⚡What does Costco do, in 30 seconds?
Costco runs membership warehouses that sell a limited range of goods at low prices 13 13. It took in $303.2bn ✓ in FY2026. Membership fees were only 2% ✓ of that, and the rest came from what it sells.
📱What does Costco sell?
Costco makes most of its money from the goods and services it sells, plus a small slice from membership fees. Costco says its own Kirkland Signature products are generally priced below national brands and are a growing share of its sales 522.
Food and sundries
The biggest group, at $116.8bn ✓ in FY2026, or 39% ✓ of revenue. It covers sundries, dry grocery, candy, cooler and freezer items, liquor and tobacco 2.
👥 Costco's members, who numbered 84.1 million paid members at the end of fiscal 2026 3. Its business centers also stock items for food services, convenience stores and offices 2.
Non-foods
Non-foods brought in $77.4bn ✓ in FY2026, or 26% ✓ of revenue. The group includes electronics, appliances, health and beauty aids, hardware, sporting goods, tires, toys, apparel, furniture and jewelry 2.
👥 Members shopping in warehouses and online; online, Costco carries about 9,000 to 11,000 items 2. Certain electronics come with a 90-day return policy, free technical support and an extended warranty 2.
Gas, pharmacy and other services
This group made $61.4bn ✓ in FY2026, or 20% ✓ of revenue. It covers gasoline, pharmacy, food court, optical, hearing aids, tire installation and Costco Travel 24. Gasoline alone made up 11% of total net sales in fiscal 2026 2.
👥 Drivers who fill up at Costco's 774 gas stations 2. Costco Travel sells vacation packages, car rentals and cruises only to members, in the U.S., Canada, the U.K. and Australia 2.
Fresh food
Fresh food brought in $41.7bn ✓ in FY2026, or 14% ✓ of revenue. It is meat, produce, deli and bakery 2.
👥 Members buying groceries. Costco names Kroger among its competitors 5, and both sell groceries and fresh food 526.
Membership fees
Membership fees brought in $5.9bn ✓ in FY2026, just 2% ✓ of revenue. The basic yearly fee is $65 in the United States 3. Costco records each fee as revenue evenly over the year the membership runs 4.
👥 Paid members, who numbered 84.1 million at the end of fiscal 2026 3. Of these, 42.3 million were Executive members, who pay an extra yearly fee and generally earn a 2% reward on qualified purchases 3.
How the mix has shifted
Where the customers are
The United States is by far Costco's biggest market, with $219.8bn ✓ of revenue in FY2026, or 73% ✓. Canada added 13% ✓ and other countries 14% ✓. These three areas are Costco's reporting segments 4. At August 30, 2026, it ran 647 warehouses in the United States and Puerto Rico, 115 in Canada and 177 in Other International 19. California alone made up 26% of U.S. net sales in fiscal 2026 25.
💸How does Costco make money?
Follow the money from left to rightfrom top to bottom: what customers pay for, what it costs to make, and what is left as profit.
Costco took in $303.2bn ✓ in FY2026. Its cost of revenue was $264.3bn ✓. What is left is gross profit, the money kept after paying for what was sold. That came to just $38.9bn ✓.
Next come the costs of running the business. Selling, general and admin costs took $27.2bn ✓. That left operating profit, the profit from the main business, of $11.7bn ✓. Membership fees alone brought in $5.9bn ✓. Other income added $0.6bn ✓. After tax of $3.0bn ✓, net income was $9.2bn ✓. Out of every hundred dollars of revenue, Costco kept about $3 ✓ as profit.
Out of every $100 customers paid in FY2026…
⏱️ Costco by the clock
Spread the FY2026 totals evenly over its 364 days and you get this. Source: COSTCO WHOLESALE CORP /NEW 10-K [7].
📈How is Costco doing?
Costco has grown every year for a decade, at a steady pace. Revenue grew 9.8% ✓ a year on average from FY2016 to FY2026. It rose in 10 ✓ of those 10 ✓ years. Revenue rose 10.1% ✓ in FY2026 alone. Operating margin edged up from 3.1% ✓ in FY2016 to 3.9% ✓ in FY2026.
Comparable sales rose 8.4% in fiscal 2026 27. Without changes in gas prices and currencies, they rose 6.6% 27. Paid members grew to 84.1 million at the end of fiscal 2026, from 81.0 million a year earlier 3. Free cash flow was $9.4bn ✓ in FY2026.
📝 The report card
Costco earns a top mark for steadiness, middling marks for growth and its balance sheet, and low marks for profit and cash, because the grade scale is the same for every company. Every company is graded on the same fixed scale, so an A means the same thing on every page. The strip shows where Costco (orange) and its 4 peers land; further right is better.
Growth
Costco's revenue grew 7.8% ✓ a year over its last three fiscal years, which earns a C ✓ on the fixed scale. That ranks it 2 ✓ of 5 ✓ in this group. Amazon grew faster, at 11.7% ✓, a B ✓. Walmart grew 5.3% ✓, also a C ✓.
Why this measure? (higher is better)
Growing sales is the engine of a business. Mature giants rarely grow fast, so 5% a year already earns a C.
Profitability
Over the last three years combined, Costco kept 3.8% ✓ of revenue as operating profit, which earns an F ✓. Costco says its business runs on very low margins 12. The peer median is 4.7% ✓, and Walmart also earns an F ✓ at 4.2% ✓.
Why this measure? (higher is better)
Operating margin is the share of each sales dollar left after running the business. Software and platforms often clear 30%; hardware makers usually sit below 10%.
Cash generation
Over the last three years combined, Costco turned 2.9% ✓ of revenue into free cash flow, which earns an F ✓. That is close to the 2.8% ✓ peer median. Every company in this group earns an F here, including Amazon ✓ at 3.8% ✓.
Why this measure? (higher is better)
Free cash flow is the cash left after paying for factories, data centres and equipment. It funds dividends, buybacks and new bets.
Balance sheet
At the end of FY2026, Costco's cash and investments minus its borrowings (leases and stakes in other companies not counted) equalled 4.99% ✓ of a year's revenue. That is just under the 5% line needed for a B-grade, so it earns a C ✓. In other words, it holds more cash and investments than it has borrowed. The peer median is -6.6% ✓, and only Amazon scores higher, with a B ✓.
Why this measure? (higher is better)
More cash than debt gives a company room to ride out bad years. Some debt is normal; a lot of it makes a company fragile.
Steadiness
Costco's yearly growth hardly swings, with a swing score (standard deviation) of 3.9% ✓, which earns an A ✓. Walmart, at 2.1% ✓, also earns an A ✓, and so does Kroger ✓ at 3.7% ✓. Amazon's growth swings more, at 10.0% ✓, a C ✓.
Why this measure? (lower is better)
Steady growers are easier to plan around. Big swings mean sales depend on product cycles, the economy or one-off events.
🧑🏫 How the grades work
- Same scale for everyone. Each measure has fixed cut-offs (shown under each strip). Clear the A line and you get an A, whatever your peers do.
- Three years together. Profitability and cash generation add up the last three fiscal years before dividing, so one unusual year counts for less than it would on its own (a year much bigger than the others still weighs most).
- Peers for context. The rank shows how Costco compares with the group. Companies within 0.1 percentage point share a rank.
- Same source. Every company's figures come from its own latest annual report (10-K), so fiscal years end in different months.
- Judgement, openly stated. The cut-offs are QuantVantage.ai's view of what good looks like for a large, established company. They are not a forecast or a recommendation.
11 years at a glance
Where the cash goes
Costco has handed back to shareholders more than half of the free cash flow it made since FY2016. From FY2016 to FY2026 it made $56.5bn ✓ of free cash flow and paid out $35.8bn ✓ in dividends and buybacks. Payouts jump in some years: dividends were $9.0bn ✓ in FY2024, against $2.2bn ✓ in FY2025. In FY2026, payouts took 35% ✓ of free cash flow.
🧮Ratios 101: what are Costco's key financial ratios?
Ratios turn Costco's huge numbers into easy comparisons, and they show a business with thin margins that moves its goods very fast. A ratio divides one number by another so companies of any size can be compared. Each card shows the formula with Costco's real FY2026 numbers, the peer median and the trend.
💰 Profitability: how much of each sale is kept?
Gross margin
What is left from each sale after paying to make the product or deliver the service.
👉 Costco keeps just 12.8% ✓ of revenue as gross profit, a bit below 13.3% ✓ in FY2016 and far below the 27.9% ✓ median of the three peers that report it.
📏 Rule of thumb: Above 40% usually signals pricing power or a big software or services mix.
Operating margin
What is left after also paying for research, marketing and running the company.
👉 Costco's 3.9% ✓ is a little below the 4.5% ✓ peer median, but up from 3.1% ✓ in FY2016.
📏 Rule of thumb: Above 20% is strong for a large company.
Net margin
The bottom line: profit after interest and taxes, per dollar of sales.
👉 Costco keeps 3.0% ✓ of revenue as final profit, up from 2.0% ✓ in FY2016 and close to the 3.3% ✓ peer median.
📏 Rule of thumb: Above 15% is strong; one-off tax items can move it in a single year.
Return on equity (ROE)
Profit earned for each dollar that shareholders have left in the company.
👉 ROE of 25.8% ✓ is above the 20.4% ✓ peer median and up from 19.5% ✓ in FY2016.
📏 Rule of thumb: Around 15% or more is good, but buybacks shrink equity and can make ROE look huge.
⚙️ Efficiency: how hard do the assets work?
Return on assets (ROA)
Profit earned from everything the company owns, however it was paid for.
👉 ROA of 10.4% ✓ beats the 7.0% ✓ peer median, up from 7.1% ✓ in FY2016.
📏 Rule of thumb: Above 10% is strong; banks and factories usually earn less.
Asset turnover
Dollars of sales squeezed out of each dollar of assets.
👉 Costco's revenue is 3.4x ✓ what it owns, well above the 2.1x ✓ peer median, though a little below 3.6x ✓ in FY2016.
📏 Rule of thumb: Retailers often top 2x; asset-heavy businesses can sit below 0.5x.
Inventory days
How many days of products sit in warehouses before they are sold.
👉 Goods sit on Costco's shelves for about 27 ✓ days, faster than the 40 ✓ day median of three peers and 32 ✓ days in FY2016.
📏 Rule of thumb: Fewer days means less cash tied up and less risk of products going stale.
🛟 Safety: could it survive a bad year?
Current ratio
Can short-term assets (cash, money owed by customers, stock) pay the bills due within a year?
👉 At 1.1x ✓, Costco's short-term assets cover its bills due within a year, above the 0.9x ✓ peer median.
📏 Rule of thumb: Above 1.0x is the classic comfort line, but cash-rich giants can run below it on purpose.
Debt to equity
How much the company has borrowed for each dollar shareholders have in it.
👉 Costco's 0.2x ✓ is down from 0.4x ✓ in FY2016 and below the 0.7x ✓ peer median.
📏 Rule of thumb: Below 1.0x is conservative. Like ROE, it can rise when buybacks shrink equity, even if debt has not changed.
Interest cover
How many times over operating profit could pay the year's interest bill.
👉 Operating profit covers interest 80.6x ✓, up from 27.6x ✓ in FY2016 and far above the 12.9x ✓ median of three peers.
📏 Rule of thumb: Above 5x is comfortable; below 2x is a warning sign.
💵 Cash and owners: where does the money end up?
Cash conversion
Does reported profit turn into real cash? Free cash flow is operating cash minus capital spending.
👉 Costco turned profit into cash at 1.0x ✓ in FY2026, above the 0.7x ✓ peer median and up from 0.3x ✓ in FY2016.
📏 Rule of thumb: Near or above 1.0x means profits are backed by cash.
Stock pay
Pay given to staff in shares instead of cash. It is a real cost to owners because it adds shares.
👉 Stock pay is just 0.3% ✓ of revenue, a bit below the 0.4% ✓ peer median and 0.4% ✓ in FY2016.
📏 Rule of thumb: Under 5% of sales is modest for a tech company.
Shareholder payout
How much of the year's profit was handed back to owners.
👉 Costco returned 35.8% ✓ of FY2026 profit to shareholders, about half the 68.8% ✓ peer median. In FY2016 it returned 52.4% ✓.
📏 Rule of thumb: Above 100% means it returned more than it earned, using cash savings or debt.
Ratios use fiscal-year-end balance sheet values. Inputs are shown rounded, so dividing them can differ from the result in the last digit. A peer median leaves out peers that do not report the inputs, or where the ratio means nothing (for example, negative shareholders' equity). Rules of thumb are general guides from QuantVantage.ai, not hard limits. No share-price ratios (like price-to-earnings) are shown on this page.
🥊Who are Costco's competitors?
Costco's rivals include Walmart, Target, Kroger and Amazon, which it names among its significant U.S. general merchandise competitors 5. It also competes with other warehouse clubs, such as Sam's Club and BJ's Wholesale Club 5.
| Company | Where they compete | Revenue | Growth/yr (3y) | Op. margin | FCF margin |
|---|---|---|---|---|---|
| Costco (COST, FY2026) | Membership warehouses that sell a limited range at low prices 13 13 | $303.2bn | 7.8% | 3.9% | 3.1% |
| Walmart (WMT, FY2026) | Walmart's Sam's Club runs membership-only warehouse clubs that also sell groceries and household goods 1415 | $713.2bn | 5.3% | 4.2% | 2.1% |
| Amazon (AMZN, FY2025) | Sells groceries and household goods and runs its own paid membership, Prime 161718 | $716.9bn | 11.7% | 11.2% | 1.1% |
| Target (TGT, FY2026) | Sells food, household essentials and general merchandise in stores and online, and also offers a paid membership 3521920 | $104.8bn | -1.3% | 4.9% | 2.7% |
| Kroger (KR, FY2026) | Sells groceries and fresh food and runs pharmacies and fuel stations 526 | $147.6bn | -0.1% | 1.3% | 2.3% |
Costco says it competes with warehouse clubs, supermarkets, supercenters, online retailers, gas stations, pharmacies, hard discounters and department and specialty stores 25.
🧭Costco SWOT: strengths, weaknesses, opportunities and threats
💪 Strengths
- At the end of fiscal 2026, 92.3% of members renewed in the U.S. and Canada, and 89.8% worldwide 3.
- Costco carries fewer than 4,000 active items per warehouse, significantly fewer than other broadline retailers 13.
- Revenue rose in 10 ✓ of the last 10 ✓ fiscal years.
- In the U.S. and Canada, about 94% of employees with at least a year of service stayed in fiscal 2026 24.
🩹 Weaknesses
- Costco says its margins are very low, so modest changes in costs can have big effects on net income 12.
- U.S. and Canadian operations made up 86% of net sales and 83% of operating income in fiscal 2026 25.
- Costco says its gas stations bring in shoppers but carry a lower gross margin than the rest of the business 12.
- Costco says its central systems and admin staff are in California and Washington state, so a disaster there could hurt operations 25.
🚀 Opportunities
- Costco plans to keep growing outside the U.S., where it made 27% of net sales in fiscal 2026, counting Canada 25.
- It plans to open up to 33 new warehouses, including five relocations, in fiscal 2027 26.
- Digitally-enabled comparable sales rose 20.9% in fiscal 2026 27.
- Costco says its Kirkland Signature products generally earn higher margins and are a growing share of sales 522.
⚠️ Threats
- Costco says higher tariffs are more likely to hurt than help its results 12.
- Four class actions filed in March 2026 ask Costco to refund tariffs allegedly passed on to members 28.
- Costco says a new warehouse in a market it already serves can take its sales and slow paid-membership growth 12.
- Many U.S. metro areas have several competing warehouse clubs 5.
🏰Does Costco have a moat?
Why 4?
Members keep coming back: 89.8% renewed worldwide at the end of fiscal 2026 3. Membership fee revenue rose 11% in fiscal 2026, driven by new sign-ups, Executive upgrades and a fee increase from September 1, 2024 21. Costco says its Kirkland Signature products are high quality and generally priced below national brands 522. It also says loyalty rests heavily on member trust, and damage to its brand could lower renewals 22.
Why 3?
Members pay a yearly fee, $65 for a basic U.S. membership 3. Executive members pay extra and generally earn a 2% reward on qualified purchases, redeemable at Costco 3. They made about 75.2% of worldwide net sales in fiscal 2026 3. Renewal was 92.3% in the U.S. and Canada at the end of fiscal 2026 3.
Why 5?
Costco says a limited selection at low prices drives high volumes and fast inventory turnover 13. It says that, with bulk buying and no-frills warehouses, this lets it run at significantly lower gross margins than most other retailers 13. It carries fewer than 4,000 active items per warehouse 13 and buys most goods directly from suppliers 13. It says it often sells goods before it has to pay suppliers for them 13. It ran 939 warehouses at August 30, 2026 13, and says they are among the most productive in retail 23.
A moat is what keeps rivals from taking a company's customers and profits. Scores are QuantVantage.ai's judgement (5 = strongest), set with the same rubric on every explainer (orange is Costco; grey dots are peers).
🔭What should you watch next?
Next dividend payment
Costco declared a quarterly dividend of $1.47 per share on October 14, 2026, payable November 13, 2026 34.
Trial over second jobs
Trial in a Washington class action over Costco limiting some lower-paid workers from holding a second job is set for March 1, 2027 28.
Notes coming due
Costco has $1,000 million of senior notes due May 2027 and $1,250 million due June 2027 35.
📚Learn the words
❓Frequently asked questions about Costco
How does Costco make money?
Costco makes most of its money selling goods and services in its warehouses and online. In FY2026, food and sundries brought in $116.8bn ✓ and non-foods $77.4bn ✓. Membership fees added $5.9bn ✓.
How many members does Costco have?
Costco had 84.1 million paid members and 150.4 million total cardholders at the end of fiscal 2026 3. The paid count includes memberships that lapsed in the prior 12 months, which Costco says are a small share 3.
How much does a Costco membership cost?
The basic yearly fee is $65 in the United States 3. Executive members pay an extra yearly fee and generally earn a 2% reward on qualified purchases 3. Costco raised fees in the U.S. and Canada from September 1, 2024 21.
Who runs Costco?
Ron M. Vachris is Costco's President and Chief Executive Officer 29. He was President and Chief Operating Officer from February 2022 to December 2023 29.
Is Costco still growing?
Costco is still growing. It opened 25 net new warehouses in fiscal 2026 12. Revenue rose 10.1% ✓ in FY2026, and it has grown 9.8% ✓ a year on average since FY2016.
What is Kirkland Signature?
Kirkland Signature is Costco's own private-label brand 522. Costco says these products are high quality, generally priced below national brands and a growing share of its sales 522.
Does Costco pay a dividend?
Costco pays a quarterly dividend, which it raised from $1.30 to $1.47 per share on April 15, 2026 30. In FY2026 it paid $2.5bn ✓ in dividends.
🎮Play: higher or lower, then test yourself
Figures come from each company's latest annual report (10-K); fiscal years end in different months. Sources: [7] [8] [9] [10] [11].
🧠 Test yourself
5 quick questions. Score: 0 / 5
1. How much is a basic yearly Costco membership in the U.S.?
2. About how many active items does a Costco warehouse carry in its core business?
3. What share of Costco members renewed worldwide at the end of fiscal 2026?
4. How many gas stations did Costco run at the end of fiscal 2026?
🔎Sources and method
Every figure comes from a source listed here or is calculated from those sources (marked ✓). Company financials are taken from SEC filings (10-K and 10-Q) as tagged in XBRL. Peer grades rank the same measures across the company and its peers. This page contains no share-price data and no valuation.
- Costco (COST) Form 10-K for fiscal year 2026, filed 2026-10-07 — revenue and cost of sales by product, segment and geography (accessed 2026-10-28)
- Costco Wholesale Form 10-K for fiscal year 2026 — Item 1 general: start of operations, fiscal year, merchandise categories, warehouse ancillary and other businesses, gas stations, travel, digital sales (accessed 2026-10-29)
- Costco Wholesale Form 10-K for fiscal year 2026 — Item 1 membership: annual fee, paid members, Executive members, renewal rates (accessed 2026-10-29)
- Costco Wholesale Form 10-K for fiscal year 2026 — Item 8 Note 1 revenue recognition: membership fees, co-branded credit card; Note 11 segments and net sales by merchandise category (accessed 2026-10-29)
- Costco Wholesale Form 10-K for fiscal year 2026 — Item 1 competition and intellectual property (trademarks, Kirkland Signature) (accessed 2026-10-29)
- The Kroger Co. Form 10-K for fiscal year 2025 — Item 1 business: supermarkets, pharmacies and fuel centers (accessed 2026-10-29)
- SEC EDGAR companyfacts: Costco (COST) — annual 10-K facts (accessed 2026-10-28)
- SEC EDGAR companyfacts: Walmart Inc. (WMT) — annual 10-K facts (accessed 2026-10-28)
- SEC EDGAR companyfacts: AMAZON COM INC (AMZN) — annual 10-K facts (accessed 2026-10-28)
- SEC EDGAR companyfacts: TARGET CORP (TGT) — annual 10-K facts (accessed 2026-10-28)
- SEC EDGAR companyfacts: KROGER CO (KR) — annual 10-K facts (accessed 2026-10-28)
- Costco Wholesale Form 10-K for fiscal year 2026 — Item 7 overview and highlights: warehouse openings, sales drivers, gasoline, tariffs and IEEPA refunds (accessed 2026-10-29)
- Costco Wholesale Form 10-K for fiscal year 2026 — Item 1 business: warehouse count, countries, business model, SKUs per warehouse, depots (accessed 2026-10-29)
- Costco Wholesale Form 10-K for fiscal year 2026 — Item 1 competition: named competitors including Sam's Club (accessed 2026-10-29)
- Walmart Form 10-K for fiscal year 2026 (year ended January 31, 2026) — Item 1 general, development and segments: headquarters, history, fiscal year, revenue, store counts, segment offerings, Sam's Club fees (accessed 2026-10-29)
- Amazon Form 10-K for fiscal year 2025 — Cover and Item 1 overview: incorporation, fiscal year end, three segments, mission and principles, customer sets, Prime, seasonality (accessed 2026-10-29)
- Amazon 2025 letter to shareholders (8-K exhibit 99.1), April 2026 — Stores and devices: Whole Foods Market stores, physical share of retail, Alexa endpoints, Amazon Leo customers; 1997 letter reprint (accessed 2026-10-29)
- Costco Form 10-K for fiscal year 2026 — Item 1 competition and membership counts (accessed 2026-10-29)
- Costco Wholesale Form 10-K for fiscal year 2026 — Item 2 properties: warehouses by segment, owned and leased, floor space (accessed 2026-10-29)
- Target Corporation Form 10-K for fiscal year 2025 — Item 1 and Item 7: store count, Target Circle 360 paid membership, merchandise categories (accessed 2026-10-29)
- Costco Wholesale Form 10-K for fiscal year 2026 — Item 7 membership fees: fee revenue growth, September 2024 fee increase (accessed 2026-10-29)
- Costco Wholesale Form 10-K for fiscal year 2026 — Item 1A risk factors: membership loyalty, brand and Kirkland Signature (accessed 2026-10-29)
- Costco Wholesale Form 10-K for fiscal year 2026 — Item 1 human capital: employees, warehouse productivity (accessed 2026-10-29)
- Costco Wholesale Form 10-K for fiscal year 2026 — Item 1 human capital: employees by segment, retention, supervisor training (accessed 2026-10-29)
- Costco Wholesale Form 10-K for fiscal year 2026 — Item 1A risk factors: dependence on U.S., Canada and California; international share; competition (accessed 2026-10-29)
- Costco Wholesale Form 10-K for fiscal year 2026 — Item 7 liquidity: capital spending plan, warehouse opening plan, credit facilities, share repurchase program (accessed 2026-10-29)
- Costco Form 8-K, exhibit 99.1: fourth quarter and fiscal year 2026 results (September 24, 2026) — Q4 and fiscal 2026 net sales, comparable sales, net income, tariff refund benefit, warehouses by country (accessed 2026-10-29)
- Costco Wholesale Form 10-K for fiscal year 2026 — Item 8 Note 10 legal proceedings (accessed 2026-10-29)
- Costco Wholesale Form 10-K for fiscal year 2026 — Part I executive officers: Chief Executive Officer (accessed 2026-10-29)
- Costco Form 8-K (April 15, 2026) — Item 8.01 quarterly dividend increase (accessed 2026-10-29)
- Costco Wholesale Form 10-K for fiscal year 2026 — Cover page: state of incorporation, headquarters address, 2027 annual meeting date (accessed 2026-10-29)
- SEC EDGAR companyfacts: Costco (COST) — quarterly 10-Q/10-K facts (accessed 2026-10-28)
- SEC EDGAR companyfacts: Costco (COST) — balance sheet at 2026-08-30 (accessed 2026-10-28)
- Costco Form 8-K (October 14, 2026) — Item 8.01 quarterly dividend declared, record and payment dates (accessed 2026-10-29)
- Costco Wholesale Form 10-K for fiscal year 2026 — Item 8 Note 4 debt: senior notes and maturities (accessed 2026-10-29)