Costco Wholesale closed the first quarter of fiscal 2026 with an overall positive performance, strengthening the group's position in the global wholesale distribution landscape. The period ended November 23, 2025, and showed broad-based growth in both revenue and profitability. Net sales reached $65,98 billion, an 8,2% increase compared to $60,99 billion in the same quarter of the previous year. This result reflects the resilience of membership spending and the effectiveness of the group's operating model.
Net income also increased, reaching $2.001 million, or $4,50 per share, compared to $1.798 million or $4,04 per share in the first quarter of 2025. The figures include a $72 million tax benefit related to stock-based compensation plans, down from $100 million a year ago. Compared to market expectations, the picture is mixed but overall solid. Analyst estimates had called for higher revenues, but earnings per share exceeded forecasts, confirming Costco's ability to defend margins even in a competitive and inflationary environment.
A particularly encouraging sign comes from comparable store sales. In the quarter, comparable sales – excluding fuel – grew by 6,4%, a figure above expectations and indicative of continued robust demand at the group's warehouses. On the industrial front, Costco continues to leverage a broad and well-diversified global network. At the end of the quarter, the group operated 923 warehouses worldwide, with a strong concentration in the United States and Puerto Rico, where it operates 633 stores.
The international presence also includes 114 warehouses in Canada, 42 in Mexico, 37 in Japan, and 29 in the United Kingdom. The network is completed by Asian and European markets, with stores in Korea, Australia, Taiwan, China, Spain, France, and Sweden, as well as Iceland and New Zealand. In addition to its physical stores, the group also maintains a strong online presence, with e-commerce platforms operating in several key markets, supporting an omnichannel model that is increasingly central to its growth strategy. Overall, the first-quarter results confirm the strength of the Costco model and the group's ability to generate organic growth, laying a solid foundation for the remainder of the 2026 financial year.
