PriceSmart (PSMT) Q2 2026 earnings summary

Executive summary

• Total revenues for Q2 FY2026 increased 9.7% year-over-year to $1.50 billion, with net merchandise sales up 9.9% to $1.47 billion and membership income rising 16.9% to $33.2 million; membership renewal rate reached an all-time high of 90.2% as of February 28, 2026, with 2.08 million members.

• Net income for Q2 FY2026 was $49.1 million ($1.62 per diluted share), up 12% year-over-year; adjusted EBITDA for Q2 was $99.7 million, up 14.6% year-over-year.

• Five new clubs are planned by 2027 in the Dominican Republic, Jamaica, Costa Rica, Guatemala, and Chile, with 56 clubs in operation as of February 28, 2026.

• Digital and omni-channel sales penetration reached 6.4% of net merchandise sales in Q2 FY2026, with digital channel sales up 23.4% year-over-year.

• Declared annual cash dividend of $1.40 per share, paid a $1.00 per share special dividend in April 2024, and completed a $75 million share buyback program.

Financial highlights

• Comparable net merchandise sales increased 7.6% in Q2 FY2026; average sales ticket grew 2.2%, transactions up 7.5%.

• Gross margin rose 50 basis points to 16.1% of net merchandise sales in Q2 FY2026; total revenue margin improved to 17.7%.

• Operating income for Q2 FY2026 increased 15.6% year-over-year to $75.4 million.

• Membership income CAGR of 10.9% and platinum membership CAGR of 33% since FY22.

• Earnings per diluted share CAGR of 12.6% since FY22.

Outlook and guidance

• Confident in continued momentum into the second half of FY2026, with ongoing investments in supply chain, technology, and digital channels.

• Five new warehouse clubs are scheduled to open by 2027, including two in Chile pending regulatory approvals.

• Monitoring macroeconomic risks, including fuel prices, remittance trends, and regional uncertainties, but have not seen material impacts on consumption or supply chain to date.