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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

For the fiscal year ended December 31, 2025


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

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

Table of Contents

COSTCO 401(k) RETIREMENT PLAN

Table of Contents


			Page
Report of Independent Registered Public Accounting Firm			1
Financial Statements:
Statements of Net Assets Available for Benefits as of December 31, 2025 and 2024			2
Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2025			3
Notes to Financial Statements			4
Supplementary Information:
Schedule H, Line 4i - Schedule of Assets (Held at End of Year) as of December 31, 2025			10
Signatures			23
Exhibits:
23.1 - Consent of Independent Registered Public Accounting Firm

Table of Contents

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

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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			$	38,456,679	$	38,028,873




	Investments at contract value:
		Fully benefit-responsive investment contracts		1,780,435		1,797,653
			Total investments	40,237,114		39,826,526
	Receivables:
		Notes receivable from participants		614,078		587,174

		Employer contributions		668,900		597,843
			Total receivables	1,282,978		1,185,017
	Non-interest bearing cash			3,586		5,849
Net assets available for benefits				$	41,523,678	$	41,017,392

See accompanying notes to financial statements.

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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		$	1,644,151
	Interest		64,925
	Dividends		164,710
		Total net investment income	1,873,786
Interest on notes receivable from participants			48,961
Contributions to the Plan:
	Employee		1,237,145
	Employer		759,012
		Total contributions	1,996,157
Distributions to participants and other			(3,412,618)
		Increase in net assets	506,286
Net assets available for benefits, beginning of year			41,017,392
Net assets available for benefits, end of year			$	41,523,678

See accompanying notes to financial statements.

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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.

(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.

(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.

(1) 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.

(2) 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.

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COSTCO 401(k) RETIREMENT PLAN

Notes to Financial Statements (Continued)

December 31, 2025 and 2024

(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.

(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.

(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.

(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.

(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.

(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

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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.

(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.

(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

(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.

(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.

(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,

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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.

(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.

(e)Distribution of Benefits

Distributions of benefits are recorded when paid.

(f) 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

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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.


December 31, 2025:	Level 1 (in 000's)
Investments, at fair value:
Costco Wholesale Corporation common stock	$	18,338,069
Common commingled trust funds	16,852,301
Separately managed accounts	2,655,644
Registered investment company funds	610,665
Total investments in fair value hierarchy	$	38,456,679


December 31, 2024:	Level 1 (in 000's)
Investments, at fair value:
Costco Wholesale Corporation common stock	$	21,006,481
Common commingled trust funds	12,039,144
Separately managed accounts	2,629,978
Registered investment company funds	2,353,270
Total investments in fair value hierarchy	$	38,028,873

(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.

Table of Contents

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.

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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,
lessor, or similar party

(d) Cost

(e) Current value

Registered investment company funds:

PIMCO

Income Institutional

610,665

Total registered investment company funds

610,665

Common commingled trust funds:

Capital Group

New Perspective Trust U3

628,517

State Street

Global All Cap Equity Ex-U.S. Index Securities Lending Series Fund Class X

176,497

State Street

S&P 500 Index Securities Lending Series Fund Class X

1,731,384

State Street

Small/Mid Cap Index Securities Lending Class II

140,619

State Street

U.S. Bond Index Securities Lending Series Fund Class X

171,650

T. Rowe Price

Retirement Balanced Trust K

36,645

T. Rowe Price

TRP Ret 2005 Active Trust K

23,077

T. Rowe Price

TRP Ret 2010 Active Trust K

36,474

T. Rowe Price

TRP Ret 2015 Active Trust K

119,423

T. Rowe Price

TRP Ret 2020 Active Trust K

392,108

T. Rowe Price

TRP Ret 2025 Active Trust K

861,953

T. Rowe Price

TRP Ret 2030 Active Trust K

1,397,184

T. Rowe Price

TRP Ret 2035 Active Trust K

1,509,447

T. Rowe Price

TRP Ret 2040 Active Trust K

1,760,441

T. Rowe Price

TRP Ret 2045 Active Trust K

2,017,008

T. Rowe Price

TRP Ret 2050 Active Trust K

1,433,649

T. Rowe Price

TRP Ret 2055 Active Trust K

1,744,032

T. Rowe Price

TRP Ret 2060 Active Trust K

985,054

T. Rowe Price

TRP Ret 2065 Active Trust K

333,989

T. Rowe Price

TRP Ret 2070 Active Trust K

6,156

T. Rowe Price

TRP Ret 2020 Active Trust-Income K

9,809

T. Rowe Price

TRP Ret 2025 Active Trust-Income K

2,660

Wellington

CIF II Growth S5

1,334,525

Total common commingled trust funds

16,852,301

Separately managed accounts:

Mid-Cap Growth Portfolio:

Agilent Technologies Inc.

Common Stock

28,153

Align Technology Inc.

Common Stock

6,916

Alnylam Pharmaceuticals Inc.

Common Stock

17,684

Amphenol Corp., Class A

Common Stock

14,330

Arcellx Inc.

Common Stock

4,202

Assurant Inc.

Common Stock

22,177

Atlassian Corp., Class A

Common Stock

8,162

Aurora Innovation Inc., Class A

Common Stock

1,588

Avantor Inc.

Common Stock

9,484

Avery Dennison Corp.

Common Stock

12,919

Ball Corp.

Common Stock

8,794

Biogen Inc.

Common Stock

4,688

Booz Allen Hamilton Holdings Corporation, Class A

Common Stock

11,816

Broadridge Financial Solutions Inc.

Common Stock

4,070

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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,
lessor, or similar party

(d) Cost

(e) Current value

Bruker Corp.

Common Stock

3,632

Burlington Stores Inc.

Common Stock

19,166

BWX Technologies Inc.

Common Stock

8,656

Caris Life Sciences Inc.

Common Stock

3,898

Casey's General Stores Inc.

Common Stock

10,644

Cboe Global Markets Inc.

Common Stock

11,343

CCC Intelligent Solutions Holdings Inc.

Common Stock

12,430

Cencora Inc.

Common Stock

19,441

Cheniere Energy Inc.

Common Stock

13,691

Corcept Therapeutics Incorporated

Common Stock

1,198

Corning Incorporated

Common Stock

1,729

Corpay Inc.

Common Stock

8,341

Costar Group Inc.

Common Stock

5,903

Cytokinetics Incorporated

Common Stock

6,770

Dollar Tree Inc.

Common Stock

21,340

Domino's Pizza Inc.

Common Stock

20,254

DraftKings Inc., Class A

Common Stock

10,213

DT Midstream Inc.

Common Stock

1,539

Duolingo Inc.

Common Stock

3,274

Elanco Animal Health Inc.

Common Stock

9,597

Encompass Health Corp.

Common Stock

7,137

EQT Corp.

Common Stock

12,796

Equifax Inc.

Common Stock

6,342

Everpure Inc.

Common Stock

8,450

Expand Energy Corp.

Common Stock

7,696

Fortive Corp.

Common Stock

3,798

Hilton Worldwide Holdings Inc.

Common Stock

32,238

Hologic Inc.

Common Stock

11,095

HubSpot Inc.

Common Stock

4,083

Ingersoll Rand Inc.

Common Stock

14,202

Ionis Pharmaceuticals Inc.

Common Stock

16,786

ITT Inc.

Common Stock

8,499

Keysight Technologies Inc.

Common Stock

16,378

Lattice Semiconductor Corp.

Common Stock

25,537

Liberty Live Holdings Inc., Series C

Common Stock

9,399

Liberty Media Corp., Series C Liberty Formula One

Common Stock

21,077

Live Nation Entertainment Inc.

Common Stock

2,388

MACOM Technology Solutions Holdings Inc.

Common Stock

15,053

Manhattan Associates Inc.

Common Stock

10,927

Maplebear Inc.

Common Stock

906

Markel Group Inc.

Common Stock

8,363

Martin Marietta Materials Inc.

Common Stock

14,664

Masimo Corp.

Common Stock

2,556

McCormick & Company Inc.

Common Stock

10,579

McGraw Hill Inc.

Common Stock

2,577

Mettler-Toldeo International Inc.

Common Stock

24,479

Microchip Technology Inc.

Common Stock

15,726

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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,
lessor, or similar party

(d) Cost

(e) Current value

Molina Healthcare Inc.

Common Stock

7,063

MongoDB Inc.

Common Stock

5,736

Monolithic Power Systems Inc.

Common Stock

16,509

MSCI Inc.

Common Stock

20,433

Natera Inc.

Common Stock

2,887

Netskope Inc., Class A

Common Stock

1,281

New York Times Co., Class A

Common Stock

15,021

Nuvalent Inc., Class A

Common Stock

1,214

Old Dominion Freight Line Inc.

Common Stock

14,453

Onestream Inc., Class A

Common Stock

2,511

Paylocity Holding Corp.

Common Stock

14,078

Planet Fitness Inc., Class A

Common Stock

18,655

Pool Corporation

Common Stock

11,068

PTC Inc.

Common Stock

27,171

Quanta Services Inc.

Common Stock

7,452

Quidelortho Corp.

Common Stock

4,284

Ralliant Corporation

Common Stock

3,375

Raymond James Financial Inc.

Common Stock

14,210

Reddit Inc., Class A

Common Stock

11,051

Revolution Medicines Inc.

Common Stock

3,552

Ross Stores Inc.

Common Stock

12,669

Ryan Specialty Holdings Inc., Class A

Common Stock

5,217

Service Corporation International

Common Stock

9,171

StandardAero Inc.

Common Stock

7,532

Teleflex Inc.

Common Stock

13,471

Texas Roadhouse Inc.

Common Stock

9,009

Textron Inc.

Common Stock

16,166

The Cooper Companies Inc.

Common Stock

18,642

Toast Inc., Class A

Common Stock

6,925

TopBuild Corp.

Common Stock

5,702

TPG Inc., Class A

Common Stock

5,085

Trade Desk Inc/The, Class A

Common Stock

3,574

Tradeweb Markets Inc., Class A

Common Stock

7,960

Transunion

Common Stock

14,525

Tyler Technologies Inc.

Common Stock

21,964

UL Solutions Inc., Class A

Common Stock

8,491

Ulta Beauty Inc.

Common Stock

14,649

Unity Software Inc.

Common Stock

5,052

Vaxcyte Inc.

Common Stock

4,716

Veeva Systems Inc., Class A

Common Stock

20,196

Veralto Corp.

Common Stock

13,256

West Pharmaceutical Services

Common Stock

7,703

Wingstop Inc.

Common Stock

4,711

Wyndham Hotels & Resorts Inc.

Common Stock

6,746

XPO Inc.

Common Stock

10,209

Yum! Brands Inc.

Common Stock

25,833

Zoom Communications Inc.

Common Stock

10,295

Zscaler Inc.

Common Stock

11,107

Table of Contents

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,
lessor, or similar party

(d) Cost

(e) Current value

Alcon AG

Foreign Stock

4,411

Ascendis Pharma

Foreign Stock

8,913

Bending Spoons S.p.A., Class C

Foreign Stock

1,437

BioNTech SE

Foreign Stock

4,796

Birkenstock Holding PLC

Foreign Stock

9,723

Bullish

Foreign Stock

875

Crispr Therapeutics AG

Foreign Stock

3,155

ESAB Corp.

Foreign Stock

14,743

Ferguson Enterprises Inc. Par

Foreign Stock

15,147

Monday.com Ltd.

Foreign Stock

4,681

NXP Semiconductors N.V.

Foreign Stock

9,137

On Holding AG, Class A

Foreign Stock

1,790

RB Global Inc.

Foreign Stock

6,219

Sportradar Group AG

Foreign Stock

5,335

TechnipFMC PLC

Foreign Stock

19,361

Viking Holdings Ltd.

Foreign Stock

22,887

Databricks, Series H Convertible

Preferred Stock

1,874

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

1,514

Northern Institutional Treasury Portfolio

Money Market Securities

935

T. Rowe Price Government Reserve Fund

Money Market Securities

29,100

Large Cap Value Portfolio:

Abbott Laboratories

Common Stock

4,559

Allstate Corp.

Common Stock

7,326

Alphabet Inc., Class A

Common Stock

12,384

Alphabet Inc., Class C

Common Stock

10,036

Amazon.com Inc.

Common Stock

6,672

Ameren Corporation

Common Stock

5,149

American Express Company

Common Stock

7,301

Ametek Inc.

Common Stock

9,857

Analog Devices Inc.

Common Stock

5,854

Annaly Capital Management Inc.

Common Stock

3,001

Apollo Global Management Inc.

Common Stock

874

Arista Networks Inc.

Common Stock

5,963

Atmos Energy Corp.

Common Stock

2,220

Autozone Inc.

Common Stock

6,699

Ball Corp.

Common Stock

3,563

Bank of America Corp.

Common Stock

8,608

Berkshire Hathaway Inc., Class B

Common Stock

16,061

Booking Holdings Inc.

Common Stock

3,752

Capital One Financial Corporation

Common Stock

1,962

Caterpillar Inc.

Common Stock

5,822

Cencora Inc.

Common Stock

7,729

Chevron Corp.

Common Stock

7,067

Cigna Group

Common Stock

1,852

Table of Contents

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,
lessor, or similar party

(d) Cost

(e) Current value

Cisco Systems Inc.

Common Stock

5,907

Citigroup Inc.

Common Stock

5,145

CME Group Inc.

Common Stock

2,460

Colgate-Palmolive Company

Common Stock

3,878

Conocophillips

Common Stock

9,215

Corebridge Financial Inc.

Common Stock

129

CSX Corp.

Common Stock

3,969

Danaher Corp.

Common Stock

1,844

Deere & Company

Common Stock

12,422

Dollar Tree Inc.

Common Stock

5,382

Elevance Health Inc.

Common Stock

5,303

Equity LifeStyle Properties Inc.

Common Stock

2,507

Equifax Inc.

Common Stock

2,210

Essex Property Trust Inc.

Common Stock

2,959

Exxon Mobil Corp.

Common Stock

3,752

Fifth Third Bancorp

Common Stock

4,834

General Electric Company

Common Stock

4,569

Gilead Sciences Inc.

Common Stock

7,932

Home Depot Inc.

Common Stock

6,097

Intel Corporation

Common Stock

3,518

Intercontinental Exchange Inc.

Common Stock

7,611

InterDigital Inc.

Common Stock

1,494

International Business Machines Corporation

Common Stock

3,161

International Paper Company

Common Stock

7,690

Johnson & Johnson

Common Stock

3,945

JPMorgan Chase & Co.

Common Stock

18,969

KeyCorp

Common Stock

1,095

Keysight Technologies Inc.

Common Stock

13,567

KLA Corp.

Common Stock

3,638

Lam Research Corporation

Common Stock

3,902

Lowe's Companies Inc.

Common Stock

3,033

McDonald's Corp.

Common Stock

7,563

Merck & Co. Inc.

Common Stock

811

Meta Platforms Inc.

Common Stock

2,635

Metlife Inc.

Common Stock

1,250

Microsoft Corporation

Common Stock

2,430

Mondelez International Inc.

Common Stock

6,896

Morgan Stanley

Common Stock

4,252

Norfolk Southern Corp.

Common Stock

4,212

Northrop Grumman Corp.

Common Stock

2,090

Old Dominion Freight Line Inc.

Common Stock

4,698

Owens Corning

Common Stock

1,726

PACCAR Inc.

Common Stock

111

Parker-Hannifin Corp.

Common Stock

8,772

Pinterest Inc., Class A

Common Stock

2,227

PPG Industries Inc.

Common Stock

2,122

Proctor & Gamble Co/The

Common Stock

8,025

Progressive Corp.

Common Stock

634

Table of Contents

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,
lessor, or similar party

(d) Cost

(e) Current value

Public Storage

Common Stock

2,111

Quest Diagnostics Incorporated

Common Stock

2,710

Range Resources Corp.

Common Stock

5,581

Republic Services Inc.

Common Stock

5,998

Revvity Inc.

Common Stock

4,887

Salesforce Inc.

Common Stock

2,383

Tenet Healthcare Corp.

Common Stock

6,723

Texas Instruments Corp.

Common Stock

8,627

The Charles Schwab Corp.

Common Stock

8,783

The Goldman Sachs Group Inc.

Common Stock

4,226

The Southern Company

Common Stock

7,459

The Travelers Companies Inc.

Common Stock

2,638

The Walt Disney Company

Common Stock

3,898

T-Mobile US Inc.

Common Stock

4,456

Toll Brothers Inc.

Common Stock

2,078

Tractor Supply Co.

Common Stock

174

UnitedHealth Group Inc.

Common Stock

7,246

Valero Energy Corporation

Common Stock

5,446

VICI Properties Inc.

Common Stock

2,210

Visa Inc., Class A

Common Stock

2,475

W. W. Grainger Inc.

Common Stock

3,323

Wabtec Corp.

Common Stock

9,017

Walmart Inc.

Common Stock

1,720

Welltower Inc.

Common Stock

5,258

Xcel Energy

Common Stock

5,446

Alcon AG

Foreign Stock

1,578

AstraZeneca PLC

Foreign Stock

3,280

Chubb Ltd.

Foreign Stock

2,437

Franco-Nevada Corp.

Foreign Stock

908

Linde PLC

Foreign Stock

6,529

Pentair PLC

Foreign Stock

2,578

SLB N.V.

Foreign Stock

4,928

TE Connectivity Ltd.

Foreign Stock

3,560

TechnipFMC PLC

Foreign Stock

3,868

Northern Institutional Treasury Portfolio

Money Market Securities

1,028

T. Rowe Price Government Money Fund

Money Market Securities

3,197

Small-Cap Core Portfolio:

Advanced Drainage Systems Inc.

Common Stock

539

Advanced Energy Industries Inc.

Common Stock

1,602

Albany International Corp., Class A

Common Stock

318

Alignment Healthcare Inc.

Common Stock

5,438

Alliance Laundry Holdings Inc.

Common Stock

708

API Group Corp.

Common Stock

6,897

Apogee Therapeutics Inc.

Common Stock

1,421

Applied Digital Corporation

Common Stock

1,752

AptarGroup Inc.

Common Stock

982

Arcellx Inc.

Common Stock

4,081

Arcosa Inc.

Common Stock

3,311

Table of Contents

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,
lessor, or similar party

(d) Cost

(e) Current value

Atlanta Braves Holdings Inc., Series C

Common Stock

1,970

Atlantic Union Bankshares Corporation

Common Stock

851

Atmus Filtration Technologies Inc.

Common Stock

2,567

Aurora Innovation Inc., Class A

Common Stock

1,195

Axsome Therapeutics Inc.

Common Stock

AZZ Inc.

Common Stock

4,015

Banc of California Inc.

Common Stock

3,932

Bel Fuse Inc., Class B

Common Stock

1,767

BETA Technologies Inc., Class A

Common Stock

1,081

Bicara Therapeutics Inc.

Common Stock

1,691

BillionToOne Inc., Class A

Common Stock

252

BioLife Solutions Inc.

Common Stock

3,672

Bio-Rad Laboratories Inc., Class A

Common Stock

530

Bio-Techne Corporation

Common Stock

1,798

BJ's Wholesale Club Holdings Inc.

Common Stock

1,837

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

1,068

Booz Allen Hamilton Holdings Corporation, Class A

Common Stock

954

BRC Inc., Class A

Common Stock

270

BrightSpring Health Services Inc.

Common Stock

4,515

Burlington Stores Inc.

Common Stock

1,853

Cactus Inc., Class A

Common Stock

613

California Water Services Group

Common Stock

2,154

CareTrust REIT Inc.

Common Stock

2,334

Caris Life Sciences Inc.

Common Stock

2,899

Casella Waste Systems Inc., Class A

Common Stock

3,401

Cava Group Inc.

Common Stock

Cboe Global Markets Inc.

Common Stock

2,897

CCC Intelligent Solutions Holdings Inc.

Common Stock

1,785

CECO Environmental Corp.

Common Stock

1,274

CG Oncology Inc.

Common Stock

430

Checkr Inc.

Common Stock

225

Chesapeake Utilities Corp.

Common Stock

4,720

Cipher Digital Inc.

Common Stock

788

Columbia Banking Systems Inc.

Common Stock

4,167

Corcept Therapeutics Incorporated

Common Stock

799

Crane Co.

Common Stock

1,709

CRB Group Inc.

Common Stock

362

CSW Industrials Inc.

Common Stock

2,557

Cubesmart

Common Stock

1,807

Curbline Properties Corp.

Common Stock

5,142

Cytokinetics Incorporated

Common Stock

6,907

Denali Therapeutics Inc.

Common Stock

2,515

Dime Community Bancshares Inc.

Common Stock

2,021

Duolingo Inc.

Common Stock

Table of Contents

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,
lessor, or similar party

(d) Cost

(e) Current value

Dutch Bros Inc., Class A

Common Stock

1,844

Dyne Therapeutics Inc.

Common Stock

7,411

East West Bancorp Inc.

Common Stock

5,329

Eastern Bankshares Inc.

Common Stock

3,985

Eastgroup Properties Inc.

Common Stock

1,544

Elanco Animal Health Inc.

Common Stock

7,044

Element Solutions Inc.

Common Stock

4,834

Enpro Inc.

Common Stock

2,722

Entegris Inc.

Common Stock

3,972

Equity Bancshares Inc., Class A

Common Stock

2,038

Erasca Inc.

Common Stock

795

Esco Technologies Inc.

Common Stock

1,056

FB Financial Corp.

Common Stock

2,567

Federal Signal Corp.

Common Stock

1,237

Five Star Bancorp

Common Stock

2,163

Flagship Communities REIT UT

Common Stock

1,783

Flagstar Bank, National Association

Common Stock

1,983

Floor & Décor Holdings Inc., Class A

Common Stock

1,958

Flowserve Corporation

Common Stock

1,198

FTAI Aviation Ltd.

Common Stock

2,113

GCI Liberty Inc. Series C

Common Stock

291

GeneDx Holdings Corp., Class A

Common Stock

1,457

Goosehead Insurance Inc., Class A

Common Stock

3,190

GPGI Inc.

Common Stock

Graco Inc.

Common Stock

1,843

GRAIL Inc.

Common Stock

Grocery Outlet Holding Corp.

Common Stock

3,194

HA Sustainable Infrastructure Capital Inc.

Common Stock

1,805

Hagerty Inc., Class A

Common Stock

1,073

Hamilton Lane Inc., Class A

Common Stock

2,976

Haul Hub, Series C Convertible

Common Stock

Healthequity Inc.

Common Stock

Home Bancshares Inc.

Common Stock

1,835

i3 Verticals Inc., Class A

Common Stock

1,516

iCapital Inc.

Common Stock

795

Idacorp Inc.

Common Stock

3,786

Immunome Inc.

Common Stock

7,507

Immunovant Inc.

Common Stock

3,141

Impinj Inc.

Common Stock

883

Independence Realty Trust Inc.

Common Stock

1,981

Installed Building Products Inc.

Common Stock

1,855

InterDigital Inc.

Common Stock

1,652

International Paper Company

Common Stock

3,706

Ionis Pharmaceuticals Inc.

Common Stock

774

IonQ Inc.

Common Stock

IRadimed Corp.

Common Stock

350

JBT Marel Corporation

Common Stock

1,839

JFrog Ltd.

Common Stock

2,425

Table of Contents

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,
lessor, or similar party

(d) Cost

(e) Current value

Kadant Inc.

Common Stock

664

Karman Holdings Inc.

Common Stock

1,768

Kearny Financial Corp/Md

Common Stock

613

Knife River Corp.

Common Stock

1,652

Kodiak Sciences Inc.

Common Stock

347

Kontoor Brands Inc.

Common Stock

724

Kratos Defense & Security Solutions Inc.

Common Stock

1,458

Kymera Therapeutics Inc.

Common Stock

1,267

Lattice Semiconductor Corp.

Common Stock

9,712

Leonardo DRS Inc.

Common Stock

443

Liberty Live Holdings Inc., Series C

Common Stock

12,316

Life Time Group Holdings Inc.

Common Stock

1,948

Littelfuse Inc.

Common Stock

1,905

Live Oak Bancshares Inc.

Common Stock

2,260

Loar Holdings Inc.

Common Stock

4,907

Louisiana-Pacific Corp.

Common Stock

1,411

Lumexa Imaging Holdings Inc.

Common Stock

1,127

MACOM Technology Solutions Holdings Inc.

Common Stock

5,373

Madison Square Garden Sports Corp.

Common Stock

2,666

MapLight Therapeutics Inc.

Common Stock

584

Maravai LifeSciences Holdings Inc., Class A

Common Stock

454

Marqeta Inc.

Common Stock

2,651

Masimo Corp.

Common Stock

5,926

Mercury Systems Inc.

Common Stock

2,167

Miami International Holdings Inc.

Common Stock

3,188

Middlesex Water Co.

Common Stock

1,311

Mirion Technologies Inc., Class A

Common Stock

7,308

Molina Healthcare Inc.

Common Stock

1,722

MSA Safety Inc.

Common Stock

1,876

MYR Group Inc.

Common Stock

1,192

National Energy Services Reunited Corp.

Common Stock

194

nCino Inc.

Common Stock

844

Neogen Corp.

Common Stock

1,195

Neptune Insurance Holdings Inc., Class A

Common Stock

2,762

Netskope Inc., Class A

Common Stock

214

Nuvalent Inc., Class A

Common Stock

2,503

OceanFirst Financial Corp.

Common Stock

1,201

OGE Energy Corp.

Common Stock

3,464

Olaplex Holdings Inc.

Common Stock

931

Onestream Inc., Class A

Common Stock

1,168

Onto Innovation Inc.

Common Stock

1,308

OPENLANE Inc.

Common Stock

1,335

Oscar Health Inc., Class A

Common Stock

1,825

PAR Technology Corp/Del

Common Stock

5,094

Parsons Corp.

Common Stock

2,861

Patrick Industries Inc.

Common Stock

694

Pax Labs Inc., Class A

Common Stock

Pennymac Financial Services

Common Stock

7,343

Table of Contents

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,
lessor, or similar party

(d) Cost

(e) Current value

Penumbra Inc.

Common Stock

Personalis Inc.

Common Stock

2,053

Pinnacle Financial Partners

Common Stock

2,768

PJT Partners Inc., Class A

Common Stock

757

Planet Fitness Inc., Class A

Common Stock

6,599

Praxis Precision Medicines Inc.

Common Stock

2,305

PriceSmart Inc.

Common Stock

634

Prime Medicine Inc.

Common Stock

391

Procept Biorobotics Corp.

Common Stock

2,847

Prosperity Bancshares Inc.

Common Stock

2,843

Quidelortho Corp.

Common Stock

3,051

QXO Inc.

Common Stock

3,804

Radnet Inc.

Common Stock

1,686

Ralliant Corporation

Common Stock

881

Rambus Inc.

Common Stock

1,934

Range Resources Corp.

Common Stock

RBC Bearings Inc.

Common Stock

6,979

Red Rock Resorts Inc., Class A

Common Stock

602

Reddit Inc., Class A

Common Stock

Renasant Corporation

Common Stock

1,453

Repligen Corp.

Common Stock

3,065

Revolution Medicines Inc.

Common Stock

578

Riot Platforms Inc.

Common Stock

RLI Corp.

Common Stock

1,389

Rocket Companies Inc., Class A

Common Stock

3,182

Root Inc., Class A

Common Stock

1,250

Royal Gold Inc.

Common Stock

1,869

Rush Enterprises Inc., Class A

Common Stock

906

Saia Inc.

Common Stock

3,217

Savers Value Village Inc.

Common Stock

1,921

Semtech Corporation

Common Stock

3,133

Simply Good Foods Co/The

Common Stock

373

Simpson Manufacturing Co. Inc.

Common Stock

533

Siteone Landscape Supply Inc.

Common Stock

3,919

SiTime Corporation

Common Stock

1,485

Sotera Health Co.

Common Stock

2,735

SouthState Bank Corporation

Common Stock

4,275

SPX Technologies Inc.

Common Stock

2,028

Standex International Corporation

Common Stock

1,003

Stepstone Group Inc., Class A

Common Stock

874

Stifel Financial Corp.

Common Stock

StoneX Group Inc.

Common Stock

2,582

Surgery Partners Inc.

Common Stock

223

Teledyne Technologies Inc.

Common Stock

1,872

Terreno Realty Corp.

Common Stock

2,809

Texas Capital Bancshares Inc.

Common Stock

3,874

The Ensign Group Inc.

Common Stock

1,020

The Macerich Company

Common Stock

950

Table of Contents

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,
lessor, or similar party

(d) Cost

(e) Current value

The Middleby Corporation

Common Stock

2,364

Turning Point Brands Inc.

Common Stock

471

TWFG Inc., Class A

Common Stock

1,736

TXNM Energy Inc.

Common Stock

UL Solutions Inc., Class A

Common Stock

1,203

United States Lime & Minerals, Inc.

Common Stock

1,178

Uniti Group Inc.

Common Stock

2,516

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

1,129

Viper Energy Inc., Class A

Common Stock

1,884

VSE Corp.

Common Stock

10,301

Warrior Met Coal Inc.

Common Stock

1,920

Wealthfront Corporation

Common Stock

446

Weatherford International PLC

Common Stock

1,961

Western Alliance Bancorporation

Common Stock

3,246

White Mountains Insurance Group Ltd.

Common Stock

1,971

Willscot Holdings Corp.

Common Stock

1,900

Wingstop Inc.

Common Stock

2,043

Workiva Inc., Class A

Common Stock

865

Wyndham Hotels & Resorts Inc.

Common Stock

1,953

Xometry Inc., Class A

Common Stock

484

Birkenstock Holding PLC

Foreign Stock

3,133

Bullish

Foreign Stock

171

Capstone Copper Corp.

Foreign Stock

2,029

Cellebrite DI Ltd.

Foreign Stock

4,103

Cenovus Energy Inc.

Foreign Stock

3,490

Colliers International Group Inc.

Foreign Stock

2,863

Definity Financial Corporation

Foreign Stock

2,099

Denison Mines Corp.

Foreign Stock

Descartes Systems Group/The

Foreign Stock

Diploma PLC

Foreign Stock

1,793

Esab Corp.

Foreign Stock

7,900

eToro Group Ltd., Class A

Foreign Stock

1,109

Fabrinet

Foreign Stock

314

Firstservice Corp.

Foreign Stock

1,839

Golar LNG Limited

Foreign Stock

2,670

Immatics NV

Foreign Stock

3,679

Immunocore Holdings PLC - ADR

Foreign Stock

5,092

OR Royalties Inc.

Foreign Stock

5,618

SECURE Waste Infrastructure Corp.

Foreign Stock

1,909

Spirax Group PLC

Foreign Stock

1,906

Sportradar Group AG

Foreign Stock

2,069

Stevanato Group SpA

Foreign Stock

1,602

TechnipFMC PLC

Foreign Stock

4,065

TMX Group Ltd.

Foreign Stock

2,952

Tower Semiconductor Ltd.

Foreign Stock

563

Table of Contents

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,
lessor, or similar party

(d) Cost

(e) Current value

Weir Group ADR

Foreign Stock

1,155

Xenon Pharmaceuticals Inc.

Foreign Stock

642

Ypsomed Holding AG

Foreign Stock

1,178

1661 Inc. D/B/A/ Goat, Series F Convertible

Preferred Stock

ABL Space Systems, Series A-8

Preferred Stock

Cellink Inc., Series D

Preferred Stock

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

Flexe, Series D Convertible

Preferred Stock

Haul Hub, Series B Convertible

Preferred Stock

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

1,284

Manus Bio Inc., Series One-6

Preferred Stock

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

Bruker Corp., Convertible Series A

Convertible Equity

2,258

Cellares Corp., Series D Convertible

Convertible Equity

617

Epirus, Inc., Series D Convertible

Convertible Equity

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

2,002

Treeline Biosciences Inc., Series A-2 Convertible

Convertible Equity

475

Northern Institutional Treasury Portfolio

Money Market Securities

1,476

T. Rowe Price Government Reserve Fund

Money Market Securities

1,005

Treeline Biosciences Inc., Warrants

Warrants

International Equity Portfolio:

Capital Group International All Country Equity Trust

Common Trust

249,003

Northern Institutional Treasury Portfolio Premier Shares

Money Market Securities

115

Total separately managed accounts

2,655,644

Fully Benefit-Responsive Contracts:

Capital Preservation Portfolio:

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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,
lessor, or similar party

(d) Cost

(e) Current value

Northern Institutional Treasury Portfolio

Common Trust

11,369

T. Rowe Price Cash Reserves Trust

Common Trust

17,013

T. Rowe Price Intermediate Term Common Trust

Common Trust

1,124,170

T. Rowe Price Managed Bond Trust

Common Trust

152,429

T. Rowe Price Short Term Common Trust

Common Trust

475,454

Total fully benefit-responsive contracts

1,780,435

Costco Wholesale Corporation

Common Stock

18,338,069

Total investments

40,237,114

Participant loans

Interest rates of 4.25% to 10.50% maturing through 2040

614,078

Total

40,851,192

_________________________

* Indicates a party-in-interest

** Information is not required as investments are participant directed

See accompanying report of independent registered public accounting firm.

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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 Vice President, Benefits Costco Wholesale Corporation