Gas Prices Made Up a Third of Costco (COST) Sales Growth in the U.S.
Costco’s sales at U.S. stores open at least a year grew 12.6% in October. Higher prices at its gas pumps made up 4.5 points of that, more than a third of the gain. A gallon of regular cost $4.31 on average across the country in October, up 41% from a year earlier.
The short answer. Costco said on November 4 that its U.S. sales grew 12.6% in October, and its own figures show 4.5 of those points came from pricier gas. Gas has added at least 2.5 points every month since pump prices jumped in March. Costco counts every dollar taken at its pumps as sales, so a pricier gallon lifts sales even when drivers buy no extra gas. That is more money taken in, which is a different thing from more profit. It matters even if you own no Costco stock, since Costco’s gas lift follows a jump in pump prices that government figures show nationwide, 41% in a year.
How gas prices shaped Costco's U.S. sales growth in October 2026
Show the data
| Month | Gallons | U.S. average price of regular | Bill for 15 gallons |
|---|---|---|---|
| October 2025 | 15 | $3.06 a gallon | $45.90 |
| October 2026 | 15 | $4.31 a gallon | $64.65 |
| Difference | 0 | 41% more a gallon | +$18.75 |
On this page
How much of Costco sales growth is gas prices?
About a third. Costco’s U.S. stores open at least a year sold 12.6% more than a year earlier. With the change in gas prices taken out, the gain was 8.1%, and the difference is what pricier gallons added.
Every month Costco reports two versions of the same number. The first is comparable sales, the growth at warehouses open for more than a year, so new stores do not inflate it. The second removes "the impacts from changes in gasoline prices and foreign exchange," in the words of the October sales release.
For the U.S. that second figure only strips out gas prices. Costco’s annual report for fiscal 2026 says its currency effect came from its Canadian and other international stores. It also says how the gas part is measured: "based on the difference between the current and prior period’s average price per gallon." So in the U.S. the gap between the two figures is the price of gas alone.
A similar gap held over the first nine weeks of Costco’s business year, which began on August 31. U.S. comparable sales grew 12.5%, against 8.1% without the gas price change.
Show the data
| Category | Sales growth as reported | Gas price changes removed |
|---|---|---|
| Oct 2025 | 6.6% | 6.7% |
| Nov 2025 | 6.0% | 5.8% |
| Dec 2025 | 6.0% | 6.3% |
| Jan 2026 | 5.8% | 6.8% |
| Feb 2026 | 5.2% | 6.0% |
| Mar 2026 | 8.7% | 6.2% |
| Apr 2026 | 11.7% | 8.0% |
| May 2026 | 13.7% | 8.7% |
| Jun 2026 | 10.6% | 7.6% |
| Jul 2026 | 10.3% | 6.9% |
| Aug 2026 | 9.0% | 5.6% |
| Sep 2026 | 12.5% | 8.0% |
| Oct 2026 | 12.6% | 8.1% |
Why higher gas prices raise Costco sales
Costco counts every dollar it rings up as a sale, at the pump too. When a gallon costs more, the same tank brings in more dollars, so sales rise even with no extra gas sold. Higher sales from gas are a separate question from profit.
Gas is a big business for Costco. It ran 774 gas stations at the end of its fiscal year in August, and "our gasoline business represented 11% of total net sales in 2026," the annual report says. Net sales are all the money taken in from customers, before any costs.
Fill 15 gallons at October’s national average and the bill is $64.65. A year earlier the same 15 gallons cost $45.90. That is $18.75 more rung up for exactly the same gas.
That 11% roughly explains October. If gas is about 11% of sales and the national price of a gallon is up 41%, sales grow by about 4.5 points on gas prices alone. That is close to the gap in Costco’s own tables.
More sales from gas is not the same as more profit from gas. Gross margin is what is left of sales after paying for the goods sold. Costco’s annual report says its gas business "generally has a lower gross margin percentage" than the rest of the store. The report adds that "rising gasoline prices benefit net sales growth which, given the higher sales base, negatively impacts our gross margin percentage." The same sentence says it "decreases our SG&A expenses as a percentage of net sales," meaning running costs such as wages become a smaller share of the bigger sales total.
The last quarter shows it. In the 16 weeks to August 30, Costco’s gross margin slipped 0.11 points from a year earlier. With the gas price effect removed it rose 0.20 points, according to its fourth quarter results filing. The October release gives no profit figure at all, and Costco does not publish what it earns on gas.
Costco gives its own reason for selling gas: "We believe our gasoline business enhances traffic in our warehouses." Costco sees its pumps as a way to bring members into the store. In fiscal 2026 the gallons it sold rose 7%, on top of a 12% rise in the average price per gallon, the annual report says.
Gas prices in 2026 and Costco’s gas lift by month
Gas got cheaper than a year before in January and February, and Costco’s gas lift was negative. Prices jumped in March, and since then gas has added at least 2.5 points to Costco’s U.S. growth every month.
The weekly national average for regular gas rose from $3.02 on March 2 to $3.99 on March 30, according to the U.S. Energy Information Administration. The agency tied the oil market to "the closure of the Strait of Hormuz" in its April 7 release on its forecast. On July 7 it said shipping had picked up after a June 18 agreement between the United States and Iran "to end a months-long conflict and reopen the strait," in its July outlook release.
Show the data
| Category | U.S. average regular gas, per gallon | Note |
|---|---|---|
| Jan 2025 | $3.076 | |
| Feb 2025 | $3.121 | |
| Mar 2025 | $3.096 | |
| Apr 2025 | $3.171 | |
| May 2025 | $3.150 | |
| Jun 2025 | $3.150 | |
| Jul 2025 | $3.125 | |
| Aug 2025 | $3.133 | |
| Sep 2025 | $3.166 | |
| Oct 2025 | $3.060 | |
| Nov 2025 | $3.050 | |
| Dec 2025 | $2.894 | |
| Jan 2026 | $2.809 | |
| Feb 2026 | $2.908 | |
| Mar 2026 | $3.638 | The U.S. average rose from $2.91 in February to $3.64 per gallon. |
| Apr 2026 | $4.103 | |
| May 2026 | $4.479 | |
| Jun 2026 | $4.050 | |
| Jul 2026 | $3.932 | |
| Aug 2026 | $4.058 | |
| Sep 2026 | $4.355 | |
| Oct 2026 | $4.310 |
Pump prices eased in June and July and then climbed again. October was slightly cheaper than September, but still far above a year earlier: the monthly average was $4.31, against $3.06 in October 2025, according to EIA’s monthly series.
Costco’s gas lift moved with those prices. In January, with gas about 9% cheaper than a year before, it took 1.0 point off U.S. growth. It turned positive in March.
The lift peaked at 5.0 points in May. That month gas averaged $4.48, about 42% above May 2025. In September and October the lift was 4.5 points.
Show the data
| Category | Value |
|---|---|
| Oct 2025 | -0.1 pts |
| Nov 2025 | 0.2 pts |
| Dec 2025 | -0.3 pts |
| Jan 2026 | -1.0 pts |
| Feb 2026 | -0.8 pts |
| Mar 2026 | 2.5 pts |
| Apr 2026 | 3.7 pts |
| May 2026 | 5.0 pts |
| Jun 2026 | 3.0 pts |
| Jul 2026 | 3.4 pts |
| Aug 2026 | 3.4 pts |
| Sep 2026 | 4.5 pts |
| Oct 2026 | 4.5 pts |
So gas prices went from holding back Costco’s U.S. growth early in 2026 to adding several points from March on. What matters for the lift is how far gas sits above its price a year earlier, which is why a small dip from one month to the next barely changes it.
Costco October sales results by the numbers
Costco took in $24.50 billion in the four weeks to November 1, up 12.6% from a year earlier. That total includes new stores, which is why it differs from comparable sales.
A year earlier the same four weeks brought in $21.75 billion. In the first nine weeks of its fiscal year, which began on August 31, it took in $54.52 billion, up 12.8%.
Costco now runs 943 warehouses, and 651 of them are in the United States and Puerto Rico.
| Comparable sales growth, four weeks to November 1, 2026 | As reported | Gas price and currency changes removed |
|---|---|---|
| U.S. | 12.6% | 8.1% |
| Canada | 4.9% | 3.5% |
| Other International | 9.4% | 6.9% |
| Total company | 11.1% | 7.3% |
| Digitally enabled sales | 22.5% | 22.6% (currency only) |
Source: Costco October sales release, November 4, 2026. Nine weeks: U.S. 12.5% and 8.1%, total company 11.3% and 7.5%.
More company figures are on StockTitan’s Costco overview and Costco financials pages. Gas prices also feed the consumer price index, which StockTitan tracks on its CPI page and covered in the September CPI report.
What Costco shoppers are spending on everything else
Take the gas price change out and Costco’s U.S. sales still grew 8.1% in October, faster than the 6.7% of October 2025. In Costco’s last quarter, shoppers came more often and each bill grew even with gas prices taken out.
The 8.1% is the closest Costco comes to a figure without gas. It still includes the extra gallons drivers bought, since only the price change is removed. Even so it is the second fastest month of the past 13, after 8.7% in May.
Costco’s fourth quarter slides split growth into trips and spending per trip. In the 16 weeks to August 30, U.S. shoppers made 3.2% more visits. Spending per visit, which Costco calls the ticket, rose 7.3% as reported and 3.9% with the gas price change removed. So gas prices added 3.4 points to the average bill, and the rest of the bill still grew.
| As reported | Gas price changes removed | |
|---|---|---|
| Sales growth at existing U.S. locations | +10.7% | +7.2% |
| Growth in spending per visit | +7.3% | +3.9% |
| Growth in visits | +3.2% | +3.2% |
Online shopping grew faster still. Sales started on a phone or computer rose 22.5% in October. Costco counts those orders whether they are filled by a warehouse, a distribution center or Costco Travel.
Calendar quirks matter in some months. Labor Day fell a week later this year, which Costco said cut August sales by "a little less than 75 bps" and lifted September by "a little more than 50bps." A basis point is a hundredth of a percentage point. October had no such shift.
So Costco’s October numbers tell two stories. One is the price of gas, which made up more than a third of the U.S. gain and moves with what drivers pay at the pump. The other is the 8.1% left once that price change is taken out, a faster pace than a year earlier. In the last quarter that part came from more trips and from bigger bills beyond the gas price.
What to watch
- Where pump prices go after October’s average: EIA’s next weekly gasoline update, November 10, 2026, on the Gasoline and Diesel Fuel Update.
- How much gas adds to Costco’s November sales: Costco’s November sales release, on a date Costco has not yet announced, which will appear on StockTitan’s Costco news page.
Our numbers
These figures are our calculations from the sources linked in this article. EIA prices are national averages for every station, so they show how much pump prices moved, while Costco does not publish its own.
- 4.5 points of October’s 12.6% U.S. growth from gas prices, more than a third (36%): Costco’s U.S. comparable sales as reported minus the same figure with gas price and currency changes removed.
- The gas lift for each month from October 2025 to October 2026: the same subtraction in each of Costco’s 13 monthly reports, February taken from its second quarter release.
- Gas 41% pricier in October: EIA’s monthly average for regular, $4.310 in October 2026 against $3.060 in October 2025.
- About 4.5 points as a rough check: gasoline’s 11% share of Costco’s fiscal 2026 net sales, from its annual report, times the 41% rise in the national average price, leaving aside gallons sold and Costco’s own pump prices.
- $45.90 and $64.65 for the same 15 gallons: 15 gallons at EIA’s October 2025 and October 2026 averages.
- 3.4 points of spending per visit from gas prices in the fourth quarter: Costco’s U.S. ticket growth of 7.3% minus 3.9%.
Frequently asked questions
Does Costco make money on gas?
Costco does not publish a profit figure for gas. Its annual report says the gas business "generally has a lower gross margin percentage" than the rest of the store, and that rising gas prices lower its overall margin percentage while they raise sales.
How much of Costco’s sales come from gas?
About 11%. Costco’s annual report says "our gasoline business represented 11% of total net sales in 2026," from 774 gas stations at the end of its fiscal year. It sold 7% more gallons that year than the year before.
How much did higher gas prices add to Costco’s U.S. sales growth?
In October, 4.5 of the 12.6 points of U.S. growth at stores open a year came from higher gas prices. Without that price change U.S. sales grew 8.1%.
What are Costco comparable sales?
They are sales at warehouses open for more than a year, including remodeled, moved and enlarged ones. New stores are left out, so the figure shows how much more existing stores sell.
Where can I read Costco’s monthly sales reports on StockTitan?
Each release is on StockTitan’s Costco news page, including the October sales release of November 4, 2026.
Sources
- Costco October 2026 sales release (StockTitan)
- Costco September 2026 sales release (StockTitan)
- Costco August 2026 sales release (StockTitan)
- Costco May 2026 sales release (StockTitan)
- Costco March 2026 sales release (StockTitan)
- Costco January 2026 sales release (StockTitan)
- Costco second quarter fiscal 2026 and February sales release (StockTitan)
- Costco October 2025 sales release (StockTitan)
- Costco November 2025 sales release (StockTitan)
- Costco December 2025 sales release (StockTitan)
- Costco April 2026 sales release (StockTitan)
- Costco June 2026 sales release (StockTitan)
- Costco July 2026 sales release (StockTitan)
- Costco annual report on Form 10-K, fiscal 2026 (SEC)
- Costco fourth quarter fiscal 2026 results, Form 8-K with supplemental slides (SEC)
- U.S. regular gasoline retail price, monthly (EIA)
- U.S. regular gasoline retail price, weekly (EIA)
- EIA press release, April 7, 2026
- EIA press release, July 7, 2026
- EIA Gasoline and Diesel Fuel Update
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