Updated

Costco reported fourth-quarter results that beat expectations, helped in part by tariff refunds, and showed improvement in a key membership renewal metric. Despite the beat, analysts note the debate over Costco's long-term membership growth story isn't fully settled, and at least one analyst updated their price target on the stock following the report. Investors reacted with some caution even as the headline numbers topped forecasts, reflecting mixed signals on the durability of Costco's core membership business heading into the next fiscal year.