Costco Earnings Reveal: 4.5 Million Pies Sold Before Thanksgiving – Why the Stock Still Ticked Lower
Key Points
- Record-Breaking Pies: Costco sold 4.5 million pies in just three days before Thanksgiving, showing huge holiday demand and boosting bakery sales.
- Earnings Beat Expectations: Q1 revenue hit $67.31 billion (up 8.2% year-over-year), and EPS reached $4.50, topping forecasts, thanks to strong membership fees and e-commerce.
- Stock Dips Despite Wins: Shares fell about 2% post-earnings due to no special dividend announcement and a slight slowdown in US comparable sales growth.
- Membership Powerhouse: Executive members now make up 74.3% of sales, with renewal rates steady, underlining Costco’s sticky customer base.
- Holiday Momentum: Beyond pies, 358,000 pizzas flew off shelves over Halloween, and Black Friday online non-food sales set new records.
Introduction
Imagine this: It’s the crisp morning of Thanksgiving week, and across America, families are buzzing with excitement for turkey, stuffing, and that perfect dessert. But at your local Costco warehouse, the real frenzy is over something sweeter – pies. Thousands of golden-crusted apple, pumpkin, and pecan delights are vanishing from shelves faster than you can say “second helping.” Now, picture that scene multiplied by over 600 stores: 4.5 million pies sold in just three days. That’s not just a sweet statistic; it’s a snapshot of consumer joy and spending power that lit up Costco’s latest earnings report like a holiday light display.
As we wrap up 2025, Costco Wholesale Corporation dropped its fiscal Q1 2026 earnings on December 11, revealing not only this pie-powered surge but a broader story of resilience in a tricky retail world. Revenue climbed to $67.31 billion, smashing Wall Street’s $67.14 billion guess, while earnings per share (EPS) hit $4.50 against the expected $4.27. It’s the kind of beat that should have investors cheering, right? Well, not quite. Despite the positives, Costco’s stock ticked lower by nearly 2% in after-hours trading, closing the year-to-date gap wider and leaving shares down about 5% for 2025 so far. Why the sour note in such a sweet report? Buckle up, because we’re diving deep into the numbers, the holiday hype, and what it all means for your wallet – whether you’re a pie-loving shopper or a stock-watching investor.