Costco’s December 1985 IPO at an adjusted cost basis of $1.67 per share has generated a 50,858% gain over 40 years. A $100 investment at launch would now be worth $86,058 in capital appreciation alone, before accounting for annual dividends. Since initiating payouts in 2004, Costco’s annualized dividend on those original shares has grown to $1,329, reflecting 21 consecutive years of increases and an 85% rise since 2020.

In Q1 FY2026, Costco reported net sales of $65.98 billion, up 8.2% year over year, driven by strong performance at its 921 global warehouses. New outlets in Spain and France contributed to last year’s average per-store sales of $192 million, and management plans to open 28 additional locations in FY2026. Membership revenue remains a key moat, with 81.4 million paid members and a 92.2% renewal rate in North America, supported by a recent fee hike from $60 to $65.

Costco repurchased $2.18 billion of stock in FY2025 under its $4 billion buyback authorization, helping to reduce share count and bolster per-share metrics. Despite this, the most emblematic dividend and repurchase program decision was Berkshire Hathaway’s sale of 4.3 million shares in Q3 2020 for $1.3 billion—a move Warren Buffett later called “probably a mistake.” Had those shares been retained, they would now be worth approximately $3.66 billion following a 138% share price rally over the past five years.