Costco Wholesale Corporation (Custo): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Mergulhe no engenhoso modelo de negócios que impulsiona a Costco Wholesale Corporation, uma potência de varejo que transforma como milhões de consumidores compram mercadorias a granel. Com uma abordagem única que combina a exclusividade de associação, a eficiência operacional nítida e proposições de valor imbatíveis, a Costco revolucionou o cenário de varejo atacadista. Ao criar meticulosamente um modelo de negócios que prioriza a economia de membros, produtos de alta qualidade e parcerias estratégicas, essa gigante do varejo não apenas sobreviveu, mas prosperou em um mercado cada vez mais competitivo, gerando US $ 226 bilhões em receita anual e captura a lealdade de milhões de consumidores conscientes do orçamento em todo o mundo.

Costco Wholesale Corporation (Custo) - Modelo de Negócios: Principais Parcerias

Fabricantes de produtos de assinatura de Kirkland

A Costco colabora com mais de 500 fabricantes para produzir produtos de marca própria da Kirkland Signature. Em 2023, a assinatura de Kirkland representa aproximadamente 30% do volume total de vendas da Costco.

Categoria	Número de fabricantes	Volume anual de produção
Produtos alimentícios	187	US $ 4,2 bilhões
Bens domésticos	126	US $ 2,7 bilhões
Vestuário	93	US $ 1,5 bilhão

Empresas de remessa e logística

A Costco faz parceria com os principais provedores de remessa para otimizar sua cadeia de suprimentos.

• FedEx: volume anual de remessa de 12,4 milhões de pacotes
• UPS: volume anual de remessa de 9,7 milhões de pacotes
• DHL: Parcerias de remessa internacionais avaliadas em US $ 380 milhões

Empresas de cartão de crédito

A Costco mantém parcerias financeiras estratégicas com provedores de cartão de crédito.

Parceiro	Volume de transação	Duração da parceria
Visa	US $ 47,2 bilhões	Exclusivo desde 2016
Citi	US $ 23,6 bilhões	Cartão de crédito com marca de marca desde 2016

Parceiros internacionais de atacado e varejo

A Costco opera em vários mercados internacionais por meio de parcerias estratégicas.

• Canadá: 106 armazéns, receita de US $ 25,4 bilhões
• México: 41 armazéns, receita de US $ 8,2 bilhões
• Japão: 31 armazéns, receita de US $ 6,7 bilhões
• Coréia do Sul: 16 armazéns, receita de US $ 4,3 bilhões

Provedores de solução de tecnologia e software

A Costco investe em parcerias tecnológicas avançadas para aumentar a eficiência operacional.

Parceiro de tecnologia	Investimento anual	Função primária
Oráculo	US $ 42 milhões	Planejamento de recursos corporativos
SEIVA	US $ 35 milhões	Gestão da cadeia de abastecimento
Microsoft	US $ 28 milhões	Serviços de computação em nuvem

Costco Wholesale Corporation (Custo) - Modelo de Negócios: Atividades -chave

Compras em massa e gerenciamento de inventário

A Costco gerencia um extenso inventário com 4.123 SKUs em um armazém médio a partir de 2023. A empresa compra aproximadamente US $ 195 bilhões em mercadorias anualmente. A taxa de rotatividade de estoque é de aproximadamente 11,7 vezes por ano.

Métrica	Valor
Compras anuais de mercadorias	US $ 195 bilhões
Skus médio de armazém	4,123
Taxa de rotatividade de estoque	11.7x

Operações do Programa de Associação

A Costco opera um modelo de negócios baseado em membros, com 123,8 milhões de portadores de cartão em 2023. As taxas de renovação de associação excedem 90%. As taxas anuais de associação geram aproximadamente US $ 4,3 bilhões em receita.

• Total de titulares de cartão: 123,8 milhões
• Taxa de renovação de associação: 90%+
• Receita anual de associação: US $ 4,3 bilhões

Adjunta de mercadorias

A Costco fontes de mercadorias de aproximadamente 1.600 fornecedores em todo o mundo. A empresa mantém relacionamentos diretos com os fabricantes para garantir preços competitivos e controle de qualidade.

Métrica de fornecimento	Valor
Fornecedores globais	1,600+
Marcas de marca própria	Assinatura de Kirkland

Operações de lojas de varejo e expansão

A partir de 2023, a Costco opera 848 armazéns em todo o mundo, com 584 locais nos Estados Unidos e no Canadá. Os armazéns internacionais incluem 106 no México, 40 no Japão e 118 em outros países.

• Total de armazéns: 848
• Armazéns dos EUA e do Canadá: 584
• México armazéns: 106
• Armazéns do Japão: 40
• Outros armazéns internacionais: 118

Desenvolvimento da plataforma de comércio eletrônico

A plataforma de comércio eletrônico da Costco gerou US $ 27,5 bilhões em vendas on-line em 2023, representando 9,7% da receita total da empresa. A empresa oferece compras on -line em vários países com opções rápidas de entrega.

Métrica de comércio eletrônico	Valor
Vendas on -line	US $ 27,5 bilhões
Porcentagem da receita total	9.7%

Costco Wholesale Corporation (Custo) - Modelo de Negócios: Recursos Principais

Extensa rede global de cadeia de suprimentos

Em 2024, a Costco opera 848 armazéns em todo o mundo, com 574 locais nos Estados Unidos e Porto Rico, 107 no Canadá, 40 no México, 31 no Japão, 29 na Coréia do Sul, 17 no Reino Unido, 14 em Taiwan, 13 em 13 em Austrália, 13 na Espanha e números menores em outros países.

Região	Número de armazéns
Estados Unidos e Porto Rico	574
Canadá	107
México	40
Japão	31

Banco de dados de associação de clientes fiéis

A partir de 2023, a Costco informou:

• Total de membros: 124,7 milhões
• Taxa de renovação de associação: 90,4% nos Estados Unidos e Canadá
• Associação de Gold Star: US $ 60 anualmente
• Associação executiva: US $ 120 anualmente

Forte reputação da marca de preços de valor

Métricas financeiras demonstrando estratégia de preços de valor:

• Vendas líquidas em 2023: US $ 242,3 bilhões
• Receita da taxa de associação: US $ 4,5 bilhões
• Margem bruta: 10,4%

Armazéns e centros de distribuição em larga escala

Detalhes da infraestrutura de armazém e distribuição:

Métrica	Valor
Tamanho médio do armazém	146.000 pés quadrados
Centros de distribuição	13 nos Estados Unidos
Mágua quadrada total do armazém	Aproximadamente 124 milhões de pés quadrados

Marca privada de assinatura de Kirkland proprietária

Desempenho do produto da assinatura de Kirkland:

• Representa aproximadamente 20% das vendas totais da Costco
• Receita anual estimada: US $ 48,5 bilhões
• Categorias de produtos: comida, utensílios domésticos, roupas, eletrônicos

Costco Wholesale Corporation (Custo) - Modelo de Negócios: Proposições de Valor

Mercadoria em massa de alta qualidade e de alta qualidade

Economia média em itens em massa: 30-50% em comparação com o varejo tradicional

Vendas anuais de mercadorias (2023)	US $ 242,3 bilhões
Marcação média em produtos	10-15%
SKus total transportado	4.000-4.500 itens

Economia significativa de preços para membros

Estrutura de preços de associação:

• Associação de Estrela do Ouro: US $ 60/ano
• Associação executiva: US $ 120/ano com 2% de reembolso

Base total de associação (2023)	123,8 milhões de membros
Taxa de renovação de associação	90.4%

Ampla variedade de produtos em várias categorias

Redução da categoria de produto:

• Comida e diversos: 34%
• Linhas de resistência: 15%
• Linhas de soft: 12%
• Alimentos frescos: 11%
• Auxiliar e outros: 28%

Produtos de marca própria de alta qualidade

Detalhes da marca Kirkland Signature:

Vendas de assinatura de Kirkland (2023)	US $ 52 bilhões
Porcentagem de vendas totais	~28%

Experiência de compra consistente e confiável

Total de armazéns (2023)	848 locais em todo o mundo
Países de operação	12 países
Tamanho médio da loja	146.000 pés quadrados

Costco Wholesale Corporation (Custo) - Modelo de Negócios: Relacionamentos do Cliente

Programa de fidelidade baseado em associação

A partir de 2024, a Costco mantém dois níveis de associação primária:

Tipo de associação	Taxa anual	Total de membros
Associação de Gold Star	$60	63,4 milhões
Associação executiva	$120	29,3 milhões

Incentivos de renovação de baixo custo

A Costco oferece incentivos de renovação através de:

• 2% de reembolso em compras para membros executivos (até US $ 1.000 anualmente)
• Taxa de renovação de 90,5% globalmente
• Taxa de associação Receita de US $ 4,33 bilhões no ano fiscal de 2023

Atendimento ao cliente consistente

Métrica de serviço	Desempenho
Pontuação de satisfação do cliente	86/100
Tempo médio de espera	Menos de 5 minutos
Retorno Satisfação da Política	98.5%

Amostragem de produtos na loja

TELAS ESTATÍSTICAS DE AMOSTRAÇÃO:

• Aproximadamente 500 amostras de produtos oferecidas semanalmente por loja
• Estimado 2,5 milhões de amostras distribuídas diariamente em todos os locais
• Aumento médio nas vendas de produtos amostrados: 15-20%

Plataformas de engajamento digital e físico

Plataforma	Engajamento do usuário
Costco.com	47,3 milhões de visitantes mensais únicos
Costco Mobile App	22,6 milhões de usuários ativos
Marketing por e -mail	38,7 milhões de assinantes

Costco Wholesale Corporation (Custo) - Modelo de Negócios: Canais

Locais de varejo de armazém físico

Em janeiro de 2024, a Costco opera 851 locais de armazém globalmente:

Região	Número de armazéns
Estados Unidos	593
Canadá	107
México	41
Mercados internacionais	110

Site de comércio eletrônico

Costco.com gerou US $ 26,1 bilhões em vendas on -line no ano fiscal de 2023, representando 13,7% do total de vendas líquidas.

Aplicativo de compra móvel

• Downloads de aplicativos móveis: 22,3 milhões a partir do quarto trimestre 2023
• Usuários móveis ativos: 15,7 milhões mensais
• Taxa de transação de aplicativos móveis: 37% das compras on -line

Centros de atendimento ao cliente

Costco mantém Centros de suporte ao cliente 24/7 com:

• Suporte telefônico em 5 idiomas
• Tempo de resposta de suporte por e -mail: média 24 horas
• Disponibilidade de suporte ao vivo de bate -papo: 16 horas diariamente

Plataformas de inscrição de associação

Tipo de associação	Taxa anual	Total de membros (Q4 2023)
Estrela de ouro	$60	33,7 milhões
Executivo	$120	22,5 milhões
Total de associações	-	56,2 milhões

Costco Wholesale Corporation (custo) - Modelo de negócios: segmentos de clientes

Famílias de classe média a alta

A partir de 2024, a Costco atende a aproximadamente 126,4 milhões de portadores de cartão em todo o mundo. Renda familiar média dos membros da Costco: US $ 93.000 por ano.

Segmento demográfico	Porcentagem de associação	Gastos médios anuais
Famílias de classe média a alta	52%	US $ 3.700 por ano

Proprietários de pequenas empresas

A Costco Business Membership é responsável por 13% da base total de membros, representando aproximadamente 16,4 milhões de membros de negócios.

• Gastos anuais médios do membro de negócios: US $ 6.200
• Indústrias primárias: restaurantes, escritórios, varejo, hospitalidade

Consumidores conscientes do orçamento

A Costco atrai consumidores sensíveis a preços com base de membros de 63,4 milhões de membros do Gold Star.

Tipo de consumidor	Economia média anual	Porcentagem de membros
Consumidores conscientes do orçamento	$1,000-$1,500	47%

Compradores corporativos e institucionais

O segmento de compras corporativas representa 8% dos membros da Costco, com vendas anuais de negócios a business atingindo US $ 24,7 bilhões em 2023.

• Principais compradores institucionais: assistência médica, educação, agências governamentais
• Volume médio de compra institucional: US $ 350.000 anualmente

Consumidores de produtos a granel

O segmento de compra em massa representa 68% da base de clientes principal da Costco.

Categoria de produto a granel	Volume anual de vendas	Preferência do consumidor
Mercearia e utensílios domésticos	US $ 61,2 bilhões	42%
Eletrônicos e aparelhos	US $ 18,5 bilhões	22%

Costco Wholesale Corporation (Custo) - Modelo de Negócios: Estrutura de Custo

Compras de inventário em massa

No ano fiscal de 2023, os inventários totais de mercadorias da Costco foram de US $ 33,9 bilhões. A empresa compra grandes quantidades diretamente dos fabricantes, negociando preços de US $ 300 a 500 milhões por contrato de fornecedor.

Categoria de inventário	Gastos anuais
Comida e diversos	US $ 12,4 bilhões
Linhas de resistência	US $ 7,6 bilhões
Linhas soft	US $ 5,3 bilhões
Alimentos frescos	US $ 4,8 bilhões

Estratégia de vendas de baixa margem e alto volume

A Costco mantém uma margem bruta média de 11,4% em comparação com os 25-35% dos varejistas tradicionais. A receita anual da empresa em 2023 foi de US $ 242,3 bilhões.

• Marcada média em produtos: 14-15%
• As taxas de associação contribuem com US $ 4,3 bilhões anualmente

Despesas mínimas de marketing

A Costco gasta aproximadamente 0.4% de receita de marketing, que é significativamente menor que a média do setor de varejo de 3-5%.

Despesa de marketing	Quantia
Gastos com marketing total	US $ 968 milhões (2023)
Marketing como % de receita	0.4%

Operações eficientes de armazém

A Costco opera 848 armazéns globalmente, com um custo operacional médio de US $ 15,2 milhões por armazém.

• Tamanho médio do armazém: 146.000 pés quadrados
• Custo médio de construção do armazém: US $ 22,3 milhões
• Despesas operacionais anuais de armazém: US $ 12,9 bilhões

Investimentos de tecnologia e infraestrutura

Em 2023, a Costco investiu US $ 1,6 bilhão em atualizações de tecnologia e infraestrutura.

Categoria de investimento em tecnologia	Gastos
Plataforma de comércio eletrônico	US $ 687 milhões
Tecnologia do armazém	US $ 453 milhões
Otimização da cadeia de suprimentos	US $ 460 milhões

Costco Wholesale Corporation (custo) - Modelo de negócios: fluxos de receita

Taxas anuais de associação

No ano fiscal de 2023, a Costco registrou receita de taxa de associação de US $ 4,34 bilhões. A estrutura de taxas de associação inclui:

Tipo de associação	Taxa anual
Associação de Gold Star	$60
Associação executiva	$120

Vendas de mercadorias

Vendas líquidas totais para o ano fiscal de 2023 alcançou US $ 242,3 bilhões. Repartição de vendas de mercadorias:

• Vendas de mercadorias por categoria:

  Categoria	Porcentagem de vendas
  Esundos	22%
  Linhas de resistência	19%
  Comida	17%
  Linhas soft	12%
  Comida fresca	11%

Vendas de produtos de assinatura de Kirkland

As vendas de etiquetas privadas da Kirkland Signature representavam aproximadamente 30% das vendas totais de mercadorias da Costco no ano fiscal de 2023.

Serviços auxiliares

Fluxos de receita adicionais de serviços:

Serviço	Receita anual estimada
Serviços ópticos	US $ 500 milhões
Serviços de Farmácia	US $ 750 milhões
Postos de gasolina	US $ 1,2 bilhão

Vendas de produtos online e na loja

As vendas de comércio eletrônico para o ano fiscal de 2023 foram US $ 33,6 bilhões, representando 13,9% do total de vendas líquidas.

• Taxa de crescimento de vendas on -line: 4,1%
• Vendas na loja: US $ 208,7 bilhões

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.