Costco Wholesale Corp. (COST) had quite the holiday season, and CEO Ron Vachris came armed with some genuinely impressive numbers during Thursday's earnings call. The headline figure: 4.5 million pies sold in the three days leading up to Thanksgiving 2025. That's not a typo. Four and a half million pies in 72 hours.

Breaking Down the Pie Avalanche

Let's put that in perspective. With roughly 650 warehouse locations in the U.S., that works out to about 7,000 pies per store in just three days. If you're doing the math at home, that's a pie leaving the building roughly every 37 seconds per location, assuming stores are open 12 hours a day. The 4.5 million figure represents a jump of 500,000 pies compared to 2024, when Costco sold approximately 4 million during the same pre-Thanksgiving window.

But pies weren't the only thing flying off the shelves this holiday season.

Pizza, Black Friday, and More Records

Costco's food courts set a single-day record on Halloween 2025, selling 358,000 whole pizzas. That's a lot of pepperoni going to trick-or-treaters and Halloween party hosts.

Black Friday brought another record for the warehouse retailer, this time on the e-commerce front. The company generated over $250 million in non-food online orders on Black Friday alone, marking the biggest day ever for its digital business in that category.

The Bigger Financial Picture

These holiday wins came alongside solid quarterly results. Costco reported first-quarter revenue of $67.31 billion, beating analyst estimates of $67.14 billion. Adjusted earnings came in at $4.50 per share, above the $4.27 consensus estimate.

Net sales increased 8.2% year-over-year for the quarter, while total comparable sales rose 6.4% on a year-over-year basis. Following the results, Bernstein analyst Zhihan Ma maintained an Outperform rating on Costco and raised the price target from $1,134 to $1,146.

The combination of record-breaking holiday sales and better-than-expected earnings suggests Costco's membership model continues to resonate with consumers, even as they navigate an uncertain economic environment. When you can move 4.5 million pies in three days, you're clearly doing something right.