u/bagholder_ben
89.7% renewal on nearly 150M cardholders is just an absurd number to sustain at that scale
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89.7% renewal rate worldwide, comps up 9.8% — the membership model just doesn't break
$COST Q3 FY26: net sales +11.6% to $69.15B, comps +9.8% company-wide (+6.6% ex-gas/FX). Worldwide renewal rate 89.7%, total cardholders 148.5M (+4.0%), paid memberships 82.9M (+4.1%). Membership income +10.7% YoY. Total revenue including fees $70.53B, operating income +11.3% to $2.815B. Q4 consensus is ~$94.5B revenue, EPS $6.51 (+10.9%). This is the most boring-sounding, hardest-to-disrupt business model in retail and the renewal rate print proves it every single quarter.
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