mexico, 35 in Japan, 29 in the United Kingdom, 19 in Korea, 15 in Australia, 14 in Taiwan, seven in China, five in Spain, two in France, and one each in Iceland, New Zealand and Sweden. It also operates e-commerce sites in the United States, Canada, the United Kingdom, Mexico, Korea, Taiwan, Japan and Australia. The Company provides wide selection of merchandise, plus the convenience of specialty departments and exclusive member services.

Growth and profitability fiscal year ends August 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	303,154	275,235	254,453	242,290	226,954	–
Revenue growth	10.1%	8.2%	5.0%	6.8%	15.8%	9.1%
EPS (basic, normalized)	20.61	18.21	16.56	14.16	13.14	–
EPS growth	13.2%	10.0%	16.9%	7.8%	–	–
Gross margin	12.8%	12.8%	12.6%	12.3%	12.1%	12.5%
Net margin	3.0%	2.9%	2.9%	2.6%	2.6%	2.8%
ROE	28.4%	30.7%	30.3%	27.5%	30.6%	29.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	21,301
Current ratio	1.06x
Long-term debt (mil)	3,914
Net debt (mil)	−15,139
Total equity (mil)	35,803
Net debt / equity	−0.42x
Net debt / EBITDA	−1.05x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	303,154	+10.1%	1.4x	14,359	+11.5%	30.3x	20.61	+13.2%	49.1x
2027	329,541	+8.7%	1.3x	16,138	+12.4%	26.9x	22.81	+10.7%	44.4x
2028	354,556	+7.6%	1.2x	17,633	+9.3%	24.7x	25.02	+9.7%	40.5x
2029	378,037	+6.6%	1.2x	19,279	+9.3%	22.6x	27.53	+10.1%	36.8x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	329,541	+0.1%	+1.1%	+2.3%	22.81	0.0%	+0.6%	+1.2%
2028	354,556	0.0%	+1.2%	+1.8%	25.02	+0.4%	+0.5%	+0.2%
2029	378,037	0.0%	+1.3%	+4.1%	27.53	+0.1%	+1.5%	+2.9%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	May 2024	Aug 2024	Nov 2024	Feb 2025	May 2025	Aug 2025	Nov 2025	Feb 2026	May 2026	Aug 2026
Sales reported (mil)	58,515	79,697	62,151	63,723	63,205	86,156	67,307	69,597	70,527	95,723
Sales mean (mil)	58,069	80,229	62,083	63,134	63,189	86,061	67,137	69,294	69,813	94,859
Surprise	+0.8%	−0.7%	+0.1%	+0.9%	0.0%	+0.1%	+0.3%	+0.4%	+1.0%	+0.9%
EPS reported	3.78	5.29	4.04	4.02	4.28	5.87	4.50	4.58	4.93	6.60
EPS mean	3.70	5.07	3.79	4.11	4.24	5.80	4.27	4.56	4.93	6.53
Surprise	+2.1%	+4.4%	+6.6%	−2.1%	+1.0%	+1.2%	+5.3%	+0.4%	+0.1%	+1.1%

Peer comparison Diversified Retail

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
COST Costco Wholesale Corp	448.6B	−1.05x	3.0%	12.53x	44.4x	40.5x	26.9x	24.7x
AMZN Amazon.com Inc	2.60T	0.35x	10.8%	4.23x	18.7x	22.4x	12.3x	9.3x
TJX The TJX Companies, Inc.	154.3B	−0.38x	9.1%	14.51x	26.8x	24.4x	16.8x	15.5x
TGT Target Corp	70.1B	1.26x	3.5%	3.93x	14.7x	16.1x	8.2x	8.7x
DG Dollar General Corp	29.2B	0.92x	3.5%	3.14x	16.8x	15.9x	8.9x	8.6x
DLTR Dollar Tree Inc	25.1B	0.81x	6.3%	7.33x	16.9x	17.0x	9.6x	9.7x
Mean		0.32x	6.1%	7.61x	23.0x	22.7x	13.8x	12.7x
Median		0.58x	4.9%	5.78x	17.8x	19.7x	10.9x	9.5x

Technical analysis

1M+9.8%
3M+4.9%
1Y+10.3%
3Y+94.2%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Costco Wholesale Corp, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	303,154	275,235	254,453	242,290	226,954	195,929
Cost of revenue	264,279	239,886	222,358	212,586	199,382	170,684
Gross profit	38,875	35,349	32,095	29,704	27,572	25,245
Selling, general & administrative expenses	27,190	24,966	22,810	21,590	19,661	17,938
Research & development	–	–	–	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	–	–	–	118	599
Other operating expenses	0	0	0	0	0	0
Operating income	11,685	10,383	9,285	8,114	7,793	6,708
Net interest income (expense)	525	399	390	339	9.0	−74.0
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	41.0	36.0	65.0	34.0	38.0	46.0
Net income before taxes	12,251	10,818	9,740	8,487	7,840	6,680
Provision for taxes	3,025	2,719	2,373	2,195	1,925	1,601
Minority interest	–	–	0	0	−71.0	−72.0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	9,226	8,099	7,367	6,292	5,844	5,007
Extraordinary items	–	–	–	–	–	–
Net income	9,226	8,099	7,367	6,292	5,844	5,007
EBIT, normalized	11,685	10,383	9,285	8,114	7,911	7,307
EBITDA, normalized	14,359	12,809	11,522	10,191	9,811	9,088
Basic EPS, normalized	20.61	18.21	16.56	14.16	13.14	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Costco Wholesale Corp, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	21,301	15,284	11,144	15,234	11,049	12,175
Receivables	3,959	3,203	2,721	2,285	2,241	1,803
Total inventory	19,324	18,116	18,647	16,651	17,907	14,215
Prepaid expenses	–	–	–	–	–	–
Other current assets	1,998	1,777	1,734	1,709	1,499	1,312
Total current assets	46,582	38,380	34,246	35,879	32,696	29,505
Property, plant & equipment	39,743	36,122	33,082	30,722	29,040	27,382
Goodwill	994	994	994	994	993	996
Intangibles	–	–	–	–	–	294
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	1,726	1,603	1,509	1,399	1,437	1,091
Total assets	89,045	77,099	69,831	68,994	64,166	59,268
Liabilities
Accounts payable	22,591	19,783	19,421	17,483	17,848	16,278
Payable/accrued	–	–	–	–	–	–
Accrued expenses	8,870	8,090	7,408	6,648	6,531	5,983
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	2,342	153	250	1,210	318	871
Other current liabilities	10,149	9,082	8,385	8,242	7,301	6,309
Total current liabilities	43,952	37,108	35,464	33,583	31,998	29,441
Long-term debt	5,233	7,114	7,145	6,680	7,867	7,672
Minority interest	–	–	–	0	5.0	514
Other liabilities	4,057	3,713	3,600	3,673	3,654	4,077
Total liabilities	53,242	47,935	46,209	43,936	43,524	41,704
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	2.0	2.0	2.0	2.0	2.0	4.0
Additional paid-in capital	8,830	8,282	7,829	7,340	6,884	7,031
Retained earnings (accumulated deficit)	28,591	22,650	17,619	19,521	15,585	11,666
Treasury stock	–	–	–	–	–	–
Other equity	−1,620	−1,770	−1,828	−1,805	−1,829	−1,137
Total equity	35,803	29,164	23,622	25,058	20,642	17,564
Total liabilities & shareholders' equity	89,045	77,099	69,831	68,994	64,166	59,268

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Costco Wholesale Corp, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	9,226	8,099	7,367	6,292	5,915	5,079
Depreciation, depletion & amortization	2,674	2,426	2,237	2,077	1,900	1,781
Deferred taxes	306	–	–	–	−37.0	59.0
Non-cash items	1,291	1,046	1,124	1,681	1,177	1,036
Changes in working capital	2,320	1,764	611	1,018	−1,563	1,003
Cash from operations	15,817	13,335	11,339	11,068	7,392	8,958
Investing activities
Capital expenditures	−6,435	−5,498	−4,710	−4,323	−3,891	−3,588
Other investing cash flows	57.0	187	301	−649	−24.0	53.0
Cash from investing	−6,378	−5,311	−4,409	−4,972	−3,915	−3,535
Financing activities
Financing cash flow items	−361	−393	−315	−303	−1,546	−379
Cash dividends paid	−2,458	−2,183	−9,041	−1,251	−1,498	−5,748
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−536	−1,199	−1,408	−1,060	−1,239	−361
Cash from financing	−3,355	−3,775	−10,764	−2,614	−4,283	−6,488
Foreign exchange effects	−38.0	6.0	40.0	15.0	−249	46.0
Net change in cash	6,046	4,255	−3,794	3,497	−1,055	−1,019
Free cash flow	9,382	7,837	6,629	6,745	3,501	5,370

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.