Costco delivered a solid Q3 2024 operating performance amid a complex macro environment. Reported revenue was $58.52 billion with net income of $1.68 billion and diluted EPS of $3.78, reflecting a year-over-year comparison impacted by last year’s non-recurring merchandise charge related to charter shipping activities. The company posted a gross margin of 10.84% (up 52 bps YoY, and 54 bps excluding gas inflation) and an operating margin of 3.76%, driven by stronger core gross margins and ongoing efficiency in SG&A. Traffic rose 6.1% globally with average ticket up 0.5% and e-commerce comp growth of 20.7%, underscoring member engagement and successful digital initiatives. Membership metrics remained robust: 74.5 million paid households and 133.9 million cardholders, with renewal rates of 93% in the U.S./Canada and 90.5% worldwide. Executive memberships advanced to 34.5 million, now representing over 46% of paid members and 73.1% of worldwide sales. Management reaffirmed discipline around pricing and value delivery, including ongoing coverage of costs via price reductions where possible, continued expansion of infill warehouses (12 locations planned for the remainder of fiscal 2024, net 29), and a 4.3–4.5 billion full-year capex outlook. The quarterly call stressed opportunities in digital, logistics, and data-driven member engagement—areas highlighted for long-term value creation, including Costco Next (75 vendors by Q3) and expanded Uber Eats collaboration for Canada and select U.S. states. While near-term results reflect typical seasonality and FX headwinds, Costco’s cash generation and balance sheet remain strong, supporting a multi-year growth trajectory anchored by member value, selective capital deployment, and an expanding total addressable market in e-commerce and services.