← Holdings
COST

Costco Wholesale Corporation

2 managers · $99M total
Data: SEC EDGAR 13F · 2026Q1
Manager holders · last 4 qtrsⓘ
2
2025Q2 – 2026Q1 · flat QoQ
Total position
$99M
Combined value across tracked managers
Net move this quarter
↓ Trimming
Weighted by holders' share change
HolderQ actionValue% of port.Style
HoskingⓘTrim-9.75%$60M2.16%Contrarian value / Global diversified
MarkelHold$39M0.33%Insurance float / Long-term value
What managers sayⓘ
2026-06-18Michael Mauboussin (Consilient Observer)NeutralOpportunities and Expectations: The Present Value of Growth Opportunities in ValuationDetail →
2026-04-22Horos Asset ManagementNeutralLetter to our co-investors 1Q26Detail →
2026-03-06Bireme CapitalBearThe End of American ExceptionalismDetail →
2025-12-31Bonsai PartnersNeutralBonsai Partners 2H 2025 LetterDetail →
2025-09-30Oakmark FundsBearA conversation with shareholders | U.S. equity market commentary 3Q 2025Detail →
2025-07-11Patient Capital ManagementBear2Q25 Portfolio Activity and AttributionDetail →
2025-01-13Patient Capital ManagementBear“There is nothing so stable as change.” Bob DylanDetail →
2024-06-30Bonsai PartnersBullBonsai Partners 1H 2024 LetterDetail →
Earnings Callsⓘ
Q3 2026May 28, 2026
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本季度业绩超预期，核心原因是Gas业务创纪录销量和会员忠诚度提升。
关键数据：净收入$2.19亿，+15%；同店销售+9.8%，调整后+6.6%；电商销售+21.5%。
业务进展：Gas业务创历史销售记录，新会员使用Gas站提升忠诚度。AI搜索转化率最高，增长超3倍。推出KS能量饮料等新品，并通过降价（如KS鸡翅从$16.99降至$14.99）强化价值定位。
管理层未提供具体指引，但强调继续投资增长，包括加速新店开张和数字化，并考虑未来特别股息。
风险信号：Gas价格不确定性影响消费行为；核心毛利率下降（-9个基点），系主动投资价格所致。
Q2 2026March 5, 2026
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FinancialsⓘFY2025 · Source: SEC EDGAR 10-K

5y revenue CAGR 9% · latest net margin 2.9% · FCF consistently positive

Revenue$275.2B
Rev. YoY+8.2%
Gross margin12.8%
Net margin2.9%
Net income$8.10B
Free cash flow$7.84B
Operating cash flow$13.3B
ROE27.8%

Source: SEC EDGAR company filings (10-K). Foreign issuers (20-F/IFRS) not yet covered.