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 February 2026 as the baseline (latest available CPI).

The current value of Costco stock is 1,008.43 (as of the close of Mar 13, 2026), 5.85% lower than the all-time high of 1,071.05 (Feb 13, 2025).

Since July 9, 1986, the inflation-adjusted total return for the stock has been 3,765%, which is equivalent to an annual growth rate of 9.65%.

In nominal values, the total return since this date has been 11,433%, or an annualized rate of 12.71%.

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). 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
Mar 2026 1,008.43 1,008.43
Feb 2026 1,010.79 1,010.79
Jan 2026 944.68 940.25
Dec 2025 868.45 861.19
Nov 2025 919.87 912.37
Oct 2025 910.24 910.24
Sep 2025 928.76 923.12
Aug 2025 948.92 940.76
Jul 2025 946.64 935.81
Jun 2025 998.82 985.91
May 2025 1,053.09 1,035.94
Apr 2025 1,007.6 989.13
Mar 2025 961.22 940.67
Feb 2025 1,068.13 1,042.95
Jan 2025 1,001.45 973.52
Dec 2024 942.57 910.32
Nov 2024 1,000.13 965.57
Oct 2024 897.91 867.35
Sep 2024 911.63 879.6
Aug 2024 919.13 885.41
Jul 2024 847.33 815.58
Jun 2024 875.95 842.15
May 2024 834.91 802.42
Apr 2024 746.47 716.24
Mar 2024 758.25 724.71
Feb 2024 774.88 735.85
Jan 2024 727.24 686.36
Dec 2023 694.58 651.99
Nov 2023 609.55 572.74
Oct 2023 565.93 532.83
Sep 2023 578.53 544.9
Aug 2023 563.87 529.78
Jul 2023 576.99 539.74
Jun 2023 555.11 518.29
May 2023 529.16 492.47
Apr 2023 520.76 483.43
Mar 2023 516.79 477.33
Feb 2023 505.26 465.14
Jan 2023 535.44 490.19
Dec 2022 482.02 437.79
Nov 2022 567.65 517.15
Oct 2022 527.38 480.94
Sep 2022 497.76 452.1
Aug 2022 551.46 499.8
Jul 2022 571.54 518.18
Jun 2022 505.12 458.02
May 2022 498.11 445.54
Apr 2022 574.35 508.13
Mar 2022 624.48 549.41
Feb 2022 570.62 495.41
Jan 2022 559.32 481.21
Dec 2021 633.9 540.82
Nov 2021 604.12 513.84
Oct 2021 553.25 468.27
Sep 2021 509.14 427.38
Aug 2021 517.5 433.22
Jul 2021 489.23 408.71
Jun 2021 451.79 375.62
May 2021 435.93 359.11
Apr 2021 432.25 353.24
Mar 2021 411.95 333.91
Feb 2021 389.59 313.56
Jan 2021 416.26 333.2
Dec 2020 446.91 356.23
Nov 2020 453.55 361.18
Oct 2020 413.77 329.7
Sep 2020 410.12 326.65
Aug 2020 402.2 319.9
Jul 2020 377.78 299.54
Jun 2020 352.9 278.4
May 2020 360.99 283.23
Apr 2020 354.6 278.21
Mar 2020 330.7 261.21
Feb 2020 325.36 257.55
Jan 2020 353.8 279.3
Dec 2019 341.69 268.69
Nov 2019 348.22 274.08
Oct 2019 344.9 271.61
Sep 2019 334.49 262.81
Aug 2019 342.48 268.88
Jul 2019 319.53 250.87
Jun 2019 306.86 240.52
May 2019 278.26 218.06
Apr 2019 285.01 222.88
Mar 2019 282.56 219.8
Feb 2019 256.69 198.56
Jan 2019 252.26 194.3
Dec 2018 239.88 184.42
Nov 2018 271.47 209.38
Oct 2018 266.83 206.49
Sep 2018 274.61 212.13
Aug 2018 272.88 210.55
Jul 2018 255.51 197.04
Jun 2018 244.16 188.28
May 2018 231.98 178.6
Apr 2018 231.01 177.11
Mar 2018 221.65 169.27
Feb 2018 225.07 171.49
Jan 2018 230.18 174.59
Dec 2017 221.04 166.75
Nov 2017 218.9 165.24
Oct 2017 190.63 143.89
Sep 2017 194.3 146.76
Aug 2017 186.36 140.01
Jul 2017 188.42 141.14
Jun 2017 189.98 142.41
May 2017 214.53 160.66
Apr 2017 202.76 151.72
Mar 2017 192.1 143.32
Feb 2017 203.14 151.43
Jan 2017 188.06 139.75
Dec 2016 184.72 136.47
Nov 2016 173.24 127.95
Oct 2016 169.87 125.66
Sep 2016 175.42 129.6
Aug 2016 186.89 137.74
Jul 2016 192.46 141.72
Jun 2016 180.45 133.09
May 2016 171.51 126.08
Apr 2016 171.46 125.54
Mar 2016 182.73 133.16
Feb 2016 174.72 126.78
Jan 2016 175.66 127.35
Dec 2015 188.04 136.1
Nov 2015 187.3 136.03
Oct 2015 182.62 132.91
Sep 2015 166.89 121.52
Aug 2015 161.42 117.72
Jul 2015 166.78 121.8
Jun 2015 155.04 113.22
May 2015 164.25 119.53
Apr 2015 165.62 119.91
Mar 2015 175.28 126.65
Feb 2015 171.04 122.86
Jan 2015 161.57 115.55
Dec 2014 159.41 114.54
Nov 2014 158.92 114.84
Oct 2014 147.95 107.49
Sep 2014 138.67 101.01
Aug 2014 134.08 97.59
Jul 2014 129.94 94.74
Jun 2014 126.88 92.54
May 2014 128.06 93.23
Apr 2014 127.74 92.67
Mar 2014 123.73 89.47
Feb 2014 130.24 93.57
Jan 2014 125.41 89.77
Dec 2013 133.34 95.09
Nov 2013 140.51 100.21
Oct 2013 131.58 94.04
Sep 2013 128.1 91.78
Aug 2013 124.57 89.15
Jul 2013 130.57 93.33
Jun 2013 123 87.89
May 2013 122.25 87.14
Apr 2013 121.12 86.19
Mar 2013 118.41 84.34
Feb 2013 113.33 80.51
Jan 2013 115.44 81.35
Dec 2012 111.7 78.48
Nov 2012 117.25 82.6
Oct 2012 110.53 78.24
Sep 2012 112.43 79.62
Aug 2012 110.35 77.79
Jul 2012 109.05 76.45
Jun 2012 107.53 75.51
May 2012 97.64 68.67
Apr 2012 99.55 70.09
Mar 2012 102.82 72.18
Feb 2012 98.19 68.41
Jan 2012 94.28 65.39
Dec 2011 95.9 66.23
Nov 2011 97.94 67.8
Oct 2011 95.51 66.17
Sep 2011 94.03 65.28
Aug 2011 90.05 62.43
Jul 2011 89.97 62.2
Jun 2011 93.49 64.58
May 2011 94.81 65.56
Apr 2011 93.42 64.3
Mar 2011 85.23 58.28
Feb 2011 87.78 59.45
Jan 2011 84.74 57.1
Dec 2010 85.58 57.4
Nov 2010 80.26 53.74
Oct 2010 74.55 49.89
Sep 2010 76.69 51.26
Aug 2010 67.23 44.91
Jul 2010 67.57 45.08
Jun 2010 65.34 43.58
May 2010 69.35 46.3
Apr 2010 70.39 46.96
Mar 2010 71.27 47.46
Feb 2010 73.07 48.46
Jan 2010 68.84 45.65
Dec 2009 71.17 47.03
Nov 2009 71.94 47.62
Oct 2009 68.31 45.19
Sep 2009 67.81 44.82
Aug 2009 61.35 40.52
Jul 2009 59.71 39.35
Jun 2009 55.13 36.39
May 2009 58.93 38.57
Apr 2009 59.2 38.63
Mar 2009 56.56 36.82
Feb 2009 51.83 33.66
Jan 2009 55.4 35.79
Dec 2008 64.87 41.73
Nov 2008 62.94 40.91
Oct 2008 68.38 45.32
Sep 2008 77.09 51.61
Aug 2008 79.51 53.3
Jul 2008 74.02 49.82
Jun 2008 83.26 55.75
May 2008 85.52 56.69
Apr 2008 86.15 56.64
Mar 2008 79.04 51.64
Feb 2008 75.98 49.22
Jan 2008 83.61 54
Dec 2007 86.27 55.45
Nov 2007 83.3 53.57
Oct 2007 83.62 53.46
Sep 2007 76.46 48.78
Aug 2007 77.15 49.08
Jul 2007 74.57 47.53
Jun 2007 72.96 46.52
May 2007 70.54 44.89
Apr 2007 67.32 42.58
Mar 2007 68.1 42.8
Feb 2007 71.34 44.43
Jan 2007 72.07 44.64
Dec 2006 68.05 42.03
Nov 2006 67.42 41.57
Oct 2006 68.71 42.43
Sep 2006 63.6 39.49
Aug 2006 59.61 37.19
Jul 2006 67.34 41.94
Jun 2006 73.14 45.41
May 2006 67.9 42.07
Apr 2006 70.17 43.27
Mar 2006 70.41 43.05
Feb 2006 66.92 40.69
Jan 2006 65.35 39.66
Dec 2005 65.3 39.32
Nov 2005 65.66 39.7
Oct 2005 63.07 38.45
Sep 2005 56.3 34.25
Aug 2005 57.4 34.5
Jul 2005 61.11 36.54
Jun 2005 59.74 35.55
May 2005 60.64 36.07
Apr 2005 54.23 32.3
Mar 2005 59.37 35.12
Feb 2005 63.1 37.03
Jan 2005 64.39 37.57
Dec 2004 66.08 38.48
Nov 2004 66.09 38.63
Oct 2004 65.23 38.11
Sep 2004 56.78 33
Aug 2004 56.43 32.73
Jul 2004 55.83 32.36
Jun 2004 56.39 32.73
May 2004 52.06 30.13
Apr 2004 51.81 29.81
Mar 2004 52.13 29.9
Feb 2004 54.21 30.89
Jan 2004 51.81 29.36
Dec 2003 52.4 29.55
Nov 2003 50.43 28.47
Oct 2003 49.77 28.18
Sep 2003 43.69 24.76
Aug 2003 45.38 25.63
Jul 2003 52.25 29.4
Jun 2003 51.75 29.09
May 2003 52.73 29.61
Apr 2003 48.91 27.51
Mar 2003 42.35 23.87
Feb 2003 43.3 24.26
Jan 2003 41.27 22.95
Dec 2002 40.29 22.3
Nov 2002 46.28 25.67
Oct 2002 48.61 26.97
Sep 2002 46.45 25.73
Aug 2002 48.03 26.56
Jul 2002 50.29 27.72
Jun 2002 55.76 30.7
May 2002 56.73 31.21
Apr 2002 58.08 31.95
Mar 2002 57.85 31.65
Feb 2002 60.28 32.8
Jan 2002 67.47 36.56
Dec 2001 65.24 35.28
Nov 2001 59.86 32.49
Oct 2001 55.3 30.07
Sep 2001 51.81 28.27
Aug 2001 54.75 29.74
Jul 2001 63 34.22
Jun 2001 59.95 32.65
May 2001 56.88 30.93
Apr 2001 51.29 27.77
Mar 2001 57.86 31.2
Feb 2001 61.69 33.19
Jan 2001 68.61 36.76
Dec 2000 59.62 31.75
Nov 2000 48.68 25.93
Oct 2000 54.68 29.11
Sep 2000 52.25 27.77
Aug 2000 51.77 27.37
Jul 2000 48.95 25.88
Jun 2000 49.72 26.23
May 2000 48.37 25.39
Apr 2000 81.98 42.97
Mar 2000 79.75 41.78
Feb 2000 75.91 39.45
Jan 2000 75.31 38.9
Dec 1999 70.42 36.27
Nov 1999 70.76 36.44
Oct 1999 62.01 31.92
Sep 1999 55.69 28.62
Aug 1999 58.1 29.71
Jul 1999 58.24 29.71
Jun 1999 62.57 31.82
May 1999 56.66 28.81
Apr 1999 63.25 32.17
Mar 1999 72.07 36.39
Feb 1999 63.41 31.92
Jan 1999 65.51 32.94
Dec 1998 57.2 28.69
Nov 1998 49.69 24.94
Oct 1998 44.94 22.55
Sep 1998 37.61 18.83
Aug 1998 37.41 18.7
Jul 1998 45.16 22.55
Jun 1998 50.25 25.06
May 1998 46.17 23
Apr 1998 44.66 22.21
Mar 1998 42.74 21.21
Feb 1998 39.21 19.42
Jan 1998 34.86 17.24
Dec 1997 35.93 17.74
Nov 1997 35.64 17.61
Oct 1997 30.94 15.3
Sep 1997 30.31 14.95
Aug 1997 29.13 14.33
Jul 1997 30.65 15.05
Jun 1997 26.64 13.07
May 1997 27.38 13.41
Apr 1997 23.41 11.48
Mar 1997 22.42 10.98
Feb 1997 20.85 10.18
Jan 1997 21.73 10.58
Dec 1996 20.57 9.99
Nov 1996 19.04 9.24
Oct 1996 16.31 7.9
Sep 1996 16.87 8.15
Aug 1996 16.41 7.9
Jul 1996 16.96 8.15
Jun 1996 17.92 8.59
May 1996 16.59 7.95
Apr 1996 15.79 7.55
Mar 1996 15.64 7.45
Feb 1996 14.46 6.86
Jan 1996 13.14 6.21
Dec 1995 12.9 6.06
Nov 1995 14.06 6.61
Oct 1995 14.37 6.76
Sep 1995 14.52 6.81
Aug 1995 14.33 6.71
Jul 1995 15.28 7.13
Jun 1995 13.84 6.46
May 1995 12.05 5.61
Apr 1995 12.5 5.81
Mar 1995 12.65 5.86
Feb 1995 11.73 5.42
Jan 1995 11.88 5.46
Dec 1994 11.17 5.12
Nov 1994 13.34 6.11
Oct 1994 13.68 6.26
Sep 1994 13.96 6.38
Aug 1994 13.67 6.23
Jul 1994 13.13 5.96
Jun 1994 13.11 5.94
May 1994 11.67 5.27
Apr 1994 13.33 6.01
Mar 1994 15.99 7.2
Feb 1994 17.71 7.95
Jan 1994 15.77 7.05
Dec 1993 17.15 7.65
Nov 1993 17.04 7.6
Oct 1993 15.82 7.05
Sep 1993 16.95 7.53
Aug 1993 17.04 7.55
Jul 1993 14.28 6.31
Jun 1993 15.29 6.76
May 1993 13.17 5.81
Apr 1993 13.08 5.76
Mar 1993 15.04 6.61
Feb 1993 15.2 6.66
Jan 1993 17.08 7.45
Dec 1992 16.59 7.2
Nov 1992 17.84 7.75
Oct 1992 16.14 7
Sep 1992 14.71 6.36
Aug 1992 14.17 6.11
Jul 1992 15.71 6.76
Jun 1992 15.29 6.56
May 1992 15.69 6.71
Apr 1992 14.2 6.06
Mar 1992 21.91 9.34
Feb 1992 25.3 10.73
Jan 1992 21.51 9.09
Dec 1991 23.66 9.99
Nov 1991 26.27 11.08
Oct 1991 28.12 11.82
Sep 1991 28.52 11.97
Aug 1991 30.19 12.62
Jul 1991 25.99 10.83
Jun 1991 25.78 10.73
May 1991 26.58 11.03
Apr 1991 24.5 10.13
Mar 1991 22.49 9.29
Feb 1991 19.93 8.22
Jan 1991 21.47 8.84
Dec 1990 19.05 7.8
Nov 1990 18.56 7.6
Oct 1990 15.2 6.21
Sep 1990 14.31 5.81
Aug 1990 16.41 6.61
Jul 1990 19.92 7.95
Jun 1990 20.75 8.25
May 1990 19.29 7.63
Apr 1990 17.25 6.81
Mar 1990 19.55 7.7
Feb 1990 19.41 7.6
Jan 1990 20.07 7.82
Dec 1989 23.82 9.19
Nov 1989 24.11 9.29
Oct 1989 22.81 8.77
Sep 1989 22.34 8.54
Aug 1989 23.19 8.84
Jul 1989 22.84 8.69
Jun 1989 20.93 7.95
May 1989 23.34 8.84
Apr 1989 21.5 8.1
Mar 1989 19.25 7.2
Feb 1989 19.76 7.35
Jan 1989 20.11 7.45
Dec 1988 20.21 7.45
Nov 1988 21.19 7.8
Oct 1988 21.61 7.95
Sep 1988 21 7.7
Aug 1988 20.12 7.33
Jul 1988 19.32 7
Jun 1988 21.05 7.6
May 1988 20.03 7.2
Apr 1988 21.07 7.55
Mar 1988 20.9 7.45
Feb 1988 22.39 7.95
Jan 1988 20 7.08
Dec 1987 18.43 6.51
Nov 1987 15.19 5.37
Oct 1987 17.46 6.16
Sep 1987 26.12 9.19
Aug 1987 28.38 9.94
Jul 1987 27.25 9.49
Jun 1987 25.68 8.92
May 1987 24.83 8.59
Apr 1987 24.49 8.45
Mar 1987 27.81 9.54
Feb 1987 25.75 8.79
Jan 1987 22.7 7.73
Dec 1986 19.25 6.51
Nov 1986 21.18 7.15
Oct 1986 21.19 7.15
Sep 1986 20.18 6.81
Aug 1986 21.61 7.25
Jul 1986 23.87 8

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 February 28, 2026, offering a clearer view of long-term, real investment performance.

Period Avg. Annual Return (Inflation-Adjusted) Avg. Annual Return (Nominal)
Last 1 year -5.37% -3.08%
Last 3 years 26% 29.53%
Last 5 years 21.01% 26.38%
Last 10 years 19.19% 23.07%
Last 20 years 14.54% 17.42%
Last 30 years 15.21% 18.11%

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
Mar 13, 2026
1,008.43
Highest
Feb 13, 2025
1,071.05
Highest, Inflation-Adjusted
Feb 13, 2025
1,096.9
Annualized return
Since Jul 9, 1986
12.71%
Annualized return, Inflation-Adjusted
Since Jul 9, 1986
9.65%

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Other Inflation-Adjusted Data