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Costco's long-term case holds. The short-term read is murkier.

9/17/2026

Costco Wholesale (NASDAQ: COST), currently trading at $961 per share, has returned 11.5% in 2026 so far, a solid number in isolation but one that trails the S&P 500's 13.7% gain over the same period.

The long-term record is difficult to argue against. The near-term setup is a different question. The case for a long-duration position begins with the 10-year numbers.

Costco has delivered a 573% gain over that span against 321% for the S&P 500. Extend to five years and the stock's 115% total return still outpaces the index's 87%.

The three-year window narrows the spread, with Costco roughly on par with the broader market in both price and total return. For a portfolio built to hold through cycles, the read-through is fairly clean.

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