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Sentiment · FY2026 Q3
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Michael Lasser | UBS | 7 (14%) |
| Simeon Gutman | Morgan Stanley | 7 (0%) |
| Chuck Grom | Gordon Haskett | 7 (0%) |
| Chris Horvers | JPMorgan | 7 (0%) |
| Greg Melich | Evercore ISI | 7 (0%) |
| Rupesh Parikh | Oppenheimer | 7 (0%) |
| Jiang Ma | Bernstein | 7 (29%) |
| John Heinbockel | Guggenheim | 7 (0%) |
| Scot Ciccarelli | Truist Securities | 6 (0%) |
| Kelly Bania | BMO Capital Markets | 6 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Oppenheimer | 1 | 7 (0%) |
| Morgan Stanley | 1 | 7 (0%) |
| UBS | 1 | 7 (14%) |
| Evercore ISI | 1 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $79.70B | +1.0% | $5.29 | +8.8% | 12.7% | 3.8% | 3.0% | $1.38B |
| 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 |
| 7 (0%) |
| Bernstein | 1 | 7 (29%) |
| Gordon Haskett | 1 | 7 (0%) |
| Guggenheim | 1 | 7 (0%) |
| JPMorgan | 1 | 7 (0%) |
| +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 Q3 | $70.53B | +11.6% | $4.93 | +15.2% | 12.8% | 4.0% | 3.1% | $2.04B |
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).
Costco reported Q2 net sales of $68.24 billion, up 9.1%, with diluted EPS of $4.58, up nearly 14% from $4.02 in the prior year. Core-on-core margins expanded by 22 basis points, and operating income grew 12.5%. Digital personalization drove measurable sales gains, while executive membership upgrades accelerated. The company managed IEEPA tariff replacement and refund ambiguity, and total member growth showed signs of deceleration.
Demand | Innovation & R&D | Subscriber Growth | Revenue Growth | Margin | Geographic Expansion | Pricing | Competitive Dynamics | |
|---|---|---|---|---|---|---|---|---|
| 2025Q1 | 3 | 5 | 2 | 5 | 4 | 3 | 2 | 5 |
| 2025Q2 | 8 | 5 | 1 | 1 | 2 | 2 | 5 | 2 |
| 2025Q3 | 3 | 2 | 3 | 1 | 2 | 1 | 4 | 2 |
| 2025Q4 | 4 | 2 | 6 | 4 | 4 | 3 | 1 | 1 |
| 2026Q1 | 6 | 3 | 6 | 4 | 2 | 4 | 3 | |
| 2026Q2 | 4 | 4 | 3 | 2 | 2 | 3 | 2 |
| '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | '26Q2 | |
|---|---|---|---|---|---|---|
| Demand | 3 | 8 | 3 | 4 | 6 | 4 |
| Innovation & R&D | 5 | 5 | 2 | 2 | 3 | 4 |
| Subscriber Growth | 2 | 1 | 3 | 6 | 6 | 3 |
| Revenue Growth | 5 | 1 | 1 | 4 | 4 | 2 |
| Margin | 4 | 2 | 2 | 4 | 2 | 2 |
| Geographic Expansion | 3 | 2 | 1 | 3 | 4 | 3 |
| Pricing | 2 | 5 | 4 | 1 | 3 | |
| Competitive Dynamics | 5 | 2 | 2 | 1 | 2 |
What COST and other companies said about each other on FY2026 Q2 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“some of the more successful ones like Costco—which we have—and many others have made those pivots”
Citi cites Costco as one of its successful, high-scale co-brand card relationships, a read-through on the Costco co-branded card program.
“For instance, Walmart, the value channel and Costco saw biscuits grow over 4% versus the total U.S. biscuit market, which was only 0.3% up.”
Biscuit sales at Costco grew over 4%, well ahead of the flat total U.S. biscuit market, reflecting consumer channel shift toward club retailers.
“you're facing some pretty strong local competition and Sam's competition as well.”
An analyst frames Walmart's Sam's Club as a competitor to Costco in China, alongside strong local players in that e-commerce-driven market.
“the impact of the $10 Instacart credit that we're offering each month for online shopping”
A monthly $10 Instacart credit for Costco members is driving executive membership upgrades, underscoring a deep Instacart delivery partnership.
“our same-day delivery service offered through Instacart, Uber Eats and DoorDash continue to grow at a faster pace than our overall digital sales.”
DoorDash is one of Costco's same-day delivery partners, a channel growing faster than overall digital sales, a positive read-through for DoorDash's delivery volume.
“our same-day delivery service offered through Instacart, Uber Eats and DoorDash continue to grow at a faster pace than our overall digital sales.”
Uber Eats is one of Costco's same-day delivery partners, a channel growing faster than overall digital sales, a positive read-through for Uber's delivery volume.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
COST Costco Wholesale Corporation | 7 | +9.2% | |
| DG Dollar General | 8 | +5.9% | |
| DLTR Dollar Tree | 9 | +9.0% | |
| TGT Target Corporation | 5 | -1.5% | |
| WMT Walmart Inc. | 6 | +5.6% |