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Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
| Analyst | Firm | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Greg Melich | Evercore ISI | 8 questions · 0% challenging |
| Rupesh Parikh | Oppenheimer | 8 questions · 0% challenging |
| Simeon Gutman | Morgan Stanley | 8 questions · 13% challenging |
| Chuck Grom | Gordon Haskett | 8 questions · 0% challenging |
| John Heinbockel | Guggenheim | 8 questions · 0% challenging |
| Chris Horvers | JPMorgan | 8 questions · 0% challenging |
| Michael Lasser | UBS | 8 questions · 25% challenging |
| Kelly Bania | BMO Capital Markets | 7 questions · 0% challenging |
| Scot Ciccarelli | Truist Securities | 7 questions · 14% challenging |
| Oliver Chen | TD Cowen | 7 questions · 0% challenging |
| Firm | Analysts | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Oppenheimer | 1 analyst | 8 questions · 0% challenging |
| UBS | 1 analyst | 8 questions · 25% challenging |
| JPMorgan | 1 analyst | 8 questions · 0% challenging |
| Morgan Stanley | 1 analyst | 8 questions · 13% challenging |
| Gordon Haskett | 1 analyst | 8 questions · 0% challenging |
| Guggenheim | 1 analyst | 8 questions · 0% challenging |
| Evercore ISI | 1 analyst | 8 questions · 0% challenging |
| BMO Capital Markets | 1 analyst | 7 questions · 0% challenging |
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| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2025 Q1 | $62.15B | +7.5% | $4.04 | +12.8% | 12.9% | 3.5% | 2.9% | $2.00B |
| FY2025 Q2 | $63.72B | +9.0% | $4.02 | +2.6% | 12.5% | 3.6% | 2.8% | $1.61B |
| FY2025 Q3 | $63.20B | +8.0% | $4.28 | +13.2% | 13.0% | 4.0% | 3.0% | $2.33B |
| FY2025 Q4 | $86.16B | +8.1% | $5.87 | +11.0% | 12.9% | 3.9% | 3.0% | $1.90B |
| FY2026 Q1 | $67.31B | +8.3% | $4.50 | +11.4% | 13.1% | 3.7% | 3.0% | $3.16B |
| FY2026 Q2 | $69.60B | +9.2% | $4.58 | +13.9% | 12.8% | 3.7% | 2.9% | $1.71B |
| FY2026 Q3Selected | $70.53B | +11.6% | $4.93 | +15.2% | 12.8% | 4.0% | 3.1% | $2.04B |
| FY2026 Q4 | $95.72B | +11.1% | $6.75 | +15.0% | 27.7% | 4.0% | 3.1% | $2.48B |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
Calendar quarter Q2 2026Earnings call May 28, 2026
FY2026 Q3 in brief
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.
Newest quarter FY2026 Q4 is part of Pro · see what Pro adds →
Sources. Tellvest earnings-call sentiment score for Costco Wholesale Corporation (COST), FY2026 Q3: 7/10. Scores: Costco Wholesale Corporation’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: COST daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
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.
Demand | Subscriber Growth | Innovation & R&D | Pricing | Margin | Geographic Expansion | Revenue Growth | Competitive Dynamics | |
|---|---|---|---|---|---|---|---|---|
| 2025Q1 | 3 | 2 | 5 | 2 | 4 | 3 | 5 | 5 |
| 2025Q2 | 8 | 1 | 5 | 5 | 2 | 2 | 1 | 2 |
| 2025Q3 | 3 | 3 | 2 | 4 | 2 | 1 | 1 | 2 |
| 2025Q4 | 4 | 6 | 2 | 1 | 4 | 3 | 4 | 1 |
| 2026Q1 | 6 | 6 | 3 | 3 | 2 | 4 | 4 | |
| 2026Q2 | 4 | 3 | 4 | 2 | 3 | 2 | 2 | |
| 2026Q3 | 4 | 2 | 1 | 3 | 1 | 1 | 3 |
| '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | '26Q2 | '26Q3 | |
|---|---|---|---|---|---|---|---|
| Demand | 3 | 8 | 3 | 4 | 6 | 4 | 4 |
| Subscriber Growth | 2 | 1 | 3 | 6 | 6 | 3 | 2 |
| Innovation & R&D | 5 | 5 | 2 | 2 | 3 | 4 | 1 |
| Pricing | 2 | 5 | 4 | 1 | 3 | 3 | |
| Margin | 4 | 2 | 2 | 4 | 2 | 2 | 1 |
| Geographic Expansion | 3 | 2 | 1 | 3 | 4 | 3 | 1 |
| Revenue Growth | 5 | 1 | 1 | 4 | 4 | 2 | |
| Competitive Dynamics | 5 | 2 | 2 | 1 | 2 | 3 |
No 8-K events recorded for this window.
GAAP revenue YoY +11.6% → base 7. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
What COST and other companies said about each other on FY2026 Q3 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“the $10 per month on Instacart if you spend over a certain level.”
Costco offers executive members a $10/month Instacart credit as a membership benefit, reflecting Instacart's ongoing delivery partnership with Costco.
“2 of your biggest competitors, worldwide, but certainly in The US, Walmart and Amazon, continue to ratchet up the competitive bar”
An analyst cites Amazon as a major Costco competitor raising the bar on delivery speed, underscoring Amazon's competitive push in fast fulfillment.
“2 of your biggest competitors, worldwide, but certainly in The US, Walmart and Amazon, continue to ratchet up the competitive bar”
An analyst frames Walmart as one of Costco's biggest competitors ratcheting up delivery speed, reflecting intensifying retail delivery competition.
“Q3 marked the launch of a new collaboration Google Commerce and Media and YouTube.”
Costco launched a retail-media collaboration with Google Commerce and Media and YouTube, a positive signal for Google's retail-media/advertising platform gaining a major retailer partner.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
COST Costco Wholesale Corporation | 7 | +11.6% | |
| DG Dollar General | 8 | +3.4% | |
| DLTR Dollar Tree | 8 | +7.2% | |
| TGT Target Corporation | 8 | +6.7% | |
| WMT Walmart Inc. | 6 | +7.3% |