Other InternationalNarrow moat

Costco Wholesale (COST) — moat facet

Twelve countries growing about 11% a year, on warehouses that each sell about two-thirds of an American one.

Other International is Costco's growth segment and its least productive per warehouse. In fiscal 2025 it brought in $38,266 million of total revenue and $1,656 million of operating income, a margin of about 4.33%.12

Other International warehouses by country, end of FY2025Mexico42Japan37United Kingdom29Korea20Australia15Taiwan14China7Spain5France, Sweden2 + 2Iceland, New Zealand1 + 1Costco Form 10-K FY2025; 175 warehouses in twelve countries
Mexico and Japan hold almost half the segment's warehouses; seven countries have fewer than fifteen.

It covers twelve countries. At the end of fiscal 2025 Costco operated 42 warehouses in Mexico, 37 in Japan, 29 in the United Kingdom, 20 in Korea, 15 in Australia, 14 in Taiwan, seven in China, five in Spain, two each in France and Sweden, and one each in Iceland and New Zealand: 175 in all.3 France had three by May 2026.4 The segment had about 25.2 million square feet and about 63,000 employees.5

It has grown fastest. Revenue was $14,220 million in fiscal 2014 and $15,112 million in 2016.6 It reached $22,185 million in 2020 and $29,985 million in 2022.7 From 2016 to 2025 it grew about 2.5 times, roughly 10.9% a year, faster than either North American segment.89 Comparable sales excluding gasoline and currency grew 8% in each of the last three fiscal years.10

Each warehouse sells less. Revenue per warehouse was about $219 million in fiscal 2025, against about $318 million in the United States.1112 The margin is still higher than the American one, 4.33% against 3.44%, which the page The Countries With Seven Warehouses takes as the case for expansion.13

Operating income has more than tripled since 2014, from $544 million to $1,656 million.1415 The one soft year was fiscal 2019, when it slipped to $750 million from $754 million, as reported then.16

The segment carries more capital per dollar of profit than Canada. Its total assets were $14,933 million at the end of fiscal 2025, about 19% of Costco's, against about 16% of operating income; operating income was about 11.1% of segment assets.1718

The latest quarter was its best. Revenue rose about 13.0% to $9,683 million and operating income about 18.8% to $436 million, taking the margin from about 4.28% to 4.50%.1920 Comparable sales rose 11%, or 6% excluding gasoline and currency, against 9% a year earlier on that basis.21

The measure of whether the expansion is working is revenue per warehouse. It was about $219 million in fiscal 2025; if it closes toward the American figure as the newer buildings mature, the growth is paying for itself.

Moat trajectory: Widening

Latest-quarter operating income up 18.8% and margin up from 4.28% to 4.50%.

The number that tests this moat
Moat Explorer calc
Other International revenue per warehouse
About $219M in FY2025, against about $318M in the U.S.

The gap should close as newer buildings mature; if it does not, the expansion is adding buildings rather than productivity.

How it's calculated: 38,266 / 175 against 200,046 / 629, segment total revenue over year-end warehouses.
Source: Costco Form 10-K FY2025 (Moat Explorer calc) ↗
References
  1. ReportedIn fiscal 2025 it brought in $38,266 million of total revenue and $1,656 million of operating income, a margin of about 4.33%.
    Costco Wholesale Form 10-K FY2025 - segment note 2023-2025: United States total revenue $176,630M/$184,143M/$200,046M, merchandise costs $174,021M and SG&A $19,147M (2025), operating income $5,392M/$6,217M/$6,878M; Canada $33,056M/$34,874M/$36,923M, operating income $1,448M/$1,648M/$1,849M; Other International $32,604M/$35,436M/$38,266M, operating income $1,274M/$1,420M/$1,656M; total revenue $275,235M, operating income $10,383M, membership fees $5,323M; U.S. additions to property and equipment $3,288M (2023) and $4,215M (2025), depreciation $1,895M; Canada additions $281M and $580M, total assets $7,304M; U.S. total assets $54,862M; Other International total assets $14,933M; 914 warehouses: 629 U.S. (512 owned), 110 Canada (94 owned), 175 Other International in Mexico 42, Japan 37, U.K. 29, Korea 20, Australia 15, Taiwan 14, China 7, Spain 5, France 2, Sweden 2, Iceland 1, New Zealand 1; floor space 93.6M/15.9M/25.2M sq ft; employees 223,000/55,000/63,000; changes in net sales and comparable sales by segment 2023-2025 — FY2023-FY2025 (ended August 31, 2025) · publ. October 2025 · source ↗
  2. Moat Explorer calcIn fiscal 2025 it brought in $38,266 million of total revenue and $1,656 million of operating income, a margin of about 4.33%.
    Moat Explorer calculation from Costco's Forms 10-K FY2016-FY2025 and the Q3 FY2026 10-Q: segment shares of revenue and operating income, operating margins, revenue per warehouse, compound growth rates, operating income over segment total assets — FY2014 to Q3 FY2026 · publ. 2026-09-23 · source ↗
  3. ReportedAt the end of fiscal 2025 Costco operated 42 warehouses in Mexico, 37 in Japan, 29 in the United Kingdom, 20 in Korea, 15 in Australia, 14 in Taiwan, seven in China, five in Spain, two each in France and Sweden, and one each in Iceland and New Zealand: 175 in all.
    Costco Wholesale Form 10-K FY2025 - segment note 2023-2025: United States total revenue $176,630M/$184,143M/$200,046M, merchandise costs $174,021M and SG&A $19,147M (2025), operating income $5,392M/$6,217M/$6,878M; Canada $33,056M/$34,874M/$36,923M, operating income $1,448M/$1,648M/$1,849M; Other International $32,604M/$35,436M/$38,266M, operating income $1,274M/$1,420M/$1,656M; total revenue $275,235M, operating income $10,383M, membership fees $5,323M; U.S. additions to property and equipment $3,288M (2023) and $4,215M (2025), depreciation $1,895M; Canada additions $281M and $580M, total assets $7,304M; U.S. total assets $54,862M; Other International total assets $14,933M; 914 warehouses: 629 U.S. (512 owned), 110 Canada (94 owned), 175 Other International in Mexico 42, Japan 37, U.K. 29, Korea 20, Australia 15, Taiwan 14, China 7, Spain 5, France 2, Sweden 2, Iceland 1, New Zealand 1; floor space 93.6M/15.9M/25.2M sq ft; employees 223,000/55,000/63,000; changes in net sales and comparable sales by segment 2023-2025 — FY2023-FY2025 (ended August 31, 2025) · publ. October 2025 · source ↗
  4. ReportedFrance had three by May 2026.
    Costco Wholesale Form 10-Q, quarter ended May 10, 2026 - segment revenue and operating income, 12 and 36 weeks: United States $51,434M/$46,318M and $1,873M/$1,713M (36 weeks $149,934M, $5,124M); Canada $9,410M/$8,321M and $506M/$450M (36 weeks $27,774M/$25,021M, $1,416M/$1,215M); Other International $9,683M/$8,566M and $436M/$367M; total operating income $7,884M (36 weeks); U.S. additions to property and equipment $1,143M against $846M; comparable sales U.S. 9%, Canada 11%, Other International 11%, excluding gasoline and currency 7%, 6% and 6% (prior year 8%, 8%, 9%); 928 warehouses: 637 U.S., 115 Canada, three in France — Q3 FY2026 (12 weeks ended May 10, 2026) · publ. June 2026 · source ↗
  5. ReportedThe segment had about 25.2 million square feet and about 63,000 employees.
    Costco Wholesale Form 10-K FY2025 - segment note 2023-2025: United States total revenue $176,630M/$184,143M/$200,046M, merchandise costs $174,021M and SG&A $19,147M (2025), operating income $5,392M/$6,217M/$6,878M; Canada $33,056M/$34,874M/$36,923M, operating income $1,448M/$1,648M/$1,849M; Other International $32,604M/$35,436M/$38,266M, operating income $1,274M/$1,420M/$1,656M; total revenue $275,235M, operating income $10,383M, membership fees $5,323M; U.S. additions to property and equipment $3,288M (2023) and $4,215M (2025), depreciation $1,895M; Canada additions $281M and $580M, total assets $7,304M; U.S. total assets $54,862M; Other International total assets $14,933M; 914 warehouses: 629 U.S. (512 owned), 110 Canada (94 owned), 175 Other International in Mexico 42, Japan 37, U.K. 29, Korea 20, Australia 15, Taiwan 14, China 7, Spain 5, France 2, Sweden 2, Iceland 1, New Zealand 1; floor space 93.6M/15.9M/25.2M sq ft; employees 223,000/55,000/63,000; changes in net sales and comparable sales by segment 2023-2025 — FY2023-FY2025 (ended August 31, 2025) · publ. October 2025 · source ↗
  6. ReportedRevenue was $14,220 million in fiscal 2014 and $15,112 million in 2016.
    Costco Wholesale Form 10-K FY2016 - segment note 2014-2016, as reported then: United States total revenue $80,477M/$84,351M/$86,579M, operating income $1,880M/$2,308M/$2,326M; Canada $17,943M/$17,341M/$17,028M, operating income $796M/$771M/$778M; Other International $14,220M/$14,507M/$15,112M, operating income $544M/$545M/$568M; changes in foreign currencies adversely impacted diluted EPS by $0.24, largely driven by changes in the Canadian dollar and Mexican peso — FY2014-FY2016 · publ. October 2016 · source ↗
  7. ReportedIt reached $22,185 million in 2020 and $29,985 million in 2022.
    Costco Wholesale Form 10-K FY2022 - segment note 2020-2022 (operating income restated for prior periods): United States total revenue $122,142M/$141,398M/$165,294M, operating income $3,822M/$4,470M/$5,268M; Canada $22,434M/$27,298M/$31,675M, operating income $778M/$1,093M/$1,346M; Other International $22,185M/$27,233M/$29,985M, operating income $835M/$1,145M/$1,179M — FY2020-FY2022 · publ. October 2022 · source ↗
  8. ReportedFrom 2016 to 2025 it grew about 2.5 times, roughly 10.9% a year, faster than either North American segment.
    Costco Wholesale Form 10-K FY2025 - segment note 2023-2025: United States total revenue $176,630M/$184,143M/$200,046M, merchandise costs $174,021M and SG&A $19,147M (2025), operating income $5,392M/$6,217M/$6,878M; Canada $33,056M/$34,874M/$36,923M, operating income $1,448M/$1,648M/$1,849M; Other International $32,604M/$35,436M/$38,266M, operating income $1,274M/$1,420M/$1,656M; total revenue $275,235M, operating income $10,383M, membership fees $5,323M; U.S. additions to property and equipment $3,288M (2023) and $4,215M (2025), depreciation $1,895M; Canada additions $281M and $580M, total assets $7,304M; U.S. total assets $54,862M; Other International total assets $14,933M; 914 warehouses: 629 U.S. (512 owned), 110 Canada (94 owned), 175 Other International in Mexico 42, Japan 37, U.K. 29, Korea 20, Australia 15, Taiwan 14, China 7, Spain 5, France 2, Sweden 2, Iceland 1, New Zealand 1; floor space 93.6M/15.9M/25.2M sq ft; employees 223,000/55,000/63,000; changes in net sales and comparable sales by segment 2023-2025 — FY2023-FY2025 (ended August 31, 2025) · publ. October 2025 · source ↗
  9. Moat Explorer calcFrom 2016 to 2025 it grew about 2.5 times, roughly 10.9% a year, faster than either North American segment.
    Moat Explorer calculation from Costco's Forms 10-K FY2016-FY2025 and the Q3 FY2026 10-Q: segment shares of revenue and operating income, operating margins, revenue per warehouse, compound growth rates, operating income over segment total assets — FY2014 to Q3 FY2026 · publ. 2026-09-23 · source ↗
  10. ReportedComparable sales excluding gasoline and currency grew 8% in each of the last three fiscal years.
    Costco Wholesale Form 10-K FY2025 - segment note 2023-2025: United States total revenue $176,630M/$184,143M/$200,046M, merchandise costs $174,021M and SG&A $19,147M (2025), operating income $5,392M/$6,217M/$6,878M; Canada $33,056M/$34,874M/$36,923M, operating income $1,448M/$1,648M/$1,849M; Other International $32,604M/$35,436M/$38,266M, operating income $1,274M/$1,420M/$1,656M; total revenue $275,235M, operating income $10,383M, membership fees $5,323M; U.S. additions to property and equipment $3,288M (2023) and $4,215M (2025), depreciation $1,895M; Canada additions $281M and $580M, total assets $7,304M; U.S. total assets $54,862M; Other International total assets $14,933M; 914 warehouses: 629 U.S. (512 owned), 110 Canada (94 owned), 175 Other International in Mexico 42, Japan 37, U.K. 29, Korea 20, Australia 15, Taiwan 14, China 7, Spain 5, France 2, Sweden 2, Iceland 1, New Zealand 1; floor space 93.6M/15.9M/25.2M sq ft; employees 223,000/55,000/63,000; changes in net sales and comparable sales by segment 2023-2025 — FY2023-FY2025 (ended August 31, 2025) · publ. October 2025 · source ↗
  11. ReportedRevenue per warehouse was about $219 million in fiscal 2025, against about $318 million in the United States.
    Costco Wholesale Form 10-K FY2025 - segment note 2023-2025: United States total revenue $176,630M/$184,143M/$200,046M, merchandise costs $174,021M and SG&A $19,147M (2025), operating income $5,392M/$6,217M/$6,878M; Canada $33,056M/$34,874M/$36,923M, operating income $1,448M/$1,648M/$1,849M; Other International $32,604M/$35,436M/$38,266M, operating income $1,274M/$1,420M/$1,656M; total revenue $275,235M, operating income $10,383M, membership fees $5,323M; U.S. additions to property and equipment $3,288M (2023) and $4,215M (2025), depreciation $1,895M; Canada additions $281M and $580M, total assets $7,304M; U.S. total assets $54,862M; Other International total assets $14,933M; 914 warehouses: 629 U.S. (512 owned), 110 Canada (94 owned), 175 Other International in Mexico 42, Japan 37, U.K. 29, Korea 20, Australia 15, Taiwan 14, China 7, Spain 5, France 2, Sweden 2, Iceland 1, New Zealand 1; floor space 93.6M/15.9M/25.2M sq ft; employees 223,000/55,000/63,000; changes in net sales and comparable sales by segment 2023-2025 — FY2023-FY2025 (ended August 31, 2025) · publ. October 2025 · source ↗
  12. Moat Explorer calcRevenue per warehouse was about $219 million in fiscal 2025, against about $318 million in the United States.
    Moat Explorer calculation from Costco's Forms 10-K FY2016-FY2025 and the Q3 FY2026 10-Q: segment shares of revenue and operating income, operating margins, revenue per warehouse, compound growth rates, operating income over segment total assets — FY2014 to Q3 FY2026 · publ. 2026-09-23 · source ↗
  13. ReportedThe margin is still higher than the American one, 4.33% against 3.44%, which the page The Countries With Seven Warehouses takes as the case for expansion.
    Costco Wholesale Form 10-K FY2025 - segment note 2023-2025: United States total revenue $176,630M/$184,143M/$200,046M, merchandise costs $174,021M and SG&A $19,147M (2025), operating income $5,392M/$6,217M/$6,878M; Canada $33,056M/$34,874M/$36,923M, operating income $1,448M/$1,648M/$1,849M; Other International $32,604M/$35,436M/$38,266M, operating income $1,274M/$1,420M/$1,656M; total revenue $275,235M, operating income $10,383M, membership fees $5,323M; U.S. additions to property and equipment $3,288M (2023) and $4,215M (2025), depreciation $1,895M; Canada additions $281M and $580M, total assets $7,304M; U.S. total assets $54,862M; Other International total assets $14,933M; 914 warehouses: 629 U.S. (512 owned), 110 Canada (94 owned), 175 Other International in Mexico 42, Japan 37, U.K. 29, Korea 20, Australia 15, Taiwan 14, China 7, Spain 5, France 2, Sweden 2, Iceland 1, New Zealand 1; floor space 93.6M/15.9M/25.2M sq ft; employees 223,000/55,000/63,000; changes in net sales and comparable sales by segment 2023-2025 — FY2023-FY2025 (ended August 31, 2025) · publ. October 2025 · source ↗
  14. ReportedOperating income has more than tripled since 2014, from $544 million to $1,656 million.
    Costco Wholesale Form 10-K FY2016 - segment note 2014-2016, as reported then: United States total revenue $80,477M/$84,351M/$86,579M, operating income $1,880M/$2,308M/$2,326M; Canada $17,943M/$17,341M/$17,028M, operating income $796M/$771M/$778M; Other International $14,220M/$14,507M/$15,112M, operating income $544M/$545M/$568M; changes in foreign currencies adversely impacted diluted EPS by $0.24, largely driven by changes in the Canadian dollar and Mexican peso — FY2014-FY2016 · publ. October 2016 · source ↗
  15. ReportedOperating income has more than tripled since 2014, from $544 million to $1,656 million.
    Costco Wholesale Form 10-K FY2025 - segment note 2023-2025: United States total revenue $176,630M/$184,143M/$200,046M, merchandise costs $174,021M and SG&A $19,147M (2025), operating income $5,392M/$6,217M/$6,878M; Canada $33,056M/$34,874M/$36,923M, operating income $1,448M/$1,648M/$1,849M; Other International $32,604M/$35,436M/$38,266M, operating income $1,274M/$1,420M/$1,656M; total revenue $275,235M, operating income $10,383M, membership fees $5,323M; U.S. additions to property and equipment $3,288M (2023) and $4,215M (2025), depreciation $1,895M; Canada additions $281M and $580M, total assets $7,304M; U.S. total assets $54,862M; Other International total assets $14,933M; 914 warehouses: 629 U.S. (512 owned), 110 Canada (94 owned), 175 Other International in Mexico 42, Japan 37, U.K. 29, Korea 20, Australia 15, Taiwan 14, China 7, Spain 5, France 2, Sweden 2, Iceland 1, New Zealand 1; floor space 93.6M/15.9M/25.2M sq ft; employees 223,000/55,000/63,000; changes in net sales and comparable sales by segment 2023-2025 — FY2023-FY2025 (ended August 31, 2025) · publ. October 2025 · source ↗
  16. ReportedThe one soft year was fiscal 2019, when it slipped to $750 million from $754 million, as reported then.
    Costco Wholesale Form 10-K FY2019 - segment note 2017-2019, as reported then: United States total revenue $93,889M/$102,286M/$111,751M, operating income $2,644M/$2,787M/$3,063M; Canada $18,775M/$20,689M/$21,366M, operating income $841M/$939M/$924M; Other International $16,361M/$18,601M/$19,586M, operating income $626M/$754M/$750M — FY2017-FY2019 · publ. October 2019 · source ↗
  17. ReportedIts total assets were $14,933 million at the end of fiscal 2025, about 19% of Costco's, against about 16% of operating income; operating income was about 11.1% of segment assets.
    Costco Wholesale Form 10-K FY2025 - segment note 2023-2025: United States total revenue $176,630M/$184,143M/$200,046M, merchandise costs $174,021M and SG&A $19,147M (2025), operating income $5,392M/$6,217M/$6,878M; Canada $33,056M/$34,874M/$36,923M, operating income $1,448M/$1,648M/$1,849M; Other International $32,604M/$35,436M/$38,266M, operating income $1,274M/$1,420M/$1,656M; total revenue $275,235M, operating income $10,383M, membership fees $5,323M; U.S. additions to property and equipment $3,288M (2023) and $4,215M (2025), depreciation $1,895M; Canada additions $281M and $580M, total assets $7,304M; U.S. total assets $54,862M; Other International total assets $14,933M; 914 warehouses: 629 U.S. (512 owned), 110 Canada (94 owned), 175 Other International in Mexico 42, Japan 37, U.K. 29, Korea 20, Australia 15, Taiwan 14, China 7, Spain 5, France 2, Sweden 2, Iceland 1, New Zealand 1; floor space 93.6M/15.9M/25.2M sq ft; employees 223,000/55,000/63,000; changes in net sales and comparable sales by segment 2023-2025 — FY2023-FY2025 (ended August 31, 2025) · publ. October 2025 · source ↗
  18. Moat Explorer calcIts total assets were $14,933 million at the end of fiscal 2025, about 19% of Costco's, against about 16% of operating income; operating income was about 11.1% of segment assets.
    Moat Explorer calculation from Costco's Forms 10-K FY2016-FY2025 and the Q3 FY2026 10-Q: segment shares of revenue and operating income, operating margins, revenue per warehouse, compound growth rates, operating income over segment total assets — FY2014 to Q3 FY2026 · publ. 2026-09-23 · source ↗
  19. ReportedRevenue rose about 13.0% to $9,683 million and operating income about 18.8% to $436 million, taking the margin from about 4.28% to 4.50%.
    Costco Wholesale Form 10-Q, quarter ended May 10, 2026 - segment revenue and operating income, 12 and 36 weeks: United States $51,434M/$46,318M and $1,873M/$1,713M (36 weeks $149,934M, $5,124M); Canada $9,410M/$8,321M and $506M/$450M (36 weeks $27,774M/$25,021M, $1,416M/$1,215M); Other International $9,683M/$8,566M and $436M/$367M; total operating income $7,884M (36 weeks); U.S. additions to property and equipment $1,143M against $846M; comparable sales U.S. 9%, Canada 11%, Other International 11%, excluding gasoline and currency 7%, 6% and 6% (prior year 8%, 8%, 9%); 928 warehouses: 637 U.S., 115 Canada, three in France — Q3 FY2026 (12 weeks ended May 10, 2026) · publ. June 2026 · source ↗
  20. Moat Explorer calcRevenue rose about 13.0% to $9,683 million and operating income about 18.8% to $436 million, taking the margin from about 4.28% to 4.50%.
    Moat Explorer calculation from Costco's Forms 10-K FY2016-FY2025 and the Q3 FY2026 10-Q: segment shares of revenue and operating income, operating margins, revenue per warehouse, compound growth rates, operating income over segment total assets — FY2014 to Q3 FY2026 · publ. 2026-09-23 · source ↗
  21. ReportedComparable sales rose 11%, or 6% excluding gasoline and currency, against 9% a year earlier on that basis.
    Costco Wholesale Form 10-Q, quarter ended May 10, 2026 - segment revenue and operating income, 12 and 36 weeks: United States $51,434M/$46,318M and $1,873M/$1,713M (36 weeks $149,934M, $5,124M); Canada $9,410M/$8,321M and $506M/$450M (36 weeks $27,774M/$25,021M, $1,416M/$1,215M); Other International $9,683M/$8,566M and $436M/$367M; total operating income $7,884M (36 weeks); U.S. additions to property and equipment $1,143M against $846M; comparable sales U.S. 9%, Canada 11%, Other International 11%, excluding gasoline and currency 7%, 6% and 6% (prior year 8%, 8%, 9%); 928 warehouses: 637 U.S., 115 Canada, three in France — Q3 FY2026 (12 weeks ended May 10, 2026) · publ. June 2026 · source ↗
Sources
Generated September 23, 2026