# Costco Wholesale Corporation (COST)

> Source: Nexqual · https://nexqual.com/COST · data as of 2026-10-23 17:25 UTC · cite as "Nexqual, Costco Wholesale Corporation (COST), nexqual.com/COST" · informational, not investment advice.

**Price:** USD 1,004.43 (-1.35% today) · US market open, as of October 23, 2026 at 17:25 UTC; quotes may be delayed. Prev close 1,018.21 · day 1,004–1,021.45 · 52w 844.06–1,096.5 · market cap $445B · NMS

## Key facts
- Last four reported quarters (through Aug 30, 2026): revenue $303B, net income $9.23B (3.0% margin), free cash flow $9.38B (SEC filings).
- Valuation: P/E 48.2x (avg 50.3x at the last 3 fiscal year-ends), EV/EBITDA 29.9x, net cash $15.1B.
- 7 of 80 tracked superinvestors hold COST (13F, Q2 2026 (1 investor on Q3 2026, filed early)): 0 new, 0 added, 3 reduced, 4 unchanged.
- Insider open-market sales, last ~7 months: 4 Form 4 filings, $4.6M; 4 not under a Rule 10b5-1 plan ($4.6M); 2 by opportunistic insiders (2 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.32 on a 1–5 scale) (41 analysts), mean target USD 1,067.59 (range 770–1,315).
- Total return with dividends: 1Y +7.2% vs S&P 500 +14.4%; 5Y +115.3% vs S&P 500 +77.0%.
- Next earnings: 2026-12-10, EPS estimate USD 4.91, revenue estimate $74.2B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $227B | $242B | $254B | $275B | $303B | $303B |
| Gross profit | $27.6B | $29.7B | $32.1B | $35.3B | $38.9B | — |
| Operating income | $7.79B | $8.11B | $9.29B | $10.4B | $11.7B | $11.7B |
| Net income | $5.84B | $6.29B | $7.37B | $8.10B | $9.23B | $9.23B |
| EPS (diluted) | $13.14 | $14.16 | $16.56 | $18.21 | $20.76 | — |
| Free cash flow | $3.50B | $6.75B | $6.63B | $7.84B | $9.38B | $9.38B |
| Gross margin | 12.1% | 12.3% | 12.6% | 12.8% | 12.8% | — |
| Operating margin | 3.4% | 3.3% | 3.6% | 3.8% | 3.9% | 3.9% |
| Net margin | 2.6% | 2.6% | 2.9% | 2.9% | 3.0% | 3.0% |
| Revenue growth | +15.8% | +6.8% | +5.0% | +8.2% | +10.1% | — |
| Cash + short-term investments | $11.0B | $15.2B | $11.1B | $15.3B | $21.3B | — |
| Total debt | $6.56B | $6.46B | $5.90B | $5.79B | $6.16B | — |
Fiscal years end Aug. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Aug 30, 2026)
P/E 48.2x · P/S 1.5x · EV/EBITDA 29.9x · EV/Sales 1.4x · P/FCF 47.4x · P/B 12.4x · FCF yield 2.11% · Earnings yield 2.07% · Dividend yield (paid, TTM) 0.55% · Buyback yield (TTM) 0.19% · Net cash $15.1B · EV $430B
P/E at fiscal year-ends: Aug 2026 45.5x, Aug 2025 51.8x, Sep 2024 53.5x.

## Superinvestors (SEC 13F-HR, Q2 2026)
7 of 80 tracked investors hold COST (1 investor on Q3 2026, filed early). Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change | Quarter |
|---|---|---|---|---|---|
| Christopher Bloomstran | Semper Augustus | 0.35% | $3.1M | Reduced -0.4% | Q2 2026 |
| Thomas Gayner | Markel Group | 0.28% | $36.6M | Unchanged | Q2 2026 |
| Torray Funds |  | 0.08% | $587K | Unchanged | Q2 2026 |
| Thomas Russo | Gardner Russo & Quinn | 0.04% | $3.2M | Reduced -26.5% | Q2 2026 |
| David Katz | Matrix Asset Advisors | 0.04% | $501K | Unchanged | Q3 2026 |
| Mairs & Power | Mairs & Power Funds | 0.03% | $2.8M | Unchanged | Q2 2026 |
| Bill Nygren | Oakmark Funds | <0.01% | $335K | Reduced -1.1% | Q2 2026 |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 4 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-13 | Wilcox William Richard | Executive Vice President | 1,100 | $1.1M | 26.2% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-29 | Frates Caton | Sr. Executive Vice President | 801 | $733K | 9.2% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-09-29 | Adamo Claudine | Executive Vice President | 2,200 | $2.0M | 23.6% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-23 | Denman Kenneth D | Director | 885 | $847K | 15.6% | No | Too little history (no open-market trades in 2023 or 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.32 on a 1–5 scale), 41 analysts; mean target USD 1,067.59 (low 770, high 1,315).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-21 | CICC | Initiated | Outperform | $1050 |
| 2026-10-15 | Tigress Financial | Target raised | Buy | $1065 → $1250 |
| 2026-10-09 | RBC Capital | Reiterated | Sector Perform | $1000 |
| 2026-09-28 | Deutsche Bank | Target lowered | Buy | $1091 → $1079 |
| 2026-09-28 | Argus Research | Reiterated | Buy | $1230 |
| 2026-09-25 | Freedom Broker | Target lowered | Buy | $1030 → $1010 |
| 2026-09-25 | Raymond James | Target lowered | Outperform | $1100 → $1050 |
| 2026-09-25 | Roth Capital | Reiterated | Sell | $781 |
| 2026-09-25 | JP Morgan | Target lowered | Overweight | $1100 → $1015 |
| 2026-09-25 | Truist Securities | Target lowered | Hold | $1011 → $955 |
| 2026-09-25 | DA Davidson | Target raised | Neutral | $1000 → $1040 |
| 2026-09-25 | RBC Capital | Reiterated | Sector Perform | $1000 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +7.2% | +115.3% |
| S&P 500 (SPY) | +14.4% | +77.0% |
| Per year | +7.3% | +16.6% |
| Volatility (annualized) | 19.8% | 23.5% |
| Max drawdown | -18.2% (May 2026→Sep 2026) | -30.5% (Apr 2022→May 2022) |

## Peers (Discount Stores)
WMT (Walmart Inc.) USD 119.54 -1.30% · TGT (Target Corporation) USD 153.13 -3.15% · DG (Dollar General Corporation) USD 130.96 -5.86% · DLTR (Dollar Tree, Inc.) USD 123.44 -5.80% · BJ (BJ's Wholesale Club Holdings, I) USD 106.01 -0.59% · TBBB (BBB Foods Inc.) USD 58 +0.69%

## More
Full page: https://nexqual.com/COST · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in COST's own 10-K filed 2026-10-07 (https://www.sec.gov/Archives/edgar/data/909832/000090983226000093/cost-20260830.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Competitor | Walmart (WMT) | "Walmart, Target, Kroger, and Amazon are among our significant general merchandise retail competitors in the U.S. We also compete with other warehouse clubs, including Walmart's Sam's Club and BJ's Wholesale Club in the U…" |
| Competitor | Kroger (KR) | "Walmart, Target, Kroger, and Amazon are among our significant general merchandise retail competitors in the U.S. We also compete with other warehouse clubs, including Walmart's Sam's Club and BJ's Wholesale Club in the U…" |
| Competitor | Amazon (AMZN) | "Walmart, Target, Kroger, and Amazon are among our significant general merchandise retail competitors in the U.S. We also compete with other warehouse clubs, including Walmart's Sam's Club and BJ's Wholesale Club in the U…" |

Other companies that name COST in their own reports (relationship from COST's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| competitor | VILLAGE SUPER MARKET INC (VLGEA) | 10-K 2026-10-08 | "Some of the Company's principal competitors include Acme, Aldi, Amazon/Whole Foods, BJs, Costco, Foodtown, Giant, Kings, Lidl, Safeway, Stop & Shop, Target, Trader Joe's, Walmart, Wegmans and Weis." |
| supplier | ALLIANCE ENTERTAINMENT HOLDING CORP (AENT) | 10-K 2026-09-10 | "Wholesale Club, EBAY, Costco, Vintage Stock, and numerous other customers." |
| partner | K-TECH SOLUTIONS CO LTD (KMRK) | 20-F 2026-08-12 | "deep engagement with key retail partners — such as Walmart, Target, and Costco — has been instrumental" |
| supplier | Marwynn Holdings, Inc. (MWYN) | 10-K 2026-07-30 | "We are actively working with Costco and our other customers to introduce new products that are less sensitive to the tariff" |
| partner | Wallbox N.V. (WBX) | 20-F 2026-04-09 | "This effort has led to partnerships with well-recognized brands such as Costco, Kia, Free2Move and Generac to provide our products and services." |
| partner | OOMA INC (OOMA) | 10-K 2026-04-03 | "A significant portion of our Ooma Residential and Ooma Business product sales are made through a combination of direct sales and sales through leading retailers such as Amazon, Costco.com, Best Buy an…" |
| supplier | BranchOut Food Inc. (BOF) | 10-K 2026-03-31 | "sell our products primarily through large national retail customers in the United States, including Costco and Walmart, with additional" |
| supplier | Purple Innovation, Inc. (PRPL) | 10-K 2026-03-31 | "performance with Costco, where our programs provide an important opportunity to introduce Purple to new customers at scale." |
| supplier | FITLIFE BRANDS, INC. (FTLF) | 10-K 2026-03-31 | "Irwin's largest mass market customers are CVS, Walmart, Walgreens, and Costco Canada." |
| customer | Laird Superfood, Inc. (LSF) | 10-K 2026-03-30 | "We sell a substantial portion of our products through retailers such as Costco, through distributors such as United Natural Foods, Inc. and KeHE Distributors, and online through Amazon, and we depend …" |
| partner | G III APPAREL GROUP LTD /DE/ (GIII) | 10-K 2026-03-24 | "We also partner with a diversified group of retailers such as Macy's, Harley-Davidson, Costco, Kohl's and Ross Stores to develop private-label collections." |
| supplier | Once Upon a Farm, PBC (OFRM) | 10-K 2026-03-16 | "Club: Our customers in this channel include national retailers such as Costco, Sam’s Club, and BJ’s." |
| supplier | LIFETIME BRANDS, INC (LCUT) | 10-K 2026-03-12 | "The Company's products are sold globally to a diverse customer base including mass market merchants (such as Walmart Inc. ("Walmart") and Target), specialty stores (such as Williams Sonoma and Dunelm)…" |
| partner | Traeger, Inc. (COOK) | 10-K 2026-03-06 | "Actions include a reduction in force, centralization of our MEATER business into our Salt Lake City infrastructure, discontinuation of the Costco roadshow program, redirection of Traeger.com consumers…" |
| competitor | Grocery Outlet Holding Corp. (GO) | 10-K 2026-03-04 | "We see discount retailers of consumable products, which include Costco, WinCo, Target, Trader Joe's, Aldi and Lidl, as competitors given their broad product offerings at low prices relative to convent…" |

## Revenue by business segment (quarter ended 2026-05-10)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| United States | $51.43B | 72.9% | +11.0% | $1.87B | 3.6% |
| Other International | $9.68B | 13.7% | +13.0% | $436.0M | 4.5% |
| Canada | $9.41B | 13.3% | +13.1% | $506.0M | 5.4% |
| Total revenue | $70.53B | 100% | — | $2.81B | 4.0% |

## Revenue by product line (quarter ended 2026-05-10)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Net sales | $69.15B | 98.1% | +11.6% |
| — Foods & Sundries (part of Net sales) | $26.53B | 37.6% | +5.5% |
| — Non-Foods (part of Net sales) | $17.53B | 24.9% | +9.0% |
| — Warehouse ancillary and other businesses (part of Net sales) | $15.42B | 21.9% | +29.0% |
| — Fresh Foods (part of Net sales) | $9.67B | 13.7% | +10.1% |
| Membership fees | $1.37B | 1.9% | +10.7% |
| Total revenue | $70.53B | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-11-30) | $4.91 | $4.86 | +1.0% | $74.24B | 25 |
| Next quarter (ends 2027-02-28) | $5.12 | $5.10 | +0.3% | $76.56B | 25 |
| Current fiscal year (ends 2027-08-31) | $22.81 | $22.69 | +0.5% | $329.41B | 34 |
| Next fiscal year (ends 2028-08-31) | $25.08 | $24.93 | +0.6% | $353.66B | 31 |