Costco Earnings Preview: Rising Fuel Prices Put Its Value Proposition to the Test

Costco is set to report Q3 earnings Thursday after the market close. While rising fuel prices typically squeeze consumer budgets, they could actually benefit Costco by driving more member visits seeking cheaper gas. The company has rallied 17% since the start of 2026 and faces lofty expectations. Analysts from UBS and Oppenheimer remain bullish, citing strong comparable sales, membership growth, and resilient consumer spending, though options market pricing suggests potential ±3% volatility around earnings.