Costco ECONOMIC

Supply Chain & Sourcing Relationships

• Costco’s Same-Day storefront listed Tnuva Feta Cheese as a “Product of Israel,” documenting an Israel-origin branded food product offered through a Costco retail channel.¹

• A 16 April 2024 Council of Orthodox Rabbis of Greater Detroit notice reported that AM Fresh North America grapefruit sold at some Costco stores bore closures and cases stating “Jaffa / Mehadrin – Israel.”²

• A 12 February 2025 K-COR notice again reported AM Fresh North America grapefruit sold at Costco with closures and cases labelled “Jaffa / Mehadrin – Israel,” supporting reported retail availability continuing into 2025 without establishing a direct Costco–Mehadrin contract, supplier-of-record arrangement, purchase terms, or farm origin.³

• Al-Haq’s February 2026 Medjoul-date report identifies a supply-chain pathway expressed as “Mehadrin → AM Fresh North America → Costco” and reports identifying Mehadrin products at Costco in 2026; these are civil-society supply-chain identifications rather than disclosed Costco purchase orders, supplier confirmations, contracts, or Costco-named bills of lading.⁴

• Who Profits states that Shamir Salads exports products to Costco USA and identifies Costco USA as a general business partner, while not identifying product SKUs, dates, volumes, importer-of-record arrangements, or contractual terms.⁵

• An Export IL supplier-profile page states that Shamir exports its hummus line to Costco USA and began marketing hummus to Costco USA in 2016; this supplier-facing marketplace statement independently repeats the reported relationship but does not provide a contract, shipment record, Costco statement, or other primary confirmation.⁶

• The Shamir–Costco relationship is supported in the reviewed evidence by civil-society and supplier-directory profiles rather than an independently located primary contract, customs record naming Costco, Costco supplier disclosure, product label, or supplier announcement.^{5, 6}

• Panjiva’s public display records 2025 Shamir Salads shipments to Pikante USA Corp. from Shamir’s Barkan address, but does not name Costco, connect Pikante USA to Costco, or establish that those shipments entered Costco’s supply chain.⁷

• No public evidence identified of a Costco-owned Israeli importer, Israeli joint venture, or dedicated Costco importer-of-record entity; Costco’s significant-subsidiary schedule is incomplete by design and cannot exclude every immaterial entity.^{8, 9}

• No public evidence identified of Costco-disclosed seasonal procurement windows, recurring volumes, or contract terms for Mehadrin, AM Fresh, Shamir, or Tnuva.^{1, 4, 5, 8, 10, 6, 7}

Product Origin, Labeling & Regulatory Compliance

• Costco’s Tnuva listing states “Product of Israel,” but the listing does not identify a more precise production location or establish whether the product originated in Israel, the West Bank, East Jerusalem, or the Golan Heights.¹

• The 2024 and 2025 K-COR notices support observed Costco retail availability of AM Fresh/Jaffa-Mehadrin grapefruit labelled Israeli, but they are community kosher-information notices rather than customs records, food-labelling enforcement decisions, or regulatory findings.^{2, 3}

• Mehadrin’s ESG report is an identified supplier disclosure relevant to the reported Mehadrin supply-chain lead, but it does not establish Costco procurement terms or a product-specific origin for goods sold by Costco.¹¹

• Who Profits reports that Shamir Salads’ main factory is in the Barkan Industrial Zone in the West Bank and that the company labels and markets products abroad as “Made in Israel”; no reviewed source establishes that a particular Costco SKU was made at that factory.⁵

• A 2022 B.D.Z. Orthodox Council certificate identifies Shamir Salads 2006 Ltd. as manufacturer/distributor at 31 Shoham Street, Barkan Industrial Zone, and lists hummus and salad products; it supports the facility’s manufacturing role but not Costco distribution.¹²

• Panjiva’s displayed 2025 shipment records identify Shamir’s Barkan address for U.S. exports, and an Israeli Ministry of Health recall notice dated 6 July 2025 names Shamir Salads 2006 Ltd. at 31 HaShoham Street, Barkan; neither source identifies Costco or a Costco product.^{7, 13}

• No public evidence identified of a Costco-specific customs, food-labelling, or other regulatory enforcement action concerning settlement-origin goods or country-of-origin labelling.^{1, 2, 4, 5, 3}

• No public evidence identified of a public Costco policy specifically addressing sourcing from, or labelling of goods from, occupied or contested territories.^{1, 4, 8}

• Costco’s published supply-chain disclosure, revised in August 2018, describes audits for selected supplier facilities, supplier-code compliance, and remediation or termination processes, but contains no Israel- or occupied-territory-specific policy; its current application is unknown.¹⁴

• No reviewed source establishes the farm-level origin of a specific Costco product or proves that a Costco-sold Mehadrin product was grown in a settlement or other occupied territory.^{1, 2, 4, 11, 3}

• Who Profits reports that Shamir Salads received Israeli exporter-indemnification support between 2011 and 2017 and supplied salads to the Israeli military until 2016, but these supplier-specific claims do not establish a Costco relationship, Costco knowledge, or Costco involvement in those activities.⁵

• The 2019 Organisation juive européenne / Vignoble Psagot judgment is a general EU food-origin-labelling decision and was not identified as a Costco-specific proceeding, enforcement action, or finding of misconduct.¹⁵

Investment, Capital & Financial Exposure

• Costco’s FY2025 Form 10-K lists warehouse operations in the United States and Puerto Rico, Canada, Mexico, Japan, the United Kingdom, Korea, Australia, Taiwan, China, Spain, France, Sweden, Iceland, and New Zealand, without listing Israel.⁸

• Costco’s significant-subsidiary exhibit does not identify an Israeli subsidiary, but it expressly omits subsidiaries that would not be significant in the aggregate and therefore cannot establish the absence of every Israeli entity or investment.⁹

• No public evidence identified in the reviewed corporate disclosures of a Costco acquisition or controlling stake in an Israeli operating company, factory, logistics hub, R&D centre, Israeli sovereign-bond holding, Israel Bonds activity, or Israel-focused fund exposure.^{8, 9}

• Costco’s December 2025 proxy identified Vanguard Group, Inc. and BlackRock, Inc. as the listed beneficial owners of 9.79% and 7.83% of Costco shares respectively, and did not identify a beneficial owner above 10% in that table.¹⁶

• A 29 April 2026 Schedule 13G reported that Vanguard Capital Management LLC and affiliates beneficially owned 33,256,639 Costco shares, or 7.49%, as of 31 March 2026; because the filing uses a different reporting entity from the proxy’s Vanguard Group, Inc. label, the figures are not necessarily directly comparable.¹⁷

• No public evidence identified in the reviewed materials concerning personal or family-office investments in Israeli companies by Costco executives, directors, founders, substantial shareholders, or their associated vehicles; the reviewed disclosures do not constitute a complete investigation of individuals’ outside investment vehicles.^{8, 9, 16, 18, 17}

Operational Presence & Market Activity

• As of 31 August 2025, Costco reported 914 warehouses across its disclosed operating jurisdictions, and Israel was not among the countries listed for warehouses.⁸

• Costco’s 4 December 2025 release reported 921 warehouses, again enumerating operating countries without Israel and listing e-commerce jurisdictions without Israel.¹⁹

• Costco’s 28 May 2026 results release reported 931 warehouses and did not list Israel or the occupied territories among warehouse jurisdictions or e-commerce-site jurisdictions; this describes Costco-operated footprint rather than its global supply chain.²⁰

• Costco reported e-commerce sites in the United States, Canada, Mexico, the United Kingdom, Korea, Taiwan, Japan, and Australia, without listing Israel.⁸

• Costco reported 341,000 global employees, including 223,000 in the United States, 55,000 in Canada, and 63,000 in Other International, without disclosing an Israel-specific workforce.⁸

• No public evidence identified of a Costco-operated Israeli warehouse, office, support centre, direct workforce, retail operation, or e-commerce site in Israel or the occupied territories.^{8, 9, 19, 20}

• A commercial database lists an active private company named “COSTCO KIRKLAND ISRAEL LTD,” incorporated in Givatayim on 1 November 2020, but the listing provides no primary record establishing ownership, authorization, trademark status, or another relationship with Costco Wholesale Corporation.²¹

• The unresolved Israeli name-match listing should not be treated as evidence of a Costco operating presence because no reviewed primary corporate record attributes that entity to Costco; its shareholders, directors, and any licensing, franchise, or trademark relationship remain unresolved.^{8, 9, 21}

Corporate Structure & Foundational Ties

• Costco Wholesale Corporation is a Washington corporation with principal executive offices in Issaquah, Washington, and its common stock trades as COST on the Nasdaq Global Select Market.⁸

• Costco states that it began operations in Seattle, Washington in 1983.⁸

• Costco’s consolidated financial statements include Costco and its wholly owned subsidiaries.⁸

• Costco’s significant-subsidiary schedule lists subsidiaries in jurisdictions including the United States, Canada, Korea, Japan, Mexico, the United Kingdom, Taiwan, and Australia, while not listing an Israeli entity.⁹

• Ron M. Vachris served as President and Chief Executive Officer and Gary Millerchip as Executive Vice President and Chief Financial Officer in Costco’s FY2025 filing.⁸

• Costco’s December 2025 proxy nominated Susan Decker, Kenneth Denman, Helena Foulkes, Hamilton James, Sally Jewell, Jeffrey Raikes, Gina Raimondo, John Stanton, Ron Vachris, and Mary Agnes Wilderotter for one-year board terms.¹⁶

• Shareholders elected Susan Decker, Kenneth Denman, Helena Foulkes, Hamilton James, Sally Jewell, Jeffrey Raikes, Gina Raimondo, John Stanton, Ron Vachris, and Maggie Wilderotter as directors on 15 January 2026, to serve through the 2027 annual meeting.¹⁸

• Costco’s official biography states that Vachris has served as President and CEO since January 2024, and the 2025 proxy identifies Hamilton E. James as Chairman.^{16, 22}

• Costco’s July 2026 governance guidelines describe a board-led governance framework, including board nomination and a lead-independent-director mechanism when the chair is not independent.²³

• Costco’s articles authorize common and preferred stock and contain Washington-corporate governance provisions including no cumulative voting.²⁴

• No public evidence identified in the reviewed corporate disclosures of Israeli founding, Israeli headquarters or principal management, Israeli tax residency or PTE status, Israeli state ownership, government-appointed directors, state contracts, critical-infrastructure designation, or Israeli state-linked governance mechanisms.^{8, 9, 16, 17, 23, 24}

• Within document-scoped review, Costco was not identified in the OHCHR’s 30 June 2023 update of the settlement-business database.²⁵

• Within report-scoped review, Costco was not identified in the UN Special Rapporteur’s 2 July 2025 report A/HRC/59/23.²⁶

Profit Repatriation & Economic Contribution

• Costco’s FY2025 filing provides company-wide and segment-level financial information but does not separately disclose Israel-attributable revenue, profit, tax payments, or profit repatriation.⁸

• No public evidence identified of a public assessment designating Costco as a key Israeli employer, sector anchor, or infrastructure provider.^{4, 8, 9, 11}

• The absence of Israel from Costco’s disclosed warehouse, e-commerce, and significant-subsidiary schedules does not rule out indirect economic exposure through sourcing relationships or immaterial entities.^{8, 9}

• No public evidence identified of an Israeli tax registration, Israel-specific revenue disclosure, Israel-specific tax contribution, Israeli franchisee, licensee, or Israel-specific employee count in the reviewed primary corporate records.^{8, 9}