Costco Wholesale shares dip 8% after reaching record high

Costco Wholesale's stock surged to a record near $1,096.50 before slipping to about $1,003, a drop of more than 8% in a few trading days. In its fiscal second quarter of 2026, the retailer reported net sales of $68.24 billion, up 9.1% year over year, and net income of $2.04 billion, or $4.58 per share. Adjusted comparable sales rose 6.7% and digitally enabled comparable sales jumped over 22%, while membership‑fee income grew 13.6% to $1.36 billion, with renewal rates of 92.1% in the United States and Canada and 89.7% worldwide. The shares now trade at roughly 52 times earnings, well above the 10‑year average multiple of 37.

Institutional interest also increased. Kingsview Wealth Management LLC lifted its Costco holdings by 9.1% to 66,282 shares valued at $57.2 million, representing 0.8% of its portfolio. Other investors such as Assenagon Asset Management, Amundi, Northwestern Mutual Wealth Management and Voloridge Investment Management also expanded their stakes, bringing total institutional ownership to about 68.5% of the company's shares.