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Operating Expense Breakdown
Breaks down major costs like payroll, occupancy, shrink, freight and SG&A so investors can see how well Costco controls costs as sales grow and where rising expenses could squeeze margins or limit reinvestment.Selling, General & Administrative dollars have steadily risen with clear seasonal (quarterly) spikes, yet management’s commentary shows SG&A as a percent of sales improving — evidence of operating leverage from strong comps, membership growth and digital momentum. Note the Preopening Costs line drops to zero since 2022 despite ongoing warehouse openings and higher CapEx, implying those preopening expenses are being capitalized or reclassified (so opening investment won’t show up in operating expense trends). Expect absolute SG&A to stay elevated as Costco invests in warehouses, delivery and digital, but rate pressure should remain modestly favorable if sales persist.
Date | Selling, General, and Administrative | Preopening Costs | Merchandise |
|---|---|---|---|
Jun 30, 2026 | $6.19B | $0.00 | $61.52B |
Mar 31, 2026 | $6.27B | $0.00 | $60.72B |
Dec 31, 2025 | $6.33B | $0.00 | $58.51B |
Sep 30, 2025 | $7.78B | $0.00 | $75.04B |
Jun 30, 2025 | $5.68B | $0.00 | $55.00B |
Mar 31, 2025 | $5.66B | $0.00 | $55.74B |
Dec 31, 2024 | $5.85B | $0.00 | $54.11B |
Sep 30, 2024 | $7.07B | $0.00 | $69.59B |
Jun 30, 2024 | $5.14B | $0.00 | $51.17B |
Mar 31, 2024 | $5.24B | $0.00 | $51.14B |