Desempeño fiscal del primer trimestre de Costco y prospectivas de crecimiento a largo plazo: una prueba de resiliencia en un paisaje económico cambiante

Costco Wholesale Corporation's fiscal first quarter of 2026-its Q1 2025 in calendar terms-has delivered a masterclass in resilience. Amid a backdrop of inflationary pressures, shifting trade policies, and global supply chain volatility, the membership-driven retail giant reported net sales of $65.98 billion, a 8.2% year-over-year increase. Membership fees alone surged to $1.329 billion, reflecting a 14% year-over-year jump in the fourth quarter of 2025. These figures underscore a critical question for investors: Can Costco's membership model sustain its dominance as macroeconomic headwinds intensify?

The Engine of Growth: Membership and Digital Momentum

Costco's membership base remains its lifeblood. With 81 million paid members globally as of fiscal 2025, the company's renewal rates-89.7% worldwide and 92.2% in the U.S. and Canada-highlight the stickiness of its value proposition. Executive memberships, now accounting for 47.7% of total paid members, drive 74.2% of global sales. This tiered structure not only boosts per-member revenue but also creates a feedback loop: higher fees fund deeper discounts, which in turn attract more members.

Digital transformation is amplifying this dynamic. Costco's digitally enabled sales surged 20.5% in Q1 2026, a testament to its expanding e-commerce infrastructure and partnerships like Instacart. The company's limited stock-keeping unit (SKU) strategy, which prioritizes high-turnover items, further enhances its ability to adapt to shifting consumer demand and supply chain disruptions.

Navigating Macroeconomic Challenges: Tariffs, Inflation, and Strategic Flexibility

Costco's management has been vocal about its playbook for mitigating macroeconomic risks. In its Q4 2025 earnings call, CEO Ron Vachris emphasized the company's reliance on Kirkland Signature private-label products to offset tariff-driven cost pressures. By expanding domestic sourcing for categories like health and beauty, tires, and mattresses, Costco has reduced its exposure to international trade tensions. CFO Gary Millerchip added that supplier consolidation and production relocation have cut costs by 30% to 40% in some cases.

The company's SKU flexibility-a hallmark of its operational model-also provides a buffer. With a lean inventory approach, Costco can swiftly pivot sourcing strategies or discontinue underperforming products without the overhead burdens of traditional retailers according to industry analysis. This agility is critical in an era where geopolitical tensions and inflationary cycles create unpredictable cost environments.

Long-Term Sustainability: Membership Retention and Global Expansion

While Costco's financials are robust, its long-term success hinges on two pillars: membership retention and global expansion. The slight dip in renewal rates-89.8% globally and 92.3% in the U.S. and Canada-has prompted strategic interventions, including auto-renewal options and enhanced digital communication. These measures aim to counteract the erosion of in-store relationships, which have historically been a cornerstone of member loyalty.

Costco's expansion plans are ambitious. With 923 warehouses worldwide as of Q1 2026, the company aims to open 28 new locations in fiscal 2026, targeting both underserved U.S. markets and high-growth international regions. This geographic diversification not only spreads risk but also taps into emerging middle-class consumer bases in Asia and Latin America.

The Bigger Picture: A Model Under Scrutiny?

Critics argue that Costco's reliance on membership fees-accounting for 65% to 73% of operating profit-leaves it vulnerable to economic downturns. However, the company's recent performance suggests otherwise. Even as interest rates remain elevated, Costco's value proposition-combining low prices, exclusive benefits, and a frictionless shopping experience-continues to outperform competitors like BJ's and Walmart in membership engagement. Analysts project a 9.1% increase in membership fees for fiscal 2026, according to market analysis, signaling confidence in the model's adaptability.

Conclusion: A Test of Adaptability

Costco's fiscal Q1 results affirm its ability to thrive in a challenging economic climate. By leveraging private-label products, digital innovation, and strategic sourcing, the company has insulated itself from many of the shocks that have rattled its peers. Yet, the true test of its membership-driven model will come in the next phase of the economic cycle. As trade policies evolve and consumer behavior shifts, Costco's capacity to innovate-whether through new member perks, expanded e-commerce, or localized product offerings-will determine whether its growth is sustainable or merely a function of current conditions.

For now, the numbers speak for themselves. In a world of uncertainty, Costco has proven that its membership model is not just resilient-it is a force of nature.