Investigate / COST
Understand COSTCO WHOLESALE CORP /NEW
Can Costco keep growing comparable sales while its profits remain concentrated in U.S. and Canadian operations?
Snapshot reviewed 2026-10-02. Source published 2026-06-03. No account needed.
AI-assisted synthesis of selected public filings, checked against the cited excerpts. Not a complete analysis.
This is a research starting point, not a buy/sell recommendation or a current valuation. New developments after these sources are not incorporated automatically.
Your research workspace / COST
Ask better questions. Keep the evidence.
Explore the available sources for COSTCO WHOLESALE CORP /NEW, then keep what deserves another look.
01 Investor activity
Who reports owning COST?
8 tracked reported owners. Disclosures are delayed and may describe different quarters—not live holdings or stated motives.
02 Business evidence
Reported evidence
What does the company do?
Costco operates membership warehouses and e-commerce sites selling a limited selection of branded and private-label goods at low prices, aiming for high volumes and rapid inventory turnover.
Latticework interpretation
What could support the case?
If comparable sales excluding currency and gasoline-price effects grow, Costco could spread SG&A costs over more sales and improve profitability.
Latticework interpretation
What could break the case?
A substantial slowing or sustained decline in U.S. and Canadian operations, or particularly California, could materially adversely affect results, since performance is highly dependent on them.
03 Questions to investigate
Open saved takeaways →Read the full company brief
1. Understand the business
Costco operates membership warehouses and e-commerce sites selling a limited selection of branded and private-label goods at low prices, aiming for high volumes and rapid inventory turnover.
Source: Annual filing · business description ↗2. What the reported results show
Latest source: 10-Q, reporting period ended 2026-05-10. Selected reported US-GAAP/USD comparisons. The period and basis of each measure are shown separately; year-to-date cash flow is not a quarterly figure. Missing comparisons are collection gaps, not evidence that a company has no revenue or earnings.
| Measure | Current | Prior year |
|---|---|---|
| Revenue from customer contracts ↗Quarter: 2026-02-16–2026-05-10; prior 2025-02-17–2025-05-11Both values reported in the current filing. Excludes assessed tax; this concept may exclude other company revenue. | $70,527m | $63,205m |
| Operating income ↗Quarter: 2026-02-16–2026-05-10; prior 2025-02-17–2025-05-11Both values reported in the current filing. | $2,815m | $2,530m |
| Net income ↗Quarter: 2026-02-16–2026-05-10; prior 2025-02-17–2025-05-11Both values reported in the current filing. | $2,192m | $1,903m |
| Operating cash flow ↗Nine months (year to date): 2025-09-01–2026-05-10; prior 2024-09-02–2025-05-11Both values reported in the current filing. Operating cash flow is not free cash flow or a standalone solvency assessment; inspect the full statement. | $11,133m | $9,468m |
Comparison caveat: The filing reports twelve-week quarterly earnings and thirty-six-week cash flow; calendar-month labels are approximate, and the exact reporting dates matter.
10-Q · latest checked financial statements and discussion ↗3. The investment debate
Latticework interpretation of the reported results—not the stated motives of any investor.
What could support the case
If comparable sales excluding currency and gasoline-price effects grow, Costco could spread SG&A costs over more sales and improve profitability.
Supporting filing ↗The strongest caution
A substantial slowing or sustained decline in U.S. and Canadian operations, or particularly California, could materially adversely affect results, since performance is highly dependent on them.
Caution evidence ↗An interesting business is not necessarily an attractive investment at today's price. Price, dilution, financing terms and a valuation range still need investigation.
Inspect the evidence behind both sides ↗4. Three questions worth investigating
Use these to guide your research, not as conclusions that have already been proved.
What drives comparable sales growth?
Starting evidence: Comparable sales growth is described as coming from shopping frequency from new and existing members and the amount spent per visit.
Investigate next: Review how traffic and average ticket have each contributed, and how currency and gasoline price swings affect reported comparisons.
Read the supporting filing ↗Do new warehouses add growth or shift sales?
Starting evidence: A new warehouse may draw members away from existing warehouses and adversely affect their comparable sales, traffic and profitability.
Investigate next: Look for disclosure on cannibalization effects and on opening-pace targets versus actual openings.
Read the supporting filing ↗How exposed is the model to site and expansion constraints?
Starting evidence: Growth depends partly on acquiring property and building or leasing new warehouses, and local regulations or opposition may restrict locations or raise costs.
Investigate next: Check planned openings, site-cost trends, and any jurisdictions restricting large retailers or warehouse clubs.
Read the supporting filing ↗5. Decide what to do next
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