Best BUY Co. Inc. Q4 FY2024 results: revenue $14.6 billion, down 0.6% on the year

Best BUY Co. Inc. (BBY) reported revenue of $14.6 billion for Q4 FY2024, the quarter ended 3 February 2024, down 0.6% on the same quarter a year earlier. Net income was $460 million, down 7.1% on the year, and diluted earnings per share $2.11. The figures are the company's own, from the 10-K it filed with the SEC on 15 March 2024.

Revenue$14.6 billiondown 0.6%

Net income$460 milliondown 7.1%

Diluted EPS$2.11

QuarterQ4 FY2024ended 3 February 2024

The quarter, against the one before and a year earlier

Line	Q4 FY2024	Q3 FY2024	A year earlier	Change on the year
Revenue	14,646	9,756	n/a	n/a
Cost of revenue	11,645	7,524	n/a	n/a
Gross profit	3,001	2,232	n/a	n/a
Gross margin	20.5%	22.9%	n/a
Selling, general and administrative	2,271	1,878	n/a	n/a
Operating income	561	354	n/a	n/a
Operating margin	3.8%	3.6%	n/a
Interest expense	14.0	14.0	n/a	n/a
Pre-tax income	584	348	n/a	n/a
Income tax	124	86.0	n/a	n/a
Effective tax rate	21.2%	24.7%	n/a
Net income	460	263	n/a	n/a
Net margin	3.1%	2.7%	n/a
Diluted EPS	$2.11	$1.21	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2024	Q3 FY2024	A year earlier	Change on the year
Operating cash flow	1,180	109	n/a	n/a
Capital expenditure	183	217	n/a	n/a
Free cash flow	997	-108	n/a	n/a
Free cash flow margin	6.8%	-1.1%	n/a
Depreciation and amortisation	221	229	n/a	n/a
Share-based compensation	35.0	35.0	n/a	n/a
Buybacks	70.0	112	n/a	n/a
Dividends paid	198	201	n/a	n/a
Dividend per share	n/a	$0.92	n/a	n/a
Diluted shares, weighted	218m	218m	n/a	n/a
Shares outstanding at period end	215m	216m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2024	Q3 FY2024	A year earlier	Change on the year
Total assets	14,967	16,882	n/a	n/a
Cash and equivalents	1,447	636	n/a	n/a
Receivables	939	901	n/a	n/a
Inventory	4,958	7,562	n/a	n/a
Goodwill	1,383	1,383	n/a	n/a
Long-term debt	1,165	1,145	n/a	n/a
Operating lease liabilities	2,199	2,270	n/a	n/a
Finance lease liabilities	21.0	n/a	n/a	n/a
Shareholders' equity	3,053	2,812	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *	Q1 FY2027	Q2 FY2027
Revenue	9,756	14,646	8,847	9,288	9,445	13,948	8,767	9,438	9,672	13,814	8,936	9,779
Cost of revenue	7,524	11,645	6,783	7,102	7,228	11,030	6,718	7,244	7,424	10,932	6,834	7,441
Gross profit	2,232	3,001	2,064	2,186	2,217	2,918	2,049	2,194	2,248	2,882	2,102	2,338
Gross margin	23%	20%	23%	24%	23%	21%	23%	23%	23%	21%	24%	24%
SG&A	1,878	2,271	1,737	1,810	1,871	2,233	1,721	1,829	1,884	2,189	1,741	1,923
Operating income	354	561	312	383	350	217	219	251	198	721	370	421
Operating margin	4%	4%	4%	4%	4%	2%	2%	3%	2%	5%	4%	4%
Interest expense	14.0	14.0	12.0	13.0	13.0	13.0	12.0	12.0	12.0	11.0	11.0	11.0
Pre-tax income	348	584	325	391	356	223	222	253	205	724	378	430
Tax rate	25%	21%	25%	26%	24%	48%	9%	27%	31%	26%	27%	27%
Net income	263	460	246	291	273	117	202	186	140	541	276	315
Net margin	3%	3%	3%	3%	3%	1%	2%	2%	1%	4%	3%	3%
Diluted EPS	$1.21	$2.11	$1.13	$1.34	$1.26	$0.55	$0.95	$0.87	$0.66	$2.56	$1.31	$1.48
Operating cash flow	109	1,180	156	661	-256	1,537	34.0	749	-99.0	1,278	375	921
Capital expenditure	217	183	152	183	193	178	166	175	188	175	160	184
Free cash flow	-108	997	4.0	478	-449	1,359	-132	574	-287	1,103	215	737
Buybacks	112	70.0	50.0	98.0	137	215	100	65.0	35.0	73.0	0.0	36.0
Dividends paid	201	198	202	203	202	200	202	201	199	199	202	203
Shares outstanding	216m	215m	216m	215m	214m	211m	211m	210m	210m	209m	211m	210m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 3 February 2024, filed 15 March 2024, accession 0000764478-24-000010: the filing on EDGAR. All of Best BUY Co. Inc.'s filings: EDGAR company page.

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