Costco estimated that its gasoline operations saved members more than $3.2 billion in fiscal 2026 compared with average prices in its markets, CEO Ron Vachris said on the company's fourth-quarter earnings call on Sept. 24. Rising fuel prices, inflation and the possibility of multiple interest rate hikes have increased shoppers' focus on value, driving record numbers of members to Costco pumps. Founded in 1976 and based in Issaquah, Wash., Costco operates 939 warehouses worldwide and plans to open 33 more in fiscal 2027, including five relocations. Its membership model supports low prices and recurring revenue: paid members reached 84.1 million, up 3.8% from a year earlier, while renewal rates in the U.S. and Canada reached 92.3%. Membership fee income rose 7.3% to $1.849 billion in the quarter. Inflation remains in the low single digits overall, CFO Gary Millerchip said, although higher memory costs, Middle East-related increases in gas, motor oil and plastic resins, and rising beef, steel and flour prices are adding pressure. Costco's $152 million LIFO charge, up from $43 million a year earlier, reflected higher replacement costs for inventory. The company also received $184 million in tariff refunds during the quarter, including $174 million in refunds and $10 million in interest, and reinvested much of the money through price reductions. Cuts included Kirkland Signature walnuts, Colombian whole bean coffee, coarse black pepper and dry facial towels. Net sales rose 11.2% to $93.87 billion for the 16 weeks ended Aug. 30, while net income reached $2.998 billion, or $6.75 per share. Excluding a 15-cent-per-share tariff-refund benefit, earnings per share increased 12.4% from $5.87 a year earlier. Worldwide traffic rose 3.3%, and comparable sales excluding gasoline and currency effects grew 6.7%. Costco said it had already received a similar amount of tariff refunds in the first quarter of fiscal 2027 and plans to reinvest most of it in member value. The company will report September sales on Oct. 7 and bring back its food-court churro at all U.S. locations for a limited time.