The Costco Earnings September 2026 Member Guide: What the Q4 Report on September 24 Means for Members, Prices and Future Warehouse Plans
The Costco earnings September 2026 quarterly report arrives this Wednesday, September 24 — and for the Costco member who cares about more than just stock price movements, the Q4 fiscal 2026 earnings call contains commercially specific information that directly affects the warehouse experience, the membership value, and the specific products and services that Costco will be expanding in fiscal 2027.
Most Costco members never read the earnings report. Most do not realize that the quarterly conversation between Costco's CEO, CFO, and Wall Street analysts is also one of the most candid institutional communications available about where the warehouse is going — what categories the buying team is expanding, which services are performing above expectations, how the membership fee increase landed with members, and what the 30-plus new warehouse openings planned for fiscal 2027 mean for the household whose nearest Costco is currently 30 miles away.
This guide translates the Q4 fiscal 2026 earnings call's most member-relevant elements — the comparable sales performance, the membership metrics, the gas station dynamics, the food court economics, and the forward-looking statements about fiscal 2027 that tell the member what to expect from their warehouse over the next 12 months.
What the Q4 Earnings Report Covers: The Member-Relevant Sections
The Comparable Sales Report: What It Means for Pricing
The Q4 comparable sales growth number — the percentage increase in sales at Costco locations open for more than one year — is the specific metric that communicates whether Costco's institutional pricing model is generating the member traffic and spending that supports continued investment in the member value proposition.
The Q3 2026 comparable sales were strong: U.S. comps at 9.4% and Other International at 11.2%. If Q4 maintains comparable growth — which the member community should be watching for on September 24 — it signals that Costco's buying team has the commercial health to continue the institutional pricing discipline that makes the membership valuable.
What strong comparable sales mean for members: the institutional pricing model's sustainability is directly connected to Costco's commercial health. A warehouse club that is generating strong comparable sales growth is a warehouse club that does not need to compromise its low-margin model to boost profitability. The $4.99 rotisserie chicken, the $1.50 hot dog, and the institutional per-unit pricing on household staples are all maintained by the commercial confidence that above-average comparable sales generate.
The Membership Metrics: Fee Increase Impact
The September 2026 membership fee increase — Gold Star from $65 to $65 (unchanged in the U.S.) — actually, the September 2025 fee increase raised the Gold Star from $60 to $65 and the Executive from $120 to $130. The Q4 2026 earnings call is the first annual earnings report since that fee increase fully cycled through the membership year.
The specific metric to watch on September 24: the membership renewal rate. Costco's renewal rate has held consistently above 89 percent in the U.S. and Canada — the institutional metric that communicates member satisfaction with the value proposition more directly than any consumer survey. If the Q4 renewal rate holds above 89 percent after the full first year of the fee increase, the member community has collectively voted that the membership remains worth the increased cost.
The paid membership count: Costco ended Q3 2026 with 145.9 million total cardholders. The Q4 number — to be reported September 24 — will communicate whether membership growth has continued at the above-average pace that has characterized the past three fiscal years.
The Executive Membership Metrics: The 2% Reward Economy
The Executive membership's percentage of total paid memberships — currently approximately 46 to 47 percent of paid members, generating approximately 73 to 74 percent of total net sales — is the specific metric that communicates the commercial health of the member segment most committed to Costco as their primary retail channel.
For the member considering an Executive upgrade: if the Q4 earnings show continued Executive membership growth, it validates the commercial decision that 40+ million households have already made. If Executive growth accelerated after the membership fee increase — suggesting that members who were on the fence about the upgrade decided to commit — it communicates that the market's assessment of the 2% reward's value is strongly positive.
The Gas Station Report: What Q4 Tells Members About Fuel Economics
The 12% of Net Sales Number
Costco's gas stations represented approximately 12% of FY2025 net sales — a significant commercial contribution that communicates the institutional importance of the gas station program to the overall Costco commercial model. The Q4 2026 report will update this figure for the full fiscal year.
For the member: the gas station's commercial significance to Costco means the institutional commitment to below-market pump pricing is structural rather than promotional. The gas station's contribution to member traffic and overall net sales makes the pricing discipline economically important for Costco to maintain — not merely a member benefit but a commercial necessity.
The Gas Station Expansion: New Locations
The Q4 earnings call's warehouse count update will include the gas station count — tracking how many of the new warehouse openings include gas station additions. Costco targets approximately 30-plus net new warehouse openings per year; not every new warehouse location immediately includes a gas station, but the gas station addition rate has been increasing as the format's commercial value has been validated.
The Food Court: The $1.50 Hot Dog Economics
CEO Vachris's Commitment
CEO Ron Vachris reaffirmed in 2025 and again in early 2026 that the $1.50 hot dog will not increase in price while he is CEO — carrying forward the institutional commitment that Costco founder Jim Sinegal made to his successor decades ago.
The Q4 earnings call will not contain new information about the hot dog price. But the food court section of the earnings call — which analysts sometimes probe for the food court's contribution to member traffic and dwell time — may contain commercially useful information about food court menu expansions or new item introductions that the member community has not yet been notified about.
The Combo Calzone ($6.99, added May 2025) and the Rotisserie Chicken Chef Salad ($3.99, new 2026) were not pre-announced through member communications before they appeared in the warehouse — they appeared at the warehouse floor and were subsequently discussed at the earnings call. The Q4 call may reveal additional 2026 food court additions that members in locations where they haven't appeared yet can look forward to.
The New Warehouse Openings: Where Costco Is Expanding in Fiscal 2027
The 30-Plus Annual Opening Target
CEO Vachris confirmed in Q3 2026 that Costco targets 30-plus net new warehouse openings per year for the foreseeable future. The Q4 fiscal 2026 earnings call will confirm the final FY2026 opening count and provide forward guidance on FY2027 planned openings.
For members in markets where Costco expansion is actively occurring: the Q4 earnings call's warehouse pipeline discussion — which analysts probe in detail for specific market expansion plans — provides the most commercially specific public information available about upcoming warehouse openings.
The specific markets receiving the most expansion attention in 2026: China (7 to 15 locations), France and Spain (European expansion acceleration), Korea, Japan, and new U.S. markets in underserved geographic areas. The U.S. expansion target specifically fills geographic gaps where member density supports a warehouse but the nearest existing location is currently more than 30 to 45 minutes away.
The New Format Question: Business Center Expansion
The Q4 earnings call may address the Business Center format's expansion trajectory — the non-standard warehouse format that serves business members with foodservice-format bulk products, commercial cleaning supplies, and business-specific categories. The Business Center expansion into Canada, confirmed in Q3 2026, was the most recent format expansion signal.
For the member who lives near a potential Business Center location: the Q4 earnings call's commentary on the Business Center format's commercial performance will communicate whether additional Business Center openings are planned for fiscal 2027.
The GLP-1 Category: What Q4 Tells Members About Future Product Expansion
The CEO's Q3 Signal and the Q4 Update
In Q3 2026, CEO Ron Vachris made the most commercially significant statement for health-conscious Costco members of the fiscal year: his personal meetings with "several of the larger CPGs" about GLP-1-adjacent product pivots, his specific callout of the Kirkland Signature Ultra Filtered Protein Milk as having taken off "extremely, extremely strong," and his specific naming of protein, fiber, and magnesium as the category priorities.
The Q4 earnings call's GLP-1 update — if the analyst community probes this topic — will reveal whether the Q3 enthusiasm translated into additional Kirkland Signature GLP-1-adjacent product launches in Q4, whether the protein milk's velocity has been sustained, and whether the buying team has authorized additional high-protein, fiber-rich product additions that the GLP-1 member demographic will find in the warehouse in fiscal 2027.
For the member actively managing their health through GLP-1 medication or through GLP-1-aligned nutrition: the Q4 earnings call is the most commercially specific public source of information about what Costco is planning to stock in fiscal 2027 for the GLP-1 member demographic.
The Costco.com and Digital Channel: The Fastest-Growing Segment
The 34.4% Digital Sales Growth Context
The January 2026 comparable period showed Costco's digitally enabled sales growing 34.4% — the most dramatic digital growth metric in Costco's public reporting history. The Q4 2026 earnings call will update the full fiscal year digital sales figure and provide context for the digital channel's trajectory into fiscal 2027.
For the member: continued strong digital sales growth validates Costco's institutional investment in the Velocity retail media network, the AI recommendation carousel, the Costco.com product assortment expansion, and the same-day delivery partnership with Instacart. The member who has not yet explored Costco.com's online-exclusive assortment is increasingly leaving value uncaptured — and the Q4 digital growth number will communicate how significant that gap is growing.
What to Listen for on September 24
For the member who wants to follow the Q4 2026 Costco earnings call — available live through Costco's investor relations website and subsequently as a transcript through major financial data providers — these are the specific statements that communicate member-relevant commercial intelligence:
Any new Kirkland Signature product launch mentions from the CEO or CFO that have not yet appeared in warehouse locations.
The specific U.S. comparable sales number — above or below 9.4% communicates whether Q4 continued the Q3 momentum.
The renewal rate — above or below 89.7% communicates member fee increase acceptance.
Any food court menu update language from the CEO that previews new items or pricing changes.
The FY2027 warehouse opening guidance — any specific markets or formats mentioned communicate where to watch for new locations.
Any Costco.com or digital channel specific metrics that go beyond the full-year digital growth figure.
At MOJO Sales & Branding, we understand every dimension of the Costco member experience — from the earnings guide that translates institutional commercial intelligence into member-relevant insight to the roadshow brands that create the discovery moments that make every warehouse visit genuinely exciting. Contact us at 732.433.7873 or Susan@MOJOSalesandBranding.com.
Costco Q4 2026 Earnings — Complete Member Intelligence Preview:
Metric | Q3 2026 Benchmark | What to Watch Sept 24 | Member Implication |
U.S. comparable sales | 9.4% | Above or below 9.4%? | Strong comps = pricing model sustainable |
Renewal rate | 89.7% U.S./Canada | Above 89%? | Fee increase accepted = membership value intact |
Total cardholders | 145.9 million | Continued growth? | Growing base = expanding buying power |
Executive member % | ~46-47% of paid | Accelerating? | Confirms 2% reward value broadly recognized |
GLP-1 category update | Protein milk "extremely strong" | New Kirkland launches named? | Preview of FY2027 health product pipeline |
Digital sales growth | 34.4% (Jan 2026 comp period) | Full year figure? | Costco.com investment validation |
New warehouse guidance | 30+ annual target confirmed | FY2027 specific markets? | New locations in member's region |
Food court update | No price changes | New menu items mentioned? | Preview of 2027 food court additions |
The earnings call access: Costco's investor relations website at investor.costco.com — live on September 24 and available as a replay and transcript subsequently.
The member translation rule: Every CEO comment about a specific product category performing "extremely strong" is a buying signal — that category is receiving expanded Kirkland Signature development for fiscal 2027.
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