Costco Wholesale Corporation (COST)

Hold Recap: Q3 FY26

Core-on-Core Slips, Membership-Fee Tailwind Normalizes, Member Growth Cools — Downgrading to Hold as the Re-Rating Runs Its Course

Outperform Recap: Q1 FY26

Membership Fee +14% Compounds, Core-on-Core +30bps Broad-Based, Renewal Slip Moderates — Maintaining Outperform

Outperform Recap: Q4 FY25

Membership Fee Tailwind Delivers, Core-on-Core +29bps Broad-Based, FY26 Pipeline +30% — Upgrading to Outperform

Hold Recap: Q3 FY25

Core-on-Core Reverses Up, Tariff Bracketed in LIFO, Multiple Still Full — Maintaining Hold

Hold Recap: Q2 FY25

Comps Strong, EPS Light, Tariff Overhang at Full Valuation — Initiating at Hold