Old Costco CFO Clip Surfaces as Beef Prices Hit Record

An audio excerpt from Costco’s May 2023 third-quarter earnings call resurfaced over the weekend. On that call, former CFO Richard Galanti observed shoppers were ‘shifting from beef toward cheaper proteins, such as canned chicken and tuna’ and compared the pattern to slowdowns in 1999, 2000 and 2008–2010. The recording predates recent meat-price moves by more than two years.

U.S. beef prices reached record levels in early 2026. Ground beef averaged $6.70 per pound in March 2026, and live cattle traded near $2.58 per pound that month. The U.S. cattle herd has fallen to a roughly 75-year low after extended drought and higher feed costs. In March 2026, President Donald Trump delayed an executive order that was intended to ease limits on beef imports.

Costco’s leadership has changed since the 2023 call. Galanti stepped down as CFO in March 2024 after roughly four decades at the company. Gary Millerchip has served as CFO since then. Millerchip’s earnings calls in fiscal 2026 did not raise the same concern, and company executives described member spending as relatively consistent during the Q1 and Q2 fiscal 2026 calls.

Internal sales data presented by the company show sales of higher-priced meat cuts growing faster than cheaper proteins, a pattern that differs from the ‘trade-down’ framing circulating online.

Broader economic indicators have added context for recession discussions. U.S. cardboard box production fell more than 8% in the first quarter of 2026. Goldman Sachs raised its 12-month U.S. recession probability to 30% in March, citing oil shocks and tighter financial conditions. Market-based odds on a U.S. recession by year-end 2026 were near 23%.

The resurfacing of the 2023 earnings call illustrates how older corporate remarks can be recirculated when price data change. The clip predates recent meat-price moves, and company statements and sales trends since then present different signals.