HIGHBuilt-inGeographic
86%
U.S. and Canadian operations
“10-K Item 1A: 'Our financial and operational performance is highly dependent on our U.S. and Canadian operations, which comprised 86% and 84% of net sales and operating income in 2025'”
COST · Concentration risk · 10-K extracted
Costco Wholesale (COST) concentration risks
Updated
The most significant concentration Costco Wholesale discloses is U.S. and Canadian operations at 86%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
Show full disclosure ▾Hide full disclosure ▴
About TrendMatrix. TrendMatrix is a publisher of general securities research and market commentary. We publish on a regular schedule. All content is the same for every subscriber in a tier — we do not provide personalized investment advice and we do not take into account any individual subscriber's financial situation, investment objectives, risk tolerance, tax situation, or holdings.
Not investment advice. TrendMatrix is not a registered investment adviser. Our content is for informational and educational purposes only. Consult your own licensed investment adviser, broker, or tax professional before making any investment decision.
Conflicts and positions. The TrendMatrix editorial team frequently holds personal long-term positions in securities discussed. We disclose positions held at the time of publication on each piece. We maintain a trading-window policy: we do not initiate or close positions in the same direction as a TrendMatrix publication within 24 hours before or 72 hours after publication.
No paid promotion. TrendMatrix does not accept payment from any issuer, broker, or third party in exchange for coverage of any security. Our sole compensation is subscription revenue.
No fiduciary duty. No fiduciary, advisory, or agency relationship is created between you and TrendMatrix by reading our content or subscribing to our service.
Performance. Past performance is not indicative of future results. Performance figures reflect the published model only and do not reflect any individual subscriber's actual results.
Source: Costco Wholesale’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 2 disclosed concentrations
HIGH1
MEDIUM1
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
MEDIUMBuilt-inGeographic
26%
California operations
“10-K Item 1A: 'Within the U.S., we are highly dependent on our California operations, which comprised 26% of U.S. net sales in 2025'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-10-11Costco's concentration is geographic and structural. Its U.S. and Canadian operations comprised 86% and 84% of net sales and operating income, respectively, in the latest fiscal year, a high-share exposure. This reflects where the warehouse model is most mature rather than a dependency on any one counterparty, and it means company results track North American consumer spending, wages and competition closely. Within the U.S., the company is dependent on its California operations, which comprised 26% of U.S. net sales. This is a medium-share exposure and is the more idiosyncratic of the two, since it ties a meaningful portion of domestic sales to one state's economy, regulation, labor costs and exposure to events such as earthquakes or wildfires. Net, the two exposures nest: California sits inside the U.S. and Canadian base. The regional concentration sets the baseline macro sensitivity and moves slowly, while the California share is the narrower source of a localized shock. Neither involves a single customer or supplier, so the risk is one of geography and consumer-market exposure, and the North American share is what could most move the verdict.
For the engine’s reasoning on COST’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Discount Stores
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| COST● | Costco Wholesale Corporation | 1 | 1 | 0 | 2 |
| DG | Dollar General Corporation | 1 | 0 | 0 | 1 |
| DLTR | Dollar Tree, Inc. | 0 | 1 | 0 | 1 |
| BJ | BJ's Wholesale Club Holdings, I | 0 | 0 | 1 | 1 |
| OLLI | Ollie's Bargain Outlet Holdings | 0 | 0 | 0 | 0 |
| PSMT | PriceSmart, Inc. | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.