Costco last split its stock in January 2000, and shares now trade around $994, about 9% below the all-time closing high of $1,094.32 set in May. Management has said a split is being reviewed with the board: CFO Gary Millerchip said in December 2024 there was no plan and that fractional shares have weakened the old arguments for splitting, while CEO Ron Vachris said in January 2026 the matter is being reviewed with the board. The author reads this as a polite no for now, noting that a split would not change the company's value and the stock's price-to-earnings ratio is about 48 on fiscal 2026 EPS of $20.76. The author argues a special dividend would matter more to shareholders, since Costco paid a $15 per share special dividend in January 2024 costing about $6.7 billion and has paid none since.
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