Costco sells a $6 rotisserie chicken at a loss. It sells a $1.50 hot dog at a loss. It marks up merchandise an average of 11% — half of what Walmart charges. It does all of this deliberately, because the product is not the merchandise. The product is the membership. 73 million households pay $65-$130 per year for the privilege of shopping at Costco. The warehouse is the excuse. The membership fee is the business. And with a 93% renewal rate, almost nobody ever cancels.
914
Total Warehouses
81.0M
Paid Members
$5.32B
Membership Fee Revenue
92.3%
Renewal Rate (US & Canada)
16%
E-commerce Comp Growth
$13.34B
Operating Cash Flow
73.6%
Executive Member Penetration
6%
Comparable Sales Growth
12%
Quarterly Dividend Increase
27
New Warehouses Opened
10-K · Oct. 8, 2025