Costco Wholesale Corporation (COST)
Costco runs a membership warehouse-club model that earns much of its profit from annual membership fees rather than product markups. High renewal rates and bulk pricing have built a loyal customer base.
COST vs WMT: how the two businesses compare
- Bigger business: WMT, with $713.2B of yearly revenue, about 2.6× COST's $275.2B.
- More cash from each sale: WMT turns 6 cents of each sales dollar into operating cash flow, against 5 cents at COST.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
Walmart (WMT) is the larger business by reported revenue: $713.2B in its fiscal year ended Jan 2026, about 2.6× COST's $275.2B (fiscal year ended Aug 2025). COST's net margin was 2.9% and WMT's 3.1%. Both file with the SEC under the same industry code, SIC 5331 (Retail-Variety Stores).
Figures come from each company's own SEC filings. This page compares the businesses; it is not a price target or a verdict.
- Consumer Staples
- Retail-Variety Stores
- Same classification
- Different
- COST August 30 · WMT January 31
- Oct 7, 2026
COST vs WMT: quick comparison
| Company fact | COST | WMT |
|---|---|---|
| Company | Costco Wholesale Corporation | Walmart Inc. |
| Exchange | NASDAQ | NYSE |
| Headquarters | Issaquah, Washington | Bentonville, Arkansas |
| Founded | 1983 | 1962 |
| SEC industry | Retail-Variety Stores | Retail-Variety Stores |
| Fiscal year-end | August 30 | January 31 |
| Latest annual filing | 10-K · 2026-10-07 | 10-K · 2026-03-13 |
COST vs WMT: audited financials
- Scale: WMT's $713.2B of revenue is about 2.6× COST's $275.2B.
- Net margin: nearly identical at 2.9% (COST) and 3.1% (WMT).
- Cash conversion: operating cash flow equalled COST 4.8% of revenue, or 1.65× net income; WMT 5.8% of revenue, or 1.90× net income. A ratio well above 1× usually reflects non-cash charges or working-capital release; well below 1× can reflect working-capital build or non-cash gains.
- Periods: the fiscal years end about 5 months apart (2025-08-31 for COST, 2026-01-31 for WMT), so each figure reflects somewhat different demand and cost conditions.
| Metric | COST | WMT |
|---|---|---|
| Revenue | $275.2B2024-09-02 to 2025-08-31 · SEC filing | $713.2B2025-02-01 to 2026-01-31 · SEC filing |
| Net income | $8.1B2024-09-02 to 2025-08-31 · SEC filing | $21.9B2025-02-01 to 2026-01-31 · SEC filing |
| Operating cash flow | $13.3B2024-09-02 to 2025-08-31 · SEC filing | $41.6B2025-02-01 to 2026-01-31 · SEC filing |
| Diluted EPS | $18.212024-09-02 to 2025-08-31 · SEC filing | $2.732025-02-01 to 2026-01-31 · SEC filing |
| Net margin | 2.9%2024-09-02 to 2025-08-31 · SEC filing | 3.1%2025-02-01 to 2026-01-31 · SEC filing |
COST: FY ending 2025-08-31 · WMT: FY ending 2026-01-31. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where COST and WMT overlap, and where they don't
Overlap
- Same SEC industry: both report under SIC 5331, Retail-Variety Stores.
- Shared research theme: Economic trends.
Differences
- Offset fiscal calendars: COST's year ends August 30 and WMT's January 31, about 5 months apart.
- Scale: WMT reported about 2.6× the annual revenue of COST.
Overlap is drawn from SEC classifications and Yield Theory research themes. It is not evidence that the companies sell to the same customers or compete product for product.
Walmart Inc. (WMT)
Walmart is the world's largest retailer by revenue, operating supercenters, warehouse clubs, and a fast-growing e-commerce and advertising business. Its scale in groceries makes it a barometer of US consumer health.
What moves each company
Company-specific drivers maintained by Yield Theory. Use them to decide which filing deserves deeper work; they are not predictions.
What moves COST
- Membership fee revenue, renewal rates, and Executive member penetration
- Comparable warehouse sales and new warehouse openings
- Concentration in U.S. and Canadian operations, particularly California
- Kirkland Signature penetration and gross margin management
What moves WMT
- Walmart U.S. comparable sales, grocery mix and pricing
- E-commerce growth and the cost of fulfillment
- Advertising, membership, marketplace and financial-services income
- Sam's Club membership fee income
The investment question
You now know WMT reports about 2.6× COST's revenue, and WMT keeps more of each dollar as net income. Those are the facts. The investment question is what each share price already assumes about “Membership fee revenue, renewal rates, and Executive member penetration” at COST and “Walmart U.S. comparable sales, grocery mix and pricing” at WMT, and which evidence in the next filings would prove that assumption wrong.
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Read the full researchSEC filing comparison and disclosure evidence
Start with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable. COST's fiscal year ends August 30, while WMT's ends January 31. Normalize the reporting periods before comparing growth, margins, capital intensity, or guidance.
The current verified House and Senate snapshot contains 31 matched transaction rows for COST and 41 matched transaction rows for WMT. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
COST primary filings
WMT primary filings
What this comparison cannot tell you
This page does not contain licensed live prices, a valuation model, earnings estimates, portfolio constraints, or a forecast of future returns. SEC classifications can be broad, company descriptions can lag strategic change, and the latest annual filing may predate a material acquisition or divestiture. Read subsequent quarterly and current reports before making a decision.
A stronger business is not automatically the better stock. Starting valuation, expectations, capital structure, cyclicality, dilution, and the probability of each thesis determine the investment outcome. Use this comparison to frame the work, then verify the numbers in the linked filings and current company disclosures.
COST vs WMT FAQs
Are COST and WMT direct competitors?
Costco Wholesale and Walmart share the SEC industry classification “Retail-Variety Stores.” That makes the operating comparison relevant, but it does not prove that every product, customer, or revenue stream competes directly.
Is COST or WMT the bigger company by revenue?
Walmart (WMT) is the larger business by reported revenue: $713.2B in its fiscal year ended Jan 2026, about 2.6× COST's $275.2B (fiscal year ended Aug 2025). COST's net margin was 2.9% and WMT's 3.1%. Both file with the SEC under the same industry code, SIC 5331 (Retail-Variety Stores). Each figure is the annual amount tagged in the company's own SEC XBRL filing; market value depends on live prices, which this page does not publish.
Which is better, COST or WMT?
There is no context-free winner. Compare the operating exposures, filing evidence, valuation, balance sheet, and risks against the specific thesis you are testing. This page deliberately does not turn a static profile into a buy or sell recommendation.
Does this COST vs WMT comparison include live prices?
No. Yield Theory does not republish unlicensed real-time market data. The financial figures on this page are the audited annual numbers Costco Wholesale Corporation and Walmart Inc. tagged in their SEC XBRL filings. Use a regulated broker or licensed quote provider for current prices and valuation multiples.
Where does the company information come from?
Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-10-16. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-10-16. Independent educational research; not investment advice.
Which business differences matter to the investment thesis?
COST vs WMT compares reported results. The reports below show how we connect operating evidence to an investment thesis, its assumptions, catalysts, and risks. $39/month or $249/year.
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