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 June 2025 as the baseline (latest available CPI).

The current value of Costco stock is 967.68 (as of the close of Jul 15, 2025), 10.02% lower than the all-time high of 1,075.43 (Feb 13, 2025).

Since July 9, 1986, the inflation-adjusted total return for the stock has been 3,642%, which is equivalent to an annual growth rate of 9.73%.

In nominal values, the total return since this date has been 10,922%, or an annualized rate of 12.81%.

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
Jul 2025 967.68 967.68
Jun 2025 989.94 989.94
May 2025 1,043.73 1,040.18
Apr 2025 998.64 993.18
Mar 2025 952.68 944.52
Feb 2025 1,058.63 1,047.21
Jan 2025 992.54 977.5
Dec 2024 934.19 914.04
Nov 2024 991.24 969.52
Oct 2024 889.93 870.9
Sep 2024 903.53 883.19
Aug 2024 910.96 889.03
Jul 2024 839.8 818.91
Jun 2024 868.17 845.6
May 2024 827.49 805.7
Apr 2024 739.84 719.16
Mar 2024 751.51 727.68
Feb 2024 767.99 738.86
Jan 2024 720.78 689.17
Dec 2023 688.41 654.66
Nov 2023 604.13 575.08
Oct 2023 560.9 535
Sep 2023 573.39 547.13
Aug 2023 558.86 531.94
Jul 2023 571.86 541.95
Jun 2023 550.17 520.41
May 2023 524.45 494.48
Apr 2023 516.13 485.41
Mar 2023 512.19 479.28
Feb 2023 500.76 467.04
Jan 2023 530.68 492.19
Dec 2022 477.74 439.58
Nov 2022 562.61 519.26
Oct 2022 522.69 482.91
Sep 2022 493.33 453.95
Aug 2022 546.56 501.84
Jul 2022 566.46 520.3
Jun 2022 500.63 459.89
May 2022 493.68 447.36
Apr 2022 569.25 510.21
Mar 2022 618.93 551.66
Feb 2022 565.54 497.44
Jan 2022 554.35 483.18
Dec 2021 628.26 543.03
Nov 2021 598.75 515.94
Oct 2021 548.33 470.18
Sep 2021 504.61 429.13
Aug 2021 512.9 434.99
Jul 2021 484.88 410.38
Jun 2021 447.77 377.16
May 2021 432.06 360.57
Apr 2021 428.4 354.68
Mar 2021 408.29 335.27
Feb 2021 386.12 314.84
Jan 2021 412.56 334.57
Dec 2020 442.94 357.68
Nov 2020 449.52 362.66
Oct 2020 410.09 331.04
Sep 2020 406.47 327.99
Aug 2020 398.62 321.21
Jul 2020 374.43 300.76
Jun 2020 349.77 279.54
May 2020 357.78 284.39
Apr 2020 351.44 279.35
Mar 2020 327.76 262.27
Feb 2020 322.47 258.6
Jan 2020 350.65 280.44
Dec 2019 338.65 269.79
Nov 2019 345.12 275.2
Oct 2019 341.83 272.72
Sep 2019 331.52 263.89
Aug 2019 339.43 269.98
Jul 2019 316.69 251.9
Jun 2019 304.13 241.51
May 2019 275.78 218.95
Apr 2019 282.47 223.79
Mar 2019 280.05 220.7
Feb 2019 254.41 199.37
Jan 2019 250.01 195.1
Dec 2018 237.75 185.17
Nov 2018 269.06 210.23
Oct 2018 264.46 207.33
Sep 2018 272.17 213
Aug 2018 270.45 211.41
Jul 2018 253.24 197.85
Jun 2018 241.99 189.05
May 2018 229.92 179.33
Apr 2018 228.95 177.84
Mar 2018 219.68 169.96
Feb 2018 223.07 172.19
Jan 2018 228.13 175.3
Dec 2017 219.07 167.43
Nov 2017 216.96 165.91
Oct 2017 188.93 144.48
Sep 2017 192.58 147.36
Aug 2017 184.7 140.59
Jul 2017 186.75 141.72
Jun 2017 188.29 142.99
May 2017 212.62 161.32
Apr 2017 200.96 152.34
Mar 2017 190.39 143.91
Feb 2017 201.33 152.05
Jan 2017 186.39 140.32
Dec 2016 183.08 137.03
Nov 2016 171.7 128.47
Oct 2016 168.36 126.17
Sep 2016 173.86 130.13
Aug 2016 185.23 138.3
Jul 2016 190.75 142.3
Jun 2016 178.85 133.64
May 2016 169.99 126.6
Apr 2016 169.94 126.05
Mar 2016 181.1 133.7
Feb 2016 173.17 127.3
Jan 2016 174.1 127.87
Dec 2015 186.37 136.66
Nov 2015 185.64 136.59
Oct 2015 180.99 133.45
Sep 2015 165.41 122.02
Aug 2015 159.99 118.2
Jul 2015 165.3 122.3
Jun 2015 153.66 113.68
May 2015 162.79 120.02
Apr 2015 164.15 120.4
Mar 2015 173.73 127.17
Feb 2015 169.52 123.36
Jan 2015 160.13 116.02
Dec 2014 157.99 115.01
Nov 2014 157.51 115.31
Oct 2014 146.63 107.93
Sep 2014 137.44 101.42
Aug 2014 132.89 97.99
Jul 2014 128.79 95.12
Jun 2014 125.75 92.92
May 2014 126.92 93.61
Apr 2014 126.61 93.05
Mar 2014 122.63 89.83
Feb 2014 129.08 93.95
Jan 2014 124.3 90.14
Dec 2013 132.15 95.48
Nov 2013 139.26 100.62
Oct 2013 130.41 94.42
Sep 2013 126.96 92.16
Aug 2013 123.46 89.52
Jul 2013 129.41 93.72
Jun 2013 121.91 88.25
May 2013 121.16 87.5
Apr 2013 120.05 86.54
Mar 2013 117.36 84.69
Feb 2013 112.32 80.84
Jan 2013 114.41 81.68
Dec 2012 110.7 78.8
Nov 2012 116.21 82.94
Oct 2012 109.55 78.56
Sep 2012 111.43 79.94
Aug 2012 109.37 78.11
Jul 2012 108.08 76.76
Jun 2012 106.58 75.82
May 2012 96.78 68.95
Apr 2012 98.67 70.38
Mar 2012 101.9 72.47
Feb 2012 97.32 68.69
Jan 2012 93.44 65.66
Dec 2011 95.05 66.5
Nov 2011 97.07 68.08
Oct 2011 94.66 66.44
Sep 2011 93.19 65.55
Aug 2011 89.25 62.69
Jul 2011 89.17 62.45
Jun 2011 92.66 64.84
May 2011 93.97 65.83
Apr 2011 92.59 64.56
Mar 2011 84.47 58.52
Feb 2011 87 59.69
Jan 2011 83.98 57.34
Dec 2010 84.82 57.63
Nov 2010 79.55 53.96
Oct 2010 73.89 50.1
Sep 2010 76.01 51.47
Aug 2010 66.63 45.09
Jul 2010 66.97 45.26
Jun 2010 64.76 43.76
May 2010 68.73 46.49
Apr 2010 69.77 47.15
Mar 2010 70.63 47.66
Feb 2010 72.42 48.66
Jan 2010 68.23 45.84
Dec 2009 70.54 47.23
Nov 2009 71.3 47.82
Oct 2009 67.7 45.37
Sep 2009 67.21 45
Aug 2009 60.81 40.69
Jul 2009 59.18 39.51
Jun 2009 54.64 36.54
May 2009 58.41 38.73
Apr 2009 58.68 38.79
Mar 2009 56.06 36.97
Feb 2009 51.37 33.79
Jan 2009 54.9 35.94
Dec 2008 64.29 41.9
Nov 2008 62.38 41.08
Oct 2008 67.77 45.5
Sep 2008 76.4 51.82
Aug 2008 78.8 53.52
Jul 2008 73.36 50.03
Jun 2008 82.52 55.98
May 2008 84.76 56.92
Apr 2008 85.39 56.87
Mar 2008 78.33 51.85
Feb 2008 75.3 49.42
Jan 2008 82.86 54.23
Dec 2007 85.51 55.68
Nov 2007 82.56 53.79
Oct 2007 82.88 53.68
Sep 2007 75.78 48.98
Aug 2007 76.46 49.28
Jul 2007 73.91 47.73
Jun 2007 72.31 46.71
May 2007 69.91 45.07
Apr 2007 66.73 42.76
Mar 2007 67.5 42.97
Feb 2007 70.71 44.61
Jan 2007 71.43 44.82
Dec 2006 67.45 42.2
Nov 2006 66.82 41.74
Oct 2006 68.1 42.6
Sep 2006 63.04 39.65
Aug 2006 59.08 37.34
Jul 2006 66.75 42.11
Jun 2006 72.49 45.6
May 2006 67.29 42.25
Apr 2006 69.54 43.44
Mar 2006 69.79 43.23
Feb 2006 66.32 40.86
Jan 2006 64.77 39.82
Dec 2005 64.71 39.48
Nov 2005 65.08 39.87
Oct 2005 62.51 38.61
Sep 2005 55.8 34.39
Aug 2005 56.89 34.64
Jul 2005 60.57 36.69
Jun 2005 59.21 35.7
May 2005 60.1 36.22
Apr 2005 53.75 32.43
Mar 2005 58.84 35.26
Feb 2005 62.54 37.18
Jan 2005 63.81 37.73
Dec 2004 65.49 38.64
Nov 2004 65.51 38.79
Oct 2004 64.65 38.26
Sep 2004 56.27 33.13
Aug 2004 55.93 32.86
Jul 2004 55.34 32.49
Jun 2004 55.89 32.87
May 2004 51.6 30.25
Apr 2004 51.35 29.93
Mar 2004 51.67 30.02
Feb 2004 53.73 31.02
Jan 2004 51.35 29.48
Dec 2003 51.94 29.67
Nov 2003 49.98 28.59
Oct 2003 49.33 28.29
Sep 2003 43.3 24.86
Aug 2003 44.98 25.74
Jul 2003 51.78 29.52
Jun 2003 51.29 29.21
May 2003 52.26 29.73
Apr 2003 48.48 27.62
Mar 2003 41.97 23.97
Feb 2003 42.91 24.36
Jan 2003 40.91 23.04
Dec 2002 39.93 22.4
Nov 2002 45.87 25.78
Oct 2002 48.18 27.08
Sep 2002 46.04 25.84
Aug 2002 47.6 26.67
Jul 2002 49.85 27.83
Jun 2002 55.27 30.82
May 2002 56.23 31.34
Apr 2002 57.56 32.08
Mar 2002 57.33 31.78
Feb 2002 59.74 32.93
Jan 2002 66.87 36.71
Dec 2001 64.66 35.42
Nov 2001 59.33 32.63
Oct 2001 54.81 30.19
Sep 2001 51.34 28.38
Aug 2001 54.26 29.86
Jul 2001 62.44 34.36
Jun 2001 59.42 32.79
May 2001 56.37 31.06
Apr 2001 50.83 27.88
Mar 2001 57.35 31.33
Feb 2001 61.14 33.32
Jan 2001 68 36.91
Dec 2000 59.09 31.88
Nov 2000 48.24 26.04
Oct 2000 54.19 29.23
Sep 2000 51.78 27.88
Aug 2000 51.31 27.49
Jul 2000 48.51 25.99
Jun 2000 49.28 26.34
May 2000 47.94 25.49
Apr 2000 81.25 43.15
Mar 2000 79.04 41.95
Feb 2000 75.24 39.61
Jan 2000 74.64 39.06
Dec 1999 69.79 36.41
Nov 1999 70.13 36.59
Oct 1999 61.46 32.05
Sep 1999 55.2 28.73
Aug 1999 57.58 29.83
Jul 1999 57.72 29.83
Jun 1999 62.01 31.95
May 1999 56.15 28.93
Apr 1999 62.69 32.3
Mar 1999 71.43 36.54
Feb 1999 62.85 32.05
Jan 1999 64.93 33.07
Dec 1998 56.69 28.81
Nov 1998 49.25 25.04
Oct 1998 44.54 22.65
Sep 1998 37.28 18.91
Aug 1998 37.07 18.78
Jul 1998 44.76 22.65
Jun 1998 49.8 25.17
May 1998 45.76 23.1
Apr 1998 44.26 22.3
Mar 1998 42.36 21.3
Feb 1998 38.86 19.5
Jan 1998 34.55 17.31
Dec 1997 35.61 17.81
Nov 1997 35.32 17.68
Oct 1997 30.67 15.36
Sep 1997 30.04 15.01
Aug 1997 28.87 14.39
Jul 1997 30.38 15.11
Jun 1997 26.4 13.12
May 1997 27.14 13.47
Apr 1997 23.2 11.52
Mar 1997 22.22 11.02
Feb 1997 20.67 10.23
Jan 1997 21.54 10.63
Dec 1996 20.39 10.03
Nov 1996 18.87 9.28
Oct 1996 16.16 7.93
Sep 1996 16.72 8.18
Aug 1996 16.26 7.93
Jul 1996 16.81 8.18
Jun 1996 17.76 8.63
May 1996 16.44 7.98
Apr 1996 15.65 7.58
Mar 1996 15.5 7.48
Feb 1996 14.33 6.88
Jan 1996 13.03 6.24
Dec 1995 12.79 6.09
Nov 1995 13.93 6.63
Oct 1995 14.24 6.78
Sep 1995 14.39 6.83
Aug 1995 14.21 6.73
Jul 1995 15.14 7.16
Jun 1995 13.72 6.48
May 1995 11.95 5.64
Apr 1995 12.39 5.84
Mar 1995 12.54 5.89
Feb 1995 11.62 5.44
Jan 1995 11.78 5.49
Dec 1994 11.07 5.14
Nov 1994 13.22 6.14
Oct 1994 13.56 6.29
Sep 1994 13.84 6.41
Aug 1994 13.55 6.26
Jul 1994 13.01 5.99
Jun 1994 12.99 5.96
May 1994 11.56 5.29
Apr 1994 13.21 6.04
Mar 1994 15.85 7.23
Feb 1994 17.55 7.98
Jan 1994 15.63 7.08
Dec 1993 17 7.68
Nov 1993 16.88 7.63
Oct 1993 15.68 7.08
Sep 1993 16.8 7.56
Aug 1993 16.89 7.58
Jul 1993 14.15 6.34
Jun 1993 15.15 6.78
May 1993 13.06 5.84
Apr 1993 12.96 5.79
Mar 1993 14.9 6.63
Feb 1993 15.07 6.68
Jan 1993 16.93 7.48
Dec 1992 16.44 7.23
Nov 1992 17.68 7.78
Oct 1992 16 7.03
Sep 1992 14.58 6.39
Aug 1992 14.05 6.14
Jul 1992 15.58 6.78
Jun 1992 15.15 6.58
May 1992 15.55 6.73
Apr 1992 14.07 6.09
Mar 1992 21.72 9.38
Feb 1992 25.08 10.77
Jan 1992 21.32 9.13
Dec 1991 23.45 10.03
Nov 1991 26.04 11.12
Oct 1991 27.87 11.87
Sep 1991 28.26 12.02
Aug 1991 29.92 12.67
Jul 1991 25.75 10.87
Jun 1991 25.56 10.77
May 1991 26.34 11.07
Apr 1991 24.28 10.18
Mar 1991 22.29 9.33
Feb 1991 19.75 8.26
Jan 1991 21.28 8.88
Dec 1990 18.88 7.83
Nov 1990 18.4 7.63
Oct 1990 15.07 6.24
Sep 1990 14.19 5.84
Aug 1990 16.26 6.63
Jul 1990 19.74 7.98
Jun 1990 20.56 8.28
May 1990 19.12 7.66
Apr 1990 17.1 6.83
Mar 1990 19.38 7.73
Feb 1990 19.23 7.63
Jan 1990 19.89 7.86
Dec 1989 23.61 9.23
Nov 1989 23.9 9.33
Oct 1989 22.61 8.8
Sep 1989 22.14 8.58
Aug 1989 22.99 8.88
Jul 1989 22.64 8.73
Jun 1989 20.75 7.98
May 1989 23.13 8.88
Apr 1989 21.31 8.13
Mar 1989 19.08 7.23
Feb 1989 19.58 7.38
Jan 1989 19.93 7.48
Dec 1988 20.03 7.48
Nov 1988 21 7.83
Oct 1988 21.42 7.98
Sep 1988 20.82 7.73
Aug 1988 19.94 7.36
Jul 1988 19.15 7.03
Jun 1988 20.86 7.63
May 1988 19.86 7.23
Apr 1988 20.89 7.58
Mar 1988 20.72 7.48
Feb 1988 22.19 7.98
Jan 1988 19.82 7.11
Dec 1987 18.27 6.53
Nov 1987 15.06 5.39
Oct 1987 17.3 6.19
Sep 1987 25.88 9.23
Aug 1987 28.13 9.98
Jul 1987 27.01 9.53
Jun 1987 25.45 8.95
May 1987 24.61 8.63
Apr 1987 24.27 8.48
Mar 1987 27.56 9.58
Feb 1987 25.52 8.83
Jan 1987 22.5 7.76
Dec 1986 19.08 6.53
Nov 1986 20.99 7.18
Oct 1986 21.01 7.18
Sep 1986 20 6.83
Aug 1986 21.41 7.28
Jul 1986 23.66 8.03

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 June 30, 2025, offering a clearer view of long-term, real investment performance.

Period Avg. Annual Return (Inflation-Adjusted) Avg. Annual Return (Nominal)
Last 1 year 14.03% 17.07%
Last 3 years 25.52% 29.12%
Last 5 years 23.13% 28.78%
Last 10 years 20.48% 24.16%
Last 20 years 15.12% 18.07%
Last 30 years 15.33% 18.25%

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 June 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 282.8% nominal gain, but the real return (the actual increase in buying power) was 206.99%.

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 2020 - Jun 2025 $382.8 282.8% 206.99%
Last 10 years Feb 2015 - Jun 2025 $802.49 702.49% 483.96%
Last 25 years Feb 2000 - Jun 2025 $2,499.39 2,399% 1,216%

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
Jul 15, 2025
967.68
Highest
Feb 13, 2025
1,075.43
Highest, Inflation-Adjusted
Feb 13, 2025
1,087.15
Annualized return
Since Jul 9, 1986
12.81%
Annualized return, Inflation-Adjusted
Since Jul 9, 1986
9.73%

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Other Inflation-Adjusted Data