Consumer Staples
Membership fees and the revenue denominator: COST
Membership fees are part of total revenue but are excluded from merchandise net sales.
Membership fees are part of total revenue but are excluded from merchandise net sales. Using net sales as if it were the full revenue denominator changes a margin calculation. Separating the two streams makes the calculation reproducible; it does not establish the profitability of either stream in isolation. Source context Costco operates membership warehouses and an e-commerce business. Merchandise sales and membership fees are reported separately. This profile covers the 52-week fiscal year ended August 31, 2025. How to use the observation Read the source captions and dates next to the selected financial metrics. Preserve the distinction between a reported figure, a company-adjusted measure and a new calculation. A relationship between totals identifies a question for further research; it does not by itself establish causation or predict the stock price. Scope This is editorial interpretation of the linked historical disclosure. It does not represent company guidance, personalized advice or a current trading signal.