Costco reported fiscal Q1 results on December 11th after the market closed, delivering another strong quarter with net sales up 8.2% to $66.0B and US comparable store sales increasing 5.9%. Results were largely as expected; market share gains continued, digitally enabled sales growth accelerated meaningfully, and renewal rates softened slightly. Margin performance remained stable as productivity and technology investments fully offset wage increases and extended operating hours, allowing Costco to maintain the operational efficiency it is known for.
Management reiterated its confidence in long-term growth, noting plans for an additional $1B in Capex next year to support a higher number of club openings, relocations, depot network expansion, and ongoing digital enhancements. These investments, paired with strong underlying sales trends, reinforce Costco’s durable model and its commitment to delivering value to members.
*Note: Costco’s fiscal year runs from September to August, making their fiscal Q1 which ended November 23, 2025, comparable to other retailers’ Q3 2025 results.
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