Executive Brief

  • Costco Wholesale Corporation reported Q4 and fiscal year 2025 operating results on September 25, 2025 (Item 2.02, Exhibit 99.1).
  • Q4 net sales rose 8.0% to $84.4 billion; fiscal year net sales increased 8.1% to $269.9 billion (Item 2.02, Exhibit 99.1).
  • Comparable sales growth (excluding gas price and FX impacts) for Q4 was 5.7% company-wide; e-commerce grew 13.6% (Item 2.02, Exhibit 99.1).
  • Q4 net income was $2.610 billion ($5.87 per diluted share), up from $2.354 billion ($5.29 per diluted share) last year (Item 2.02, Exhibit 99.1).
  • Fiscal year net income was $8.099 billion ($18.21 per diluted share), compared to $7.367 billion ($16.56 per diluted share) last year (Item 2.02, Exhibit 99.1).
  • Costco operates 914 warehouses globally, with 629 in the U.S. and Puerto Rico, and e-commerce sites in multiple countries (Item 2.02, Exhibit 99.1).
  • Forward-looking statements caution about risks including economic conditions, competition, inflation, geopolitical factors, and regulatory impacts (Exhibit 99.1).
  • No other Items disclosed; no new material agreements or governance changes reported.
  • Earnings call scheduled for September 25, 2025, at 2:00 p.m. PT, webcast available on investor.costco.com (Item 2.02).
  • No mention of non-GAAP reconciliation details beyond comparable sales adjustments; no restatements or auditor changes.

Item-by-Item Analysis

Item 2.02 – Results of Operations and Financial Condition

  • What happened: Costco announced operating results for Q4 (16 weeks) and fiscal year ended August 31, 2025.
  • Financials:
    • Q4 net sales: $84.4 billion, +8.0% YoY (from $78.2 billion).
    • Fiscal year net sales: $269.9 billion, +8.1% YoY (from $249.6 billion).
    • Comparable sales growth (excluding gas price and FX impacts):
      • U.S.: Q4 5.1%, Adjusted 6.0%; FY 6.2%, Adjusted 7.3%.
      • Canada: Q4 6.3%, Adjusted 8.3%; FY 5.0%, Adjusted 8.3%.
      • Other International: Q4 8.6%, Adjusted 7.2%; FY 4.8%, Adjusted 8.2%.
      • Total Company: Q4 5.7%, Adjusted 6.4%; FY 5.9%, Adjusted 7.6%.
      • E-commerce: Q4 13.6%, Adjusted 13.5%; FY 15.6%, Adjusted 16.1%.
    • Net income Q4: $2.610 billion ($5.87 per diluted share) vs. $2.354 billion ($5.29) prior year.
      • Prior year included $63 million net non-recurring tax benefit ($0.14/share).
    • Net income FY: $8.099 billion ($18.21 per diluted share) vs. $7.367 billion ($16.56).
  • Operations:
    • 914 warehouses worldwide: 629 U.S./Puerto Rico, 110 Canada, 42 Mexico, 37 Japan, 29 UK, 20 Korea, 15 Australia, 14 Taiwan, 7 China, 5 Spain, 2 France, 2 Sweden, 1 Iceland, 1 New Zealand.
    • E-commerce sites in U.S., Canada, UK, Mexico, Korea, Taiwan, Japan, Australia.
  • Forward-looking statements include risks related to economic conditions, inflation, competition, geopolitical issues, regulatory impacts, and others.
  • Earnings call scheduled for September 25, 2025, 2:00 p.m. PT, webcast available.
  • No mention of changes from previously announced results; presumed new information.
  • Source: (Item 2.02), (Exhibit 99.1), (Exhibit 99.2).

Item 9.01 – Financial Statements and Exhibits

  • Exhibits filed:
    • 99.1: Press release dated September 25, 2025.
    • 99.2: Fourth quarter fiscal 2025 supplemental information.
    • 104: Cover Page Interactive Data File (Inline XBRL).
  • Source: (Item 9.01).

Exhibits Summary

  • Exhibit 99.1: Press release with detailed sales, income, comparable sales by region, warehouse count, and forward-looking statements.
  • Exhibit 99.2: Supplemental information for Q4 fiscal 2025 (details not included in body).
  • Exhibit 104: Interactive data file for SEC filing.

Financial & Dilution Impact

  • Revenue growth of ~8% YoY for both Q4 and fiscal year.
  • Net income increased by approximately 11% in Q4 and 10% for fiscal year.
  • Diluted EPS increased from $5.29 to $5.87 in Q4; $16.56 to $18.21 for fiscal year.
  • No mention of share count changes or dilution events.
  • No debt or cash flow impacts disclosed.

Timeline & Required Actions

  • Reporting date: September 25, 2025.
  • Earnings call same day at 2:00 p.m. PT.
  • No other milestones or approvals noted.

Risks & Monitoring

  • Risks include economic conditions, inflation, competition, geopolitical factors, regulatory changes, workforce costs, and public health.
  • Forward-looking statements caution that actual results may differ materially.
  • No specific material adverse change (MAC) clauses or termination rights disclosed.

Metadata & Quality Checks

  • No OCR or parsing issues detected.
  • Non-GAAP reconciliation referenced only for comparable sales adjustments (gasoline prices and FX excluded).
  • Forward-looking statements present (Exhibit 99.1).
  • No conflicts or related-party transactions disclosed.

Final Checklist

  • Items disclosed: 2.02, 9.01.
  • Exhibits: 99.1 (press release), 99.2 (supplemental info), 104 (XBRL).
  • No governance, auditor, or material agreement changes.
  • No restatements or delisting notices.
  • Forward-looking statements and risk disclosures included.

Summary

Costco reported solid revenue and earnings growth for Q4 and fiscal 2025, driven by comparable sales increases across regions and strong e-commerce growth. The company operates a large global warehouse and e-commerce footprint. No material changes to governance or financial obligations were reported. Investors should monitor macroeconomic risks and upcoming earnings call for further details.

Original Filing