Sales Performance - Net sales reached $84.4 billion, representing an 8.0% growth[4] - Comparable sales increased by 5.7%[4] - Adjusted comparable sales, excluding gasoline price and foreign exchange impacts, grew by 6.4%[4] - E-commerce comparable sales saw a 13.6% increase, with an adjusted increase of 13.5% excluding foreign exchange impacts[4] - US comparable sales increased by 5.1%, while adjusted US comparable sales grew by 6.0%[8] Financial Highlights - Net income was $2.61 billion, and diluted EPS was $5.87, representing a 10.9% and 11.0% growth respectively[9] - Gross margin increased by 13 bps compared to Q4 FY'24, and 3 bps excluding gas impact[9] - SG&A decreased by 17 bps compared to Q4 FY'24, and 9 bps excluding gas impact[9] Membership Metrics - Membership income grew by 14.0%, or 13.6% excluding foreign exchange impacts[12] - The worldwide membership renewal rate was 89.8%, with a US/CN renewal rate of 92.3%[12] - Paid memberships reached 81.0 million, a 6.3% increase[15] - Total cardholders amounted to 145.2 million, a 6.1% increase[15] Digital Performance - E-commerce comparable sales increased by 13.6%, with an adjusted increase of 13.5%[17] - E-commerce site traffic increased by 27%[20] Warehouse Expansion - The company ended FY'25 with a total of 914 warehouses, including 629 in the US, 110 in Canada, and 175 in other international locations[23] - The company plans to expand to 944 warehouses in FY'26[23]

TikTok Deal - The US version of TikTok is valued at $14 billion, with American investors taking control of its operations [2][9] - Key investors include Oracle (ORCL), Dell (DELL), Rupert Murdoch, Abu Dhabi's MGX, and Silver Lake, with Oracle expected to oversee the app's security [2][3][9] - President Trump indicated that the US government anticipates generating tax revenue from the TikTok deal, which he claims has China's support despite some resistance [3][4][9] Corporate Earnings - Costco Wholesale Corporation (COST) reported Q4 2025 earnings with an EPS of $5.87, exceeding estimates of $5.82, and revenue of $86.16 billion, slightly above the $86.03 billion estimate [5][9] - Comparable sales for Costco grew by 5.7%, just under the 5.85% estimate, while excluding gas and currency effects, sales grew by 6.4%, beating the 6.21% estimate [5][9] Corporate Restructuring - Starbucks (SBUX) is undergoing significant restructuring, including the closure of several stores, such as its iconic Seattle roastery [6][9] Market Performance - The Dow Jones Industrial Average unofficially closed down 161.84 points (0.35%) at 45,959.44 [7][9] - US Money-Market Fund Assets reached a record $7.31 trillion, indicating a positive economic indicator [7][9]

Group 1: Financial Performance - Costco reported fourth-quarter revenue of $86.16 billion, exceeding analyst estimates of $86.12 billion [1] - Adjusted earnings for the fourth quarter were $5.87 per share, surpassing estimates of $5.80 per share [1] - Net sales for the fourth quarter increased by 8% year-over-year [2] Group 2: Comparable Sales and Membership Fees - Total comparable sales rose by 5.7% year-over-year, with regional breakdowns showing U.S. up 5.1%, Canada up 6.3%, and Other International up 8.6% [2][5] - Membership fees reached approximately $1.72 billion, up from $1.51 billion in the same quarter last year [2] - The company increased its annual membership fee by $5 in September 2024, marking the first hike since 2017 [2] Group 3: Operational Highlights - Costco operates 914 warehouses, including 629 in the U.S. [2] - The company ended the quarter with approximately $14.16 billion in cash and cash equivalents [3] - Costco shares were down 0.21% in after-hours trading, priced at $940 at the time of publication [3]

Group 1 - The core point of the article is that Costco's fourth-quarter sales fell short of Wall Street's expectations, despite the company reporting a per-share profit that exceeded forecasts [1] Group 2 - Costco is a membership warehouse retailer that has reported its financial performance for the fourth quarter [1] - The sales figures for the fourth quarter did not meet the estimates set by analysts on Wall Street [1] - The per-share profit reported by Costco was higher than what analysts had anticipated [1]

Financial Performance - Costco reported a net income of $2.61 billion, or $5.87 per share, for the fiscal fourth quarter, an increase from $2.35 billion, or $5.29 per share, a year earlier [1] - Revenue for the quarter was $86.16 billion, surpassing the expected $86.06 billion [7] Sales Metrics - Same-store sales rose by 6.4% excluding the impact of gas prices and foreign exchange, marking two consecutive quarters of decelerating growth [2] - E-commerce sales increased by 13.5% compared to the previous year, also excluding gas prices and foreign exchange impacts [2] Market Position and Strategy - Costco has opened new locations and attracted younger members, with nearly half of new signups being individuals under 40 [3] - The company is well-positioned to handle higher tariffs due to its grocery-focused sales and flexible merchandise selection [4] - Actions have been taken to mitigate tariff-related costs, including expediting orders and sourcing more items locally [5] Stock Performance - Over the past five years, Costco's shares have increased by approximately 180%, but have underperformed in the current year with just over 2% growth compared to the S&P 500's over 12% gains [6]

Core Insights - Costco Wholesale exceeded fourth-quarter revenue and profit expectations as consumers sought lower-priced essentials amid inflation and a weakening labor market [1][5] - The company's strategy of limited product categories and local sourcing has helped mitigate the impact of tariffs from the Trump administration's trade policies [2] - Strong sales of private-label brands and maintaining lower prices on key items contributed positively to Costco's performance [3] Financial Performance - Costco reported revenue of $86.16 billion, surpassing analysts' average estimate of $86.06 billion [5] - Same-store sales, excluding gas, increased by 6.4%, slightly below the estimated 6.44% [5] - Earnings per share, excluding items, were $5.87, exceeding the analysts' average estimate of $5.80 [5] Membership and Pricing Strategy - The company is reinvesting part of the increased membership fees into sharper pricing for members, benefiting both members and shareholders [4] - Earnings from membership fees rose by 14% to $1.72 billion for the quarter ended August 31 [4]

开市客第四财季总体营收861.6亿美元，分析师预期860.3亿美元。 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 风险提示及免责条款 ...

Group 1 - Costco Wholesale exceeded fourth-quarter revenue expectations as consumers sought bargains [1] - The membership-only retail chain attracted shoppers looking for lower-priced essentials [1]

[Operating Results Overview](index=1&type=section&id=Operating%20Results%20Overview) This section presents Costco's financial and operational performance for Q4 and FY2025, including sales, income, and global footprint [Financial Highlights (Q4 and FY2025)](index=1&type=section&id=Financial%20Highlights%20%28Q4%20and%20FY2025%29) Costco reported strong financial performance for both the fourth quarter and the full fiscal year 2025, with significant increases in net sales, comparable sales across all regions and e-commerce, and net income per diluted share [Net Sales Performance](index=1&type=section&id=Net%20Sales%20Performance) This section details Costco's net sales figures and year-over-year growth for the recent quarter and full fiscal year | Metric | 16 Weeks Ended Aug 31, 2025 | 16 Weeks Ended Sep 1, 2024 | 52 Weeks Ended Aug 31, 2025 | 52 Weeks Ended Sep 1, 2024 | | :----- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Net Sales | $84.4 billion | $78.2 billion | $269.9 billion | $249.6 billion | | YoY Growth | 8.0% | - | 8.1% | - | [Comparable Sales Performance](index=1&type=section&id=Comparable%20Sales%20Performance) This section analyzes Costco's comparable sales growth across various regions and e-commerce, both reported and adjusted | Region | 16 Weeks | 16 Weeks Adjusted* | 52 Weeks | 52 Weeks Adjusted* | | :---------------- | :------- | :----------------- | :------- | :----------------- | | U.S. | 5.1% | 6.0% | 6.2% | 7.3% | | Canada | 6.3% | 8.3% | 5.0% | 8.3% | | Other International | 8.6% | 7.2% | 4.8% | 8.2% | | Total Company | 5.7% | 6.4% | 5.9% | 7.6% | | E-commerce | 13.6% | 13.5% | 15.6% | 16.1% | *Excluding the impacts from changes in gasoline prices and foreign exchange. [Net Income and Earnings Per Share](index=1&type=section&id=Net%20Income%20and%20Earnings%20Per%20Share) This section presents Costco's net income and diluted earnings per share for the recent quarter and full fiscal year | Metric | 16 Weeks Ended Aug 31, 2025 | 16 Weeks Ended Sep 1, 2024 | 52 Weeks Ended Aug 31, 2025 | 52 Weeks Ended Sep 1, 2024 | | :----- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Net Income | $2.610 billion | $2.354 billion | $8.099 billion | $7.367 billion | | Diluted EPS | $5.87 | $5.29 | $18.21 | $16.56 | - Last year's Q4 results included a net non-recurring tax benefit of **$63 million**, or **$0.14 per diluted share**, related to a transfer pricing settlement and true-ups of tax reserves[3](index=3&type=chunk) [Operational Footprint](index=1&type=section&id=Operational%20Footprint) As of August 31, 2025, Costco operates 914 warehouses globally, with a significant presence in the United States and Canada, alongside a growing international and e-commerce footprint - Costco currently operates **914 warehouses globally**, including **629 in the United States and Puerto Rico**, **110 in Canada**, 42 in Mexico, 37 in Japan, 29 in the United Kingdom, 20 in Korea, 15 in Australia, 14 in Taiwan, seven in China, five in Spain, two in France, two in Sweden, and one each in Iceland and New Zealand[4](index=4&type=chunk) - The Company also operates e-commerce sites in the U.S., Canada, the U.K., Mexico, Korea, Taiwan, Japan, and Australia[4](index=4&type=chunk) [Conference Call Information](index=1&type=section&id=Conference%20Call%20Information) A conference call was scheduled for September 25, 2025, to discuss the operating results, with webcast access available for investors - A conference call to discuss these results was scheduled for **2:00 p.m. (PT) on September 25, 2025**, and was available via a webcast on investor.costco.com[5](index=5&type=chunk) [Financial Statements](index=3&type=section&id=Financial%20Statements) This section provides a comprehensive overview of Costco's financial health through its consolidated income statements, balance sheets, and cash flow statements [Consolidated Statements of Income](index=3&type=section&id=Consolidated%20Statements%20of%20Income) The Consolidated Statements of Income detail Costco's revenue, operating expenses, and net income figures for the 16-week and 52-week periods ending August 31, 2025, and September 1, 2024, showing year-over-year growth in key profitability metrics | Metric (in millions) | 16 Weeks Ended Aug 31, 2025 | 16 Weeks Ended Sep 1, 2024 | 52 Weeks Ended Aug 31, 2025 | 52 Weeks Ended Sep 1, 2024 | | :------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Net sales | $84,432 | $78,185 | $269,912 | $249,625 | | Membership fees | $1,724 | $1,512 | $5,323 | $4,828 | | Total revenue | $86,156 | $79,697 | $275,235 | $254,453 | | Operating income | $3,341 | $3,042 | $10,383 | $9,285 | | Net income | $2,610 | $2,354 | $8,099 | $7,367 | | Diluted EPS | $5.87 | $5.29 | $18.21 | $16.56 | [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) The Consolidated Balance Sheets provide a snapshot of Costco's financial position as of August 31, 2025, and September 1, 2024, highlighting increases in total assets and equity, reflecting business expansion and retained earnings | Metric (in millions) | August 31, 2025 | September 1, 2024 | | :------------------- | :---------------- | :---------------- | | Cash and cash equivalents | $14,161 | $9,906 | | Total current assets | $38,380 | $34,246 | | Property and equipment, net | $31,909 | $29,032 | | TOTAL ASSETS | $77,099 | $69,831 | | Total current liabilities | $37,108 | $35,464 | | TOTAL LIABILITIES | $47,935 | $46,209 | | Retained earnings | $22,650 | $17,619 | | TOTAL EQUITY | $29,164 | $23,622 | [Condensed Consolidated Statements of Cash Flows](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) The Condensed Consolidated Statements of Cash Flows illustrate the movement of cash for the 52-week periods ending August 31, 2025, and September 1, 2024, indicating strong cash generation from operating activities and significant investments in property and equipment | Metric (in millions) | 52 Weeks Ended Aug 31, 2025 | 52 Weeks Ended Sep 1, 2024 | | :------------------- | :-------------------------- | :-------------------------- | | Net cash provided by operating activities | $13,335 | $11,339 | | Net cash used in investing activities | $(5,311) | $(4,409) | | Net cash used in financing activities | $(3,775) | $(10,764) | | Net change in cash and cash equivalents | $4,255 | $(3,794) | | CASH AND CASH EQUIVALENTS END OF YEAR | $14,161 | $9,906 | [Additional Information](index=2&type=section&id=Additional%20Information) This section includes important disclosures regarding forward-looking statements and investor contact details [Forward-Looking Statements Disclaimer](index=2&type=section&id=Forward-Looking%20Statements%20Disclaimer) This section outlines the nature of forward-looking statements within the document, emphasizing the inherent risks and uncertainties that could cause actual results to differ materially from projections - The document contains forward-looking statements regarding future activities, events, conditions, or developments, which are subject to risks and uncertainties that may cause actual results to differ materially[6](index=6&type=chunk) - These risks include economic conditions, competition, financial market uncertainties, consumer spending, security breaches, real estate conditions, rising costs, geopolitical conditions, and regulatory impacts[6](index=6&type=chunk) - The Company does not undertake to update these statements, except as required by law[6](index=6&type=chunk) [Company Contacts](index=2&type=section&id=Company%20Contacts) Contact information for Costco Wholesale Corporation investor relations is provided for further inquiries - For investor inquiries, contacts are **Josh Dahmen at 425/313-8254** and **Andrew Yoon at 425/313-6305**[7](index=7&type=chunk)

Core Insights - Costco Wholesale Corporation reported a net sales increase of 8.0% for the fourth quarter, reaching $84.4 billion, compared to $78.2 billion in the previous year. For the fiscal year, net sales rose by 8.1% to $269.9 billion from $249.6 billion [1] Sales Performance - Comparable sales for the fourth quarter showed a total company increase of 5.7%, with U.S. sales up by 5.1%, Canada by 6.3%, and Other International by 8.6%. For the fiscal year, total company comparable sales increased by 5.9% [2] - E-commerce sales experienced significant growth, with a 13.6% increase in the fourth quarter and a 15.6% increase for the fiscal year [2] Profitability - Net income for the fourth quarter was $2.610 billion, or $5.87 per diluted share, compared to $2.354 billion, or $5.29 per diluted share, in the previous year. The fiscal year net income was $8.099 billion, or $18.21 per diluted share, up from $7.367 billion, or $16.56 per diluted share [3] Operational Footprint - Costco operates a total of 914 warehouses globally, with 629 located in the United States and Puerto Rico, and additional locations in Canada, Mexico, Japan, the United Kingdom, Korea, Australia, Taiwan, China, Spain, France, Sweden, Iceland, and New Zealand [4] Financial Overview - Total revenue for the fourth quarter was $86.156 billion, an increase from $79.697 billion the previous year. Membership fees also rose to $1.724 billion from $1.512 billion [9] - Operating income for the fourth quarter was $3.341 billion, compared to $3.042 billion last year, indicating improved operational efficiency [9]