Costco Credit Rating & NNN Cap Rate

Costco Business Overview

Costco operates membership warehouse clubs. For its fiscal year ended August 30, 2026, net sales were US$297.2 billion and total revenue, which adds membership fees, was US$303.2 billion, up from US$269.9 billion and US$275.2 billion in fiscal 2025. It operated 939 warehouses, 647 of them in the United States and Puerto Rico, as of September 24, 2026.

Costco Credit Profile

Costco Wholesale Corporation is rated AA in our ratings database (investment grade). At August 30, 2026, Costco owned the land and building at 755 of its 939 warehouses, and 136 of its 184 leased warehouses were land-only leases on which Costco owns the building (Form 10‑K, fiscal 2026), so comparatively few Costco warehouse leases exist for investors to buy.

Ratings come from our tenant ratings database and update when agencies change them. A rating at or above BBB‑/Baa3 is investment grade; see the investment grade guide.

Source: S&P Global Ratings AA. Ratings checked October 8, 2026.

Costco NNN Cap Rates

Live asking cap rates for Costco and comparable tenants:

Active listings InvestmentGrade.com tracks with an asking cap rate (stated in the listing, or computed from its stated income and price when no rate is stated), listings last observed October 16, 2026. Asking cap rates are not closed-sale cap rates. The middle half is the range from the 25th to the 75th percentile of listings. The 10-year Treasury yield is 5.24% as of October 1, 2026 (FRED series DGS10). Ratings are the agency ratings in our ratings database for the entity shown, which may be a parent company; the rating type (for example issuer, senior unsecured debt, long-term debt or revenue bond ratings) varies by company and is shown on each tenant page. A rating applies to a lease only if the rated entity signs or guarantees it, so confirm the tenant and any guarantor in the lease. n/a means no verified rating is on file. Not shown because fewer than 3 active listings with a published cap rate were observed: Costco, BJ's Wholesale Club.

When our listings data has fewer than three current Costco listings, the table shows only peers and names Costco below it. Of the 184 warehouses Costco leased at August 30, 2026, 136 were land-only leases on which Costco owns the building (Form 10‑K, fiscal 2026), so a Costco lease that comes to market is often a ground lease.

What to Check in a Costco Lease

• Tenant and guarantor: which entity signs the lease and whether the rated parent guarantees it.
• Term and rent: remaining term, renewal options and the rent schedule; rent increases vary by lease.
• Co-tenancy: for shopping center locations, co-tenancy and go-dark provisions.
• Re-use: the size of the box and the pool of possible replacement tenants.
• Rent versus market: whether rent is at or below market rent.

Pros and Cons

Sources: Costco Wholesale Corporation fiscal 2026 fourth quarter results (Form 8‑K, September 24, 2026); Costco Form 10‑K for fiscal 2026 (warehouse ownership and leases and member renewal rate at August 30, 2026); ratings from InvestmentGrade.com’s ratings database.