Costco Wholesale Corporation (COST): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el ingenioso modelo de negocio que impulsa a Costco Wholesale Corporation, una potencia minorista que transforma la forma en que millones de consumidores compran mercancías a granel. Con un enfoque único que combina la exclusividad de la membresía, la eficiencia operativa de afeitar a la navaja y las propuestas de valor inmejorables, Costco ha revolucionado el panorama minorista mayorista. Al crear meticulosamente un modelo de negocio que prioriza el ahorro de los miembros, los productos de alta calidad y las asociaciones estratégicas, este gigante minorista no solo ha sobrevivido sino que ha prosperado en un mercado cada vez más competitivo, generando $ 226 mil millones en ingresos anuales y capturando la lealtad de millones de consumidores conscientes del presupuesto en todo el mundo.

Costco Wholesale Corporation (Costo) - Modelo de negocio: asociaciones clave

Fabricantes de productos de Kirkland Signature

Costco colabora con más de 500 fabricantes para producir productos de etiqueta privada de Kirkland Signature. A partir de 2023, la firma de Kirkland representa aproximadamente el 30% del volumen total de ventas de Costco.

Categoría	Número de fabricantes	Volumen de producción anual
Productos alimenticios	187	$ 4.2 mil millones
Artículos del hogar	126	$ 2.7 mil millones
Vestir	93	$ 1.5 mil millones

Empresas de envío y logística

Costco se asocia con los principales proveedores de envío para optimizar su cadena de suministro.

• FedEx: volumen de envío anual de 12.4 millones de paquetes
• UPS: Volumen de envío anual de 9.7 millones de paquetes
• DHL: Asociaciones de envío internacionales valoradas en $ 380 millones

Compañías de tarjetas de crédito

Costco mantiene asociaciones financieras estratégicas con proveedores de tarjetas de crédito.

Pareja	Volumen de transacción	Duración de la asociación
Visa	$ 47.2 mil millones	Exclusivo desde 2016
Citi	$ 23.6 mil millones	Tarjeta de crédito de marca compartida desde 2016

Socios al por mayor y minoristas internacionales

Costco opera en múltiples mercados internacionales a través de asociaciones estratégicas.

• Canadá: 106 almacenes, $ 25.4 mil millones de ingresos
• México: 41 almacenes, $ 8.2 mil millones de ingresos
• Japón: 31 almacenes, ingresos de $ 6.7 mil millones
• Corea del Sur: 16 almacenes, ingresos de $ 4.3 mil millones

Proveedores de soluciones de tecnología y software

Costco invierte en asociaciones tecnológicas avanzadas para mejorar la eficiencia operativa.

Socio tecnológico	Inversión anual	Función principal
Oráculo	$ 42 millones	Planificación de recursos empresariales
SAVIA	$ 35 millones	Gestión de la cadena de suministro
Microsoft	$ 28 millones	Servicios de computación en la nube

Costco Wholesale Corporation (Costo) - Modelo de negocio: actividades clave

Compras a granel y gestión de inventario

Costco administra un inventario extenso con 4,123 SKU en un almacén promedio a partir de 2023. La compañía compra aproximadamente $ 195 mil millones en mercancías anualmente. La tasa de facturación de inventario es de aproximadamente 11.7 veces por año.

Métrico	Valor
Compras anuales de mercancías	$ 195 mil millones
Skus promedio de almacén	4,123
Tasa de facturación de inventario	11.7x

Operaciones del programa de membresía

Costco opera un modelo de negocio basado en la membresía con 123.8 millones de titulares de tarjetas a partir de 2023. Las tasas de renovación de membresía superan el 90%. Las tarifas anuales de membresía generan aproximadamente $ 4.3 mil millones en ingresos.

• Titulares de tarjetas totales: 123.8 millones
• Tasa de renovación de membresía: 90%+
• Ingresos anuales de membresía: $ 4.3 mil millones

Abastecimiento de mercancías al por mayor

Costco Fuente mercancía de aproximadamente 1,600 proveedores a nivel mundial. La compañía mantiene relaciones directas con los fabricantes para garantizar precios competitivos y control de calidad.

Métrico de abastecimiento	Valor
Proveedores globales	1,600+
Marcas de etiqueta privada	Firma de Kirkland

Operaciones y expansión de la tienda minorista

A partir de 2023, Costco opera 848 almacenes en todo el mundo, con 584 ubicaciones en los Estados Unidos y Canadá. Los almacenes internacionales incluyen 106 en México, 40 en Japón y 118 en otros países.

• Almacenes totales: 848
• Almacenes de EE. UU. Y Canadá: 584
• México almacenes: 106
• Almacenes de Japón: 40
• Otros almacenes internacionales: 118

Desarrollo de la plataforma de comercio electrónico

La plataforma de comercio electrónico de Costco generó $ 27.5 mil millones en ventas en línea en 2023, lo que representa el 9.7% de los ingresos totales de la compañía. La compañía ofrece compras en línea en múltiples países con opciones de entrega rápida.

Métrico de comercio electrónico	Valor
Ventas en línea	$ 27.5 mil millones
Porcentaje de ingresos totales	9.7%

Costco Wholesale Corporation (Costo) - Modelo de negocio: recursos clave

Extensa red global de cadena de suministro

A partir de 2024, Costco opera 848 almacenes a nivel mundial, con 574 ubicaciones en los Estados Unidos y Puerto Rico, 107 en Canadá, 40 en México, 31 en Japón, 29 en Corea del Sur, 17 en el Reino Unido, 14 en Taiwán, 13 en Australia, 13 en España y un número más pequeño en otros países.

Región	Número de almacenes
Estados Unidos y Puerto Rico	574
Canadá	107
México	40
Japón	31

Base de datos de membresía de clientes leales

A partir de 2023, Costco informó:

• Totales miembros: 124.7 millones
• Tasa de renovación de membresía: 90.4% en los Estados Unidos y Canadá
• Membresía de Gold Star: $ 60 anualmente
• Membresía ejecutiva: $ 120 anualmente

Fuerte reputación de la marca para precios de valor

Métricas financieras que demuestran la estrategia de precios de valor:

• Ventas netas en 2023: $ 242.3 mil millones
• Ingresos de la tarifa de membresía: $ 4.5 mil millones
• Margen bruto: 10.4%

Almacenes y centros de distribución a gran escala

Detalles de la infraestructura de almacén y distribución:

Métrico	Valor
Tamaño promedio del almacén	146,000 pies cuadrados
Centros de distribución	13 en los Estados Unidos
Total de pies cuadrados de almacén	Aproximadamente 124 millones de pies cuadrados

Etiqueta privada de firma de Kirkland patentada

Rendimiento del producto de la firma de Kirkland:

• Representa aproximadamente el 20% de las ventas totales de Costco
• Ingresos anuales estimados: $ 48.5 mil millones
• Categorías de productos: alimentos, artículos para el hogar, ropa, electrónica

Costco Wholesale Corporation (Costo) - Modelo de negocio: propuestas de valor

Mercancía a granel de bajo costo y alta calidad

Ahorros promedio en artículos a granel: 30-50% en comparación con el comercio minorista tradicional

Ventas anuales de mercancías (2023)	$ 242.3 mil millones
Marca promedio de productos	10-15%
Skus total transportado	4,000-4,500 artículos

Ahorros de precios significativos para los miembros

Estructura de precios de membresía:

• Membresía de Gold Star: $ 60/año
• Membresía ejecutiva: $ 120/año con 2% de reembolso

Base de membresía total (2023)	123.8 millones de miembros
Tasa de renovación de membresía	90.4%

Amplia variedad de productos en múltiples categorías

Desglose de la categoría de productos:

• Alimentos y autries: 34%
• Líneas duras: 15%
• Líneas blandas: 12%
• Alimentos frescos: 11%
• Auxiliar y otro: 28%

Productos de etiqueta privada de alta calidad

Detalles de la marca de la firma de Kirkland:

Ventas de firma de Kirkland (2023)	$ 52 mil millones
Porcentaje de ventas totales	~28%

Experiencia de compra consistente y confiable

Almacenes totales (2023)	848 ubicaciones en todo el mundo
Países de operación	12 países
Tamaño promedio de la tienda	146,000 pies cuadrados

Costco Wholesale Corporation (Costo) - Modelo de negocio: relaciones con los clientes

Programa de lealtad basado en la membresía

A partir de 2024, Costco mantiene dos niveles de membresía principales:

Tipo de membresía	Tarifa anual	Totales miembros
Membresía de Gold Star	$60	63.4 millones
Membresía ejecutiva	$120	29.3 millones

Incentivos de renovación de bajo costo

Costco ofrece incentivos de renovación a través de:

• 2% de reembolso en compras para miembros ejecutivos (hasta $ 1,000 anuales)
• Tasa de renovación del 90.5% a nivel mundial
• Ingresos de tarifas de membresía de $ 4.33 mil millones en año fiscal 2023

Servicio al cliente consistente

Métrico de servicio	Actuación
Puntuación de satisfacción del cliente	86/100
Tiempo de espera promedio	Menos de 5 minutos
Devolver la satisfacción de la política	98.5%

Muestreo de productos en la tienda

Estadísticas de muestreo clave:

• Aproximadamente 500 muestras de productos ofrecidas semanalmente por tienda
• Estimado de 2,5 millones de muestras distribuidas diariamente en todas las ubicaciones
• Aumento promedio de la venta de productos muestreados: 15-20%

Plataformas de participación digital y física

Plataforma	Compromiso de usuario
Costco.com	47.3 millones de visitantes mensuales únicos
Aplicación móvil Costco	22.6 millones de usuarios activos
Marketing por correo electrónico	38.7 millones de suscriptores

Costco Wholesale Corporation (Costo) - Modelo de negocios: canales

Ubicaciones minoristas de almacenes físicos

A partir de enero de 2024, Costco opera 851 ubicaciones de almacén a nivel mundial:

Región	Número de almacenes
Estados Unidos	593
Canadá	107
México	41
Mercados internacionales	110

Sitio web de comercio electrónico

Costco.com generó $ 26.1 mil millones en ventas en línea en el año fiscal 2023, lo que representa el 13.7% de las ventas netas totales.

Aplicación de compras móviles

• Descargas de aplicaciones móviles: 22.3 millones a partir del cuarto trimestre 2023
• Usuarios móviles activos: 15.7 millones mensuales
• Tasa de transacción de la aplicación móvil: 37% de las compras en línea

Centros de servicio al cliente

Costco mantiene Centros de atención al cliente 24/7 con:

• Soporte telefónico en 5 idiomas
• Tiempo de respuesta de soporte por correo electrónico: promedio 24 horas
• Disponibilidad de soporte de chat en vivo: 16 horas diarias

Plataformas de registro de membresía

Tipo de membresía	Tarifa anual	Totales miembros (cuarto trimestre 2023)
Estrella de oro	$60	33.7 millones
Ejecutivo	$120	22.5 millones
Membresías totales	-	56.2 millones

Costco Wholesale Corporation (Costo) - Modelo de negocio: segmentos de clientes

Familias de clase media a media alta

A partir de 2024, Costco atiende a aproximadamente 126.4 millones de titulares de tarjetas en todo el mundo. Ingresos familiares promedio de los miembros de Costco: $ 93,000 por año.

Segmento demográfico	Porcentaje de membresía	Gasto anual promedio
Familias de clase media a media alta	52%	$ 3,700 por año

Propietarios de pequeñas empresas

La membresía comercial de Costco representa el 13% de la base de membresía total, que representa aproximadamente 16.4 millones de miembros comerciales.

• Gasto anual de miembro comercial promedio: $ 6,200
• Industrias principales: restaurantes, oficinas, comercio minorista, hospitalidad

Consumidores conscientes del presupuesto

Costco atrae a los consumidores sensibles a los precios con una base de membresía de 63.4 millones de miembros de Gold Star.

Tipo de consumidor	Ahorros anuales promedio	Porcentaje de miembros
Consumidores conscientes del presupuesto	$1,000-$1,500	47%

Compradores corporativos e institucionales

El segmento de compras corporativas representa el 8% de la membresía de Costco, con ventas anuales de empresa a empresa que alcanzan los $ 24.7 mil millones en 2023.

• Compradores institucionales clave: atención médica, educación, agencias gubernamentales
• Volumen de compra institucional promedio: $ 350,000 anualmente

Consumidores de productos a granel

El segmento de compra a granel representa el 68% de la base de clientes principales de Costco.

Categoría de productos a granel	Volumen de ventas anual	Preferencia del consumidor
Comestibles y artículos para el hogar	$ 61.2 mil millones	42%
Electrónica y electrodomésticos	$ 18.5 mil millones	22%

Costco Wholesale Corporation (Costo) - Modelo de negocio: Estructura de costos

Adquisición de inventario a granel

En el año fiscal 2023, los inventarios totales de mercancías de Costco fueron de $ 33.9 mil millones. La compañía compra grandes cantidades directamente a los fabricantes, negociando los precios de $ 300-500 millones por contrato de proveedor.

Categoría de inventario	Gasto anual
Comida y artículos	$ 12.4 mil millones
Líneas duras	$ 7.6 mil millones
Líneas suaves	$ 5.3 mil millones
Alimentos frescos	$ 4.8 mil millones

Estrategia de ventas de bajo margen y alto volumen

Costco mantiene un margen bruto promedio de 11.4% en comparación con el 25-35% de los minoristas tradicionales. Los ingresos anuales de la compañía en 2023 fueron de $ 242.3 mil millones.

• Marca promedio de productos: 14-15%
• Las tarifas de membresía contribuyen con $ 4.3 mil millones anuales

Gastos de marketing mínimos

Costco gasta aproximadamente 0.4% de ingresos en marketing, que es significativamente más bajo que el promedio de la industria minorista del 3-5%.

Gasto de marketing	Cantidad
Gasto total de marketing	$ 968 millones (2023)
Marketing como % de ingresos	0.4%

Operaciones de almacén eficientes

Costco opera 848 almacenes a nivel mundial con un costo operativo promedio de $ 15.2 millones por almacén.

• Tamaño promedio del almacén: 146,000 pies cuadrados
• Costo promedio de construcción de almacén: $ 22.3 millones
• Gastos operativos anuales de almacén: $ 12.9 mil millones

Inversiones de tecnología e infraestructura

En 2023, Costco invirtió $ 1.6 mil millones en actualizaciones de tecnología e infraestructura.

Categoría de inversión tecnológica	Gasto
Plataforma de comercio electrónico	$ 687 millones
Tecnología de almacén	$ 453 millones
Optimización de la cadena de suministro	$ 460 millones

Costco Wholesale Corporation (Costo) - Modelo de negocios: Findas de ingresos

Tarifas anuales de membresía

A partir del año fiscal 2023, Costco reportó ingresos por tarifas de membresía de $ 4.34 mil millones. La estructura de la tarifa de membresía incluye:

Tipo de membresía	Tarifa anual
Membresía de Gold Star	$60
Membresía ejecutiva	$120

Venta de mercancías

Las ventas netas totales para el año fiscal 2023 alcanzaron $ 242.3 mil millones. Desglose de ventas de mercancías:

• Venta de mercancías por categoría:

  Categoría	Porcentaje de ventas
  Miscelánea	22%
  Líneas duras	19%
  Alimento	17%
  Líneas suaves	12%
  Comida fresca	11%

Venta de productos de Kirkland Signature

Las ventas de etiquetas privadas de Kirkland Signature representaban aproximadamente 30% of Costco's total merchandise sales En el año fiscal 2023.

Servicios auxiliares

Additional revenue streams from services:

Servicio	Ingresos anuales estimados
Optical Services	$ 500 millones
Servicios de farmacia	$ 750 millones
Estaciones de servicio	$ 1.2 mil millones

Venta de productos en línea y en la tienda

Las ventas de comercio electrónico para el año fiscal 2023 fueron $ 33.6 mil millones, que representa el 13.9% de las ventas netas totales.

• Tasa de crecimiento de ventas en línea: 4.1%
• Ventas en la tienda: $ 208.7 mil millones

Costco Wholesale Corporation (COST) - Canvas Business Model: Value Propositions

Costco Wholesale Corporation delivers value through a disciplined, high-volume, low-margin strategy anchored by its membership model. This approach translates directly into tangible savings and exclusive benefits for members.

High-quality, brand-name, and private-label goods at ultra-low prices

• Kirkland Signature products typically offer members 20% to 30% value compared to national brand alternatives of equal quality.
• Kirkland Signature generated approximately $86 billion in annual sales, accounting for about one-third of the company's total revenue in 2025.
• The company stocks a limited assortment, focusing on approximately 4,000 SKUs globally.

Low product markups, capped at approximately 14% over cost

Costco Wholesale Corporation enforces strict internal limits on how much it marks up merchandise over cost. This is a core differentiator from traditional retail models.

Product Type	Maximum Markup Cap Over Cost
Third-Party Brand-Name Products	14%
Kirkland Signature Private-Label Products	15%

For comparison, even discount retailers like Walmart commonly mark up items by 25%, while department stores often use a 100% markup.

Exclusive access to a curated selection and treasure-hunt shopping experience

The limited selection drives volume on key items, which supports the low-markup strategy and creates the sought-after 'treasure-hunt' feel. The focus on high-volume items means that Kirkland Signature products can account for a significant portion of sales in specific categories; for instance, one 2025 study estimated 32% of sales across 10 major categories came from Kirkland products.

Convenience of bulk purchasing and ancillary services (gas, pharmacy)

Ancillary businesses provide added convenience and drive traffic, complementing the core merchandise offering. In fiscal year 2025, sales in warehouse ancillary and other businesses increased by $1,201 million, representing a 2% increase.

• Executive Members earn a 2% reward on qualified purchases, generally up to a maximum reward of $1,250 per year.
• Select locations began offering exclusive 9 a.m. shopping hours for Executive Members starting in June 2025.

High member value, evidenced by a 92.3% U.S./Canada renewal rate

Membership fees are the primary driver of net operating income, making retention paramount. The high renewal rate confirms members perceive the value proposition outweighs the annual fee.

Metric	Rate / Amount (Late 2025)
U.S. and Canada Membership Renewal Rate	92.3%
Worldwide Membership Renewal Rate	89.8%
Total Paid Members (Q4 2025)	81 million
Executive Members (Q4 2025)	38.7 million
Membership Fee Revenue (FY 2025)	$5.32 billion

The Executive tier, which carries a higher fee, saw its penetration grow to nearly 47.7% of total paid members in Q4 2025.

Costco Wholesale Corporation (COST) - Canvas Business Model: Customer Relationships

You're looking at the core engine of Costco Wholesale Corporation's value proposition, which is entirely built around its membership structure. Honestly, the relationship isn't transactional; it's a long-term commitment that drives nearly all the company's operating profit.

Membership-based exclusivity and loyalty program

Costco Wholesale Corporation maintains exceptional customer stickiness through its paid membership tiers. As of the end of fiscal 2025, the company served approximately 81 million paid members globally. This base demonstrates remarkable loyalty, evidenced by the worldwide renewal rate holding steady at 89.8%, while the rate in the United States and Canada was even stronger at 92.3%. The company operates 914 warehouses worldwide as of August 31, 2025, with the US segment accounting for about 73% of total revenue.

The relationship is segmented to encourage higher spending and commitment, which you can see clearly in the tier structure:

• Gold Star and Business Membership annual fee: $65.
• Executive Membership annual fee: $130 as of August 2025.
• Total Executive Members as of fiscal 2025 year-end: 38.7 million.

The focus on the higher tier is clear: Executive members accounted for nearly 47.7% of total paid members but drove 74.2% of worldwide sales in fiscal 2025. That's a massive concentration of spending power in the top tier.

Executive Membership with a 2% annual reward check

The primary draw for the Executive tier is the 2% annual reward on qualified purchases. This benefit is designed to incentivize spending that easily offsets the higher fee. For instance, it takes about $3,250 in annual spending to recoup the $65 upgrade cost from a Gold Star membership. The reward structure was recently enhanced:

Metric	Value for Fiscal 2025 Data
Executive Membership Annual Fee	$130
2% Reward Earning Rate	2% on pre-tax qualified purchases
Maximum Annual Reward Cap	$1,250
Executive Member Share of Worldwide Net Sales	Approximately 73.6% to 74.2%

The maximum reward cap was increased from $1,000 to $1,250 in September 2024, which came alongside a 5% increase in all membership fees. The company is actively using these benefits to drive upgrades; membership fee income rose 14% year-over-year in the fourth quarter of fiscal 2025, reaching $1,724 million.

High-touch service for ancillary businesses (optical, travel)

While the core relationship is self-service in the warehouse, Costco Wholesale Corporation layers on high-value, service-oriented perks to reinforce the Executive relationship. These services are often integrated into the 2% reward calculation for qualifying purchases. To further incentivize the top-tier members, new benefits were rolled out, which you can see as targeted relationship builders:

• A $10 monthly credit on eligible online orders over $150, which applies to Costco's digital channels, including Costco Travel bookings.
• Exclusive early shopping hours, starting at 9 a.m. on weekdays and Sundays, effective September 1, 2025.

These service enhancements are aimed at the highest-spending cohort, who are already spending 3 times more on average than a basic member.

Automated self-service via e-commerce and mobile app

The relationship extends beyond the physical warehouse through digital channels, which are critical for younger members who now make up nearly half of new sign-ups. Costco Wholesale Corporation is successfully blending its bulk model with digital convenience. Digitally-enabled sales, which include Costco Travel, represented about 10% of total net sales in 2025. The e-commerce segment showed strong momentum, with online sales growing 13.6% in the fourth quarter of fiscal 2025. The company is actively promoting auto-renewal features and enhancing targeted digital communication to improve retention, especially among newer, digitally-acquired members.

Costco Wholesale Corporation (COST) - Canvas Business Model: Channels

You're looking at how Costco Wholesale Corporation gets its value proposition into the hands of its members, and honestly, it's a masterclass in omnichannel presence, heavily weighted toward the physical experience.

The primary channel remains the physical warehouse clubs. By the end of Fiscal Year 2025, Costco Wholesale Corporation operated a total of 914 warehouses globally, a testament to its sustained, deliberate expansion strategy. These locations are the core touchpoint, designed with a simple loop corridor from entrance to checkout, often built on tight schedules, sometimes within 110 days. The distribution of these clubs shows where the bulk of the business lies, but also where growth is targeted.

Here's the quick math on the physical footprint as of the end of FY2025:

Region	Number of Warehouses (End of FY2025)
United States and Puerto Rico	629
Canada	110
Mexico	42
Japan	37
United Kingdom	29
Korea	20
Australia	15
Taiwan	14
China	7
Spain	5
France	2
Sweden	2
Iceland and New Zealand (Combined)	2
Total Global Locations	914

To be fair, as of October 2025, the total count was reported slightly higher at 918 warehouses worldwide.

The e-commerce platform is the critical digital extension, and it's growing fast. For the full fiscal year 2025, Costco e-commerce sales grew by 15.6% year-over-year. This digital channel is significant, with sales topping $19.6 billion for FY 2025. Furthermore, when you look at digitally enabled sales, which include third-party delivery services, that figure surpassed $27 billion for FY 2025.

Costco Wholesale Corporation also drives traffic and loyalty through its ancillary services integrated into the warehouse locations. These services are not just conveniences; they are revenue drivers and membership retention tools. For instance, the company extended the hours of its North American gas stations, which helped drive two of the all-time highest gallon weeks in the U.S. in April 2025. The food court remains a powerful draw; in fiscal 2025, the company sold more than 345 million of its iconic $1.50 hot dog combos. Furthermore, ancillary businesses like the pharmacy, optical, and hearing aids all posted strong quarters in FY2025.

The mobile app serves as the digital bridge for the physical experience. It helps members plan their trips and access their membership credentials digitally. A concrete measure of its utility is seen in the usage of its warehouse tool: the feature allowing members to view local warehouse item availability and prices saw more than 43 million visits in Q2 2025 alone.

You can see the multi-pronged approach in action:

• Physical footprint reaching 914 locations by fiscal year-end 2025.
• E-commerce sales growth of 15.6% for the full FY2025.
• E-commerce revenue exceeding $19.6 billion in FY2025.
• Gas stations driving record fuel sales volume in Q2 2025.
• Selling over 345 million hot dog combos in FY2025.
• Mobile app feature receiving over 43 million visits in Q2 2025.

Finance: draft 13-week cash view by Friday.

Costco Wholesale Corporation (COST) - Canvas Business Model: Customer Segments

Costco Wholesale Corporation serves a broad base, segmented primarily by membership type and geographic location, all unified by a pursuit of value in bulk purchasing.

Value-conscious individual consumers and households form the core of the base, subscribing to the Gold Star or Executive tiers to access low-unit pricing on a limited selection of goods. The overall base is substantial, with paid memberships reaching 81 million as of the end of the quarter in late 2025. This segment is highly loyal, evidenced by the U.S. and Canada renewal rate holding at 92.3%.

The Executive Membership tier, which appeals to those who spend more and seek premium perks, is a significant driver of revenue. Executive members grew to 38.7 million in the quarter, representing nearly 47.7% of total paid members. This smaller group generates a disproportionately large share of revenue, accounting for 74.2% of global sales in the fourth quarter of fiscal 2025.

Here are the key membership statistics as of late 2025:

Metric	Value	Source Context
Total Paid Members (Quarter End)	81 million	Q4 2025 Figure
Executive Members (Quarter End)	38.7 million	Q4 2025 Figure
Executive Member Sales Contribution	74.2%	Worldwide Net Sales Q4 2025
US/Canada Renewal Rate	92.3%	Late 2025 Figure
Worldwide Renewal Rate	89.8%	Late 2025 Figure
Gold Star/Business Annual Fee	$65	2025 Annual Fee
Executive Annual Fee	$130	2025 Annual Fee

Small to medium-sized business owners (Business Memberships) are targeted through the Business Membership tier, which shares the standard annual fee of $65, similar to the Gold Star tier. This segment is specifically catered to with the ability to purchase items for resale, differentiating it from the personal Gold Star membership.

The affluent, educated households who travel and seek quality are strongly represented by the Executive Member segment, which receives a 2% annual reward on qualified purchases, capped at $1,250. This group also receives exclusive discounts on services like travel. Costco Travel, a subsidiary, is a key offering for this segment, with digitally-enabled sales, including travel, representing about 10% of total net sales in fiscal 2025. Furthermore, Executive members gained early warehouse access starting at 9 a.m. from June 30, 2025.

Global consumers in 16 countries outside the US are served through Costco's international operations. As of August 31, 2025, Costco operated 914 warehouses globally, with 24 net new warehouses opened in fiscal 2025. The international footprint includes operations in the U.K., Korea, Taiwan, Japan, Australia, Mexico, China, Spain, France, Sweden, Iceland, and New Zealand, in addition to the U.S. and Canada. Revenue from these international markets was substantial in fiscal 2025:

• Other International Operations revenue: $38.26B
• Canada revenue: $36.92B

The International segment contributed significantly to the total fiscal 2025 net sales of approximately $269.9 billion.

Costco Wholesale Corporation (COST) - Canvas Business Model: Cost Structure

Costco Wholesale Corporation operates on a decidedly cost-driven model, relentlessly pursuing extreme operational efficiency to deliver on its core value proposition. This focus means every dollar saved in operations is theoretically passed back to the member through lower prices. The entire structure is designed to support high volume over high margin, a strategy that requires disciplined cost control across the board.

The most significant cost component is the High Cost of Goods Sold (COGS), a direct result of the commitment to low product markups. Costco Wholesale Corporation intentionally keeps its merchandise markups razor-thin to drive volume and reinforce membership value. For fiscal year 2025, the company's philosophy held firm, with product markups generally capped at approximately 14-15% over cost, and Kirkland Signature private label items also capped around 15%.

Here's a look at the scale of sales versus the cost of the merchandise sold for the full fiscal year 2025:

Metric	Amount (Millions USD)	Percentage of Net Sales
Net Sales (FY 2025)	269,912	100.00%
Merchandise Costs (COGS) (FY 2025)	239,886	88.88%
Gross Profit (FY 2025)	30,026	11.12%

The resulting gross margin of 11.12% for fiscal year 2025 is thin, which is why operating efficiency in other areas is so critical. The overall operating profit margin for the full fiscal year 2025 settled at 3.77%.

Significant warehouse operating costs, wages, and utilities form the next major cost block, captured largely within Selling, General, and Administrative (SG&A) expenses. For the full fiscal year 2025, SG&A expenses totaled $24,966 million. This figure reflects substantial investment in human capital; Costco Wholesale Corporation employed 341,000 employees worldwide at the end of 2025 and had increased the starting wage to at least $20.00 per hour in the U.S. and Canada. The SG&A rate for the third quarter of fiscal 2025 rose to 9.16%, which management attributed to higher employee wage investments. The total operating expense (opex) for FY 2025 was reported as $24.97 Billion.

Costco Wholesale Corporation historically maintains minimal advertising and marketing spend, aligning with its philosophy that member savings should replace promotional spending. While the company has historically avoided major platform advertising, it is actively building out a retail media network, using member data to offer personalized advertising to partners. However, the stated purpose of this revenue is not to increase profit margins but to reinvest directly into member value, such as offsetting shipping costs or keeping staple item prices low.

The commitment to physical presence drives substantial capital expenditures for new warehouse openings. For the fiscal year ending August 2025, capital expenditures (CapEx) peaked at $5.498 billion. This investment supported the opening of 27 new warehouses in fiscal year 2025, resulting in 24 net new buildings, bringing the total global warehouse count to 914 as of August 31, 2025. The company projected CapEx between $6,000 to $6,500 million for the following fiscal year, 2026.

• Total warehouses operated worldwide as of August 31, 2025: 914.
• Net new warehouse openings in fiscal year 2025: 24.
• Fiscal year 2025 Capital Expenditures (CapEx): $5.498 Billion.
• Average warehouse space: Approximately 147,000 square feet.

Finance: draft 13-week cash view by Friday.

Costco Wholesale Corporation (COST) - Canvas Business Model: Revenue Streams

The revenue structure for Costco Wholesale Corporation is fundamentally dual-pronged, balancing high-volume, low-margin product sales with high-margin, recurring membership fees. This combination provides both top-line scale and predictable profitability.

Merchandise sales remain the largest component by volume, accounting for approximately ~95% of net sales. This reflects the core business of moving massive quantities of goods at razor-thin margins, which is the primary driver of customer traffic and volume.

The second, and arguably most crucial, stream is the membership fees. This revenue is extremely high-margin and provides the necessary operating income cushion. For fiscal year 2025, membership fees contributed approximately 65% of the total operating income. This high contribution underscores the value of the recurring revenue base.

The financial scale of the merchandise side is evident in the top-line figures for the fiscal year ending August 31, 2025. Total net sales reached $269.9 billion for fiscal year 2025. This figure represents an 8.1% increase over the prior year.

The growth in the fee-based component was strong in FY2025. Membership fee revenue increased 10% in FY2025, reaching a total of $5.3 billion for the year. This growth was supported by a worldwide membership renewal rate hovering near 90.2% and an increase in total paid memberships to 81.0 million.

Beyond the two main pillars, Costco generates revenue from its ancillary service sales, which include gas, food court, pharmacy, and travel. For fiscal year 2025, the sales from warehouse ancillary and other businesses totaled $1,201 million.

Here is a breakdown of the primary revenue components for Costco Wholesale Corporation in fiscal year 2025:

Revenue Stream Component	FY 2025 Financial Amount	Context/Growth
Total Net Sales	$269.9 billion	8.1% increase year-over-year
Merchandise Sales Share of Net Sales	~95%	Implied by low gross margins
Membership Fee Revenue	$5.3 billion	10% increase year-over-year
Ancillary Service Sales (Total)	$1,201 million	Represents approximately 2% of total revenue
Membership Fees Contribution to Operating Income	65%	High-margin profit driver

The structure relies on the following specific revenue-generating activities:

• Selling merchandise at high volume with low markups.
• Collecting annual membership fees, with Executive members driving significant spend.
• Generating revenue from high-traffic ancillary services like the food court and gas stations.
• E-commerce sales, which grew by 15.6% for the year.

To be fair, you need to watch the relationship between the two main streams; the $5.3 billion in membership fees is what allows the company to keep merchandise margins so low, which in turn drives membership loyalty.

Finance: draft the 13-week cash flow view incorporating the $13.335 billion in net cash from operations by Friday.