What Is the Costco Earnings Report?

Costco Wholesale Corporation operates the world’s third-largest retailer by revenue and the largest membership-only warehouse club chain globally. The company’s fiscal year runs from early September through late August, with fiscal Q4 covering approximately June through August each year. Costco’s quarterly earnings reports include net sales, comparable store sales (a closely watched metric of organic growth), membership fee revenue, and net income.

Costco’s business model is distinctive: the company earns a substantial portion of its operating income from annual membership fees rather than traditional retail margins, which makes membership renewal rates and new member additions key indicators of business health. As of fiscal year 2025, membership fee revenue reached $5.32 billion annually, providing a predictable and highly recurring income stream.

The September earnings release carries particular significance because it covers both the quarterly result and the full fiscal year, giving analysts and investors a comprehensive view of Costco’s annual performance. A press release and conference call with management typically follow shortly after the close of US trading on the release date.

COST Earnings: September 24, 2026 Schedule

Costco will publish its fiscal Q4 2026 results on Thursday, September 24, 2026, after the market closes at 4:00 p.m. Eastern Time, with a conference call expected shortly thereafter. The fiscal quarter covers the period from approximately June through August 2026.

For context, Costco reported its fiscal Q3 2026 results on May 28, 2026. That quarter saw net sales rise 11.6% year-over-year to $69.15 billion, comparable store sales increase 9.8%, and customer traffic improve 2.4%, according to the company’s investor relations release. The strong Q3 performance sets a high baseline for expectations heading into the final quarter of the fiscal year.

The fiscal Q4 FY2025 comparison period (reported September 25, 2025) showed net sales of $84.4 billion (up 8.0% year-over-year) and earnings per diluted share of $5.87, representing 11% growth from the prior year. Analysts tracking Q4 FY2026 are using this as their base period, with consensus EPS forecasts of $6.43 to $6.55.

Why Costco Earnings Matter for Markets

Costco is widely regarded as a proxy for consumer spending health among higher-income households. Its warehouse format caters to members who shop in bulk, typically purchasing more discretionary goods per trip than at conventional supermarkets. Strong comparable sales at Costco signal robust consumer confidence among a key demographic segment, whereas a miss can signal that even affluent shoppers are pulling back.

Beyond consumer sentiment, Costco’s results illuminate several structural themes that markets are tracking closely in 2026. First, the impact of tariffs on imported goods: Costco sources a significant proportion of its merchandise internationally, and any cost pressures from trade policy will likely appear in gross margin commentary or in management guidance. Second, membership fee dynamics: any deceleration in new member growth or a decline in renewal rates would be a significant negative signal for the long-term revenue base.

For sector investors, Costco’s results influence the broader consumer staples and discount retail universe, including peers such as Walmart and Target. A strong quarter from Costco typically provides a positive read-through for the retail sector generally, while any sign of consumer softening tends to weigh on the group. The September release also falls at the end of the summer trading season, making it a useful signal for early back-to-school and pre-holiday spending trends.

What to Watch For in Fiscal Q4 2026

Markets will focus on several key metrics in Costco’s September 24 release:

Comparable store sales (comp sales) will be the headline metric beyond EPS. Analysts are watching for continuation of the mid-to-high single-digit comp trends seen in recent quarters. Any deceleration below 6% would likely disappoint, while figures above 10% would signal further strength in consumer spending at the warehouse level.

E-commerce performance will also draw scrutiny. In fiscal Q4 2025, Costco’s e-commerce sales grew 13.5% year-over-year. With digital adoption continuing across retail, markets will be looking for sustained or accelerating online growth to offset any in-store traffic moderation. Membership renewal rates, historically above 90% in the United States and Canada, and any indication of how the company’s recent membership fee increase (announced in mid-2024) is affecting renewal behaviour, will be key points in the conference call commentary.

Gross margin trends and any commentary on tariff-related cost pressures will be scrutinised given the trade policy backdrop. Investors will also listen carefully for full-year fiscal 2027 outlook guidance and capital allocation plans, particularly regarding special dividends, which Costco has paid several times in recent years.

Related Events

• FOMC Rate Decision September 2026 — The Federal Reserve’s September 16 interest rate decision will set the consumer credit backdrop against which Costco’s results are interpreted.
• US Retail Sales September 2026 — Broad retail sales data for the same period will provide context for whether Costco’s performance is sector-specific or reflects wider consumer trends.
• US Personal Income and Outlays (PCE) September 2026 — The Fed’s preferred inflation measure will frame the broader consumer spending environment surrounding the Costco release.

Frequently Asked Questions

What fiscal quarter does Costco’s September 2026 earnings cover?

The September 24, 2026 earnings release covers Costco’s fiscal fourth quarter of 2026, which runs from approximately June through August 2026. The release also includes full fiscal year 2026 results, as Costco’s fiscal year runs from early September to late August each year.

When will Costco report its Q4 2026 earnings?

Costco Wholesale Corporation is scheduled to release fiscal Q4 2026 results on Thursday, September 24, 2026, after the close of US trading at 4:00 p.m. Eastern Time. A management conference call is expected to follow the press release.

What are analysts expecting from Costco’s Q4 2026 results?

Consensus EPS estimates for fiscal Q4 2026 are in the range of $6.43 to $6.55 per diluted share, according to analysts tracked by MarketBeat and TipRanks. This compares with $5.87 per share in the year-ago quarter. Beyond EPS, comparable store sales growth and membership renewal rates will be the key performance indicators market participants are watching most closely.