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CLAIM #16898 · Costco Wholesale Corp (COST) · 2025Q4 earnings call · Sep 25, 2025 · due Aug 30, 2026

So we'd expect 2026 to have capital expenditure that would grow over 2025 and probably a little bit higher than sales again for the same reasons in '26 or '25.

Gary Millerchip · CFO

CANNOT_DETERMINE
resolved by a revision, graded at the moved level · official band 5 percent
Committed
capital expenditure that would grow over 2025 and probably a little bit higher than sales again for the same reasons
Reported
We estimate capital expenditure for the full year will be approximately $6.5 billion.

How to check this claim

Look at: Total capital expenditures, fiscal year 2026, and their growth rate versus fiscal 2025 CapEx and versus net sales growth rate

It came true if: FY2026 CapEx > FY2025 CapEx, and FY2026 CapEx growth rate (%) > FY2026 net sales growth rate (%)

Where: Company 10-K / earnings release cash flow statement and CapEx disclosure (FY2026 results)

In context

do think with remodels, the opportunity to keep expanding our capacity in our warehouses, especially as the average warehouse now in the US some of our more mature markets is around twenty years old. There's an opportunity for us to refresh and to support continued best-in-class service in those warehouses. We think there's continued opportunities in manufacturing to support further growth in Kirkland Signature. We didn't really talk about it in the prepared comments, but technology is also an opportunity for us to be able to deliver more better member experiences and deliver growth in e-commerce and member engagement. So overall, we think those will continue to be good opportunities for growth. We feel confident the returns on the investments that we'll make will be very strong as well. So we'd expect 2026 to have capital expenditure that would grow over 2025 and probably a little bit higher than sales again for the same reasons in '26 or '25. We typically actually give the CapEx number, I think, in our Q1 release. So we'll give you a specific number in Q1 as we do every year, but I would expect it to be a growth again for the reasons I just mentioned. Operator: And our next question comes from the line of Greg Melich with Evercore. Your line is open. Greg Melich: Hi. Thanks. A couple of questions. I do want to circle back on inflation. Gary, I think you mentioned it was low single digits, maybe 2%-ish last quarter. And now it's low to mid singles. Can you just describe, is it nonfood driving all that acceleration and sort of frame it magnitude-wise? Gary Millerchip: Sure. Yeah. Thanks for the question. Yeah. I think last quarter, actually, we said overall low to mid single digits, and we really kind of said the same. This quar

Verify independently

SEC filings for COST · Claim quote is verbatim from the 2025Q4 earnings call.