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 83% of net sales and operating income in 2026'”
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. How we score · Editorial policy
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Source: Costco Wholesale’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 3 disclosed concentrations
HIGH1
MEDIUM1
LOW1
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 2026.'”
LOWBuilt-inCommodity
11%
gasoline business
“10-K Item 1: 'Our gasoline business represented 11% of total net sales in 2026.'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-10-18Costco's concentration is geographic and structural rather than counterparty-driven. U.S. and Canadian operations comprised 86% of net sales and 83% of operating income in 2026, a high-share exposure; the filing itself describes performance as dependent on these two markets. Within the U.S., California operations comprised 26% of U.S. net sales, a medium-share exposure, so regional economic conditions, regulation, or natural events in one state carry disproportionate weight. The gasoline business represented 11% of total net sales, a low-share exposure. It is a commodity-linked line whose revenue swings with fuel prices, but its size limits how much it can move the consolidated picture on its own. Together these are structural features of a warehouse model that is deeply rooted in North America and in a single state, not signs of fragility in any supplier or customer relationship. The practical read is that macro conditions and regional shocks in the North American core matter far more than any single product line, and the gasoline exposure is a secondary swing factor within that core.
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 | 1 | 3 |
| 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.