As of Q2'26, Costco's EV/EBITDA ratio has sharply declined to -7.38, marking a significant reversal from the previous quarter's value of 26.72. This latest data point is notable as it represents a rare negative EV/EBITDA, suggesting either a substantial drop in EBITDA or a major shift in enterprise value. From Q3'23 to Q1'25, the EV/EBITDA ratio exhibited a consistent upward trend, rising from 21.10 to a peak of 33.13. However, after Q1'25, the ratio became more volatile, with fluctuations between 29.15 and 33.43 before a steep decline began in Q4'25. The most dramatic change occurred between Q1'26 and Q2'26, where the ratio plunged into negative territory, indicating a potential fundamental change in Costco's financial structure or profitability during this period. The chart covers the period from Q3'23 to Q2'26.