Costco Wholesale's (COST) fiscal Q4 results had "some puts and takes," but its underlying fundamentals remain stable, RBC Capital Markets said in an earnings review Friday.

The investment firm said that looking ahead, it will be eyeing transaction trends, particularly as its tariff refunds are reinvested, and also the trajectory of the company's membership growth.

RBC said that clarity on tariff refunds was a positive factor for the quarter. Costco received around $184 million in refunds, which is a little more than one-third of refunds expected, and implies about $550 million in total tariff refunds, the note said.

Of the $184 million received this quarter, about $99 million was reinvested into member pricing, and the remaining $85 million flowed through as a net gross margin benefit, RBC said, adding that was equivalent to $0.15 of EPS benefit in the quarter.

The investment firm said it updated its estimates to reflect tariff refunds expected in H1 of fiscal 2027. For fiscal 2027 and fiscal 2028, it now expects adjusted EPS of $22.86 and $25.01, up from $22.76 and $25.00 previously.

RBC kept its $1,000 price target on Costco, with a sector perform rating.

The company's shares were up 2.3% in Friday trading.

Price: 917.60, Change: +21.12, Percent Change: +2.36