Costco Wholesale Corp (NASDAQ:COST) delivered solid fiscal Q4 results to close out FY25, posting a modest revenue beat of $86.16 billion and earnings per share of $5.87. Margins remained stable, while e-commerce continued to grow at a double-digit year-over-year pace. Membership revenue benefited from recent fee increases and strong conversion to the higher-priced Executive tier. Inflation remains a headwind, though its impact appears to have stabilized and become more predictable.
Management also highlighted improving gross margins and meaningfully higher annualized sales per warehouse during their first year of operation, offering encouraging commentary as Costco targets 28–30+ new warehouse openings in the coming year. One minor concern was renewal rates, which remain strong at 89.8% but declined slightly, driven by lower renewal rates among online and digital sign-ups compared with in-warehouse members.
For more details, key highlights, and commentary, check out the high-level earnings summary.
