CanadaWide moat

Costco Wholesale (COST) — moat facet

The densest warehouses Costco has: 12% of the buildings and 18% of the operating income.

Canada is Costco's best segment on every measure except size. In fiscal 2025 it brought in $36,923 million of total revenue and $1,849 million of operating income, a margin of about 5.01%, the highest of the three.12

Canada segment operating income ($m)$796mFY2014$778mFY2016$939mFY2018$778mFY2020$1,346mFY2022$1,648mFY2024$1,849mFY2025Costco Forms 10-K FY2016, FY2019, FY2022, FY2025; earlier years as reported then
No higher in 2020 than in 2014, then more than doubled in five years.

It is the densest estate. Costco operated 110 Canadian warehouses at the end of fiscal 2025, 94 on land it owns, with about 15.9 million square feet and about 55,000 employees.3 Each warehouse averaged about $336 million of revenue, more than in the United States, and the segment had about 12% of Costco's warehouses and earned about 17.8% of its operating income.45 There were 115 by May 2026.6

The history includes a stretch of shrinking. Segment revenue was $17,943 million in fiscal 2014 and $17,028 million in fiscal 2016.7 Costco's fiscal 2016 report said changes in foreign currencies reduced earnings per share by $0.24, "largely driven by changes in the Canadian dollar and Mexican peso".8 Since then revenue has grown about 2.2 times, to $36,923 million, roughly 9.0% a year.910

Operating income did not rise in a straight line. It was $796 million in fiscal 2014 and $939 million in 2018, then fell to $778 million in fiscal 2020, a margin of about 3.47%.11121314 It reached $1,346 million in 2022 and $1,849 million in 2025, with the margin climbing to about 5.01%.151617

Canadian comparable sales excluding gasoline and currency grew 8% in each of fiscal 2023, 2024 and 2025.18 Reported net sales grew less, 4%, 6% and 6%; the difference is currency and gasoline prices.19

Costco is putting more capital in. Canadian additions to property and equipment were $281 million in fiscal 2023 and $580 million in 2025.20 The segment's operating income was about 25% of its $7,304 million of total assets in fiscal 2025, against about 12.5% for the United States.2122

The latest quarter continued the pattern. Revenue rose about 13.1% to $9,410 million and operating income about 12.4% to $506 million, a margin of about 5.38%.2324 Over the first thirty-six weeks operating income was $1,416 million against $1,215 million.25

Canada's margin is the one to watch. At about 5.1% over the first thirty-six weeks of fiscal 2026, against 4.9% a year earlier, it shows the model at full density.2627 A fall back toward the American level would say the extra openings are diluting the buildings.

Moat trajectory: Widening

Thirty-six-week margin of about 5.1% against 4.9%, with operating income up 16.5%.

The number that tests this moat
Moat Explorer calc
Canada segment operating margin, 36 weeks
About 5.10% in FY2026 to date, from 4.86%

Canada shows the model at full density; a fall toward the U.S. level would mean new openings are diluting the buildings.

How it's calculated: 1,416 / 27,774 against 1,215 / 25,021.
Source: Costco Form 10-Q, Q3 FY2026 (Moat Explorer calc) ↗
References
  1. ReportedIn fiscal 2025 it brought in $36,923 million of total revenue and $1,849 million of operating income, a margin of about 5.01%, the highest of the three.
    Costco Wholesale Form 10-K FY2025 - segment note 2023-2025: United States total revenue $176,630M/$184,143M/$200,046M, merchandise costs $174,021M and SG&A $19,147M (2025), operating income $5,392M/$6,217M/$6,878M; Canada $33,056M/$34,874M/$36,923M, operating income $1,448M/$1,648M/$1,849M; Other International $32,604M/$35,436M/$38,266M, operating income $1,274M/$1,420M/$1,656M; total revenue $275,235M, operating income $10,383M, membership fees $5,323M; U.S. additions to property and equipment $3,288M (2023) and $4,215M (2025), depreciation $1,895M; Canada additions $281M and $580M, total assets $7,304M; U.S. total assets $54,862M; Other International total assets $14,933M; 914 warehouses: 629 U.S. (512 owned), 110 Canada (94 owned), 175 Other International in Mexico 42, Japan 37, U.K. 29, Korea 20, Australia 15, Taiwan 14, China 7, Spain 5, France 2, Sweden 2, Iceland 1, New Zealand 1; floor space 93.6M/15.9M/25.2M sq ft; employees 223,000/55,000/63,000; changes in net sales and comparable sales by segment 2023-2025 — FY2023-FY2025 (ended August 31, 2025) · publ. October 2025 · source ↗
  2. Moat Explorer calcIn fiscal 2025 it brought in $36,923 million of total revenue and $1,849 million of operating income, a margin of about 5.01%, the highest of the three.
    Moat Explorer calculation from Costco's Forms 10-K FY2016-FY2025 and the Q3 FY2026 10-Q: segment shares of revenue and operating income, operating margins, revenue per warehouse, compound growth rates, operating income over segment total assets — FY2014 to Q3 FY2026 · publ. 2026-09-23 · source ↗
  3. ReportedCostco operated 110 Canadian warehouses at the end of fiscal 2025, 94 on land it owns, with about 15.9 million square feet and about 55,000 employees.
    Costco Wholesale Form 10-K FY2025 - segment note 2023-2025: United States total revenue $176,630M/$184,143M/$200,046M, merchandise costs $174,021M and SG&A $19,147M (2025), operating income $5,392M/$6,217M/$6,878M; Canada $33,056M/$34,874M/$36,923M, operating income $1,448M/$1,648M/$1,849M; Other International $32,604M/$35,436M/$38,266M, operating income $1,274M/$1,420M/$1,656M; total revenue $275,235M, operating income $10,383M, membership fees $5,323M; U.S. additions to property and equipment $3,288M (2023) and $4,215M (2025), depreciation $1,895M; Canada additions $281M and $580M, total assets $7,304M; U.S. total assets $54,862M; Other International total assets $14,933M; 914 warehouses: 629 U.S. (512 owned), 110 Canada (94 owned), 175 Other International in Mexico 42, Japan 37, U.K. 29, Korea 20, Australia 15, Taiwan 14, China 7, Spain 5, France 2, Sweden 2, Iceland 1, New Zealand 1; floor space 93.6M/15.9M/25.2M sq ft; employees 223,000/55,000/63,000; changes in net sales and comparable sales by segment 2023-2025 — FY2023-FY2025 (ended August 31, 2025) · publ. October 2025 · source ↗
  4. ReportedEach warehouse averaged about $336 million of revenue, more than in the United States, and the segment had about 12% of Costco's warehouses and earned about 17.8% of its operating income.
    Costco Wholesale Form 10-K FY2025 - segment note 2023-2025: United States total revenue $176,630M/$184,143M/$200,046M, merchandise costs $174,021M and SG&A $19,147M (2025), operating income $5,392M/$6,217M/$6,878M; Canada $33,056M/$34,874M/$36,923M, operating income $1,448M/$1,648M/$1,849M; Other International $32,604M/$35,436M/$38,266M, operating income $1,274M/$1,420M/$1,656M; total revenue $275,235M, operating income $10,383M, membership fees $5,323M; U.S. additions to property and equipment $3,288M (2023) and $4,215M (2025), depreciation $1,895M; Canada additions $281M and $580M, total assets $7,304M; U.S. total assets $54,862M; Other International total assets $14,933M; 914 warehouses: 629 U.S. (512 owned), 110 Canada (94 owned), 175 Other International in Mexico 42, Japan 37, U.K. 29, Korea 20, Australia 15, Taiwan 14, China 7, Spain 5, France 2, Sweden 2, Iceland 1, New Zealand 1; floor space 93.6M/15.9M/25.2M sq ft; employees 223,000/55,000/63,000; changes in net sales and comparable sales by segment 2023-2025 — FY2023-FY2025 (ended August 31, 2025) · publ. October 2025 · source ↗
  5. Moat Explorer calcEach warehouse averaged about $336 million of revenue, more than in the United States, and the segment had about 12% of Costco's warehouses and earned about 17.8% of its operating income.
    Moat Explorer calculation from Costco's Forms 10-K FY2016-FY2025 and the Q3 FY2026 10-Q: segment shares of revenue and operating income, operating margins, revenue per warehouse, compound growth rates, operating income over segment total assets — FY2014 to Q3 FY2026 · publ. 2026-09-23 · source ↗
  6. ReportedThere were 115 by May 2026.
    Costco Wholesale Form 10-Q, quarter ended May 10, 2026 - segment revenue and operating income, 12 and 36 weeks: United States $51,434M/$46,318M and $1,873M/$1,713M (36 weeks $149,934M, $5,124M); Canada $9,410M/$8,321M and $506M/$450M (36 weeks $27,774M/$25,021M, $1,416M/$1,215M); Other International $9,683M/$8,566M and $436M/$367M; total operating income $7,884M (36 weeks); U.S. additions to property and equipment $1,143M against $846M; comparable sales U.S. 9%, Canada 11%, Other International 11%, excluding gasoline and currency 7%, 6% and 6% (prior year 8%, 8%, 9%); 928 warehouses: 637 U.S., 115 Canada, three in France — Q3 FY2026 (12 weeks ended May 10, 2026) · publ. June 2026 · source ↗
  7. ReportedSegment revenue was $17,943 million in fiscal 2014 and $17,028 million in fiscal 2016.
    Costco Wholesale Form 10-K FY2016 - segment note 2014-2016, as reported then: United States total revenue $80,477M/$84,351M/$86,579M, operating income $1,880M/$2,308M/$2,326M; Canada $17,943M/$17,341M/$17,028M, operating income $796M/$771M/$778M; Other International $14,220M/$14,507M/$15,112M, operating income $544M/$545M/$568M; changes in foreign currencies adversely impacted diluted EPS by $0.24, largely driven by changes in the Canadian dollar and Mexican peso — FY2014-FY2016 · publ. October 2016 · source ↗
  8. ReportedCostco's fiscal 2016 report said changes in foreign currencies reduced earnings per share by $0.24, "largely driven by changes in the Canadian dollar and Mexican peso".
    Costco Wholesale Form 10-K FY2016 - segment note 2014-2016, as reported then: United States total revenue $80,477M/$84,351M/$86,579M, operating income $1,880M/$2,308M/$2,326M; Canada $17,943M/$17,341M/$17,028M, operating income $796M/$771M/$778M; Other International $14,220M/$14,507M/$15,112M, operating income $544M/$545M/$568M; changes in foreign currencies adversely impacted diluted EPS by $0.24, largely driven by changes in the Canadian dollar and Mexican peso — FY2014-FY2016 · publ. October 2016 · source ↗
  9. ReportedSince then revenue has grown about 2.2 times, to $36,923 million, roughly 9.0% a year.
    Costco Wholesale Form 10-K FY2025 - segment note 2023-2025: United States total revenue $176,630M/$184,143M/$200,046M, merchandise costs $174,021M and SG&A $19,147M (2025), operating income $5,392M/$6,217M/$6,878M; Canada $33,056M/$34,874M/$36,923M, operating income $1,448M/$1,648M/$1,849M; Other International $32,604M/$35,436M/$38,266M, operating income $1,274M/$1,420M/$1,656M; total revenue $275,235M, operating income $10,383M, membership fees $5,323M; U.S. additions to property and equipment $3,288M (2023) and $4,215M (2025), depreciation $1,895M; Canada additions $281M and $580M, total assets $7,304M; U.S. total assets $54,862M; Other International total assets $14,933M; 914 warehouses: 629 U.S. (512 owned), 110 Canada (94 owned), 175 Other International in Mexico 42, Japan 37, U.K. 29, Korea 20, Australia 15, Taiwan 14, China 7, Spain 5, France 2, Sweden 2, Iceland 1, New Zealand 1; floor space 93.6M/15.9M/25.2M sq ft; employees 223,000/55,000/63,000; changes in net sales and comparable sales by segment 2023-2025 — FY2023-FY2025 (ended August 31, 2025) · publ. October 2025 · source ↗
  10. Moat Explorer calcSince then revenue has grown about 2.2 times, to $36,923 million, roughly 9.0% a year.
    Moat Explorer calculation from Costco's Forms 10-K FY2016-FY2025 and the Q3 FY2026 10-Q: segment shares of revenue and operating income, operating margins, revenue per warehouse, compound growth rates, operating income over segment total assets — FY2014 to Q3 FY2026 · publ. 2026-09-23 · source ↗
  11. ReportedIt was $796 million in fiscal 2014 and $939 million in 2018, then fell to $778 million in fiscal 2020, a margin of about 3.47%.
    Costco Wholesale Form 10-K FY2016 - segment note 2014-2016, as reported then: United States total revenue $80,477M/$84,351M/$86,579M, operating income $1,880M/$2,308M/$2,326M; Canada $17,943M/$17,341M/$17,028M, operating income $796M/$771M/$778M; Other International $14,220M/$14,507M/$15,112M, operating income $544M/$545M/$568M; changes in foreign currencies adversely impacted diluted EPS by $0.24, largely driven by changes in the Canadian dollar and Mexican peso — FY2014-FY2016 · publ. October 2016 · source ↗
  12. ReportedIt was $796 million in fiscal 2014 and $939 million in 2018, then fell to $778 million in fiscal 2020, a margin of about 3.47%.
    Costco Wholesale Form 10-K FY2019 - segment note 2017-2019, as reported then: United States total revenue $93,889M/$102,286M/$111,751M, operating income $2,644M/$2,787M/$3,063M; Canada $18,775M/$20,689M/$21,366M, operating income $841M/$939M/$924M; Other International $16,361M/$18,601M/$19,586M, operating income $626M/$754M/$750M — FY2017-FY2019 · publ. October 2019 · source ↗
  13. ReportedIt was $796 million in fiscal 2014 and $939 million in 2018, then fell to $778 million in fiscal 2020, a margin of about 3.47%.
    Costco Wholesale Form 10-K FY2022 - segment note 2020-2022 (operating income restated for prior periods): United States total revenue $122,142M/$141,398M/$165,294M, operating income $3,822M/$4,470M/$5,268M; Canada $22,434M/$27,298M/$31,675M, operating income $778M/$1,093M/$1,346M; Other International $22,185M/$27,233M/$29,985M, operating income $835M/$1,145M/$1,179M — FY2020-FY2022 · publ. October 2022 · source ↗
  14. Moat Explorer calcIt was $796 million in fiscal 2014 and $939 million in 2018, then fell to $778 million in fiscal 2020, a margin of about 3.47%.
    Moat Explorer calculation from Costco's Forms 10-K FY2016-FY2025 and the Q3 FY2026 10-Q: segment shares of revenue and operating income, operating margins, revenue per warehouse, compound growth rates, operating income over segment total assets — FY2014 to Q3 FY2026 · publ. 2026-09-23 · source ↗
  15. ReportedIt reached $1,346 million in 2022 and $1,849 million in 2025, with the margin climbing to about 5.01%.
    Costco Wholesale Form 10-K FY2022 - segment note 2020-2022 (operating income restated for prior periods): United States total revenue $122,142M/$141,398M/$165,294M, operating income $3,822M/$4,470M/$5,268M; Canada $22,434M/$27,298M/$31,675M, operating income $778M/$1,093M/$1,346M; Other International $22,185M/$27,233M/$29,985M, operating income $835M/$1,145M/$1,179M — FY2020-FY2022 · publ. October 2022 · source ↗
  16. ReportedIt reached $1,346 million in 2022 and $1,849 million in 2025, with the margin climbing to about 5.01%.
    Costco Wholesale Form 10-K FY2025 - segment note 2023-2025: United States total revenue $176,630M/$184,143M/$200,046M, merchandise costs $174,021M and SG&A $19,147M (2025), operating income $5,392M/$6,217M/$6,878M; Canada $33,056M/$34,874M/$36,923M, operating income $1,448M/$1,648M/$1,849M; Other International $32,604M/$35,436M/$38,266M, operating income $1,274M/$1,420M/$1,656M; total revenue $275,235M, operating income $10,383M, membership fees $5,323M; U.S. additions to property and equipment $3,288M (2023) and $4,215M (2025), depreciation $1,895M; Canada additions $281M and $580M, total assets $7,304M; U.S. total assets $54,862M; Other International total assets $14,933M; 914 warehouses: 629 U.S. (512 owned), 110 Canada (94 owned), 175 Other International in Mexico 42, Japan 37, U.K. 29, Korea 20, Australia 15, Taiwan 14, China 7, Spain 5, France 2, Sweden 2, Iceland 1, New Zealand 1; floor space 93.6M/15.9M/25.2M sq ft; employees 223,000/55,000/63,000; changes in net sales and comparable sales by segment 2023-2025 — FY2023-FY2025 (ended August 31, 2025) · publ. October 2025 · source ↗
  17. Moat Explorer calcIt reached $1,346 million in 2022 and $1,849 million in 2025, with the margin climbing to about 5.01%.
    Moat Explorer calculation from Costco's Forms 10-K FY2016-FY2025 and the Q3 FY2026 10-Q: segment shares of revenue and operating income, operating margins, revenue per warehouse, compound growth rates, operating income over segment total assets — FY2014 to Q3 FY2026 · publ. 2026-09-23 · source ↗
  18. ReportedCanadian comparable sales excluding gasoline and currency grew 8% in each of fiscal 2023, 2024 and 2025.
    Costco Wholesale Form 10-K FY2025 - segment note 2023-2025: United States total revenue $176,630M/$184,143M/$200,046M, merchandise costs $174,021M and SG&A $19,147M (2025), operating income $5,392M/$6,217M/$6,878M; Canada $33,056M/$34,874M/$36,923M, operating income $1,448M/$1,648M/$1,849M; Other International $32,604M/$35,436M/$38,266M, operating income $1,274M/$1,420M/$1,656M; total revenue $275,235M, operating income $10,383M, membership fees $5,323M; U.S. additions to property and equipment $3,288M (2023) and $4,215M (2025), depreciation $1,895M; Canada additions $281M and $580M, total assets $7,304M; U.S. total assets $54,862M; Other International total assets $14,933M; 914 warehouses: 629 U.S. (512 owned), 110 Canada (94 owned), 175 Other International in Mexico 42, Japan 37, U.K. 29, Korea 20, Australia 15, Taiwan 14, China 7, Spain 5, France 2, Sweden 2, Iceland 1, New Zealand 1; floor space 93.6M/15.9M/25.2M sq ft; employees 223,000/55,000/63,000; changes in net sales and comparable sales by segment 2023-2025 — FY2023-FY2025 (ended August 31, 2025) · publ. October 2025 · source ↗
  19. ReportedReported net sales grew less, 4%, 6% and 6%; the difference is currency and gasoline prices.
    Costco Wholesale Form 10-K FY2025 - segment note 2023-2025: United States total revenue $176,630M/$184,143M/$200,046M, merchandise costs $174,021M and SG&A $19,147M (2025), operating income $5,392M/$6,217M/$6,878M; Canada $33,056M/$34,874M/$36,923M, operating income $1,448M/$1,648M/$1,849M; Other International $32,604M/$35,436M/$38,266M, operating income $1,274M/$1,420M/$1,656M; total revenue $275,235M, operating income $10,383M, membership fees $5,323M; U.S. additions to property and equipment $3,288M (2023) and $4,215M (2025), depreciation $1,895M; Canada additions $281M and $580M, total assets $7,304M; U.S. total assets $54,862M; Other International total assets $14,933M; 914 warehouses: 629 U.S. (512 owned), 110 Canada (94 owned), 175 Other International in Mexico 42, Japan 37, U.K. 29, Korea 20, Australia 15, Taiwan 14, China 7, Spain 5, France 2, Sweden 2, Iceland 1, New Zealand 1; floor space 93.6M/15.9M/25.2M sq ft; employees 223,000/55,000/63,000; changes in net sales and comparable sales by segment 2023-2025 — FY2023-FY2025 (ended August 31, 2025) · publ. October 2025 · source ↗
  20. ReportedCanadian additions to property and equipment were $281 million in fiscal 2023 and $580 million in 2025.
    Costco Wholesale Form 10-K FY2025 - segment note 2023-2025: United States total revenue $176,630M/$184,143M/$200,046M, merchandise costs $174,021M and SG&A $19,147M (2025), operating income $5,392M/$6,217M/$6,878M; Canada $33,056M/$34,874M/$36,923M, operating income $1,448M/$1,648M/$1,849M; Other International $32,604M/$35,436M/$38,266M, operating income $1,274M/$1,420M/$1,656M; total revenue $275,235M, operating income $10,383M, membership fees $5,323M; U.S. additions to property and equipment $3,288M (2023) and $4,215M (2025), depreciation $1,895M; Canada additions $281M and $580M, total assets $7,304M; U.S. total assets $54,862M; Other International total assets $14,933M; 914 warehouses: 629 U.S. (512 owned), 110 Canada (94 owned), 175 Other International in Mexico 42, Japan 37, U.K. 29, Korea 20, Australia 15, Taiwan 14, China 7, Spain 5, France 2, Sweden 2, Iceland 1, New Zealand 1; floor space 93.6M/15.9M/25.2M sq ft; employees 223,000/55,000/63,000; changes in net sales and comparable sales by segment 2023-2025 — FY2023-FY2025 (ended August 31, 2025) · publ. October 2025 · source ↗
  21. ReportedThe segment's operating income was about 25% of its $7,304 million of total assets in fiscal 2025, against about 12.5% for the United States.
    Costco Wholesale Form 10-K FY2025 - segment note 2023-2025: United States total revenue $176,630M/$184,143M/$200,046M, merchandise costs $174,021M and SG&A $19,147M (2025), operating income $5,392M/$6,217M/$6,878M; Canada $33,056M/$34,874M/$36,923M, operating income $1,448M/$1,648M/$1,849M; Other International $32,604M/$35,436M/$38,266M, operating income $1,274M/$1,420M/$1,656M; total revenue $275,235M, operating income $10,383M, membership fees $5,323M; U.S. additions to property and equipment $3,288M (2023) and $4,215M (2025), depreciation $1,895M; Canada additions $281M and $580M, total assets $7,304M; U.S. total assets $54,862M; Other International total assets $14,933M; 914 warehouses: 629 U.S. (512 owned), 110 Canada (94 owned), 175 Other International in Mexico 42, Japan 37, U.K. 29, Korea 20, Australia 15, Taiwan 14, China 7, Spain 5, France 2, Sweden 2, Iceland 1, New Zealand 1; floor space 93.6M/15.9M/25.2M sq ft; employees 223,000/55,000/63,000; changes in net sales and comparable sales by segment 2023-2025 — FY2023-FY2025 (ended August 31, 2025) · publ. October 2025 · source ↗
  22. Moat Explorer calcThe segment's operating income was about 25% of its $7,304 million of total assets in fiscal 2025, against about 12.5% for the United States.
    Moat Explorer calculation from Costco's Forms 10-K FY2016-FY2025 and the Q3 FY2026 10-Q: segment shares of revenue and operating income, operating margins, revenue per warehouse, compound growth rates, operating income over segment total assets — FY2014 to Q3 FY2026 · publ. 2026-09-23 · source ↗
  23. ReportedRevenue rose about 13.1% to $9,410 million and operating income about 12.4% to $506 million, a margin of about 5.38%.
    Costco Wholesale Form 10-Q, quarter ended May 10, 2026 - segment revenue and operating income, 12 and 36 weeks: United States $51,434M/$46,318M and $1,873M/$1,713M (36 weeks $149,934M, $5,124M); Canada $9,410M/$8,321M and $506M/$450M (36 weeks $27,774M/$25,021M, $1,416M/$1,215M); Other International $9,683M/$8,566M and $436M/$367M; total operating income $7,884M (36 weeks); U.S. additions to property and equipment $1,143M against $846M; comparable sales U.S. 9%, Canada 11%, Other International 11%, excluding gasoline and currency 7%, 6% and 6% (prior year 8%, 8%, 9%); 928 warehouses: 637 U.S., 115 Canada, three in France — Q3 FY2026 (12 weeks ended May 10, 2026) · publ. June 2026 · source ↗
  24. Moat Explorer calcRevenue rose about 13.1% to $9,410 million and operating income about 12.4% to $506 million, a margin of about 5.38%.
    Moat Explorer calculation from Costco's Forms 10-K FY2016-FY2025 and the Q3 FY2026 10-Q: segment shares of revenue and operating income, operating margins, revenue per warehouse, compound growth rates, operating income over segment total assets — FY2014 to Q3 FY2026 · publ. 2026-09-23 · source ↗
  25. ReportedOver the first thirty-six weeks operating income was $1,416 million against $1,215 million.
    Costco Wholesale Form 10-Q, quarter ended May 10, 2026 - segment revenue and operating income, 12 and 36 weeks: United States $51,434M/$46,318M and $1,873M/$1,713M (36 weeks $149,934M, $5,124M); Canada $9,410M/$8,321M and $506M/$450M (36 weeks $27,774M/$25,021M, $1,416M/$1,215M); Other International $9,683M/$8,566M and $436M/$367M; total operating income $7,884M (36 weeks); U.S. additions to property and equipment $1,143M against $846M; comparable sales U.S. 9%, Canada 11%, Other International 11%, excluding gasoline and currency 7%, 6% and 6% (prior year 8%, 8%, 9%); 928 warehouses: 637 U.S., 115 Canada, three in France — Q3 FY2026 (12 weeks ended May 10, 2026) · publ. June 2026 · source ↗
  26. ReportedAt about 5.1% over the first thirty-six weeks of fiscal 2026, against 4.9% a year earlier, it shows the model at full density.
    Costco Wholesale Form 10-Q, quarter ended May 10, 2026 - segment revenue and operating income, 12 and 36 weeks: United States $51,434M/$46,318M and $1,873M/$1,713M (36 weeks $149,934M, $5,124M); Canada $9,410M/$8,321M and $506M/$450M (36 weeks $27,774M/$25,021M, $1,416M/$1,215M); Other International $9,683M/$8,566M and $436M/$367M; total operating income $7,884M (36 weeks); U.S. additions to property and equipment $1,143M against $846M; comparable sales U.S. 9%, Canada 11%, Other International 11%, excluding gasoline and currency 7%, 6% and 6% (prior year 8%, 8%, 9%); 928 warehouses: 637 U.S., 115 Canada, three in France — Q3 FY2026 (12 weeks ended May 10, 2026) · publ. June 2026 · source ↗
  27. Moat Explorer calcAt about 5.1% over the first thirty-six weeks of fiscal 2026, against 4.9% a year earlier, it shows the model at full density.
    Moat Explorer calculation from Costco's Forms 10-K FY2016-FY2025 and the Q3 FY2026 10-Q: segment shares of revenue and operating income, operating margins, revenue per warehouse, compound growth rates, operating income over segment total assets — FY2014 to Q3 FY2026 · publ. 2026-09-23 · source ↗
Sources
Generated September 23, 2026