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Here’s What Costco Investors Are Watching Ahead of Q4 Earnings Tonight

Costco reports fiscal fourth-quarter earnings after the bell, with Wall Street expecting $94.85 billion in revenue and $6.53 in EPS. Those numbers would cap fiscal 2026 with another period of double-digit growth.

Costco’s Q3 report largely met expectations but still sent shares tumbling 3.91%. This time around, investors will be watching core-on-core margins closely, particularly for any impact from gasoline prices and other factors outside Costco’s underlying retail business.

Beyond the headline numbers, membership fee income and renewal trends remain key indicators of the strength of Costco’s model. Investors will also be listening for updates on tariff refund timing and management’s planned pace of new warehouse openings heading into fiscal 2027.

Costco still trades at roughly 45x earnings, while the consensus analyst price target of $1,069 implies around 18% upside. Any meaningful deterioration in core margins or spending trends, however, could put pressure on Costco stock heading into the new fiscal year.

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