Here are the 10-K annual reports from Costco Wholesale Corporation (COST) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow COST and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full COST filings page.
Costco Wholesale Corporation reported fiscal 2026 net sales of $297.247 billion, up 10% from $269.912 billion, and net income of $9.226 billion, up 14% from $8.099 billion. Membership-fee revenue increased 11% to $5.907 billion. Comparable sales rose 8%, reflecting a 5% increase in average ticket and 3% in shopping frequency. Gross-margin percentage decreased three basis points to 11.09%; excluding gasoline-price inflation, it was 11.22%, up 10 basis points.
Costco ended the year with 939 warehouses after opening 28, including three relocations, for 25 net additions. It plans to open up to 33 warehouses in fiscal 2027, including five relocations, and has a current intention to spend approximately $7.5 billion on capital expenditures that year. The quarterly cash dividend rose in April 2026 from $1.30 to $1.47 per share; cash dividends declared for the year were $5.54 per share. Operating cash flow was $15.817 billion, compared with $13.335 billion in fiscal 2025.
Costco Wholesale Corporation (COST) reported strong operational performance in fiscal year 2025, with net sales increasing 8% to $269.9 billion. The company's membership fee revenue grew 10% to $5.3 billion, driven by new member sign-ups and fee increases. Net income rose 10% to $8.1 billion ($18.21 per diluted share), despite a $97 million negative impact from foreign exchange rates.
The company expanded its global footprint, adding 24 net new warehouses (15 in the U.S., 2 in Canada, and 7 in Other International markets) to reach 914 locations worldwide. Costco maintained its focus on operational efficiency, with gross margin percentage improving by 20 basis points, though SG&A expenses as a percentage of sales increased slightly by 11 basis points.
Costco's business model continues to rely on its membership format, high sales volumes, and rapid inventory turnover to operate profitably at lower gross margins than traditional retailers. The company employed 341,000 people globally by the end of 2025, with approximately 95% working in warehouse and distribution operations. U.S. and Canadian operations remained crucial, accounting for 86% of net sales and 84% of operating income, with California representing 26% of U.S. net sales.