Costco Q4 2026 Earnings Analysis
Impossibile aggiungere al carrello
Puoi avere soltanto 50 titoli nel carrello per il checkout.
Riprova più tardi
Riprova più tardi
Rimozione dalla Lista desideri non riuscita.
Riprova più tardi
Non è stato possibile aggiungere il titolo alla Libreria
Per favore riprova
Non è stato possibile seguire il Podcast
Per favore riprova
Esecuzione del comando Non seguire più non riuscita
Costco Q4 2026 Earnings Analysis
-
Letto da:
-
Di:
Groups: RETAIL (https://betafinch.com/groups/RETAIL)
──────────
WELCOME TO BETA FINCH, YOUR AI-POWERED EARNINGS BREAKDOWN
ALEX: Welcome to Beta Finch, your AI-powered earnings breakdown, where we take the numbers straight from the source and translate them into something you can actually use. I'm Alex.
JORDAN: And I'm Jordan. Today we're digging into Costco's fiscal fourth quarter and full-year 2026 results.
ALEX: And before we get going, our standard reminder — this podcast is AI-generated content for educational and entertainment purposes only. Nothing we discuss should be considered investment advice. Always do your own research and consult a qualified financial advisor before making any investment decisions.
JORDAN: Okay, let's get into it, because there's a lot here. Costco just closed out fiscal 2026 with over 10% top-line sales growth for the year, and Q4 net sales came in at $93.87 billion — up 11.2% year over year.
ALEX: And comparable sales were up 9.4% overall, 6.7% once you strip out gas price inflation and foreign exchange. That's actually been a pretty steady band for them — Gary Millerchip, the CFO, mentioned that 6-7% range has held for basically a full year now.
JORDAN: Right, and net income was $2.998 billion, or $6.75 a share. But here's a wrinkle — that includes a one-time $0.15 per share benefit from IEEPA tariff refunds. Strip that out, and net income and EPS were still up a healthy 12.3% and 12.4% respectively.
ALEX: The tariff refund story is worth pausing on. Costco got $184 million back in Q4 — that's about a third of what they expect total — and instead of just banking it, they plowed a chunk of it back into member value. Price cuts on everyday stuff: produce, meat, beverages, even home furnishings and hardware.
JORDAN: Which is very on-brand for Costco. CEO Ron Vachris basically said it outright — when they see lower prices, they see an opportunity. And it's not just talk; they're planning to keep reinvesting the majority of future tariff refunds the same way into fiscal 2027.
ALEX: Let's talk membership, because that's always the metric everyone obsesses over. Executive members hit an all-time high — 42.3 million, up 9.4% year over year. Total paid membership was 84.1 million, up 3.8%.
JORDAN: But an analyst on the call — Scot Ciccarelli from Truist — pushed on this pretty hard. Membership growth has been slowing for eight straight quarters. Gary's answer was essentially: this is more of a normalization than a red flag. New sign-ups are still growing, renewal rates ticked up to 92.3% in the U.S. and Canada, and the real story is quality over raw headcount — more executive members, more gas engagement, more digital engagement, all of which correlate with higher spend and stickier loyalty.
ALEX: The under-40 member cohort is a big part of that story too. It's grown nearly 60% since COVID and now makes up more than a quarter of Costco's total membership base. They spend less initially, but the expectation is they mature into higher-value members over time.
JORDAN: Now, on the ancillary business side — gas, pharmacy, and travel were the real stars. Gas had a record year, with comps up in the mid-30s, and Costco says it saved members over $3.2 billion at the pump versus market average pricing.
ALEX: Pharmacy grew nearly 20%, even absorbing headwinds from Medicare pricing changes on drugs, partly thanks to GLP-1 programs and their fertility program driving double-digit script growth. And travel — vacation packages, cruises, car rentals — all grew double digits. There was this incredible anecdote about a member booking a 154-night cruise for over $218,000 and getting an $8,800 shop card back.
JORDAN: That's a wild flex for what's supposed to be a value retailer, but it kind of shows the range Costco's operating in right now — from Kirkland walnuts down four bucks a bag to six-figure cruise bookings.
ALEX: Let's touch on digital, because there wa
This episode includes AI-generated content.
adbl_web_anon_alc_button_suppression_t1
Ancora nessuna recensione