Costco’s QQ4 2024 results show a robust top-line and meaningful expansion in operating leverage, underpinned by a strong membership-driven business model and disciplined cost management. Revenue for the quarter reached $79.70 billion, up ~36% year-over-year and roughly 36% quarter-over-quarter, with gross profit of $10.11 billion and a gross margin of 12.68%. Operating income was $3.04 billion, up about 47.5% year-over-year and 38.5% sequentially, driving net income of $2.35 billion and EPS of $5.30 (diluted $5.29), representing ~35% YoY and ~40% QoQ growth in earnings per share. Free cash flow totaled ~$1.38 billion, while operating cash flow stood at ~$2.96 billion. Costco finished the period with a net cash position (net debt negative) of about $1.63 billion and cash & equivalents plus short-term investments of ~$11.14 billion, underscoring a strong liquidity buffer. The company allocated capital to modest share repurchases (~$216 million) and paid ~$514 million in dividends, consistent with a prudent capital-allocation framework.