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Home/COST/Filing changes

COST — what changed in the latest 10-K

A section-by-section comparison of COST's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.

Comparing 10-K · 2026-10-07 vs the prior 10-K · 2025-10-08

SectionOutcomeAddedRemovedMinorUnchanged
BusinessText added/removed+18−21~1812
Risk factorsText added/removed+9−16~2742
MD&ANo paragraph-level changes0001
Market risk (Item 7A)Text added/removed+1−1~52

Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.

Not shown (absent or not faithfully extractable): Legal proceedings

Representative excerpts

Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.

Business

Text added vs the prior filing · source: 10-K · 2026-10-07

  • Our other businesses sell products and services that largely complement our warehouse operations. Our business centers carry items tailored for food services, convenience stores, and offices, and offer walk-in shopping and deliveries. Business centers are included in our total warehouse count. Our e…
  • We have direct relationships with many producers of brand-name merchandise. We do not obtain a significant portion of merchandise from any one supplier. When sources of supply become unavailable, we seek alternative sources or items. We pursue diversification in our supply-chain and seek to expand i…
  • Our members may utilize their memberships at all of our warehouses and e-commerce sites. Our annual fee for memberships is $65 in the U.S., varies in other countries and includes a free household card.
  • Membership at the end of 2026, 2025, and 2024 was made up of the following (in thousands):
  • (1)These membership counts include active memberships as well as memberships that have expired and not renewed within the 12 months prior to the reporting date. These expired memberships make up a small percentage of membership counts, and many of them are subsequently renewed.

Text removed vs the prior filing · source: 10-K · 2025-10-08

  • Our other businesses sell products and services that largely complement our warehouse operations. Our e-commerce operations give members convenience and a broader selection of goods and services. Net sales for e-commerce represented approximately 7% of total net sales in 2025. Digitally-enabled sale…
  • which represents sales delivered to members that are initiated through a digital device, whether fulfilled through a warehouse or distribution center, as well as Costco Travel, represented approximately 10% of total net sales in 2025. Our business centers carry items tailored for food services, conv…
  • We have direct relationships with many producers of brand-name merchandise. We do not obtain a significant portion of merchandise from any one supplier. When sources of supply become unavailable, we seek alternative sources or items. For future product supply need, we pursue diversification in our s…
  • Our members may utilize their memberships at all of our warehouses and e-commerce sites. Gold Star memberships are available to individuals; Business memberships are limited to businesses, including individuals with a business license or comparable document. Business members may add additional cardh…
  • Paid members (except affiliates) are eligible to upgrade to an Executive membership in the U.S., for an additional annual fee of $65. Executive memberships are also available in Canada, Mexico, the U.K., Japan, Korea, Taiwan, and Australia, for which the additional fee varies. Executive members earn…

Risk factors

Text added vs the prior filing · source: 10-K · 2026-10-07

  • those managed by third parties such as cloud providers or suppliers that otherwise host or have access to confidential information, periodically have vulnerabilities, which may go unnoticed for a period of time. Our logging capabilities, or the logging capabilities of third parties, are also not alw…
  • The potential impacts of a cybersecurity attack include reputational damage, litigation, government enforcement actions, penalties, disruption to systems and operations, unauthorized release of confidential or otherwise protected information, corruption of data, diminution in the value of our invest…
  • If our merchandise, including food and prepared food products for human consumption, drugs, children's products, pet products, and durable goods, do not meet or are perceived not to meet applicable safety or labeling standards or our members' expectations, we could experience lost sales, increased c…
  • contamination or spoilage, including the presence of foreign objects, substances, chemicals, other agents, or residues introduced during the growing, manufacturing, storage, handling, and transportation phases, or faulty design. Our suppliers are generally contractually required to comply with produ…
  • disruption in the supply of products from some local or overseas suppliers, the temporary disruption in the transport of goods to or from overseas, delays in the delivery of goods to our warehouses or depots, delays in online merchandise delivery, the temporary reduction in the availability of produ…

Text removed vs the prior filing · source: 10-K · 2025-10-08

  • The potential impacts of a cybersecurity attack include reputational damage, litigation, government enforcement actions, penalties, disruption to systems and operations, unauthorized release of confidential or otherwise protected information, corruption of data, diminution in the value of our invest…
  • cybersecurity incidents. In addition, data we collect, store and process is subject to a variety of U.S. and international laws and regulations (such as the European Union General Data Protection Regulation, California Consumer Privacy Act, Health Insurance Portability and Accountability Act, and Ch…
  • If our merchandise, including food and prepared food products for human consumption, drugs, children's products, pet products and durable goods, do not meet or are perceived not to meet applicable safety or labeling standards or our members' expectations, we could experience lost sales, increased co…
  • unable to make, improve, or develop relevant member-facing technology in a timely manner, our ability to compete and our results of operations could be adversely affected.
  • failure could lead to recalls and litigation and otherwise damage our reputation and our brands, increase costs, and otherwise adversely impact our business.

Market risk (Item 7A)

Text added vs the prior filing · source: 10-K · 2026-10-07

  • approximately $55 and resulted in an unrealized loss in the consolidated statements of income for the same amount.

Text removed vs the prior filing · source: 10-K · 2025-10-08

  • Report. A hypothetical 10% strengthening of the functional currencies compared to the non-functional currency exchange rates at August 31, 2025, would have decreased the fair value of the contracts by approximately $117 and resulted in an unrealized loss in the consolidated statements of income for …

How to read Risk Factors (Item 1A) in a 10-Q

A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:

  • Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
  • Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
  • Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.

This describes the filing structure only — it is never a judgement on whether risk went up or down.

Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice

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