Costco Wholesale (NASDAQ: COST) has delivered an average annual return of 15.7% over the past 20 years, outperforming the broader market by 6.47% on an annualized basis.

An initial investment of $1,000 in the stock two decades ago would be worth $18,849.68 today, based on a share price of $924.52 at the time of writing.

Performance Overview

The warehouse club operator currently holds a market capitalization of $410.04 billion. The long-term performance highlights the impact of compounded returns on capital growth over extended periods.

What the Numbers Show

The data illustrates that Costco’s total return significantly exceeded the benchmark index by more than six percentage points annually. This divergence underscores the retailer’s ability to generate excess returns relative to the broader market over a two-decade horizon.

Costco Wholesale Corporation (NASDAQ: COST) reported a robust top-line performance for its 16-week fourth quarter ended August 30, 2026. The warehouse retailer logged net sales of $93.9 billion, marking an 11.3% increase from the $84.4 billion recorded in the same period last year.

For the retail month of August alone, net sales reached $23.70 billion, up 9.9% year-on-year from $21.56 billion. On a full-year basis, the company’s 52-week fiscal year sales totaled $297.3 billion, reflecting a 10.2% growth over the prior year’s $269.9 billion.

Comparable Sales Performance

Comparable sales figures reveal the underlying strength of the business, adjusted for store openings and closures. Total company comparable sales grew 9.4% in the fourth quarter and 8.4% for the full fiscal year.

The United States remained the primary growth engine, with comparable sales rising 10.7% in Q4 and 8.2% for the full year. International operations also contributed meaningfully, with "Other International" markets posting a 7.0% quarterly jump and a 9.8% annual increase. Canada saw more modest gains, with comparable sales up 5.0% in the quarter and 7.8% for the year.

Digital and Exclusions

Digitally-enabled sales continued to outpace brick-and-mortar growth significantly. In the fourth quarter, digital comparable sales surged 19.5%, while the full-year figure stood at 20.9%. This acceleration highlights the increasing reliance on e-commerce channels within Costco’s omnichannel strategy.

When excluding the impacts of changes in gasoline prices and foreign exchange, total company comparable sales grew 6.7% in Q4 and 6.6% for the fiscal year. The U.S. market drove this core growth with a 7.2% quarterly increase, compared to 4.6% in Canada and 6.2% in other international regions.

What the Numbers Show

A clear divergence exists between organic store performance and digital channels. While total company comparable sales rose by 9.4% in Q4, digitally-enabled sales grew at more than double that rate (19.5%). This suggests that while foot traffic and traditional membership spending remain healthy, the digital segment is currently the primary vector for accelerated revenue expansion.

Additionally, the shift in Labor Day timing negatively impacted August total and comparable sales by slightly less than 75 basis points, indicating that seasonal calendar effects can introduce minor volatility to monthly reporting periods.

Operational Footprint

Costco currently operates 939 warehouses globally. The U.S. and Puerto Rico remain the largest markets with 647 locations, followed by Canada with 115 stores. The company maintains an active e-commerce presence in key markets including the U.S., Canada, the U.K., Mexico, Korea, Taiwan, Japan, Australia, and China.