Costco Wholesale Corporation

Costco delivered a strong third quarter, with net sales up 11.6% to $69.2 billion and net income rising 15% to $2.19 billion, or $4.93 per diluted share. Record gas volumes, driven by Middle East-related price spikes, lifted reported comparable sales to 9.8%, but the underlying business stayed robust with comps up 6.6% excluding gas and FX. Membership economics remained healthy: fee income grew 10.7% to $1.37 billion, paid executive memberships rose 9.6% to 41.2 million, and the US and Canada renewal rate ticked up to 92.2%. Management deliberately invested in member value, accepting a 9-basis-point core-on-core margin decline on items such as eggs and beef while cycling a smaller LIFO charge than a year ago. Costco provides no formal guidance, but commentary pointed to steady 6% to 7% ex-gas comps, a long international warehouse pipeline, and emerging upside from retail media and AI-driven search.