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Costco Plans for 30+ Net Openings Per Year

publication date: Jan 10, 2026
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Image Source: Costco.

First-quarter fiscal 2026 net income for Costco Wholesale came in at $2.0 billion, or $4.50 per diluted share, which compares to $1.8 billion, or $4.04 per diluted share in the same period a year ago. Results included a tax benefit of $0.16 per diluted share, while last year’s tax benefit was $0.22 per diluted share. Costco currently operates 923 warehouses, including 633 in the United States and Puerto Rico, 114 in Canada, 42 in Mexico, 37 in Japan, and 29 in the United Kingdom. Costco ended the quarter with $17.2 billion in cash and short-term investments and $5.7 billion in long-term debt. For the 12 weeks ended November 23, 2025, net cash provided by operating activities was $4.7 billion, up from $3.26 billion over the same period last year, while free cash flow came in at $3.2 billion, up from $2 billion in last year’s period. Costco’s shares are trading roughly in-line with our fair value estimate.


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