Costco pulled back the curtain on its real-estate empire as it announced fourth-quarter earnings on Thursday while marking two milestone anniversaries—the 40th year of its famously inflation-proof $1.50 hot-dog-and-soda combo and Kirkland Signature’s 30th birthday.
The Issaquah, Wash.-based wholesaling giant’s expansion remains robust. In the fourth quarter alone, Costco opened 10 new warehouses, and it opened 27 over the full year, including three relocations, for a global total of 914.
CEO Ron Vachris told analysts on the earnings call that the company plans to open 35 warehouses in 2026, including five relocations, adding: “We continue to see significant opportunities for expansion both domestically and internationally across the markets where we currently operate.”
Unlike most major retailers who lean heavily on leasing, Costco actually owns the vast majority of its 900-plus warehouses worldwide, amassing a real-estate portfolio valued at $31.9 billion as of its last quarter.
BJ Feller, managing director at Minnesota real-estate firm Northmarq, made some back-of-the-envelope calculations in a July 2025 LinkedIn post: Costco owns roughly 80% of its sites, at 15 to 20 acres each, conservatively valuing each location at $25 million to $35 million.
