Costco Wholesale Corp. (COST) Inflation-Adjusted

Costco Wholesale Corporation (COST) is a multinational corporation that operates a chain of membership-only warehouse clubs, offering bulk quantities of merchandise at discounted prices to members.

Understanding investment performance requires looking beyond surface-level stock price changes to account for inflation's erosion of purchasing power over time. This page uses the US Consumer Price Index to adjust Costco's historical stock prices, filtering out inflation to show genuine performance trends.

Nominal prices are adjusted for stock splits and assume reinvestment of any dividends to reflect total return. Inflation-adjusted prices use March 2026 as the baseline (latest available CPI).

The current value of Costco stock is 1,011.7 (as of the close of May 1, 2026), 5.4% lower than the all-time high of 1,069.48 (Feb 13, 2025).

Since July 9, 1986, the inflation-adjusted total return for the stock has been 3,742%, which is equivalent to an annual growth rate of 9.6%.

In nominal values, the total return since this date has been 11,488%, or an annualized rate of 12.68%.

Inflation-Adjusted Values by Month

This data presents Costco's end-of-month closing levels over time. Inflation-adjusted figures show what past levels would be worth using roughly today's purchasing power based on the latest CPI data, following the same present-value method that underlies the US Inflation Calculator. The latest entry in the table will have equal nominal and adjusted values until the next CPI figures are released.

Date Inflation-Adjusted Nominal value
May 2026 1,011.7 1,011.7
Apr 2026 1,013.05 1,013.05
Mar 2026 994.98 994.98
Feb 2026 1,019.9 1,009.31
Jan 2026 953.2 938.88
Dec 2025 876.28 859.94
Nov 2025 928.16 911.04
Oct 2025 908.91 908.91
Sep 2025 937.13 921.77
Aug 2025 957.47 939.39
Jul 2025 955.17 934.45
Jun 2025 1,007.82 984.47
May 2025 1,062.58 1,034.43
Apr 2025 1,016.69 987.69
Mar 2025 969.89 939.3
Feb 2025 1,077.76 1,041.43
Jan 2025 1,010.47 972.1
Dec 2024 951.06 908.99
Nov 2024 1,009.14 964.16
Oct 2024 906 866.09
Sep 2024 919.85 878.31
Aug 2024 927.42 884.12
Jul 2024 854.97 814.39
Jun 2024 883.85 840.92
May 2024 842.44 801.25
Apr 2024 753.2 715.19
Mar 2024 765.09 723.66
Feb 2024 781.87 734.78
Jan 2024 733.8 685.36
Dec 2023 700.85 651.04
Nov 2023 615.05 571.91
Oct 2023 571.03 532.05
Sep 2023 583.75 544.11
Aug 2023 568.96 529
Jul 2023 582.19 538.96
Jun 2023 560.11 517.53
May 2023 533.93 491.75
Apr 2023 525.45 482.73
Mar 2023 521.45 476.64
Feb 2023 509.81 464.46
Jan 2023 540.26 489.47
Dec 2022 486.37 437.15
Nov 2022 572.77 516.39
Oct 2022 532.13 480.24
Sep 2022 502.25 451.44
Aug 2022 556.43 499.07
Jul 2022 576.69 517.42
Jun 2022 509.68 457.35
May 2022 502.6 444.89
Apr 2022 579.53 507.39
Mar 2022 630.11 548.61
Feb 2022 575.76 494.69
Jan 2022 564.37 480.51
Dec 2021 639.61 540.03
Nov 2021 609.57 513.09
Oct 2021 558.23 467.58
Sep 2021 513.73 426.76
Aug 2021 522.16 432.59
Jul 2021 493.64 408.12
Jun 2021 455.86 375.08
May 2021 439.86 358.58
Apr 2021 436.14 352.72
Mar 2021 415.66 333.42
Feb 2021 393.1 313.1
Jan 2021 420.01 332.72
Dec 2020 450.94 355.71
Nov 2020 457.64 360.65
Oct 2020 417.5 329.21
Sep 2020 413.82 326.18
Aug 2020 405.82 319.43
Jul 2020 381.19 299.1
Jun 2020 356.09 278
May 2020 364.24 282.82
Apr 2020 357.79 277.8
Mar 2020 333.68 260.82
Feb 2020 328.29 257.17
Jan 2020 356.99 278.89
Dec 2019 344.77 268.3
Nov 2019 351.36 273.68
Oct 2019 348.01 271.21
Sep 2019 337.5 262.43
Aug 2019 345.56 268.49
Jul 2019 322.41 250.51
Jun 2019 309.63 240.17
May 2019 280.77 217.74
Apr 2019 287.58 222.55
Mar 2019 285.11 219.48
Feb 2019 259.01 198.27
Jan 2019 254.53 194.02
Dec 2018 242.04 184.15
Nov 2018 273.92 209.07
Oct 2018 269.24 206.19
Sep 2018 277.09 211.82
Aug 2018 275.34 210.25
Jul 2018 257.81 196.75
Jun 2018 246.36 188
May 2018 234.07 178.34
Apr 2018 233.09 176.85
Mar 2018 223.65 169.02
Feb 2018 227.1 171.24
Jan 2018 232.25 174.33
Dec 2017 223.03 166.51
Nov 2017 220.88 164.99
Oct 2017 192.35 143.68
Sep 2017 196.06 146.54
Aug 2017 188.04 139.81
Jul 2017 190.12 140.94
Jun 2017 191.69 142.2
May 2017 216.46 160.43
Apr 2017 204.59 151.5
Mar 2017 193.83 143.11
Feb 2017 204.97 151.21
Jan 2017 189.75 139.54
Dec 2016 186.39 136.28
Nov 2016 174.8 127.76
Oct 2016 171.4 125.47
Sep 2016 177 129.41
Aug 2016 188.57 137.54
Jul 2016 194.2 141.51
Jun 2016 182.08 132.9
May 2016 173.06 125.9
Apr 2016 173.01 125.36
Mar 2016 184.38 132.96
Feb 2016 176.3 126.59
Jan 2016 177.25 127.17
Dec 2015 189.73 135.9
Nov 2015 188.99 135.84
Oct 2015 184.26 132.72
Sep 2015 168.4 121.34
Aug 2015 162.88 117.55
Jul 2015 168.28 121.62
Jun 2015 156.43 113.05
May 2015 165.73 119.35
Apr 2015 167.12 119.74
Mar 2015 176.86 126.47
Feb 2015 172.59 122.68
Jan 2015 163.02 115.38
Dec 2014 160.85 114.38
Nov 2014 160.35 114.68
Oct 2014 149.28 107.34
Sep 2014 139.92 100.86
Aug 2014 135.29 97.45
Jul 2014 131.11 94.6
Jun 2014 128.02 92.4
May 2014 129.22 93.09
Apr 2014 128.89 92.54
Mar 2014 124.85 89.34
Feb 2014 131.41 93.43
Jan 2014 126.54 89.64
Dec 2013 134.54 94.95
Nov 2013 141.78 100.07
Oct 2013 132.77 93.9
Sep 2013 129.25 91.65
Aug 2013 125.69 89.02
Jul 2013 131.75 93.2
Jun 2013 124.11 87.76
May 2013 123.35 87.02
Apr 2013 122.22 86.06
Mar 2013 119.48 84.22
Feb 2013 114.35 80.4
Jan 2013 116.48 81.23
Dec 2012 112.7 78.36
Nov 2012 118.31 82.48
Oct 2012 111.53 78.13
Sep 2012 113.44 79.5
Aug 2012 111.34 77.68
Jul 2012 110.03 76.34
Jun 2012 108.5 75.4
May 2012 98.53 68.57
Apr 2012 100.45 69.99
Mar 2012 103.75 72.07
Feb 2012 99.08 68.31
Jan 2012 95.13 65.3
Dec 2011 96.77 66.13
Nov 2011 98.82 67.7
Oct 2011 96.37 66.08
Sep 2011 94.87 65.19
Aug 2011 90.87 62.34
Jul 2011 90.78 62.11
Jun 2011 94.33 64.48
May 2011 95.67 65.47
Apr 2011 94.27 64.2
Mar 2011 85.99 58.2
Feb 2011 88.57 59.36
Jan 2011 85.5 57.02
Dec 2010 86.35 57.31
Nov 2010 80.99 53.66
Oct 2010 75.22 49.82
Sep 2010 77.38 51.19
Aug 2010 67.83 44.85
Jul 2010 68.18 45.01
Jun 2010 65.93 43.52
May 2010 69.98 46.23
Apr 2010 71.03 46.89
Mar 2010 71.91 47.39
Feb 2010 73.73 48.39
Jan 2010 69.47 45.58
Dec 2009 71.81 46.96
Nov 2009 72.58 47.55
Oct 2009 68.93 45.12
Sep 2009 68.42 44.75
Aug 2009 61.91 40.46
Jul 2009 60.24 39.29
Jun 2009 55.63 36.34
May 2009 59.46 38.51
Apr 2009 59.74 38.57
Mar 2009 57.07 36.77
Feb 2009 52.3 33.61
Jan 2009 55.9 35.74
Dec 2008 65.45 41.67
Nov 2008 63.51 40.85
Oct 2008 68.99 45.25
Sep 2008 77.78 51.54
Aug 2008 80.23 53.23
Jul 2008 74.69 49.75
Jun 2008 84.01 55.67
May 2008 86.29 56.61
Apr 2008 86.93 56.55
Mar 2008 79.75 51.57
Feb 2008 76.66 49.15
Jan 2008 84.36 53.93
Dec 2007 87.05 55.37
Nov 2007 84.05 53.5
Oct 2007 84.37 53.39
Sep 2007 77.15 48.71
Aug 2007 77.84 49.01
Jul 2007 75.24 47.46
Jun 2007 73.62 46.45
May 2007 71.17 44.82
Apr 2007 67.93 42.52
Mar 2007 68.72 42.73
Feb 2007 71.98 44.36
Jan 2007 72.72 44.58
Dec 2006 68.67 41.96
Nov 2006 68.03 41.51
Oct 2006 69.33 42.37
Sep 2006 64.17 39.43
Aug 2006 60.14 37.14
Jul 2006 67.95 41.88
Jun 2006 73.8 45.35
May 2006 68.51 42.01
Apr 2006 70.8 43.2
Mar 2006 71.05 42.99
Feb 2006 67.52 40.63
Jan 2006 65.94 39.6
Dec 2005 65.88 39.27
Nov 2005 66.25 39.65
Oct 2005 63.64 38.39
Sep 2005 56.81 34.2
Aug 2005 57.92 34.45
Jul 2005 61.66 36.49
Jun 2005 60.28 35.5
May 2005 61.18 36.02
Apr 2005 54.72 32.25
Mar 2005 59.9 35.07
Feb 2005 63.67 36.98
Jan 2005 64.97 37.52
Dec 2004 66.67 38.42
Nov 2004 66.69 38.57
Oct 2004 65.82 38.05
Sep 2004 57.29 32.95
Aug 2004 56.94 32.68
Jul 2004 56.34 32.31
Jun 2004 56.9 32.69
May 2004 52.53 30.08
Apr 2004 52.28 29.76
Mar 2004 52.6 29.85
Feb 2004 54.7 30.84
Jan 2004 52.28 29.32
Dec 2003 52.87 29.51
Nov 2003 50.89 28.43
Oct 2003 50.22 28.14
Sep 2003 44.08 24.72
Aug 2003 45.79 25.6
Jul 2003 52.72 29.36
Jun 2003 52.22 29.05
May 2003 53.2 29.57
Apr 2003 49.35 27.47
Mar 2003 42.73 23.84
Feb 2003 43.69 24.22
Jan 2003 41.64 22.91
Dec 2002 40.65 22.27
Nov 2002 46.69 25.64
Oct 2002 49.05 26.93
Sep 2002 46.87 25.69
Aug 2002 48.46 26.52
Jul 2002 50.75 27.68
Jun 2002 56.27 30.65
May 2002 57.24 31.17
Apr 2002 58.6 31.91
Mar 2002 58.37 31.61
Feb 2002 60.82 32.75
Jan 2002 68.08 36.51
Dec 2001 65.83 35.23
Nov 2001 60.4 32.45
Oct 2001 55.8 30.03
Sep 2001 52.27 28.22
Aug 2001 55.24 29.69
Jul 2001 63.57 34.17
Jun 2001 60.49 32.61
May 2001 57.39 30.88
Apr 2001 51.75 27.72
Mar 2001 58.38 31.15
Feb 2001 62.24 33.14
Jan 2001 69.23 36.71
Dec 2000 60.16 31.7
Nov 2000 49.11 25.9
Oct 2000 55.17 29.07
Sep 2000 52.72 27.73
Aug 2000 52.23 27.33
Jul 2000 49.39 25.85
Jun 2000 50.17 26.19
May 2000 48.81 25.35
Apr 2000 82.72 42.91
Mar 2000 80.47 41.72
Feb 2000 76.6 39.39
Jan 2000 75.99 38.84
Dec 1999 71.05 36.21
Nov 1999 71.39 36.39
Oct 1999 62.57 31.87
Sep 1999 56.2 28.57
Aug 1999 58.62 29.67
Jul 1999 58.76 29.67
Jun 1999 63.13 31.77
May 1999 57.17 28.77
Apr 1999 63.82 32.12
Mar 1999 72.72 36.34
Feb 1999 63.98 31.87
Jan 1999 66.1 32.89
Dec 1998 57.72 28.65
Nov 1998 50.14 24.9
Oct 1998 45.35 22.52
Sep 1998 37.95 18.8
Aug 1998 37.74 18.68
Jul 1998 45.57 22.52
Jun 1998 50.7 25.03
May 1998 46.59 22.97
Apr 1998 45.06 22.17
Mar 1998 43.12 21.18
Feb 1998 39.56 19.4
Jan 1998 35.17 17.21
Dec 1997 36.26 17.71
Nov 1997 35.96 17.59
Oct 1997 31.22 15.28
Sep 1997 30.59 14.93
Aug 1997 29.39 14.31
Jul 1997 30.92 15.03
Jun 1997 26.88 13.05
May 1997 27.63 13.39
Apr 1997 23.62 11.46
Mar 1997 22.63 10.96
Feb 1997 21.04 10.17
Jan 1997 21.93 10.57
Dec 1996 20.76 9.97
Nov 1996 19.21 9.23
Oct 1996 16.45 7.89
Sep 1996 17.02 8.14
Aug 1996 16.56 7.89
Jul 1996 17.11 8.14
Jun 1996 18.09 8.58
May 1996 16.74 7.94
Apr 1996 15.93 7.54
Mar 1996 15.78 7.44
Feb 1996 14.59 6.85
Jan 1996 13.26 6.2
Dec 1995 13.02 6.05
Nov 1995 14.18 6.6
Oct 1995 14.49 6.75
Sep 1995 14.65 6.8
Aug 1995 14.46 6.7
Jul 1995 15.41 7.12
Jun 1995 13.96 6.45
May 1995 12.16 5.61
Apr 1995 12.62 5.8
Mar 1995 12.77 5.85
Feb 1995 11.83 5.41
Jan 1995 11.99 5.46
Dec 1994 11.27 5.11
Nov 1994 13.46 6.1
Oct 1994 13.81 6.25
Sep 1994 14.09 6.37
Aug 1994 13.8 6.23
Jul 1994 13.25 5.95
Jun 1994 13.23 5.93
May 1994 11.77 5.26
Apr 1994 13.45 6
Mar 1994 16.14 7.19
Feb 1994 17.87 7.94
Jan 1994 15.91 7.04
Dec 1993 17.3 7.64
Nov 1993 17.19 7.59
Oct 1993 15.97 7.04
Sep 1993 17.1 7.52
Aug 1993 17.2 7.54
Jul 1993 14.41 6.3
Jun 1993 15.43 6.75
May 1993 13.29 5.8
Apr 1993 13.2 5.75
Mar 1993 15.17 6.6
Feb 1993 15.34 6.65
Jan 1993 17.23 7.44
Dec 1992 16.74 7.19
Nov 1992 18 7.74
Oct 1992 16.29 6.99
Sep 1992 14.84 6.35
Aug 1992 14.3 6.1
Jul 1992 15.86 6.75
Jun 1992 15.42 6.55
May 1992 15.83 6.7
Apr 1992 14.33 6.05
Mar 1992 22.11 9.33
Feb 1992 25.53 10.72
Jan 1992 21.71 9.08
Dec 1991 23.88 9.97
Nov 1991 26.51 11.06
Oct 1991 28.37 11.81
Sep 1991 28.77 11.96
Aug 1991 30.46 12.6
Jul 1991 26.22 10.81
Jun 1991 26.02 10.72
May 1991 26.82 11.01
Apr 1991 24.72 10.12
Mar 1991 22.69 9.28
Feb 1991 20.11 8.21
Jan 1991 21.66 8.83
Dec 1990 19.22 7.79
Nov 1990 18.73 7.59
Oct 1990 15.34 6.2
Sep 1990 14.44 5.8
Aug 1990 16.56 6.6
Jul 1990 20.1 7.94
Jun 1990 20.93 8.23
May 1990 19.46 7.61
Apr 1990 17.41 6.8
Mar 1990 19.73 7.69
Feb 1990 19.58 7.59
Jan 1990 20.25 7.81
Dec 1989 24.03 9.18
Nov 1989 24.33 9.28
Oct 1989 23.02 8.76
Sep 1989 22.54 8.53
Aug 1989 23.4 8.83
Jul 1989 23.04 8.68
Jun 1989 21.12 7.94
May 1989 23.55 8.83
Apr 1989 21.69 8.09
Mar 1989 19.42 7.19
Feb 1989 19.94 7.34
Jan 1989 20.29 7.44
Dec 1988 20.39 7.44
Nov 1988 21.38 7.79
Oct 1988 21.81 7.94
Sep 1988 21.19 7.69
Aug 1988 20.3 7.32
Jul 1988 19.49 6.99
Jun 1988 21.24 7.59
May 1988 20.21 7.19
Apr 1988 21.26 7.54
Mar 1988 21.09 7.44
Feb 1988 22.59 7.94
Jan 1988 20.18 7.07
Dec 1987 18.6 6.5
Nov 1987 15.33 5.36
Oct 1987 17.62 6.15
Sep 1987 26.35 9.18
Aug 1987 28.64 9.92
Jul 1987 27.49 9.48
Jun 1987 25.91 8.9
May 1987 25.06 8.58
Apr 1987 24.71 8.43
Mar 1987 28.06 9.52
Feb 1987 25.98 8.78
Jan 1987 22.91 7.71
Dec 1986 19.42 6.5
Nov 1986 21.37 7.14
Oct 1986 21.39 7.14
Sep 1986 20.36 6.8
Aug 1986 21.8 7.24
Jul 1986 24.09 7.99

Returns from Investing in Costco stock

How much did an investment in Costco really grow each year after accounting for inflation? The following chart contains the inflation-adjusted real annual percentage returns.

Detailed Annual Returns (Adjusted vs. Nominal)

The table below shows the returns for Costco stock by year, both inflation-adjusted and nominal. You can sort any column by clicking on the header.

Observe how inflation erodes nominal gains, sometimes resulting in a negative real return even when the stock price nominally increased, as in 2016.

Year Inflation-Adjusted Return Nominal Return
2024 35.7% 39.62%
2023 44.1% 48.93%
2022 -23.96% -19.05%
2021 41.84% 51.82%
2020 30.8% 32.58%
2019 42.44% 45.7%
2018 8.52% 10.6%
2017 19.66% 22.18%
2016 -1.76% 0.27%
2015 17.96% 18.82%
2014 19.55% 20.46%
2013 19.38% 21.17%
2012 16.47% 18.49%
2011 12.07% 15.39%
2010 20.24% 22.04%
2009 9.72% 12.7%
2008 -24.81% -24.74%
2007 26.77% 31.95%
2006 4.22% 6.87%
2005 -1.19% 2.19%
2004 26.1% 30.2%
2003 30.06% 32.5%
2002 -38.24% -36.77%
2001 9.43% 11.12%
2000 -15.33% -12.47%
1999 23.1% 26.41%
1998 59.2% 61.76%
1997 74.64% 77.61%
1996 59.46% 64.75%
1995 15.51% 18.45%
1994 -34.86% -33.12%
1993 3.37% 6.21%
1992 -29.89% -27.86%
1991 24.22% 28.03%
1990 -20.02% -15.14%
1989 17.86% 23.33%
1988 9.66% 14.5%
1987 -4.25% 0%

Costco Stock: Average Annualized Returns

Annualized returns show the average rate of growth per year, making it easier to compare performance across different time periods. While nominal returns indicate the headline growth, adjusting for inflation reveals the actual change in purchasing power.

This table presents both nominal and inflation-adjusted average annual returns for Costco over various trailing periods ending March 31, 2026, offering a clearer view of long-term, real investment performance.

Period Avg. Annual Return (Inflation-Adjusted) Avg. Annual Return (Nominal)
Last 1 year 2.59% 5.93%
Last 3 years 24.03% 27.8%
Last 5 years 19.07% 24.44%
Last 10 years 18.36% 22.29%
Last 20 years 14.11% 17.01%
Last 30 years 14.81% 17.73%

Real Returns of Investing in the Costco

The chart and table below show the nominal and inflation-adjusted value of a hypothetical $100 investment over various long-term historical periods, ending in September 2025.

The inflation-adjusted line, in green, represents the real increase in purchasing power for the initial investment. Observe the gap between both lines, which illustrates the cumulative effect of inflation over time.

Even over just five years, inflation takes a noticeable bite out of investments. Investing $100 in the Costco five years ago yielded an 194.4% nominal gain, but the real return (the actual increase in buying power) was 138.4%.

As investment periods get longer, the difference between reported nominal returns and the inflation-adjusted gains usually becomes much greater due to the compounding effect of inflation over time.

Investment Period What $100 Grew To (Nominal) Total Nominal Return (%) Total Inflation-Adjusted Return (%)
Last 5 years Feb 2021 - Sep 2025 $294.4 194.4% 138.4%
Last 10 years Feb 2016 - Sep 2025 $728.14 628.14% 431.56%
Last 25 years Feb 2001 - Sep 2025 $2,781.63 2,682% 1,406%

Inflation in Costco Operations

Costco faces moderate inflation impact across its retail operations, with both cost pressures and unique advantages from its membership-based warehouse model.

  • Merchandise Costs: Rising wholesale prices for products across all categories directly impact Costco's cost of goods sold, affecting gross margins on retail merchandise sales.
  • Labor & Benefits: Wage inflation and rising healthcare costs affect operational expenses, as Costco maintains competitive employee compensation and benefits packages.
  • Real Estate & Facilities: Inflation in construction costs, property taxes and facility maintenance expenses impact both new warehouse development and existing location operations.
  • Transportation & Logistics: Rising fuel costs, shipping rates and warehouse equipment expenses affect the company's supply chain and distribution efficiency.

Costco's business model provides several mechanisms to manage inflationary pressures effectively. The company's membership fee structure creates a stable revenue stream that's less sensitive to inflation, while the membership renewal model allows for periodic fee adjustments to maintain profitability.

Additionally, Costco's bulk purchasing power and direct relationships with manufacturers help secure favorable pricing even during inflationary periods. The company's limited SKU strategy and high inventory turnover allow for quick price adjustments, while the membership warehouse format gives customers an expectation of value that supports necessary price increases when costs rise.

About Costco

Costco Wholesale Corporation is the second-largest retailer in the world, founded in 1983 and headquartered in Issaquah, Washington.

The company operates over 800 warehouses worldwide, serving more than 100 million members through its membership-based retail model. Costco offers a wide range of merchandise, from groceries and household items to electronics and automotive services.

As a component of the S&P 500 and Nasdaq-100, Costco represents the retail sector in major market indices. The company's membership-based warehouse club model has proven resilient across various economic cycles and competitive pressures.

Last Close
May 1, 2026
1,011.7
Highest
Feb 13, 2025
1,069.48
Highest, Inflation-Adjusted
Feb 13, 2025
1,106.79
Annualized return
Since Jul 9, 1986
12.68%
Annualized return, Inflation-Adjusted
Since Jul 9, 1986
9.6%

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Other Inflation-Adjusted Data