Costco stock (NASDAQ: COST) slipped 1.06% to $956.87 in early trading today, reflecting broader market volatility and investor concerns over renewed import tariffs under President Trump’s proposed economic policies.

But despite the short-term dip, analysts and long-term investors remain bullish on the retail giant’s future. With over $254 billion in annual revenue and a market cap exceeding $424 billion, Costco has built a powerful moat with its membership-based model — generating over $1.1 billion in high-margin subscription revenue in the latest quarter alone.

While tariffs could impact imported goods, Costco says only a third of U.S. sales depend on imports, and less than half of that comes from countries currently targeted by the new trade measures.

Crucially, Costco’s loyal customer base, with renewal rates above 90%, tends to increase shopping activity during economic downturns to maximize membership value.

Despite a high P/E ratio of 52, Costco’s ability to thrive through market cycles, offer strong dividend performance, and maintain growth momentum makes it a solid “hold” — and a potential “buy” on pullbacks for investors focused on long-term gains. For those seeking a reliable, inflation-resistant retail stock in 2025, Costco stock continues to stand out.