Financial Performance - Costco reported fourth-quarter revenue of $86.16 billion, exceeding analyst estimates of $86.12 billion [1] - The company reported fourth-quarter adjusted earnings of $5.87 per share, surpassing estimates of $5.80 per share [1] Membership Fees - Membership fees reached approximately $1.72 billion, an increase from $1.51 billion in the same quarter last year [2] - The company raised its annual membership fee by $5 in September 2024, marking the first increase since 2017 [2] Stock Performance and Analyst Ratings - Following the earnings announcement, Costco shares fell 2% to $925.03 [2] - JP Morgan analyst Christopher Horvers maintained an Overweight rating but lowered the price target from $1,160 to $1,050 [7] - Bernstein analyst Zhihan Ma maintained an Outperform rating and raised the price target from $1,137 to $1,140 [7] - Truist Securities analyst Scot Ciccarelli maintained a Hold rating and lowered the price target from $1,042 to $1,033 [7]

Market Overview - The S&P 500 is up more than 2% for the month, bucking typical September seasonality trends [10][11] - Major indices opened with slight gains, with the Dow up about 0.4% and the NASDAQ flat [3][4] - PCE inflation rose 2.7% year-over-year in August, slightly above July's 2.6%, leaving the door open for potential rate cuts in October [10][11] Company Insights: Costco - Costco's stock is down nearly 4% at the open, following a price target cut from JP Morgan to $150 from $160 [5][6] - Year-to-date, Costco is down more than 1%, contrasting with Walmart's over 10% increase [7] - Despite optimism for Costco to beat Wall Street expectations, the stock's performance has struggled to impress investors [5][6] Oil Market - Crude oil prices are modestly higher, up about 0.4%, following OPEC+'s agreement to increase production in November [8] - Year-to-date, crude oil is down nearly 11% [8] Trade and Tariffs - New tariffs effective October 1st include a 100% tariff on some imported drugs and 50% on kitchen cabinets [11][12] - The pharmaceutical sector's reaction to new tariffs is muted, as many companies already have manufacturing plants in the U.S. [24][25] Healthcare Sector - The healthcare sector has underperformed, down 2% over the last year, while technology and communication services have risen over 66% [26] - Wall Street is cautious about the healthcare sector due to pressures from Washington and pricing targets set by the Trump administration [28] Company Insights: Better.com - Better.com has seen a nearly 75% increase in stock price in the last week, attributed to retail investor interest [33] - The company reported a 25% year-over-year increase in funded loan volume, reaching $1.2 billion [46] - Better.com aims to achieve profitability by Q3 2026, leveraging AI to improve efficiency and customer experience [34][47]

Core Viewpoint - Costco Wholesale Corp's shares fell 3.9% to $906.42 following disappointing same-store sales in its fourth quarter report, despite better-than-expected earnings of $5.87 per share on revenue of $86.16 billion [1] Group 1: Stock Performance - The current trading price of COST is the lowest since April and is on track for its worst session since June [2] - Year-to-date, the shares have a 0.5% deficit, indicating a decline in performance [2] Group 2: Analyst Ratings and Price Targets - Analysts are divided on COST, with 15 out of 34 firms maintaining a "hold" rating, and at least four price-target cuts occurring, the largest being from Morgan Stanley Securities, reducing the target from $1,225 to $1,130 [3] Group 3: Options Activity - Options trading has been nearly balanced with 32,000 puts and 34,000 calls traded, although there is a preference for the weekly 9/26 900-strike put, where new positions are being opened [4]

Group 1: Tariff Impacts - President Trump has announced new tariffs on pharmaceuticals, furniture, and heavy trucks, with rates of 50% on kitchen cabinets and 30% on upholstered furniture set to take effect next week [1][7][10] - Pharmaceutical companies can avoid tariffs if they invest in manufacturing plants in the U.S., with an estimated total investment of $350 billion announced recently [2][9] - The furniture industry is facing pressure due to reliance on foreign imports, while U.S.-based manufacturers like Ethan Allen may benefit from the new tariffs [13][14] Group 2: Market Reactions - Stock futures showed mixed reactions, with some pharmaceutical stocks rising due to investments in U.S. manufacturing, while furniture stocks like William Sonoma faced pressure [12][13] - The Dow is indicating a gain of about 0.5%, while the S&P and NASDAQ show smaller increases, reflecting investor sentiment amid tariff announcements [6][16] - The market is reacting cautiously to the tariff news, with skepticism about the full implementation of these tariffs affecting stock performance [17][18] Group 3: Economic Indicators - The PCE index, the Fed's preferred inflation gauge, came in at 0.3%, with consumer income and spending rising more than expected, indicating economic resilience [3][22] - Core PCE inflation is at 2.9% year-over-year, aligning with expectations and suggesting that inflation is not significantly increasing despite tariff impacts [22][24] - The Federal Reserve is expected to consider rate cuts in October and December, influenced by the current economic data and inflation outlook [28][29] Group 4: Company-Specific Developments - Costco reported fourth-quarter results with sales and earnings exceeding estimates, but shares fell due to same-store sales slightly missing expectations [33] - Oakllo's stock is declining after Goldman Sachs initiated coverage at neutral, citing risks as the company has yet to apply for permits for its first nuclear power plant [34] - Boeing shares are rising as the FAA plans to ease restrictions on inspections and deliveries of the 737 Max, allowing for increased production [35]

周五，开市客(COST.US)股价走低，截至发稿，该股跌超2.8%，报917.83美元。尽管该公司最新公布的 财报结果超预期，有评论指出，开市客估值水平远超合理区间，需警惕股价修正。开市客截至8月底的 第四财季总营收为861.56亿美元，同比增长8%，好于市场预期;净利润为26.10亿美元，上年同期为23.54 亿美元;摊薄后每股收益为5.87美元，高于市场预期，上年同期为5.29美元。 ...

智通财经APP获悉，周五，开市客(COST.US)股价走低，截至发稿，该股跌超2.8%，报917.83美元。尽 管该公司最新公布的财报结果超预期，有评论指出，开市客估值水平远超合理区间，需警惕股价修正。 开市客截至8月底的第四财季总营收为861.56亿美元，同比增长8%，好于市场预期;净利润为26.10亿美 元，上年同期为23.54亿美元;摊薄后每股收益为5.87美元，高于市场预期，上年同期为5.29 美元。 ...

Intel - Intel is actively pursuing partnerships to recover from past losses and compete with rivals like Taiwan Semi and Nvidia, reaching out to companies such as Apple for potential collaborations [2][3] - Recent investments include a $2 billion investment from SoftBank in August and a $5 billion investment from Nvidia, indicating strong financial backing and government support for Intel's turnaround efforts [3][4] - Despite losing money in the first half of 2025, Intel's leadership insists that its manufacturing arm is crucial for national security, which aligns with the government's focus on supporting domestic chip production [5][8] - Intel's stock has seen significant movement, reaching new 52-week highs, although it has experienced a decline from $51 to just under $20 over the past three years, now trading around $35 [6][7] Microsoft - Morgan Stanley has raised its price target for Microsoft from $582 to $625, citing strong growth in Azure and AI adoption as key drivers for the company's performance [9][10] - More than 50% of CIOs expect Microsoft to capture the largest share of AI spending, positioning the company favorably against its competitors [11] - Microsoft is focusing on high-margin enterprise clients rather than large infrastructure deals, which is expected to enhance its leadership in the software sector [12] Costco - Costco reported earnings that beat expectations, but same-store sales growth was lower than anticipated at 5.7%, marking the second consecutive miss in this key metric [13][14] - Membership income increased by 14% year-over-year, partly due to a fee increase for regular memberships, indicating a positive trend in customer retention [15]

开市客（Costco）公布第四季度财报后，股价下跌3.1%。 来源：滚动播报 ...

Core Insights - Costco reported Q4 earnings of $5.87 per share, an 11% year-over-year increase, with revenue of $86.2 billion, up 8%, surpassing expectations [2] - U.S. comparable sales rose by 5.1%, outperforming Walmart's 4.6% and significantly exceeding Target's 1.9% decline, indicating strong member spending and traffic [2] - Digital sales grew by 13.6% in Q4, and membership income increased by 14% to $1.7 billion, showcasing the effectiveness of its subscription model [2] Financial Performance - Annual top-line growth averaged 7.3% over the last three years, with revenues increasing by 8.1% to $275 billion in the past twelve months [5] - Operating income was approximately $10 billion, with an operating margin of 3.8% and a cash flow margin of 4.6%, generating nearly $12 billion in operating cash flow [6] - Net income reached $8 billion, yielding a net margin of 2.9%, demonstrating Costco's ability to convert growth into profitability [6] Business Model and Strategy - Costco operates 914 warehouses globally, including 629 in the U.S., maintaining pricing advantages through low margins and the effectiveness of its private label brand, Kirkland Signature [7] - Shopping frequency increased by 3.7% in Q4, while the average ticket rose by 2.6%, indicating growth driven by traffic rather than price increases [7] - The flexible supply chain reduces risks from tariffs and global sourcing, with two-thirds of merchandise procured domestically [8] Valuation and Market Position - Costco is trading at 52x earnings and 57x free cash flow, indicating a low cash flow yield of 1.8%, which is high compared to competitors like Amazon [4] - The company's high valuation may not align with its fundamentals, as revenue growth is solid but not extraordinary, and the pace of store expansion is slowing [9] - If comparable sales continue to decelerate, investor confidence and Costco's valuation multiple could face pressure [9]

Core Insights - Costco Wholesale Corporation reported fourth-quarter fiscal 2025 results with revenues slightly below estimates but earnings exceeding expectations, driven by membership growth, increased traffic, e-commerce gains, and margin expansion [1][2][3] Financial Performance - Quarterly earnings were $5.87 per share, surpassing the Zacks Consensus Estimate of $5.81, and up from $5.15 in the prior year [2] - Total revenues reached $86,156 million, an 8.1% increase year over year, but fell short of the Zacks Consensus Estimate of $86,179 million [3] - Comparable sales rose 5.7% year over year, with U.S. comparable sales growing 5.1% and international markets seeing increases of 6.3% and 8.6% [3][6] Membership and Traffic Growth - Membership fees increased by 14% to $1,724 million, with total paid members reaching 81 million, a 6.3% increase from the previous year [5] - The membership renewal rate was 92.3% in the U.S. and Canada, and 89.8% worldwide [4][8] E-commerce and Margin Expansion - E-commerce comparable sales grew 13.6% year over year, with gross margin expanding by 13 basis points to 11.1% [7] - Operating income increased by 9.8% to $3,341 million, with operating margin improving by 10 basis points to 3.9% [7] Store Operations and Expansion Plans - Costco operates 914 warehouses globally, with plans to open 35 new warehouses in fiscal 2026 [8][9] - The company added 24 net new warehouses in fiscal 2025, including various international locations [9] Financial Health - As of the end of the quarter, Costco had cash and cash equivalents of $14,161 million and long-term debt of $5,713 million [10] - Capital expenditures for the quarter were approximately $1.97 billion, totaling just under $5.5 billion for the year [10]