Costco Wholesale Corporation Q4 2026 Earnings Recap

Costco’s shares rose 2.0% after earnings, a broadly neutral market reaction. The call highlighted more than 10% fiscal-year sales growth and plans to accelerate openings, alongside ongoing reinvestment of tariff refunds in lower prices.

Key Takeaways

• Costco opened 28 warehouses in fiscal 2026, including three relocations, for 25 net new buildings; it plans 33 openings in fiscal 2027, including five relocations.
• Digitally enabled sales, including third-party delivery, exceeded $33 billion, up more than 20%; the company said sales through delivery marketplaces have been mostly incremental, with limited impact on core warehouse grocery.
• Pharmacy sales grew nearly 20%, with double-digit script growth more than offsetting lower prices tied to Medicare Maximum Fair Price changes.
• Executive-member penetration reached an all-time high, and renewal rates improved again in the quarter.
• Costco received initial tariff refunds in the fourth quarter and said it reinvested some of them in price reductions across food and nonfood items.