Key Highlights

  • Costco's Q4 FY26 Earnings Call is set for Sept. 24 at 2:00 p.m. PT; the company already reported Q4 net sales of $93.9 billion, up 11.3%.
  • Fiscal 2026 net sales rose 10.2% to $297.3 billion, with adjusted Q4 comparable sales up 6.7% and digital comps up 19.8%.
  • The year-ago baseline is $5.87 EPS; investors will focus on membership fee growth, renewal rates and gross margins.
  • Wall Street estimates point to roughly $6.55 in EPS on about $94.6 billion in total Revenue for the quarter, though consensus figures vary by data provider.

Costco Wholesale (NASDAQ:COST) will report its fiscal fourth-quarter and full-year 2026 results on Thursday, Sept. 24, with a conference call scheduled for 2:00 p.m. Pacific Time, according to the company's Investor relations events page. The results cover the 16-week quarter and 52-week fiscal year that ended Aug. 30, 2026. As of this writing, the report had not yet been released.

Unlike most retailers, Costco has already disclosed the headline sales figures for the period. In its Sept. 2 monthly sales release, the company said fourth-quarter net sales rose 11.3% to $93.9 billion and fiscal-year net sales climbed 10.2% to $297.3 billion. That means Thursday's report is less about the Top Line and more about profitability, membership income, margins and the tone of management's commentary.

The key items to watch are Net Income and earnings per share, membership fee growth and renewal rates, gross Margin trends, and any update on Capital returns. Wall Street's expectations point to roughly $6.55 in Earnings Per Share on about $94.6 billion in total revenue, though consensus figures vary by data provider.

What the Sales Numbers Already Reveal

Costco's Sept. 2 release showed broad-based momentum through the end of the fiscal year. Fourth-quarter comparable sales rose 9.4% for the total company, including 10.7% in the U.S., 5.0% in Canada and 7.0% in other international markets. Digitally enabled comparable sales grew 19.5%.

Gasoline prices and currency movements inflated those reported figures. Excluding the effects of gas prices and foreign exchange, fourth-quarter comparable sales grew 6.7% for the total company, 7.2% in the U.S., 4.6% in Canada and 6.2% in other international markets. Digital comparable sales grew 19.8% on that adjusted basis.

For August alone, net sales rose 9.9% to $23.70 billion. Adjusted total comparable sales rose 5.4%. Costco said the later timing of Labor Day in the U.S. and Canada this year hurt August total and comparable sales by a little less than 75 basis points, a calendar quirk that should reverse in September.

For the full fiscal year, reported total comparable sales rose 8.4%, or 6.6% excluding gas and currency, while digitally enabled comparable sales grew 20.9%.

The Earnings Baseline From a Year Ago

The comparison point for Thursday's report is the fourth quarter of fiscal 2025. In its Sept. 25, 2025 release, Costco reported net income of $2.610 billion, or $5.87 per diluted share, compared with $5.29 a year earlier. That quarter's net sales rose 8.0% to $84.4 billion, and membership fees were about $1.72 billion. Costco earned $18.21 per diluted share for the full 2025 fiscal year.

The most recent quarter shows the trend heading into the report. For the third quarter ended May 10, 2026, Costco reported net income of $2.19 billion, or $4.93 per diluted share, up from $1.90 billion, or $4.28, a year earlier, according to its May 28 release. Net sales rose 11.6% to $69.15 billion, and membership fees increased 10.7% to $1.373 billion. The company operated 931 warehouses at the time.

Membership Income Is the Profit Engine

Membership fees are a small share of revenue but a large share of profit, which is why investors watch them closely. Fee income grew 10.7% in the third quarter. Costco raised its annual fees in the U.S. and Canada in September 2024, and because fees are recognized over the membership year, that increase has now largely worked its way into the comparisons. That makes the fourth quarter a useful test of how much fee growth comes from new members and upgrades to the higher-priced executive tier, and investors will look for signs of how fee growth may trend in fiscal 2027.

Renewal rates matter just as much. Costco reports renewal rates for the U.S. and Canada and worldwide, and any softening could signal pressure from digital sign-ups, which have historically renewed at lower rates than in-warehouse sign-ups. Paid member counts and the number of executive members, who pay higher fees and receive rewards, are also closely watched.

Margins, Tariffs and the Competitive Field

Gross margin is the other swing factor. Costco's model relies on low markups, so small moves in merchandise margins, fuel profitability or labor costs can have a noticeable effect on earnings. Investors will listen for commentary on tariffs and Import costs, pricing on fresh food and general merchandise, and wage investments.

Costco competes with Walmart (NYSE:WMT)'s Sam's Club, BJ's Wholesale Club (NYSE:BJ), Amazon (NASDAQ:AMZN) and traditional grocers. Its adjusted U.S. comparable sales growth of 7.2% in the fourth quarter compares favorably with much of the grocery sector, and digital growth near 20% suggests its E-commerce push is gaining traction. The stock's valuation remains a high bar, and strong sales alone may not be enough to lift the shares.

Risks Heading Into the Report

Several risks could affect the reaction. Costco's shares have long traded at a premium valuation relative to other retailers, leaving little room for disappointment on margins or membership metrics. Adjusted comparable sales growth in August slowed from the quarterly pace, though the Labor Day shift explains part of that. Currency swings and gasoline prices can distort reported results, and tariff-related cost pressures could weigh on merchandise margins. Canada's comparable sales, at 4.6% on an adjusted basis in the quarter, lagged the U.S.

On the positive side, the sales figures already disclosed show steady traffic, strong digital growth and continued international expansion. Because the top line is already known, any surprise on Thursday is more likely to come from costs, tax items or membership metrics than from sales.

After Thursday: Fiscal 2027 Signals to Watch

Beyond Thursday's figures, investors will listen to the call for details on Warehouse openings planned for fiscal 2027, capital spending plans and any update on Shareholder returns. Some analysts have raised the possibility of a special dividend, although Costco has not announced one and has not said whether it plans to.

Costco's September sales report, typically released in early October, will offer the first read on fiscal 2027 and show whether the Labor Day timing shift lifts results as expected. Management commentary on membership renewal trends and Tariff impacts is likely to shape the stock's reaction as much as the reported earnings.