Subtext

Costco Wholesale Corporation COST

SectorConsumer Staples
Transcripts77
Date range2005-12-12 – 2025-03-06
Calls charted76

Sentiment timeline

Net Loughran-McDonald sentiment per call (×1000), earliest → latest.

-19-10+0+10+192006 Q12008 Q42011 Q32014 Q12016 Q32019 Q12021 Q32024 Q12006 Q1 · Overall: +6.02006 Q2 · Overall: +5.92006 Q3 · Overall: +5.22006 Q4 · Overall: +1.72007 Q1 · Overall: -0.12007 Q2 · Overall: +2.82007 Q4 · Overall: +3.12008 Q1 · Overall: +2.62008 Q2 · Overall: +3.02008 Q3 · Overall: +1.22008 Q4 · Overall: +0.22009 Q1 · Overall: +0.22009 Q2 · Overall: +3.22009 Q3 · Overall: -3.22009 Q4 · Overall: +1.32010 Q1 · Overall: +5.12010 Q2 · Overall: +2.12010 Q3 · Overall: +4.42011 Q1 · Overall: +9.32011 Q2 · Overall: +4.12011 Q3 · Overall: +5.02011 Q4 · Overall: +2.52012 Q1 · Overall: +5.02012 Q2 · Overall: +3.02012 Q3 · Overall: +2.62012 Q4 · Overall: +5.12013 Q1 · Overall: +3.62013 Q2 · Overall: +3.42013 Q3 · Overall: +5.82013 Q4 · Overall: +2.42014 Q1 · Overall: +3.72014 Q2 · Overall: +3.82014 Q3 · Overall: +3.12014 Q4 · Overall: +5.52015 Q1 · Overall: +5.92015 Q2 · Overall: +4.72015 Q3 · Overall: +8.02015 Q4 · Overall: +8.02016 Q1 · Overall: +5.02016 Q2 · Overall: +4.12016 Q3 · Overall: +2.82016 Q4 · Overall: +7.62017 Q1 · Overall: +7.52017 Q2 · Overall: +2.42017 Q3 · Overall: +5.42017 Q4 · Overall: +5.42018 Q1 · Overall: +8.22018 Q2 · Overall: +8.12018 Q3 · Overall: +6.32018 Q4 · Overall: +5.02019 Q1 · Overall: +5.92019 Q2 · Overall: +3.02019 Q3 · Overall: +6.62019 Q4 · Overall: +8.02020 Q1 · Overall: +5.12020 Q2 · Overall: +3.72020 Q3 · Overall: +3.22020 Q4 · Overall: +4.12021 Q1 · Overall: +5.72021 Q2 · Overall: +5.62021 Q3 · Overall: +3.82021 Q4 · Overall: +7.22022 Q1 · Overall: +9.12022 Q2 · Overall: +3.82022 Q3 · Overall: +7.32022 Q4 · Overall: +1.52023 Q1 · Overall: +3.52023 Q2 · Overall: +6.52023 Q3 · Overall: +2.12023 Q4 · Overall: +3.32024 Q1 · Overall: +7.62024 Q2 · Overall: +5.22024 Q3 · Overall: +17.02024 Q4 · Overall: +14.42025 Q1 · Overall: +9.62025 Q2 · Overall: +9.2
Overall

CEO vs CFO

Average sentiment of each executive's remarks per call. Divergence is a signal.

-27-13+0+13+272006 Q12008 Q42011 Q32014 Q12016 Q32019 Q12021 Q32024 Q12006 Q4 · CEO: +7.32006 Q1 · CFO: +6.12006 Q2 · CFO: +6.82006 Q3 · CFO: +9.02006 Q4 · CFO: +1.92007 Q1 · CFO: +0.82007 Q2 · CFO: +6.12007 Q4 · CFO: +4.32008 Q1 · CFO: +2.72008 Q2 · CFO: +3.72008 Q3 · CFO: +2.12008 Q4 · CFO: +2.12009 Q1 · CFO: +0.72009 Q2 · CFO: +4.12009 Q3 · CFO: -2.72009 Q4 · CFO: +1.32010 Q1 · CFO: +7.12010 Q2 · CFO: +3.12010 Q3 · CFO: +5.62011 Q1 · CFO: +10.62011 Q2 · CFO: +4.82011 Q3 · CFO: +6.42011 Q4 · CFO: +6.12012 Q1 · CFO: +7.02012 Q2 · CFO: +5.92012 Q3 · CFO: +6.02012 Q4 · CFO: +5.52013 Q1 · CFO: +5.42013 Q2 · CFO: +5.52013 Q3 · CFO: +7.72013 Q4 · CFO: +3.42014 Q1 · CFO: +6.42014 Q2 · CFO: +6.62014 Q3 · CFO: +5.52014 Q4 · CFO: +7.12015 Q1 · CFO: +7.22015 Q2 · CFO: +7.22015 Q3 · CFO: +10.32015 Q4 · CFO: +9.62016 Q1 · CFO: +8.22016 Q2 · CFO: +23.32016 Q3 · CFO: +3.22016 Q4 · CFO: +9.22017 Q1 · CFO: +9.22017 Q2 · CFO: +4.92017 Q3 · CFO: +8.32017 Q4 · CFO: +8.92018 Q1 · CFO: +11.82018 Q2 · CFO: +10.82018 Q3 · CFO: +8.42018 Q4 · CFO: +9.22019 Q2 · CFO: +5.12019 Q3 · CFO: +8.52019 Q4 · CFO: +11.32020 Q1 · CFO: +6.82020 Q2 · CFO: +5.42020 Q3 · CFO: +4.62020 Q4 · CFO: +7.12021 Q4 · CFO: +9.42022 Q2 · CFO: +7.42022 Q4 · CFO: +4.32023 Q1 · CFO: +5.02023 Q2 · CFO: +10.22023 Q3 · CFO: +4.32023 Q4 · CFO: +5.72024 Q1 · CFO: +9.62024 Q2 · CFO: +5.82024 Q3 · CFO: +17.12024 Q4 · CFO: +16.72025 Q1 · CFO: +11.82025 Q2 · CFO: +13.3
CEOCFO

Prepared remarks vs Q&A

Scripted tone vs unscripted answers. The gap is information.

-27-13+0+13+272006 Q12008 Q42011 Q32014 Q12016 Q32019 Q12021 Q32024 Q12006 Q1 · Prepared remarks: +6.12006 Q2 · Prepared remarks: +7.22006 Q3 · Prepared remarks: +9.22006 Q4 · Prepared remarks: +1.62007 Q1 · Prepared remarks: +2.52007 Q2 · Prepared remarks: +0.02007 Q4 · Prepared remarks: +4.12008 Q1 · Prepared remarks: +4.22008 Q2 · Prepared remarks: +4.12008 Q3 · Prepared remarks: +0.42008 Q4 · Prepared remarks: +3.52009 Q1 · Prepared remarks: -0.82009 Q2 · Prepared remarks: +2.82009 Q3 · Prepared remarks: -4.32009 Q4 · Prepared remarks: +1.12010 Q1 · Prepared remarks: +5.42010 Q2 · Prepared remarks: +3.52010 Q3 · Prepared remarks: +5.62011 Q1 · Prepared remarks: +13.12011 Q2 · Prepared remarks: +3.52011 Q3 · Prepared remarks: +7.12011 Q4 · Prepared remarks: +7.42012 Q1 · Prepared remarks: +7.32012 Q2 · Prepared remarks: +9.32012 Q3 · Prepared remarks: +6.82012 Q4 · Prepared remarks: +6.72013 Q1 · Prepared remarks: +7.72013 Q2 · Prepared remarks: +8.62013 Q3 · Prepared remarks: +7.92013 Q4 · Prepared remarks: +3.92014 Q1 · Prepared remarks: +3.72014 Q2 · Prepared remarks: +4.42014 Q3 · Prepared remarks: +2.92014 Q4 · Prepared remarks: +7.42015 Q1 · Prepared remarks: +7.32015 Q2 · Prepared remarks: +6.72015 Q3 · Prepared remarks: +8.32015 Q4 · Prepared remarks: +6.62016 Q1 · Prepared remarks: +7.82016 Q2 · Prepared remarks: +1.32016 Q3 · Prepared remarks: +1.72016 Q4 · Prepared remarks: +7.62017 Q1 · Prepared remarks: +9.02017 Q2 · Prepared remarks: +5.82017 Q3 · Prepared remarks: +10.32017 Q4 · Prepared remarks: +11.02018 Q1 · Prepared remarks: +15.42018 Q2 · Prepared remarks: +17.62018 Q3 · Prepared remarks: +14.22018 Q4 · Prepared remarks: +8.82019 Q1 · Prepared remarks: +12.32019 Q2 · Prepared remarks: +5.72019 Q3 · Prepared remarks: +3.92019 Q4 · Prepared remarks: +5.92020 Q1 · Prepared remarks: -1.02020 Q2 · Prepared remarks: +8.42020 Q3 · Prepared remarks: +3.02020 Q4 · Prepared remarks: +10.32021 Q1 · Prepared remarks: +8.12021 Q2 · Prepared remarks: +8.52021 Q3 · Prepared remarks: +5.52021 Q4 · Prepared remarks: +12.02022 Q1 · Prepared remarks: +13.02022 Q2 · Prepared remarks: +8.82022 Q3 · Prepared remarks: +9.62022 Q4 · Prepared remarks: +3.32023 Q1 · Prepared remarks: +3.92023 Q2 · Prepared remarks: +4.22023 Q3 · Prepared remarks: -2.22023 Q4 · Prepared remarks: +3.72024 Q1 · Prepared remarks: +9.72024 Q2 · Prepared remarks: +8.62024 Q3 · Prepared remarks: +13.22024 Q4 · Prepared remarks: +16.02025 Q1 · Prepared remarks: +13.72025 Q2 · Prepared remarks: +13.62006 Q2 · Q&A responses: +6.62006 Q3 · Q&A responses: +3.52006 Q4 · Q&A responses: +3.82007 Q1 · Q&A responses: -0.52007 Q2 · Q&A responses: +6.52007 Q4 · Q&A responses: +4.52008 Q1 · Q&A responses: +2.42008 Q2 · Q&A responses: +3.62008 Q3 · Q&A responses: +3.62008 Q4 · Q&A responses: +1.52009 Q1 · Q&A responses: +2.42009 Q2 · Q&A responses: +6.22009 Q3 · Q&A responses: -1.42009 Q4 · Q&A responses: +1.42010 Q1 · Q&A responses: +8.22010 Q2 · Q&A responses: +3.62010 Q3 · Q&A responses: +5.72011 Q1 · Q&A responses: +8.42011 Q2 · Q&A responses: +5.82011 Q3 · Q&A responses: +5.72011 Q4 · Q&A responses: +2.92012 Q1 · Q&A responses: +6.02012 Q2 · Q&A responses: +3.12012 Q3 · Q&A responses: +3.12012 Q4 · Q&A responses: +5.62013 Q1 · Q&A responses: +3.02013 Q2 · Q&A responses: +3.32013 Q3 · Q&A responses: +7.32013 Q4 · Q&A responses: +3.02014 Q1 · Q&A responses: +7.92014 Q2 · Q&A responses: +7.12014 Q3 · Q&A responses: +6.92014 Q4 · Q&A responses: +7.42015 Q1 · Q&A responses: +7.52015 Q2 · Q&A responses: +6.62015 Q3 · Q&A responses: +11.32015 Q4 · Q&A responses: +10.92016 Q1 · Q&A responses: +8.02016 Q2 · Q&A responses: +8.82016 Q3 · Q&A responses: +3.82016 Q4 · Q&A responses: +8.92017 Q1 · Q&A responses: +9.02017 Q2 · Q&A responses: +3.72017 Q3 · Q&A responses: +6.82017 Q4 · Q&A responses: +7.42018 Q1 · Q&A responses: +10.22018 Q2 · Q&A responses: +6.62018 Q3 · Q&A responses: +5.12018 Q4 · Q&A responses: +9.02019 Q1 · Q&A responses: +5.32019 Q2 · Q&A responses: +4.62019 Q3 · Q&A responses: +10.92019 Q4 · Q&A responses: +14.42020 Q1 · Q&A responses: +8.52020 Q2 · Q&A responses: +2.02020 Q3 · Q&A responses: +6.62020 Q4 · Q&A responses: +5.42021 Q1 · Q&A responses: +7.12021 Q2 · Q&A responses: +7.12021 Q3 · Q&A responses: +8.02021 Q4 · Q&A responses: +7.02022 Q1 · Q&A responses: +10.02022 Q2 · Q&A responses: +6.42022 Q3 · Q&A responses: +10.92022 Q4 · Q&A responses: +3.92023 Q1 · Q&A responses: +3.72023 Q2 · Q&A responses: +12.72023 Q3 · Q&A responses: +6.62023 Q4 · Q&A responses: +6.92024 Q1 · Q&A responses: +10.32024 Q2 · Q&A responses: +4.52024 Q3 · Q&A responses: +23.12024 Q4 · Q&A responses: +18.92025 Q1 · Q&A responses: +14.22025 Q2 · Q&A responses: +14.3
Prepared remarksQ&A responses

Tone vs forward expectations

Management tone next to Wall Street's forward-looking numbers (glopardo): the 12-month forward EPS estimate and the forward P/E per call.

Forward EPS estimate

$3.85$11.89$19.922006 Q12008 Q42011 Q32014 Q12016 Q32019 Q12021 Q32024 Q12014 Q1: $4.962014 Q2: $5.052014 Q3: $5.192014 Q4: $5.352015 Q1: $5.502015 Q2: $5.582015 Q3: $5.692015 Q4: $5.762016 Q1: $5.802016 Q2: $5.882016 Q3: $6.022016 Q4: $6.112017 Q1: $6.082017 Q2: $6.302017 Q3: $6.472017 Q4: $6.672018 Q1: $7.382018 Q2: $7.602018 Q3: $7.812018 Q4: $7.932019 Q1: $8.262019 Q2: $8.452019 Q3: $8.602019 Q4: $8.832020 Q1: $9.112020 Q2: $9.122020 Q3: $9.502020 Q4: $10.372021 Q1: $10.522021 Q2: $11.312021 Q3: $11.872021 Q4: $13.172022 Q1: $13.792022 Q2: $14.172022 Q3: $14.662022 Q4: $14.922023 Q1: $15.192023 Q2: $15.272023 Q3: $15.652023 Q4: $16.102024 Q1: $16.872024 Q2: $17.442024 Q3: $17.952024 Q4: $18.81

Forward P/E

20.4637.0253.572006 Q12008 Q42011 Q32014 Q12016 Q32019 Q12021 Q32024 Q12014 Q1: 22.742014 Q2: 23.032014 Q3: 24.302014 Q4: 26.032015 Q1: 27.422015 Q2: 24.872015 Q3: 25.242015 Q4: 28.272016 Q1: 26.562016 Q2: 26.312016 Q3: 25.022016 Q4: 26.012017 Q1: 27.392017 Q2: 28.822017 Q3: 25.182017 Q4: 28.212018 Q1: 25.022018 Q2: 26.862018 Q3: 29.952018 Q4: 25.412019 Q1: 28.602019 Q2: 31.212019 Q3: 34.002019 Q4: 33.052020 Q1: 33.742020 Q2: 32.852020 Q3: 36.182020 Q4: 35.642021 Q1: 31.292021 Q2: 33.542021 Q3: 38.832021 Q4: 42.942022 Q1: 39.392022 Q2: 32.372022 Q3: 34.662022 Q4: 32.402023 Q1: 31.962023 Q2: 34.532023 Q3: 35.772023 Q4: 39.872024 Q1: 43.522024 Q2: 49.922024 Q3: 49.722024 Q4: 51.29

Divergence watch ⚑

Quarters where tone and the forward EPS estimate moved opposite ways.

  • 2017 Q2 tone ↓ -5.0 fwd EPS ↑ +0.22 Tone cooled even as the forward EPS estimate rose.
  • 2019 Q2 tone ↓ -2.9 fwd EPS ↑ +0.18 Tone cooled even as the forward EPS estimate rose.
  • 2020 Q1 tone ↓ -3.0 fwd EPS ↑ +0.28 Tone cooled even as the forward EPS estimate rose.
  • 2022 Q2 tone ↓ -5.4 fwd EPS ↑ +0.38 Tone cooled even as the forward EPS estimate rose.
  • 2022 Q4 tone ↓ -5.8 fwd EPS ↑ +0.27 Tone cooled even as the forward EPS estimate rose.
  • 2023 Q3 tone ↓ -4.4 fwd EPS ↑ +0.38 Tone cooled even as the forward EPS estimate rose.
  • 2024 Q2 tone ↓ -2.5 fwd EPS ↑ +0.57 Tone cooled even as the forward EPS estimate rose.
  • 2024 Q4 tone ↓ -2.5 fwd EPS ↑ +0.86 Tone cooled even as the forward EPS estimate rose.

Recent transcripts

CallDateSentiment ×1000Fwd EPSFwd P/E
2025 Q22025-03-06+9.2——View →
2025 Q12024-12-12+9.6——View →
2024 Q42024-09-26+14.4$18.8151.3View →
2024 Q32024-05-30+17.0$17.9549.7View →
2024 Q22024-03-07+5.2$17.4449.9View →
2024 Q12023-12-14+7.6$16.8743.5View →
2023 Q42023-09-26+3.3$16.1039.9View →
2023 Q32023-05-26+2.1$15.6535.8View →