# EDGAR Filing Document

**Accession Number:** 0000909832
**File Stem:** 0000909832-26-000056
**Filing Date:** 2026-6
**Character Count:** 73397
**Document Hash:** 35a793a254f0690615c91518ebd23af9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000909832-26-000056.hdr.sgml**: 20260629

**ACCESSION NUMBER**: 0000909832-26-000056

**CONFORMED SUBMISSION TYPE**: 11-K

**PUBLIC DOCUMENT COUNT**: 36

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260629

**DATE AS OF CHANGE**: 20260626

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** COSTCO WHOLESALE CORP /NEW
- **CENTRAL INDEX KEY:** 0000909832
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-VARIETY STORES [5331]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 911223280
- **STATE OF INCORPORATION:** WA
- **FISCAL YEAR END:** 0830

**FILING VALUES:**
- **FORM TYPE:** 11-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-20355
- **FILM NUMBER:** 261130857

**BUSINESS ADDRESS:**
- **STREET 1:** 999 LAKE DRIVE
- **CITY:** ISSAQUAH
- **STATE:** WA
- **ZIP:** 98027-
- **BUSINESS PHONE:** 4253138100

**MAIL ADDRESS:**
- **STREET 1:** 999 LAKE DRIVE
- **CITY:** ISSAQUAH
- **STATE:** WA
- **ZIP:** 98027

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** COSTCO COMPANIES INC
- **DATE OF NAME CHANGE:** 19970401

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRICE/COSTCO INC
- **DATE OF NAME CHANGE:** 19930728

?xml version='1.0' encoding='ASCII'? cost-20251231

<u>[**Table of Contents**](#i71218a96b39e4dbf83dc9d697b64a992_4)</u>

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**———————————————————**

**FORM 11-K**

**———————————————————**

☒ **ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

**For the fiscal year ended** December 31, 2025

☐ **TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**For the transition period from ______ to _____** 

---

| |
|:---|
| **Commission File Number 0-20355** |
| **A. Full title of the plan and the address of the plan, if different from that of the issuer named below:** |
| **Costco 401(k) Retirement Plan** |
| **B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:** |

---

**———————————————————**

**Costco Wholesale Corporation**

**———————————————————**

**999 Lake Drive**

**Issaquah, Washington 98027**

------

<u>[**Table of Contents**](#i71218a96b39e4dbf83dc9d697b64a992_4)</u>

**COSTCO 401(k) RETIREMENT PLAN**

**Table of Contents**

---

| | |
|:---|:---|
| | **Page** |
| <u>[Report of Independent Registered Public Accounting Firm](#i71218a96b39e4dbf83dc9d697b64a992_7)</u> | <u>[1](#i71218a96b39e4dbf83dc9d697b64a992_7)</u> |
| Financial Statements: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Statements of Net Assets Available for Benefits as of December 31, 2025 and 2024](#i71218a96b39e4dbf83dc9d697b64a992_10)</u> | <u>[2](#i71218a96b39e4dbf83dc9d697b64a992_10)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2025](#i71218a96b39e4dbf83dc9d697b64a992_13)</u> | <u>[3](#i71218a96b39e4dbf83dc9d697b64a992_13)</u> |
| <u>[Notes to Financial Statements](#i71218a96b39e4dbf83dc9d697b64a992_16)</u> | <u>[4](#i71218a96b39e4dbf83dc9d697b64a992_16)</u> |
| Supplementary Information: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Schedule H, Line 4i - Schedule of Assets (Held at End of Year) as of December 31, 2025](#i71218a96b39e4dbf83dc9d697b64a992_19)</u> | <u>[10](#i71218a96b39e4dbf83dc9d697b64a992_19)</u> |
| <u>[Signatures](#i71218a96b39e4dbf83dc9d697b64a992_22)</u> | <u>[23](#i71218a96b39e4dbf83dc9d697b64a992_22)</u> |
| Exhibits: |  |
| <u>[23.1 - Consent of Independent Registered Public Accounting Firm](exhibit2312025.htm)</u>  |  |

---

------

<u>[**Table of Contents**](#i71218a96b39e4dbf83dc9d697b64a992_4)</u>

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

Plan Participants and Plan Administrator of

Costco 401(k) Retirement Plan

Issaquah, Washington

***Opinion on the Financial Statements***

We have audited the accompanying statements of net assets available for benefits of Costco 401(k) Retirement Plan (the "Plan") as of December 31, 2025 and 2024, the related statement of changes in net assets available for benefits for the year ended December 31, 2025, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2025 and 2024, and the changes in net assets available for benefits for the year ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on the Plan's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

***Supplemental Information***

The supplemental Schedule H, Line 4i - Schedule of Assets (Held at End of Year) as of December 31, 2025, has been subjected to audit procedures performed in conjunction with the audit of Costco 401(k) Retirement Plan's financial statements. The supplemental schedule is the responsibility of the Plan's management. Our audit procedures included determining whether the information presented in the supplemental schedule reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedule. In forming our opinion on the supplemental schedule, we evaluated whether the supplemental schedule, including its form and content, is presented in conformity with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental schedule is fairly stated in all material respects in relation to the financial statements as a whole.

/s/ Crowe LLP

We have served as the Plan's auditor since 2023.

Oakbrook Terrace, Illinois

June 26, 2026

------

<u>[**Table of Contents**](#i71218a96b39e4dbf83dc9d697b64a992_4)</u>

**COSTCO 401(k) RETIREMENT PLAN**

Statements of Net Assets Available for Benefits

December 31, 2025 and 2024

(in thousands)

---

| | | | |
|:---|:---|:---|:---|
| | | **2025** | **2024** |
| Assets: |  |  |  |
| Investments at fair value | Investments at fair value | $38456679 | $38028873 |
| Investments at contract value: | Investments at contract value: |  |  |
| Fully benefit-responsive investment contracts | Fully benefit-responsive investment contracts | 1780435 | 1797653 |
|  | Total investments | 40237114 | 39826526 |
| Receivables: | Receivables: |  |  |
| Notes receivable from participants | Notes receivable from participants | 614078 | 587174 |
| Employer contributions | Employer contributions | 668900 | 597843 |
|  | Total receivables | 1282978 | 1185017 |
| Non-interest bearing cash | Non-interest bearing cash | 3586 | 5849 |
| Net assets available for benefits | Net assets available for benefits | $41523678 | $41017392 |

---

See accompanying notes to financial statements.

------

<u>[**Table of Contents**](#i71218a96b39e4dbf83dc9d697b64a992_4)</u>

**COSTCO 401(k) RETIREMENT PLAN**

Statement of Changes in Net Assets Available for Benefits

Year Ended December 31, 2025

(in thousands)

---

| | |
|:---|:---|
| | **2025** |
| Net investment income: |  |
| Net appreciation of investments | $1644151 |
| Interest | 64925 |
| Dividends | 164710 |
| Total net investment income | 1873786 |
| Interest on notes receivable from participants | 48961 |
| Contributions to the Plan: |  |
| Employee | 1237145 |
| Employer | 759012 |
| Total contributions | 1996157 |
| Distributions to participants and other | (3412618) |
| Increase in net assets | 506286 |
| Net assets available for benefits, beginning of year | 41017392 |
| Net assets available for benefits, end of year | $41523678 |

---

See accompanying notes to financial statements.

------

<u>[**Table of Contents**](#i71218a96b39e4dbf83dc9d697b64a992_4)</u>

**COSTCO 401(k) RETIREMENT PLAN**

Notes to Financial Statements

December 31, 2025 and 2024

**(1)Plan Description**

The following description of the Costco 401(k) Retirement Plan (the Plan) provides only general information. Participants should refer to the Plan document for a more complete description of the Plan. To participate in the Plan, an individual must be at least 18 years of age and an employee of Costco Wholesale Corporation (the Company or Costco) or certain subsidiaries.

The Plan is a defined contribution plan for the benefit of eligible employees, established by the Company under Section 401(a) of the Internal Revenue Code (IRC). It includes a qualified cash or deferred arrangement as described in Section 401(k). The Plan is also subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA), as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(a)Employee Contributions***

The Plan allows certain employees to elect to defer their compensation to the Plan after completing 90 days of service within 12-consecutive months. Eligible employees may contribute from 1% to 50% of their compensation, subject to certain limitations set by the IRC and the Plan. Eligible employees may also contribute amounts representing certain distributions from other retirement plans (rollover contributions).

All newly-eligible participants entering the Plan are automatically enrolled at a salary contribution rate of 4%. On an active participant's employment anniversary date and each anniversary date thereafter the percentage deferred into the Plan automatically increases by one percentage point, to a maximum of 20%. Employees may opt out of automatic enrollment and increases. Contributions are subject to regulatory requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(b)Employer Contributions***

Employer contributions are allocated based on an employee's classification as either: covered by the collective bargaining agreements with the International Brotherhood of Teamsters; or other eligible employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)**&nbsp;&nbsp;&nbsp;&nbsp;**Covered by the Teamsters Agreements**

Eligible employees who have completed one year of service (12 consecutive months) are eligible for an annual employer contribution beginning on the next Plan entry date. Plan entry dates for the employer contribution are the first day of each month. The annual employer contribution is allocated only to the accounts of eligible Plan participants who are employed on the last day of the applicable Plan year. The allocation rate varies, based on years of service, ranging from $0.05 to $0.47 per straight-time hour worked during the Plan year, up to a maximum of 2,080 hours. This annual contribution was $6.5 million for the year ended December 31, 2025, and was deposited into the Plan and allocated to participant accounts in March 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)**&nbsp;&nbsp;&nbsp;&nbsp;**Other eligible employment**

The Company matches the lesser of 50% of each employee's deferral contribution or $500 per year. In addition, eligible employees who have completed one year of service (12 consecutive months) are eligible for an annual discretionary employer contribution beginning on the next Plan entry date. Plan entry dates for the discretionary contribution are the first day of each month. The discretionary contribution is allocated only to the accounts of eligible Plan participants who are employed on the last day of the applicable Plan year. The allocation rate varies, based on years of service, ranging from 4% to 9% of the participant's compensation. This discretionary contribution was $662.4 million for the year ended December 31, 2025, and was deposited into the Plan and allocated to participant accounts in March 2026.

------

<u>[**Table of Contents**](#i71218a96b39e4dbf83dc9d697b64a992_4)</u>

**COSTCO 401(k) RETIREMENT PLAN**

Notes to Financial Statements (Continued)

December 31, 2025 and 2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(c)Participants' Accounts***

Each participant's account is credited or debited with the participant's contributions, the Company's contributions, distributions from the account, earnings and losses, fees, expenses, and changes in underlying account assets. The benefit to which a participant is entitled is their vested account balance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(d)Vesting***

Participants are immediately vested in their deferral contributions and in certain other contributions as defined in the Plan document.

Effective for participants employed on or after August 1, 2024, employer contributions are 100% vested and nonforfeitable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(e)Forfeitures***

The Plan provides that forfeited amounts are used to reduce employer contributions. Forfeitures during 2025 and 2024 and forfeiture balances as of December 31, 2025 and 2024, were immaterial.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(f)Investment Options***

Participants may invest funds in their account in the Plan's available investment options. Participants may transfer amounts between investment options daily, subject to certain trading restrictions. The Plan has a 50% limit on investment in Costco stock.

If a participant makes no investment selection, their account is invested in the Retirement Trust corresponding to the participant's age.

During 2025, the Plan's four index investment options, previously held as mutual funds, were replaced with collective investment trusts. Specifically, the Vanguard Total Bond Market Index Fund was replaced with the State Street U.S. Bond Index Trust; the Vanguard Institutional Index Fund was replaced with the State Street S&P 500 Index Trust; the Vanguard Total International Stock Fund was replaced with the State Street Global All Cap Equity Ex-U.S. Index Trust; and the Vanguard Extended Market Index Fund was replaced with the State Street Russell Small/Mid Cap Index Trust.

Amounts may be temporarily invested in a cash account prior to investment in the Plan's investment accounts. See Notes 2, 3 and 4 for additional information regarding the Plan's investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(g)Distributions***

Upon termination of employment, total disability, reaching age 59-1/2 or death, a participant (or participant's beneficiary in the case of death) can request a full, partial or, in certain circumstances, installment or rollover distribution of their account. Participants are also eligible to withdraw a portion of their salary-deferral contribution account in the event of certain financial hardships.

Dividends on the Company's stock are reinvested in the participant's Company stock account unless a distribution is requested by the participant. These dividends are reported on a gross basis, with total dividends reported as "Dividends" and the amounts distributed reported as "Distributions to participants and other" in the statement of changes in net assets available for benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(h)Notes Receivable from Participants***

A participant may borrow between $1,000 and the lesser of (a) $50,000, reduced by the highest outstanding loan balance in the previous 12 months minus the outstanding balance of all loans on the date on which the loan is made, or (b) or 45% of their vested account balance (50% when measured at the time the loan is made), provided this amount is available in the participant's pre-tax salary deferral

------

<u>[**Table of Contents**](#i71218a96b39e4dbf83dc9d697b64a992_4)</u>

**COSTCO 401(k) RETIREMENT PLAN**

Notes to Financial Statements (Continued)

December 31, 2025 and 2024

and rollover accounts. Loans are repaid through payroll deductions over a period ranging up to four years or, if for the purchase of a principal residence, up to 15 years. The bi-weekly re-payment amount cannot exceed 25% of the participant's normal per-pay-period net pay. The interest rate is determined by the Plan Administrator from time-to-time and is comparable to rates charged by commercial lenders. At December 31, 2025, interest rates on loans outstanding ranged from 4.25% to 10.50%, with various maturities through December, 2040. Participant accounts with loans are charged an application fee at initiation and an annual maintenance fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(i)Trustee, Recordkeeper, and Plan Administrator***

Northern Trust Company is the nondiscretionary trustee of the Plan and T. Rowe Price Retirement Services Inc. is the recordkeeper for the Plan. The Costco Benefits Committee is the Plan Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(j)Administrative, Recordkeeping and Investment Fees and Expenses***

Certain administrative expenses, and recordkeeping and investment fees including investment management and transaction fees, are paid by the Plan. Certain of those expenses are charged to participant accounts.

**(2)Summary of Significant Accounting Policies**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(a)Basis of Accounting***

The financial statements of the Plan are prepared under the accrual method of accounting. As required under U.S. generally accepted accounting principles (U.S. GAAP), fully benefit-responsive investment contracts (FBRIC) are reported at contract value (see Note 3), while all other investments in the Plan are reported at fair value (see Note 4). A FBRIC is a contract with a financial institution or an insurance company that provides for a stated return on principal invested over a specified period and permits withdrawals at contract value for benefit payments, loans, or transfers to other investment options offered to the participant by the Plan. Contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(b)Use of Estimates***

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates and assumptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(c)Investment Valuation and Income Recognition***

The Plan invests in the Company's common stock, common commingled trust funds, securities, assets held in separately managed accounts, and registered investment companies.

Investments, other than the separate account known as the Capital Preservation Portfolio, (the "CPP"), are reported at fair value. If available, quoted market prices are used to value investments. The CPP is invested in synthetic guaranteed investment contracts ("SICs") and other assets, and is recorded at contract value. Contract value represents contributions made under each contract, plus earnings, less participant withdrawals and administrative expenses.

There are no reserves against contract value for credit risk of the contract issuer or otherwise. The crediting interest rate of the CPP is a weighted average of any short-term investment fund and the contracts held by the CPP, whereby each contract's crediting rate is based on a formula agreed upon with the issuer, but not less than zero. SIC interest rates are reviewed and reset on a periodic basis,

------

<u>[**Table of Contents**](#i71218a96b39e4dbf83dc9d697b64a992_4)</u>

**COSTCO 401(k) RETIREMENT PLAN**

Notes to Financial Statements (Continued)

December 31, 2025 and 2024

generally every three months, in accordance with the terms of each SIC. Certain events may limit the ability of the Plan to transact at contract value with the issuer. Events may include, but are not limited to, Plan termination, bankruptcy of the Company, or defunction of the trustee. In addition, certain events allow the issuer to terminate the contract and settle at an amount different from contract value. Examples of such events include: (1) an uncured violation of the Plan's investment guidelines, (2) a breach of material obligation under the contract, (3) a material misrepresentation, or (4) a material amendment to the agreements without the consent of the issuer. The Plan Administrator believes at this time that any events which would limit the Plan's ability to transact at contract value with participants or that allow the issuer to terminate the contract with the Plan are not probable.

Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on an accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation or depreciation of investments includes the change in the fair value of assets from one period to the next, plus realized gains and losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(d)Notes Receivable from Participants***

Participant loans are classified as notes receivable from participants, which are segregated from Plan investments and measured at their unpaid principal balance plus any accrued but unpaid interest. Delinquent notes receivable are reclassified as distributions based upon the terms of the Plan document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(e)Distribution of Benefits***

Distributions of benefits are recorded when paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(f) &nbsp;&nbsp;&nbsp;&nbsp;Subsequent Events***

The Plan monitors significant events occurring after the statement of net assets available for benefits date and prior to the issuance of the financial statements to determine the impacts, if any, on the financial statements to be issued. The Plan has evaluated subsequent events through the date which the financial statements are issued.

**(3)Fully Benefit-Responsive Investment Contract**

The CPP is primarily invested in SICs, each of which has a portfolio of underlying assets owned by the Plan. A SIC, also known as a wrap contract, is issued by an insurance company and a financial institution to the Plan's designated contract holder or trustee on behalf of the Plan. The Plan's SICs guarantee that withdrawals from the CPP initiated by participants will be made at contract value, regardless of the value of its underlying assets.

**(4)Fair Value Measurement**

U.S. GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is estimated by applying a fair value hierarchy, which requires maximizing the use of observable inputs. The three levels of inputs are:

Level 1: Quoted market prices in active markets for identical assets or liabilities.

Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data.

Level 3: Significant unobservable inputs that are not corroborated by market data.

The asset or liability's fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques maximize the use of

------

<u>[**Table of Contents**](#i71218a96b39e4dbf83dc9d697b64a992_4)</u>

**COSTCO 401(k) RETIREMENT PLAN**

Notes to Financial Statements (Continued)

December 31, 2025 and 2024

relevant observable inputs and minimize the use of unobservable inputs. Valuation techniques utilized during the reporting period were not changed from previous practice. The following is a description of the valuation methodologies used for assets measured at fair value.

*Common stock, underlying securities in separately managed accounts, and registered investment company funds*: These investments are deemed to be actively traded and are valued at the closing price reported in the active market in which the individual securities are traded. These assets are valued using Level 1 inputs. Mutual funds held by the Plan are open-end mutual funds that are registered with the U.S. Securities and Exchange Commission. Separately managed accounts largely consist of common stock, money market securities, and a collective trust as of December 31, 2025 and 2024.

*Common commingled trust funds*: The valuation techniques used to measure the fair value of common commingled trust funds are based on quoted market prices, such as quoted net asset values (NAV) published by the fund as supported in an active market. Plan participant transactions of investment or withdrawals may occur on a daily basis in these trusts. These assets are valued using Level 1 inputs.

The tables below present information regarding investments that are measured at fair value on a recurring basis and indicate the level within the hierarchy reflecting the valuation techniques utilized to determine fair value as of December 31, 2025 and 2024.

---

| | |
|:---|:---|
| **<u>December 31, 2025:</u>** | **Level 1<br>(in 000's)** |
| Investments, at fair value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale Corporation common stock | $18338069 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common commingled trust funds | 16852301 |
| &nbsp;&nbsp;&nbsp;&nbsp;Separately managed accounts | 2655644 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registered investment company funds | 610665 |
| Total investments in fair value hierarchy | $38456679 |

---

---

| | |
|:---|:---|
| **<u>December 31, 2024:</u>** | **Level 1<br>(in 000's)** |
| Investments, at fair value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale Corporation common stock | $21006481 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common commingled trust funds | 12039144 |
| &nbsp;&nbsp;&nbsp;&nbsp;Separately managed accounts | 2629978 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registered investment company funds | 2353270 |
| Total investments in fair value hierarchy | $38028873 |

---

**(5)Plan Termination**

Although it has no present intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan, subject to ERISA and the requirements of the collective bargaining agreements with the Teamsters. In the event of termination, participants are 100% vested in their accounts.

**(6)Tax Status**

In a determination letter dated June 9, 2017, the Internal Revenue Service informed the Company that the Plan is designed in accordance with applicable sections of the IRC. The Plan has since been restated and amended. The Plan Administrator believes that the Plan is designed and is being operated in compliance with the IRC.

------

<u>[**Table of Contents**](#i71218a96b39e4dbf83dc9d697b64a992_4)</u>

**COSTCO 401(k) RETIREMENT PLAN**

Notes to Financial Statements (Continued)

December 31, 2025 and 2024

U.S. GAAP requires the Plan Administrator to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The Plan Administrator has concluded that as of December 31, 2025, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; there are currently no audits in progress.

***(7)Risks and Uncertainties***

Investment securities are exposed to various risks, such as interest rate, credit, and overall market volatility. The Plan's investment in Costco common stock represents approximately 44% and 51% of the total net assets available for benefits as of December 31, 2025 and 2024, respectively. Significant fluctuations in the market price of the Company's stock could have a material effect on the Plan. Changes in the values of investments could occur, and those changes could materially affect the amounts reported in the statements of net assets available for benefits and participant account balances.

**(8)Party-in-Interest and Related Party Transactions**

Certain Plan investments are in funds, trusts, and accounts managed by Northern Trust Company, the trustee for the Plan, and by T. Rowe Price Trust Company or T. Rowe Price Associates, Inc., which are affiliates of the recordkeeper for the Plan, T. Rowe Price Retirement Services, Inc. These entities are considered "parties-in-interest" as such term is defined in the ERISA.

As the Plan sponsor, the Company is a party-in-interest with respect to the Plan. At December 31, 2025 and 2024, the Plan held 21,265,000 and 22,926,000 shares of Costco common stock. During 2025, 845,000 shares were purchased and 2,506,000 shares were sold. During the year ended December 31, 2025, the Plan received dividend income from its investment in Costco common stock totaling $71.7 million.

------

<u>[**Table of Contents**](#i71218a96b39e4dbf83dc9d697b64a992_4)</u>

**COSTCO 401(k) RETIREMENT PLAN**

Schedule H, Line 4i - Schedule of Assets (Held at End of Year)

EIN: 91-1223280 Plan #: 002

December 31, 2025

(in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of issuer, borrower,<br>lessor, or similar party** | **(c) Description of investment** | **(d) Cost** | **(e) Current value** |
|  | Registered investment company funds: |  |  |  |
|  | PIMCO | Income Institutional | \*\* | $610665 |
|  | Total registered investment company funds | Total registered investment company funds |  | 610665 |
|  | Common commingled trust funds: | Common commingled trust funds: |  |  |
|  | Capital Group | New Perspective Trust U3 | \*\* | 628517 |
|  | State Street | Global All Cap Equity Ex-U.S. Index Securities Lending Series Fund Class X | \*\* | 176497 |
|  | State Street | S&P 500 Index Securities Lending Series Fund Class X | \*\* | 1731384 |
|  | State Street | Small/Mid Cap Index Securities Lending Class II | \*\* | 140619 |
|  | State Street | U.S. Bond Index Securities Lending Series Fund Class X | \*\* | 171650 |
| \* | T. Rowe Price | Retirement Balanced Trust K | \*\* | 36645 |
| \* | T. Rowe Price | TRP Ret 2005 Active Trust K | \*\* | 23077 |
| \* | T. Rowe Price | TRP Ret 2010 Active Trust K | \*\* | 36474 |
| \* | T. Rowe Price | TRP Ret 2015 Active Trust K | \*\* | 119423 |
| \* | T. Rowe Price | TRP Ret 2020 Active Trust K | \*\* | 392108 |
| \* | T. Rowe Price | TRP Ret 2025 Active Trust K | \*\* | 861953 |
| \* | T. Rowe Price | TRP Ret 2030 Active Trust K | \*\* | 1397184 |
| \* | T. Rowe Price | TRP Ret 2035 Active Trust K | \*\* | 1509447 |
| \* | T. Rowe Price | TRP Ret 2040 Active Trust K | \*\* | 1760441 |
| \* | T. Rowe Price | TRP Ret 2045 Active Trust K | \*\* | 2017008 |
| \* | T. Rowe Price | TRP Ret 2050 Active Trust K | \*\* | 1433649 |
| \* | T. Rowe Price | TRP Ret 2055 Active Trust K | \*\* | 1744032 |
| \* | T. Rowe Price | TRP Ret 2060 Active Trust K | \*\* | 985054 |
| \* | T. Rowe Price | TRP Ret 2065 Active Trust K | \*\* | 333989 |
| \* | T. Rowe Price | TRP Ret 2070 Active Trust K | \*\* | 6156 |
| \* | T. Rowe Price | TRP Ret 2020 Active Trust-Income K | \*\* | 9809 |
| \* | T. Rowe Price | TRP Ret 2025 Active Trust-Income K | \*\* | 2660 |
|  | Wellington | CIF II Growth S5 | \*\* | 1334525 |
|  | Total common commingled trust funds | Total common commingled trust funds |  | 16852301 |
|  | Separately managed accounts: | Separately managed accounts: |  |  |
|  | Mid-Cap Growth Portfolio: |  |  |  |
|  | Agilent Technologies Inc. | Common Stock | \*\* | 28153 |
|  | Align Technology Inc. | Common Stock | \*\* | 6916 |
|  | Alnylam Pharmaceuticals Inc. | Common Stock | \*\* | 17684 |
|  | Amphenol Corp., Class A | Common Stock | \*\* | 14330 |
|  | Arcellx Inc. | Common Stock | \*\* | 4202 |
|  | Assurant Inc. | Common Stock | \*\* | 22177 |
|  | Atlassian Corp., Class A | Common Stock | \*\* | 8162 |
|  | Aurora Innovation Inc., Class A | Common Stock | \*\* | 1588 |
|  | Avantor Inc. | Common Stock | \*\* | 9484 |
|  | Avery Dennison Corp. | Common Stock | \*\* | 12919 |
|  | Ball Corp. | Common Stock | \*\* | 8794 |
|  | Biogen Inc. | Common Stock | \*\* | 4688 |
|  | Booz Allen Hamilton Holdings Corporation, Class A | Common Stock | \*\* | 11816 |
|  | Broadridge Financial Solutions Inc. | Common Stock | \*\* | 4070 |

---

------

<u>[**Table of Contents**](#i71218a96b39e4dbf83dc9d697b64a992_4)</u>

**COSTCO 401(k) RETIREMENT PLAN**

Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (Continued)

December 31, 2025

(in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of issuer, borrower,<br>lessor, or similar party** | **(c) Description of investment** | **(d) Cost** | **(e) Current value** |
|  | Bruker Corp. | Common Stock | \*\* | 3632 |
|  | Burlington Stores Inc. | Common Stock | \*\* | 19166 |
|  | BWX Technologies Inc. | Common Stock | \*\* | 8656 |
|  | Caris Life Sciences Inc. | Common Stock | \*\* | 3898 |
|  | Casey's General Stores Inc. | Common Stock | \*\* | 10644 |
|  | Cboe Global Markets Inc. | Common Stock | \*\* | 11343 |
|  | CCC Intelligent Solutions Holdings Inc. | Common Stock | \*\* | 12430 |
|  | Cencora Inc. | Common Stock | \*\* | 19441 |
|  | Cheniere Energy Inc. | Common Stock | \*\* | 13691 |
|  | Corcept Therapeutics Incorporated | Common Stock | \*\* | 1198 |
|  | Corning Incorporated | Common Stock | \*\* | 1729 |
|  | Corpay Inc. | Common Stock | \*\* | 8341 |
|  | Costar Group Inc. | Common Stock | \*\* | 5903 |
|  | Cytokinetics Incorporated | Common Stock | \*\* | 6770 |
|  | Dollar Tree Inc. | Common Stock | \*\* | 21340 |
|  | Domino's Pizza Inc. | Common Stock | \*\* | 20254 |
|  | DraftKings Inc., Class A | Common Stock | \*\* | 10213 |
|  | DT Midstream Inc. | Common Stock | \*\* | 1539 |
|  | Duolingo Inc. | Common Stock | \*\* | 3274 |
|  | Elanco Animal Health Inc. | Common Stock | \*\* | 9597 |
|  | Encompass Health Corp. | Common Stock | \*\* | 7137 |
|  | EQT Corp. | Common Stock | \*\* | 12796 |
|  | Equifax Inc. | Common Stock | \*\* | 6342 |
|  | Everpure Inc. | Common Stock | \*\* | 8450 |
|  | Expand Energy Corp. | Common Stock | \*\* | 7696 |
|  | Fortive Corp. | Common Stock | \*\* | 3798 |
|  | Hilton Worldwide Holdings Inc. | Common Stock | \*\* | 32238 |
|  | Hologic Inc. | Common Stock | \*\* | 11095 |
|  | HubSpot Inc. | Common Stock | \*\* | 4083 |
|  | Ingersoll Rand Inc. | Common Stock | \*\* | 14202 |
|  | Ionis Pharmaceuticals Inc. | Common Stock | \*\* | 16786 |
|  | ITT Inc. | Common Stock | \*\* | 8499 |
|  | Keysight Technologies Inc. | Common Stock | \*\* | 16378 |
|  | Lattice Semiconductor Corp. | Common Stock | \*\* | 25537 |
|  | Liberty Live Holdings Inc., Series C | Common Stock | \*\* | 9399 |
|  | Liberty Media Corp., Series C Liberty Formula One | Common Stock | \*\* | 21077 |
|  | Live Nation Entertainment Inc. | Common Stock | \*\* | 2388 |
|  | MACOM Technology Solutions Holdings Inc. | Common Stock | \*\* | 15053 |
|  | Manhattan Associates Inc. | Common Stock | \*\* | 10927 |
|  | Maplebear Inc. | Common Stock | \*\* | 906 |
|  | Markel Group Inc. | Common Stock | \*\* | 8363 |
|  | Martin Marietta Materials Inc. | Common Stock | \*\* | 14664 |
|  | Masimo Corp. | Common Stock | \*\* | 2556 |
|  | McCormick & Company Inc. | Common Stock | \*\* | 10579 |
|  | McGraw Hill Inc. | Common Stock | \*\* | 2577 |
|  | Mettler-Toldeo International Inc. | Common Stock | \*\* | 24479 |
|  | Microchip Technology Inc. | Common Stock | \*\* | 15726 |

---

------

<u>[**Table of Contents**](#i71218a96b39e4dbf83dc9d697b64a992_4)</u>

**COSTCO 401(k) RETIREMENT PLAN**

Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (Continued)

December 31, 2025

(in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of issuer, borrower,<br>lessor, or similar party** | **(c) Description of investment** | **(d) Cost** | **(e) Current value** |
|  | Molina Healthcare Inc. | Common Stock | \*\* | 7063 |
|  | MongoDB Inc. | Common Stock | \*\* | 5736 |
|  | Monolithic Power Systems Inc. | Common Stock | \*\* | 16509 |
|  | MSCI Inc. | Common Stock | \*\* | 20433 |
|  | Natera Inc. | Common Stock | \*\* | 2887 |
|  | Netskope Inc., Class A | Common Stock | \*\* | 1281 |
|  | New York Times Co., Class A | Common Stock | \*\* | 15021 |
|  | Nuvalent Inc., Class A | Common Stock | \*\* | 1214 |
|  | Old Dominion Freight Line Inc. | Common Stock | \*\* | 14453 |
|  | Onestream Inc., Class A | Common Stock | \*\* | 2511 |
|  | Paylocity Holding Corp. | Common Stock | \*\* | 14078 |
|  | Planet Fitness Inc., Class A | Common Stock | \*\* | 18655 |
|  | Pool Corporation | Common Stock | \*\* | 11068 |
|  | PTC Inc. | Common Stock | \*\* | 27171 |
|  | Quanta Services Inc. | Common Stock | \*\* | 7452 |
|  | Quidelortho Corp. | Common Stock | \*\* | 4284 |
|  | Ralliant Corporation | Common Stock | \*\* | 3375 |
|  | Raymond James Financial Inc. | Common Stock | \*\* | 14210 |
|  | Reddit Inc., Class A | Common Stock | \*\* | 11051 |
|  | Revolution Medicines Inc. | Common Stock | \*\* | 3552 |
|  | Ross Stores Inc. | Common Stock | \*\* | 12669 |
|  | Ryan Specialty Holdings Inc., Class A | Common Stock | \*\* | 5217 |
|  | Service Corporation International | Common Stock | \*\* | 9171 |
|  | StandardAero Inc. | Common Stock | \*\* | 7532 |
|  | Teleflex Inc. | Common Stock | \*\* | 13471 |
|  | Texas Roadhouse Inc. | Common Stock | \*\* | 9009 |
|  | Textron Inc. | Common Stock | \*\* | 16166 |
|  | The Cooper Companies Inc. | Common Stock | \*\* | 18642 |
|  | Toast Inc., Class A | Common Stock | \*\* | 6925 |
|  | TopBuild Corp. | Common Stock | \*\* | 5702 |
|  | TPG Inc., Class A | Common Stock | \*\* | 5085 |
|  | Trade Desk Inc/The, Class A | Common Stock | \*\* | 3574 |
|  | Tradeweb Markets Inc., Class A | Common Stock | \*\* | 7960 |
|  | Transunion | Common Stock | \*\* | 14525 |
|  | Tyler Technologies Inc. | Common Stock | \*\* | 21964 |
|  | UL Solutions Inc., Class A | Common Stock | \*\* | 8491 |
|  | Ulta Beauty Inc. | Common Stock | \*\* | 14649 |
|  | Unity Software Inc. | Common Stock | \*\* | 5052 |
|  | Vaxcyte Inc. | Common Stock | \*\* | 4716 |
|  | Veeva Systems Inc., Class A | Common Stock | \*\* | 20196 |
|  | Veralto Corp. | Common Stock | \*\* | 13256 |
|  | West Pharmaceutical Services | Common Stock | \*\* | 7703 |
|  | Wingstop Inc. | Common Stock | \*\* | 4711 |
|  | Wyndham Hotels & Resorts Inc. | Common Stock | \*\* | 6746 |
|  | XPO Inc. | Common Stock | \*\* | 10209 |
|  | Yum! Brands Inc. | Common Stock | \*\* | 25833 |
|  | Zoom Communications Inc. | Common Stock | \*\* | 10295 |
|  | Zscaler Inc. | Common Stock | \*\* | 11107 |

---

------

<u>[**Table of Contents**](#i71218a96b39e4dbf83dc9d697b64a992_4)</u>

**COSTCO 401(k) RETIREMENT PLAN**

Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (Continued)

December 31, 2025

(in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of issuer, borrower,<br>lessor, or similar party** | **(c) Description of investment** | **(d) Cost** | **(e) Current value** |
|  | Alcon AG | Foreign Stock | \*\* | 4411 |
|  | Ascendis Pharma | Foreign Stock | \*\* | 8913 |
|  | Bending Spoons S.p.A., Class C | Foreign Stock | \*\* | 1437 |
|  | BioNTech SE | Foreign Stock | \*\* | 4796 |
|  | Birkenstock Holding PLC | Foreign Stock | \*\* | 9723 |
|  | Bullish | Foreign Stock | \*\* | 875 |
|  | Crispr Therapeutics AG | Foreign Stock | \*\* | 3155 |
|  | ESAB Corp. | Foreign Stock | \*\* | 14743 |
|  | Ferguson Enterprises Inc. Par | Foreign Stock | \*\* | 15147 |
|  | Monday.com Ltd. | Foreign Stock | \*\* | 4681 |
|  | NXP Semiconductors N.V. | Foreign Stock | \*\* | 9137 |
|  | On Holding AG, Class A | Foreign Stock | \*\* | 1790 |
|  | RB Global Inc. | Foreign Stock | \*\* | 6219 |
|  | Sportradar Group AG | Foreign Stock | \*\* | 5335 |
|  | TechnipFMC PLC | Foreign Stock | \*\* | 19361 |
|  | Viking Holdings Ltd. | Foreign Stock | \*\* | 22887 |
|  | Databricks, Series H Convertible | Preferred Stock | \*\* | 1874 |
|  | Databricks, Series I Convertible | Preferred Stock | \*\* | 799 |
|  | Nuro Inc., Series D | Preferred Stock | \*\* | 520 |
|  | Redwood Materials Inc., Series C | Preferred Stock | \*\* | 756 |
|  | Sila Nanotechnologies Inc., Series F | Preferred Stock | \*\* | 622 |
|  | Databricks, Series J | Convertible Equity | \*\* | 1514 |
| \* | Northern Institutional Treasury Portfolio | Money Market Securities | \*\* | 935 |
| \* | T. Rowe Price Government Reserve Fund | Money Market Securities | \*\* | 29100 |
|  | Large Cap Value Portfolio: |  |  |  |
|  | Abbott Laboratories | Common Stock | \*\* | 4559 |
|  | Allstate Corp. | Common Stock | \*\* | 7326 |
|  | Alphabet Inc., Class A | Common Stock | \*\* | 12384 |
|  | Alphabet Inc., Class C | Common Stock | \*\* | 10036 |
|  | Amazon.com Inc. | Common Stock | \*\* | 6672 |
|  | Ameren Corporation | Common Stock | \*\* | 5149 |
|  | American Express Company | Common Stock | \*\* | 7301 |
|  | Ametek Inc. | Common Stock | \*\* | 9857 |
|  | Analog Devices Inc. | Common Stock | \*\* | 5854 |
|  | Annaly Capital Management Inc. | Common Stock | \*\* | 3001 |
|  | Apollo Global Management Inc. | Common Stock | \*\* | 874 |
|  | Arista Networks Inc. | Common Stock | \*\* | 5963 |
|  | Atmos Energy Corp. | Common Stock | \*\* | 2220 |
|  | Autozone Inc. | Common Stock | \*\* | 6699 |
|  | Ball Corp. | Common Stock | \*\* | 3563 |
|  | Bank of America Corp. | Common Stock | \*\* | 8608 |
|  | Berkshire Hathaway Inc., Class B | Common Stock | \*\* | 16061 |
|  | Booking Holdings Inc. | Common Stock | \*\* | 3752 |
|  | Capital One Financial Corporation | Common Stock | \*\* | 1962 |
|  | Caterpillar Inc. | Common Stock | \*\* | 5822 |
|  | Cencora Inc. | Common Stock | \*\* | 7729 |
|  | Chevron Corp. | Common Stock | \*\* | 7067 |
|  | Cigna Group | Common Stock | \*\* | 1852 |

---

------

<u>[**Table of Contents**](#i71218a96b39e4dbf83dc9d697b64a992_4)</u>

**COSTCO 401(k) RETIREMENT PLAN**

Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (Continued)

December 31, 2025

(in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of issuer, borrower,<br>lessor, or similar party** | **(c) Description of investment** | **(d) Cost** | **(e) Current value** |
|  | Cisco Systems Inc. | Common Stock | \*\* | 5907 |
|  | Citigroup Inc. | Common Stock | \*\* | 5145 |
|  | CME Group Inc. | Common Stock | \*\* | 2460 |
|  | Colgate-Palmolive Company | Common Stock | \*\* | 3878 |
|  | Conocophillips | Common Stock | \*\* | 9215 |
|  | Corebridge Financial Inc. | Common Stock | \*\* | 129 |
|  | CSX Corp. | Common Stock | \*\* | 3969 |
|  | Danaher Corp. | Common Stock | \*\* | 1844 |
|  | Deere & Company | Common Stock | \*\* | 12422 |
|  | Dollar Tree Inc. | Common Stock | \*\* | 5382 |
|  | Elevance Health Inc. | Common Stock | \*\* | 5303 |
|  | Equity LifeStyle Properties Inc. | Common Stock | \*\* | 2507 |
|  | Equifax Inc. | Common Stock | \*\* | 2210 |
|  | Essex Property Trust Inc. | Common Stock | \*\* | 2959 |
|  | Exxon Mobil Corp. | Common Stock | \*\* | 3752 |
|  | Fifth Third Bancorp | Common Stock | \*\* | 4834 |
|  | General Electric Company | Common Stock | \*\* | 4569 |
|  | Gilead Sciences Inc. | Common Stock | \*\* | 7932 |
|  | Home Depot Inc. | Common Stock | \*\* | 6097 |
|  | Intel Corporation | Common Stock | \*\* | 3518 |
|  | Intercontinental Exchange Inc. | Common Stock | \*\* | 7611 |
|  | InterDigital Inc. | Common Stock | \*\* | 1494 |
|  | International Business Machines Corporation | Common Stock | \*\* | 3161 |
|  | International Paper Company | Common Stock | \*\* | 7690 |
|  | Johnson & Johnson | Common Stock | \*\* | 3945 |
|  | JPMorgan Chase & Co. | Common Stock | \*\* | 18969 |
|  | KeyCorp | Common Stock | \*\* | 1095 |
|  | Keysight Technologies Inc. | Common Stock | \*\* | 13567 |
|  | KLA Corp. | Common Stock | \*\* | 3638 |
|  | Lam Research Corporation | Common Stock | \*\* | 3902 |
|  | Lowe's Companies Inc. | Common Stock | \*\* | 3033 |
|  | McDonald's Corp. | Common Stock | \*\* | 7563 |
|  | Merck & Co. Inc. | Common Stock | \*\* | 811 |
|  | Meta Platforms Inc. | Common Stock | \*\* | 2635 |
|  | Metlife Inc. | Common Stock | \*\* | 1250 |
|  | Microsoft Corporation | Common Stock | \*\* | 2430 |
|  | Mondelez International Inc. | Common Stock | \*\* | 6896 |
|  | Morgan Stanley | Common Stock | \*\* | 4252 |
|  | Norfolk Southern Corp. | Common Stock | \*\* | 4212 |
|  | Northrop Grumman Corp. | Common Stock | \*\* | 2090 |
|  | Old Dominion Freight Line Inc. | Common Stock | \*\* | 4698 |
|  | Owens Corning | Common Stock | \*\* | 1726 |
|  | PACCAR Inc. | Common Stock | \*\* | 111 |
|  | Parker-Hannifin Corp. | Common Stock | \*\* | 8772 |
|  | Pinterest Inc., Class A | Common Stock | \*\* | 2227 |
|  | PPG Industries Inc. | Common Stock | \*\* | 2122 |
|  | Proctor & Gamble Co/The | Common Stock | \*\* | 8025 |
|  | Progressive Corp. | Common Stock | \*\* | 634 |

---

------

<u>[**Table of Contents**](#i71218a96b39e4dbf83dc9d697b64a992_4)</u>

**COSTCO 401(k) RETIREMENT PLAN**

Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (Continued)

December 31, 2025

(in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of issuer, borrower,<br>lessor, or similar party** | **(c) Description of investment** | **(d) Cost** | **(e) Current value** |
|  | Public Storage | Common Stock | \*\* | 2111 |
|  | Quest Diagnostics Incorporated | Common Stock | \*\* | 2710 |
|  | Range Resources Corp. | Common Stock | \*\* | 5581 |
|  | Republic Services Inc. | Common Stock | \*\* | 5998 |
|  | Revvity Inc. | Common Stock | \*\* | 4887 |
|  | Salesforce Inc. | Common Stock | \*\* | 2383 |
|  | Tenet Healthcare Corp. | Common Stock | \*\* | 6723 |
|  | Texas Instruments Corp. | Common Stock | \*\* | 8627 |
|  | The Charles Schwab Corp. | Common Stock | \*\* | 8783 |
|  | The Goldman Sachs Group Inc. | Common Stock | \*\* | 4226 |
|  | The Southern Company | Common Stock | \*\* | 7459 |
|  | The Travelers Companies Inc. | Common Stock | \*\* | 2638 |
|  | The Walt Disney Company | Common Stock | \*\* | 3898 |
|  | T-Mobile US Inc. | Common Stock | \*\* | 4456 |
|  | Toll Brothers Inc. | Common Stock | \*\* | 2078 |
|  | Tractor Supply Co. | Common Stock | \*\* | 174 |
|  | UnitedHealth Group Inc. | Common Stock | \*\* | 7246 |
|  | Valero Energy Corporation | Common Stock | \*\* | 5446 |
|  | VICI Properties Inc. | Common Stock | \*\* | 2210 |
|  | Visa Inc., Class A | Common Stock | \*\* | 2475 |
|  | W. W. Grainger Inc. | Common Stock | \*\* | 3323 |
|  | Wabtec Corp. | Common Stock | \*\* | 9017 |
|  | Walmart Inc. | Common Stock | \*\* | 1720 |
|  | Welltower Inc. | Common Stock | \*\* | 5258 |
|  | Xcel Energy | Common Stock | \*\* | 5446 |
|  | Alcon AG | Foreign Stock | \*\* | 1578 |
|  | AstraZeneca PLC | Foreign Stock | \*\* | 3280 |
|  | Chubb Ltd. | Foreign Stock | \*\* | 2437 |
|  | Franco-Nevada Corp. | Foreign Stock | \*\* | 908 |
|  | Linde PLC | Foreign Stock | \*\* | 6529 |
|  | Pentair PLC | Foreign Stock | \*\* | 2578 |
|  | SLB N.V. | Foreign Stock | \*\* | 4928 |
|  | TE Connectivity Ltd. | Foreign Stock | \*\* | 3560 |
|  | TechnipFMC PLC | Foreign Stock | \*\* | 3868 |
| \* | Northern Institutional Treasury Portfolio | Money Market Securities | \*\* | 1028 |
| \* | T. Rowe Price Government Money Fund | Money Market Securities | \*\* | 3197 |
|  | Small-Cap Core Portfolio: |  |  |  |
|  | Advanced Drainage Systems Inc. | Common Stock | \*\* | 539 |
|  | Advanced Energy Industries Inc. | Common Stock | \*\* | 1602 |
|  | Albany International Corp., Class A | Common Stock | \*\* | 318 |
|  | Alignment Healthcare Inc. | Common Stock | \*\* | 5438 |
|  | Alliance Laundry Holdings Inc. | Common Stock | \*\* | 708 |
|  | API Group Corp. | Common Stock | \*\* | 6897 |
|  | Apogee Therapeutics Inc. | Common Stock | \*\* | 1421 |
|  | Applied Digital Corporation | Common Stock | \*\* | 1752 |
|  | AptarGroup Inc. | Common Stock | \*\* | 982 |
|  | Arcellx Inc. | Common Stock | \*\* | 4081 |
|  | Arcosa Inc. | Common Stock | \*\* | 3311 |

---

------

<u>[**Table of Contents**](#i71218a96b39e4dbf83dc9d697b64a992_4)</u>

**COSTCO 401(k) RETIREMENT PLAN**

Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (Continued)

December 31, 2025

(in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of issuer, borrower,<br>lessor, or similar party** | **(c) Description of investment** | **(d) Cost** | **(e) Current value** |
|  | Atlanta Braves Holdings Inc., Series C | Common Stock | \*\* | 1970 |
|  | Atlantic Union Bankshares Corporation | Common Stock | \*\* | 851 |
|  | Atmus Filtration Technologies Inc. | Common Stock | \*\* | 2567 |
|  | Aurora Innovation Inc., Class A | Common Stock | \*\* | 1195 |
|  | Axsome Therapeutics Inc. | Common Stock | \*\* | 87 |
|  | AZZ Inc. | Common Stock | \*\* | 4015 |
|  | Banc of California Inc. | Common Stock | \*\* | 3932 |
|  | Bel Fuse Inc., Class B | Common Stock | \*\* | 1767 |
|  | BETA Technologies Inc., Class A | Common Stock | \*\* | 1081 |
|  | Bicara Therapeutics Inc. | Common Stock | \*\* | 1691 |
|  | BillionToOne Inc., Class A | Common Stock | \*\* | 252 |
|  | BioLife Solutions Inc. | Common Stock | \*\* | 3672 |
|  | Bio-Rad Laboratories Inc., Class A | Common Stock | \*\* | 530 |
|  | Bio-Techne Corporation | Common Stock | \*\* | 1798 |
|  | BJ's Wholesale Club Holdings Inc. | Common Stock | \*\* | 1837 |
|  | Black Diamond Therapeutics Inc. | Common Stock | \*\* | 416 |
|  | Black Rock Coffee Bar Inc., Class A | Common Stock | \*\* | 522 |
|  | Blue Foundry Bancorp. | Common Stock | \*\* | 508 |
|  | Boot Barn Holdings Inc. | Common Stock | \*\* | 1068 |
|  | Booz Allen Hamilton Holdings Corporation, Class A | Common Stock | \*\* | 954 |
|  | BRC Inc., Class A | Common Stock | \*\* | 270 |
|  | BrightSpring Health Services Inc. | Common Stock | \*\* | 4515 |
|  | Burlington Stores Inc. | Common Stock | \*\* | 1853 |
|  | Cactus Inc., Class A | Common Stock | \*\* | 613 |
|  | California Water Services Group | Common Stock | \*\* | 2154 |
|  | CareTrust REIT Inc. | Common Stock | \*\* | 2334 |
|  | Caris Life Sciences Inc. | Common Stock | \*\* | 2899 |
|  | Casella Waste Systems Inc., Class A | Common Stock | \*\* | 3401 |
|  | Cava Group Inc. | Common Stock | \*\* | 63 |
|  | Cboe Global Markets Inc. | Common Stock | \*\* | 2897 |
|  | CCC Intelligent Solutions Holdings Inc. | Common Stock | \*\* | 1785 |
|  | CECO Environmental Corp. | Common Stock | \*\* | 1274 |
|  | CG Oncology Inc. | Common Stock | \*\* | 430 |
|  | Checkr Inc. | Common Stock | \*\* | 225 |
|  | Chesapeake Utilities Corp. | Common Stock | \*\* | 4720 |
|  | Cipher Digital Inc. | Common Stock | \*\* | 788 |
|  | Columbia Banking Systems Inc. | Common Stock | \*\* | 4167 |
|  | Corcept Therapeutics Incorporated | Common Stock | \*\* | 799 |
|  | Crane Co. | Common Stock | \*\* | 1709 |
|  | CRB Group Inc. | Common Stock | \*\* | 362 |
|  | CSW Industrials Inc. | Common Stock | \*\* | 2557 |
|  | Cubesmart | Common Stock | \*\* | 1807 |
|  | Curbline Properties Corp. | Common Stock | \*\* | 5142 |
|  | Cytokinetics Incorporated | Common Stock | \*\* | 6907 |
|  | Denali Therapeutics Inc. | Common Stock | \*\* | 2515 |
|  | Dime Community Bancshares Inc. | Common Stock | \*\* | 2021 |
|  | Duolingo Inc. | Common Stock | \*\* | 51 |

---

------

<u>[**Table of Contents**](#i71218a96b39e4dbf83dc9d697b64a992_4)</u>

**COSTCO 401(k) RETIREMENT PLAN**

Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (Continued)

December 31, 2025

(in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of issuer, borrower,<br>lessor, or similar party** | **(c) Description of investment** | **(d) Cost** | **(e) Current value** |
|  | Dutch Bros Inc., Class A | Common Stock | \*\* | 1844 |
|  | Dyne Therapeutics Inc. | Common Stock | \*\* | 7411 |
|  | East West Bancorp Inc. | Common Stock | \*\* | 5329 |
|  | Eastern Bankshares Inc. | Common Stock | \*\* | 3985 |
|  | Eastgroup Properties Inc. | Common Stock | \*\* | 1544 |
|  | Elanco Animal Health Inc. | Common Stock | \*\* | 7044 |
|  | Element Solutions Inc. | Common Stock | \*\* | 4834 |
|  | Enpro Inc. | Common Stock | \*\* | 2722 |
|  | Entegris Inc. | Common Stock | \*\* | 3972 |
|  | Equity Bancshares Inc., Class A | Common Stock | \*\* | 2038 |
|  | Erasca Inc. | Common Stock | \*\* | 795 |
|  | Esco Technologies Inc. | Common Stock | \*\* | 1056 |
|  | FB Financial Corp. | Common Stock | \*\* | 2567 |
|  | Federal Signal Corp. | Common Stock | \*\* | 1237 |
|  | Five Star Bancorp | Common Stock | \*\* | 2163 |
|  | Flagship Communities REIT UT | Common Stock | \*\* | 1783 |
|  | Flagstar Bank, National Association | Common Stock | \*\* | 1983 |
|  | Floor & Décor Holdings Inc., Class A | Common Stock | \*\* | 1958 |
|  | Flowserve Corporation | Common Stock | \*\* | 1198 |
|  | FTAI Aviation Ltd. | Common Stock | \*\* | 2113 |
|  | GCI Liberty Inc. Series C | Common Stock | \*\* | 291 |
|  | GeneDx Holdings Corp., Class A | Common Stock | \*\* | 1457 |
|  | Goosehead Insurance Inc., Class A | Common Stock | \*\* | 3190 |
|  | GPGI Inc. | Common Stock | \*\* | 31 |
|  | Graco Inc. | Common Stock | \*\* | 1843 |
|  | GRAIL Inc. | Common Stock | \*\* | 49 |
|  | Grocery Outlet Holding Corp. | Common Stock | \*\* | 3194 |
|  | HA Sustainable Infrastructure Capital Inc. | Common Stock | \*\* | 1805 |
|  | Hagerty Inc., Class A | Common Stock | \*\* | 1073 |
|  | Hamilton Lane Inc., Class A | Common Stock | \*\* | 2976 |
|  | Haul Hub, Series C Convertible | Common Stock | \*\* | 8 |
|  | Healthequity Inc. | Common Stock | \*\* | 31 |
|  | Home Bancshares Inc. | Common Stock | \*\* | 1835 |
|  | i3 Verticals Inc., Class A | Common Stock | \*\* | 1516 |
|  | iCapital Inc. | Common Stock | \*\* | 795 |
|  | Idacorp Inc. | Common Stock | \*\* | 3786 |
|  | Immunome Inc. | Common Stock | \*\* | 7507 |
|  | Immunovant Inc. | Common Stock | \*\* | 3141 |
|  | Impinj Inc. | Common Stock | \*\* | 883 |
|  | Independence Realty Trust Inc. | Common Stock | \*\* | 1981 |
|  | Installed Building Products Inc. | Common Stock | \*\* | 1855 |
|  | InterDigital Inc. | Common Stock | \*\* | 1652 |
|  | International Paper Company | Common Stock | \*\* | 3706 |
|  | Ionis Pharmaceuticals Inc. | Common Stock | \*\* | 774 |
|  | IonQ Inc. | Common Stock | \*\* | 34 |
|  | IRadimed Corp. | Common Stock | \*\* | 350 |
|  | JBT Marel Corporation | Common Stock | \*\* | 1839 |
|  | JFrog Ltd. | Common Stock | \*\* | 2425 |

---

------

<u>[**Table of Contents**](#i71218a96b39e4dbf83dc9d697b64a992_4)</u>

**COSTCO 401(k) RETIREMENT PLAN**

Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (Continued)

December 31, 2025

(in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of issuer, borrower,<br>lessor, or similar party** | **(c) Description of investment** | **(d) Cost** | **(e) Current value** |
|  | Kadant Inc. | Common Stock | \*\* | 664 |
|  | Karman Holdings Inc. | Common Stock | \*\* | 1768 |
|  | Kearny Financial Corp/Md | Common Stock | \*\* | 613 |
|  | Knife River Corp. | Common Stock | \*\* | 1652 |
|  | Kodiak Sciences Inc. | Common Stock | \*\* | 347 |
|  | Kontoor Brands Inc. | Common Stock | \*\* | 724 |
|  | Kratos Defense & Security Solutions Inc. | Common Stock | \*\* | 1458 |
|  | Kymera Therapeutics Inc. | Common Stock | \*\* | 1267 |
|  | Lattice Semiconductor Corp. | Common Stock | \*\* | 9712 |
|  | Leonardo DRS Inc. | Common Stock | \*\* | 443 |
|  | Liberty Live Holdings Inc., Series C | Common Stock | \*\* | 12316 |
|  | Life Time Group Holdings Inc. | Common Stock | \*\* | 1948 |
|  | Littelfuse Inc. | Common Stock | \*\* | 1905 |
|  | Live Oak Bancshares Inc. | Common Stock | \*\* | 2260 |
|  | Loar Holdings Inc. | Common Stock | \*\* | 4907 |
|  | Louisiana-Pacific Corp. | Common Stock | \*\* | 1411 |
|  | Lumexa Imaging Holdings Inc. | Common Stock | \*\* | 1127 |
|  | MACOM Technology Solutions Holdings Inc. | Common Stock | \*\* | 5373 |
|  | Madison Square Garden Sports Corp. | Common Stock | \*\* | 2666 |
|  | MapLight Therapeutics Inc. | Common Stock | \*\* | 584 |
|  | Maravai LifeSciences Holdings Inc., Class A | Common Stock | \*\* | 454 |
|  | Marqeta Inc. | Common Stock | \*\* | 2651 |
|  | Masimo Corp. | Common Stock | \*\* | 5926 |
|  | Mercury Systems Inc. | Common Stock | \*\* | 2167 |
|  | Miami International Holdings Inc. | Common Stock | \*\* | 3188 |
|  | Middlesex Water Co. | Common Stock | \*\* | 1311 |
|  | Mirion Technologies Inc., Class A | Common Stock | \*\* | 7308 |
|  | Molina Healthcare Inc. | Common Stock | \*\* | 1722 |
|  | MSA Safety Inc. | Common Stock | \*\* | 1876 |
|  | MYR Group Inc. | Common Stock | \*\* | 1192 |
|  | National Energy Services Reunited Corp. | Common Stock | \*\* | 194 |
|  | nCino Inc. | Common Stock | \*\* | 844 |
|  | Neogen Corp. | Common Stock | \*\* | 1195 |
|  | Neptune Insurance Holdings Inc., Class A | Common Stock | \*\* | 2762 |
|  | Netskope Inc., Class A | Common Stock | \*\* | 214 |
|  | Nuvalent Inc., Class A | Common Stock | \*\* | 2503 |
|  | OceanFirst Financial Corp. | Common Stock | \*\* | 1201 |
|  | OGE Energy Corp. | Common Stock | \*\* | 3464 |
|  | Olaplex Holdings Inc. | Common Stock | \*\* | 931 |
|  | Onestream Inc., Class A | Common Stock | \*\* | 1168 |
|  | Onto Innovation Inc. | Common Stock | \*\* | 1308 |
|  | OPENLANE Inc. | Common Stock | \*\* | 1335 |
|  | Oscar Health Inc., Class A | Common Stock | \*\* | 1825 |
|  | PAR Technology Corp/Del | Common Stock | \*\* | 5094 |
|  | Parsons Corp. | Common Stock | \*\* | 2861 |
|  | Patrick Industries Inc. | Common Stock | \*\* | 694 |
|  | Pax Labs Inc., Class A | Common Stock | \*\* | 51 |
|  | Pennymac Financial Services | Common Stock | \*\* | 7343 |

---

------

<u>[**Table of Contents**](#i71218a96b39e4dbf83dc9d697b64a992_4)</u>

**COSTCO 401(k) RETIREMENT PLAN**

Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (Continued)

December 31, 2025

(in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of issuer, borrower,<br>lessor, or similar party** | **(c) Description of investment** | **(d) Cost** | **(e) Current value** |
|  | Penumbra Inc. | Common Stock | \*\* | 31 |
|  | Personalis Inc. | Common Stock | \*\* | 2053 |
|  | Pinnacle Financial Partners | Common Stock | \*\* | 2768 |
|  | PJT Partners Inc., Class A | Common Stock | \*\* | 757 |
|  | Planet Fitness Inc., Class A | Common Stock | \*\* | 6599 |
|  | Praxis Precision Medicines Inc. | Common Stock | \*\* | 2305 |
|  | PriceSmart Inc. | Common Stock | \*\* | 634 |
|  | Prime Medicine Inc. | Common Stock | \*\* | 391 |
|  | Procept Biorobotics Corp. | Common Stock | \*\* | 2847 |
|  | Prosperity Bancshares Inc. | Common Stock | \*\* | 2843 |
|  | Quidelortho Corp. | Common Stock | \*\* | 3051 |
|  | QXO Inc. | Common Stock | \*\* | 3804 |
|  | Radnet Inc. | Common Stock | \*\* | 1686 |
|  | Ralliant Corporation | Common Stock | \*\* | 881 |
|  | Rambus Inc. | Common Stock | \*\* | 1934 |
|  | Range Resources Corp. | Common Stock | \*\* | 60 |
|  | RBC Bearings Inc. | Common Stock | \*\* | 6979 |
|  | Red Rock Resorts Inc., Class A | Common Stock | \*\* | 602 |
|  | Reddit Inc., Class A | Common Stock | \*\* | 70 |
|  | Renasant Corporation | Common Stock | \*\* | 1453 |
|  | Repligen Corp. | Common Stock | \*\* | 3065 |
|  | Revolution Medicines Inc. | Common Stock | \*\* | 578 |
|  | Riot Platforms Inc. | Common Stock | \*\* | 42 |
|  | RLI Corp. | Common Stock | \*\* | 1389 |
|  | Rocket Companies Inc., Class A | Common Stock | \*\* | 3182 |
|  | Root Inc., Class A | Common Stock | \*\* | 1250 |
|  | Royal Gold Inc. | Common Stock | \*\* | 1869 |
|  | Rush Enterprises Inc., Class A | Common Stock | \*\* | 906 |
|  | Saia Inc. | Common Stock | \*\* | 3217 |
|  | Savers Value Village Inc. | Common Stock | \*\* | 1921 |
|  | Semtech Corporation | Common Stock | \*\* | 3133 |
|  | Simply Good Foods Co/The | Common Stock | \*\* | 373 |
|  | Simpson Manufacturing Co. Inc. | Common Stock | \*\* | 533 |
|  | Siteone Landscape Supply Inc. | Common Stock | \*\* | 3919 |
|  | SiTime Corporation | Common Stock | \*\* | 1485 |
|  | Sotera Health Co. | Common Stock | \*\* | 2735 |
|  | SouthState Bank Corporation | Common Stock | \*\* | 4275 |
|  | SPX Technologies Inc. | Common Stock | \*\* | 2028 |
|  | Standex International Corporation | Common Stock | \*\* | 1003 |
|  | Stepstone Group Inc., Class A | Common Stock | \*\* | 874 |
|  | Stifel Financial Corp. | Common Stock | \*\* | 58 |
|  | StoneX Group Inc. | Common Stock | \*\* | 2582 |
|  | Surgery Partners Inc. | Common Stock | \*\* | 223 |
|  | Teledyne Technologies Inc. | Common Stock | \*\* | 1872 |
|  | Terreno Realty Corp. | Common Stock | \*\* | 2809 |
|  | Texas Capital Bancshares Inc. | Common Stock | \*\* | 3874 |
|  | The Ensign Group Inc. | Common Stock | \*\* | 1020 |
|  | The Macerich Company | Common Stock | \*\* | 950 |

---

------

<u>[**Table of Contents**](#i71218a96b39e4dbf83dc9d697b64a992_4)</u>

**COSTCO 401(k) RETIREMENT PLAN**

Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (Continued)

December 31, 2025

(in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of issuer, borrower,<br>lessor, or similar party** | **(c) Description of investment** | **(d) Cost** | **(e) Current value** |
|  | The Middleby Corporation | Common Stock | \*\* | 2364 |
|  | Turning Point Brands Inc. | Common Stock | \*\* | 471 |
|  | TWFG Inc., Class A | Common Stock | \*\* | 1736 |
|  | TXNM Energy Inc. | Common Stock | \*\* | 58 |
|  | UL Solutions Inc., Class A | Common Stock | \*\* | 1203 |
|  | United States Lime & Minerals, Inc. | Common Stock | \*\* | 1178 |
|  | Uniti Group Inc. | Common Stock | \*\* | 2516 |
|  | Uranium Energy Corp. | Common Stock | \*\* | 506 |
|  | Urban Outfitters Inc. | Common Stock | \*\* | 918 |
|  | USCB Financial Holdings Inc., Class A | Common Stock | \*\* | 741 |
|  | Vaxcyte Inc. | Common Stock | \*\* | 1129 |
|  | Viper Energy Inc., Class A | Common Stock | \*\* | 1884 |
|  | VSE Corp. | Common Stock | \*\* | 10301 |
|  | Warrior Met Coal Inc. | Common Stock | \*\* | 1920 |
|  | Wealthfront Corporation | Common Stock | \*\* | 446 |
|  | Weatherford International PLC | Common Stock | \*\* | 1961 |
|  | Western Alliance Bancorporation | Common Stock | \*\* | 3246 |
|  | White Mountains Insurance Group Ltd. | Common Stock | \*\* | 1971 |
|  | Willscot Holdings Corp. | Common Stock | \*\* | 1900 |
|  | Wingstop Inc. | Common Stock | \*\* | 2043 |
|  | Workiva Inc., Class A | Common Stock | \*\* | 865 |
|  | Wyndham Hotels & Resorts Inc. | Common Stock | \*\* | 1953 |
|  | Xometry Inc., Class A | Common Stock | \*\* | 484 |
|  | Birkenstock Holding PLC | Foreign Stock | \*\* | 3133 |
|  | Bullish | Foreign Stock | \*\* | 171 |
|  | Capstone Copper Corp. | Foreign Stock | \*\* | 2029 |
|  | Cellebrite DI Ltd. | Foreign Stock | \*\* | 4103 |
|  | Cenovus Energy Inc. | Foreign Stock | \*\* | 3490 |
|  | Colliers International Group Inc. | Foreign Stock | \*\* | 2863 |
|  | Definity Financial Corporation | Foreign Stock | \*\* | 2099 |
|  | Denison Mines Corp. | Foreign Stock | \*\* | 49 |
|  | Descartes Systems Group/The | Foreign Stock | \*\* | 55 |
|  | Diploma PLC | Foreign Stock | \*\* | 1793 |
|  | Esab Corp. | Foreign Stock | \*\* | 7900 |
|  | eToro Group Ltd., Class A | Foreign Stock | \*\* | 1109 |
|  | Fabrinet | Foreign Stock | \*\* | 314 |
|  | Firstservice Corp. | Foreign Stock | \*\* | 1839 |
|  | Golar LNG Limited | Foreign Stock | \*\* | 2670 |
|  | Immatics NV | Foreign Stock | \*\* | 3679 |
|  | Immunocore Holdings PLC - ADR | Foreign Stock | \*\* | 5092 |
|  | OR Royalties Inc. | Foreign Stock | \*\* | 5618 |
|  | SECURE Waste Infrastructure Corp. | Foreign Stock | \*\* | 1909 |
|  | Spirax Group PLC | Foreign Stock | \*\* | 1906 |
|  | Sportradar Group AG | Foreign Stock | \*\* | 2069 |
|  | Stevanato Group SpA | Foreign Stock | \*\* | 1602 |
|  | TechnipFMC PLC | Foreign Stock | \*\* | 4065 |
|  | TMX Group Ltd. | Foreign Stock | \*\* | 2952 |
|  | Tower Semiconductor Ltd. | Foreign Stock | \*\* | 563 |

---

------

<u>[**Table of Contents**](#i71218a96b39e4dbf83dc9d697b64a992_4)</u>

**COSTCO 401(k) RETIREMENT PLAN**

Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (Continued)

December 31, 2025

(in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of issuer, borrower,<br>lessor, or similar party** | **(c) Description of investment** | **(d) Cost** | **(e) Current value** |
|  | Weir Group ADR | Foreign Stock | \*\* | 1155 |
|  | Xenon Pharmaceuticals Inc. | Foreign Stock | \*\* | 642 |
|  | Ypsomed Holding AG | Foreign Stock | \*\* | 1178 |
|  | 1661 Inc. D/B/A/ Goat, Series F Convertible | Preferred Stock | \*\* | 82 |
|  | ABL Space Systems, Series A-8 | Preferred Stock | \*\* | 2 |
|  | Cellink Inc., Series D | Preferred Stock | \*\* | 9 |
|  | Checkr Inc., Series C Convertible | Preferred Stock | \*\* | 307 |
|  | Checkr Inc., Series D Convertible | Preferred Stock | \*\* | 480 |
|  | Cleerly, Series C Convertible | Preferred Stock | \*\* | 377 |
|  | CRB Group, Series D Convertible | Preferred Stock | \*\* | 484 |
|  | Epirus Inc., Series C-2 Convertible | Preferred Stock | \*\* | 396 |
|  | Flexe, Series C Convertible | Preferred Stock | \*\* | 59 |
|  | Flexe, Series D Convertible | Preferred Stock | \*\* | 30 |
|  | Haul Hub, Series B Convertible | Preferred Stock | \*\* | 21 |
|  | Honor Technology Inc., Series D | Preferred Stock | \*\* | 252 |
|  | Kardium Inc., Series D-6 Convertible | Preferred Stock | \*\* | 211 |
|  | KoBold Metals Co., Series B-1 | Preferred Stock | \*\* | 1284 |
|  | Manus Bio Inc., Series One-6 | Preferred Stock | \*\* | 85 |
|  | National Resilence, Series B Convertible | Preferred Stock | \*\* | 384 |
|  | National Resilence, Series C Convertible | Preferred Stock | \*\* | 222 |
|  | Nuro Inc., Series C | Preferred Stock | \*\* | 647 |
|  | Nuro Inc., Series D | Preferred Stock | \*\* | 208 |
|  | Redwood Materials Inc., Series C | Preferred Stock | \*\* | 369 |
|  | SecurityScorecard Inc., Series E Convertible | Preferred Stock | \*\* | 186 |
|  | Sila Nanotechnologies Inc., Series F | Preferred Stock | \*\* | 206 |
|  | Cash & Cash Equivalents | Foreign Currency | \*\* | 30 |
|  | Bruker Corp., Convertible Series A | Convertible Equity | \*\* | 2258 |
|  | Cellares Corp., Series D Convertible | Convertible Equity | \*\* | 617 |
|  | Epirus, Inc., Series D Convertible | Convertible Equity | \*\* | 99 |
|  | Kardigan Inc., Series B Convertible | Convertible Equity | \*\* | 557 |
|  | Kardium Inc., Series D-7 Convertible | Convertible Equity | \*\* | 415 |
|  | Kardium Inc., Series D-8 Convertible | Convertible Equity | \*\* | 295 |
|  | Kobold Metals Co., Series C-1 Convertible | Convertible Equity | \*\* | 729 |
|  | Lightmatter Inc., Series D Convertible | Convertible Equity | \*\* | 588 |
|  | Mirador Therapeutics Inc., Series B Convertible | Convertible Equity | \*\* | 555 |
|  | Novanta Inc. Tangible Equity Units | Convertible Equity | \*\* | 2002 |
|  | Treeline Biosciences Inc., Series A-2 Convertible | Convertible Equity | \*\* | 475 |
| \* | Northern Institutional Treasury Portfolio | Money Market Securities | \*\* | 1476 |
| \* | T. Rowe Price Government Reserve Fund | Money Market Securities | \*\* | 1005 |
|  | Treeline Biosciences Inc., Warrants | Warrants | \*\* | 71 |
|  | International Equity Portfolio: |  |  |  |
|  | Capital Group International All Country Equity Trust | Common Trust | \*\* | 249003 |
| \* | Northern Institutional Treasury Portfolio Premier Shares | Money Market Securities | \*\* | 115 |
|  | Total separately managed accounts | Total separately managed accounts |  | 2655644 |
|  | Fully Benefit-Responsive Contracts: |  |  |  |
|  | Capital Preservation Portfolio: |  |  |  |

---

------

<u>[**Table of Contents**](#i71218a96b39e4dbf83dc9d697b64a992_4)</u>

**COSTCO 401(k) RETIREMENT PLAN**

Schedule H, Line 4i – Schedule of Assets (Held at End of Year) (Continued)

December 31, 2025

(in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(a)** | **(b) Identity of issuer, borrower,<br>lessor, or similar party** | **(c) Description of investment** | **(d) Cost** | **(e) Current value** |
| \* | Northern Institutional Treasury Portfolio | Common Trust | \*\* | 11369 |
| \* | T. Rowe Price Cash Reserves Trust | Common Trust | \*\* | 17013 |
| \* | T. Rowe Price Intermediate Term Common Trust | Common Trust | \*\* | 1124170 |
| \* | T. Rowe Price Managed Bond Trust | Common Trust | \*\* | 152429 |
| \* | T. Rowe Price Short Term Common Trust | Common Trust | \*\* | 475454 |
|  | Total fully benefit-responsive contracts | Total fully benefit-responsive contracts |  | 1780435 |
| \* | Costco Wholesale Corporation | Common Stock | \*\* | 18338069 |
|  | Total investments | Total investments |  | 40237114 |
| \* | Participant loans | Interest rates of 4.25% to 10.50% maturing through 2040 | __ | 614078 |
|  | Total | Total |  | $40851192 |
|  | _________________________ |  |  |  |
|  | \* Indicates a party-in-interest |  |  |  |
|  | \*\* Information is not required as investments are participant directed | \*\* Information is not required as investments are participant directed | \*\* Information is not required as investments are participant directed | \*\* Information is not required as investments are participant directed |

---

See accompanying report of independent registered public accounting firm.

------

<u>[**Table of Contents**](#i71218a96b39e4dbf83dc9d697b64a992_4)</u>

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | | COSTCO 401(k) RETIREMENT PLAN |
| June 26, 2026 | By: | /s/ MARK SIEGEL |
| Date |  | Mark Siegel<br>*Vice President, Benefits*<br>*Costco Wholesale Corporation* |

---

## Exhibit 23.1

**Exhibit 23.1**

**Consent of Independent Registered Public Accounting Firm**

We consent to the incorporation by reference in Registration Statements Nos. 333-204739, 333-180163, 333-150014, and 333-120523 on Form S-8 of Costco Wholesale Corporation of our report dated June 26, 2026 appearing in this Annual Report on Form 11-K of Costco 401(k) Retirement Plan for the year ended December 31, 2025.

/s/ Crowe LLP

Oakbrook Terrace, Illinois

June 26, 2026

<br>