Costco

Costco consistently plows most of its cash into reinvesting back into the business (new warehouses, digital, etc.) and returning remaining capital prudently. Capex (~$4.7B in FY2024) is substantial but aligned with opening ~30 new warehouses/year. Management avoids risky M&A.

Instead, it occasionally pays small special dividends and does moderate buybacks. Notably, FY2024 saw a massive one-time $15/sh special dividend alongside regular payouts. Overall, capital allocation is conservative: focusing on organic growth rides and maintaining flexibility.