Costco Eyes $6.5B CapEx for 30 New Warehouses After 9.8% Q3 Sales Rise
COST•Costco’s Q3 revenue reached $70.53 billion, with 9.8% comparable sales growth, over 20% digital sales gain, record fuel volumes and membership of 82.9 million with improved renewals. It plans $6.5 billion fiscal 2026 CapEx to open 30 net new warehouses, with 9.2% LTM revenue growth and a 51.7x P/E.
1. Q3 Financial Highlights
Costco reported Q3 revenue of $70.53 billion, driven by a 9.8% increase in comparable sales, over 20% growth in digital channels and record fuel volumes. Membership reached 82.9 million, with renewal rates improving compared to prior periods.
2. Expansion and Capital Expenditure
Management outlined a fiscal 2026 capital expenditure plan of $6.5 billion to support the opening of 30 net new warehouses and infrastructure upgrades. The investment underscores confidence in membership-driven growth, including fuel sales, bulk-buying trends and international expansion.
3. Valuation and Performance Metrics
Costco’s last twelve months revenue growth stood at 9.2%, outpacing the S&P 500 median. Shares trade at a 51.7x trailing P/E, reflecting a premium valuation, while the stock exhibits a five-year correlation of 54.1% with moderate volatility and an upside capture ratio of -4.3.





