Costco Q3 sales jump 12% on stronger traffic and pricing; membership renewal rates slip 50bp

Filed June 3, 2026 · Period ending May 10, 2026 · Compared to 10-Q Jun 5, 2025 · ~2 min read

Key Changes

• high

  Net sales grew 12% in Q3 (vs 8% prior year) driven by 10% comparable sales growth and higher gas prices. Comparable sales shifted from frequency-driven (5% visits, <1% ticket) to ticket-driven (7% ticket, 2% visits), suggesting inflation or mix changes now dominate growth.

  MD&A: Net Sales verify on EDGAR →
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  Membership renewal rates declined 50 basis points to 92.2% (US/Canada) and 89.7% (worldwide). Management attributes the drop to online signups entering the renewal calculation, which renew at slightly lower rates than in-warehouse signups.

  MD&A: Membership Fees verify on EDGAR →
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  Membership fee revenue grew 11% in Q3, with the September 2024 fee increase now contributing 25% of growth (vs 4% last year). New signups and Executive upgrades drove the remainder, but paid member growth slowed to 4.1% from 6.8% prior year.

  MD&A: Membership Fees verify on EDGAR →