In fiscal 2025 (year ended Aug. 31), membership fee revenue climbed to approximately $5.3 billion, marking double-digit growth driven by both a fee increase introduced in late 2024 and an expanded base of higher-tier memberships. Paid memberships rose to about 81 million households, while total cardholders reached roughly 145 million. Renewal rates hovered near 90% globally and exceeded 90% in the U.S. and Canada. Given that membership fees represent the bulk of Costco’s operating profit—offsetting the retailer’s intentionally thin merchandise margins—this recurring, high-margin revenue stream provided a dependable buffer against inflationary pressures and tighter consumer budgets.

Net sales increased by about 8% for the full year, with comparable-warehouse sales in Q4 up 5.7%, fueled by both foot traffic gains and higher average transaction sizes. In Q1 of fiscal 2026, revenue grew just over 8% year-over-year, sustaining the holiday-season strength. E-commerce and digitally enabled sales outpaced in-warehouse growth, underscoring the value proposition that keeps members returning. Mid-single-digit comparable-sales growth, combined with planned openings of more than two dozen new warehouses, positions Costco to compound earnings steadily without relying on aggressive markdowns or enterprising promotions.

In calendar 2025, Costco opened 27 new warehouses—including three relocations—lifting its global count past 900 locations. International expansion, notably in Asia, continues to supplement growth in its U.S. heartland. Digital sales grew at a double-digit rate as enhancements to online inventory visibility, delivery options and checkout processes boosted convenience. These initiatives are designed to complement rather than cannibalize the core warehouse experience, deepening member engagement and increasing ancillary spending per household while preserving Costco’s hallmark cost discipline.

Since its 1985 IPO, adjusted for stock splits, every $100 invested would have grown over 50,000%, translating to more than $86,000 today and an annual dividend stream of roughly $1,330. Over 40 years, the company has increased its dividend for 21 consecutive years and repurchased over $2 billion of stock in the last fiscal year. This track record of capital appreciation, dividend growth and opportunistic buybacks underscores Costco’s ability to compound value for long-term shareholders through disciplined execution and a loyalty-driven membership model.