Costco sees record gas sales in Q3, expects tariff refunds

Executives at Costco addressed how the retailer is addressing macroeconomic situations, including the cost of oil — plus its impact on gas sales — and tariff refunds. Ron Vachris, CEO at Costco, said during the retailer’s Q3 earnings call that gas prices “are very much on members’ mind.”

Moreover, they have had a “major impact” on Costco’s growth in gas sales. As a result, they have become a larger percentage of a member’s total spend in recent months.

“Against the backdrop of ongoing macro uncertainty, our focus is providing quality goods and services at the lowest possible price continues to resonate strongly with our members,” said Vachris. “Nowhere has this been more apparent in the third quarter than our gas business.

As events in the Middle East have had a significant impact on product supply and gas prices, our focus, as always, is to be there for our members by staying in stock and offering the best value.” Vachris referred to the U. S. and Israel’s war in Iran, which has led to supply chain disruptions regarding oil, increasing its price.

As of May 29, the price of a barrel of crude oil hovered around $86. It reached about $112 on April 7. For comparison, it was about $66 when the war began at the end of February, according to historical data from Trading Economics. Costco’s fiscal Q3 began Feb. 16, less than two weeks before the war started. At the time, a barrel of oil cost about $66.

Costco is No. 7 in the Top 2000 Database. The database is Digital Commerce 360’s ranking of the largest online retailers in North America by their annual ecommerce sales. It’s also the fourth-largest Mass Merchant in the database. Charts & Data Costco ecommerce growth rate triples comparable sales in Q2 2026 Abbas Haleem | Mar 6, 2026