Costco Wholesale Corporation Q3 2026 Earnings Recap

Costco's shares fell 4.7% after the quarter as investors reacted negatively to a guidance reduction and deceleration in warehouse openings, signaling caution on growth momentum despite solid top-line and profit gains.

Key Takeaways

• Net income rose 15% year-over-year to $2.192 billion ($4.93 per share), supported by an 11.6% increase in net sales to $69.15 billion.
• Comparable sales growth was 9.8%, or 6.6% excluding gas price inflation and foreign exchange effects, reflecting underlying sales strength.
• Digital sales showed significant acceleration with digitally enabled comparable sales up 21.5%, underscoring ongoing e-commerce traction.
• The company lowered its warehouse opening target for fiscal 2026 to 26 net new stores, down two from prior guidance, postponing openings into fiscal 2027.
• Despite record gas volume driven by supply disruptions and price sensitivity, management flagged macro uncertainties and tariff impacts, contributing to a more cautious outlook.