Costco once again proved its one of retail’s most resilient players. Q2 delivered +8.0% net sales to $84.4B and US comps +6.0%, with margin expansion despite tariff headwinds. Still, traffic, eCommerce growth, and renewal rates all showed signs of moderation – keeping investors cautious and stock movement limited. From tariff-driven assortment changes to a younger member base and evolving retail media, Costco continues to adapt while outperforming the broader retail sector.
Note: *Costco’s fiscal year runs from September to August, making their fiscal Q4 which ended August 31, 2025, comparable to other retailers’ Q2 2025 results.
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