Growth stocks continue to drive the market and investor portfolios higher. Several companies with strong catalysts are seeing their sales and profits rise, and that is pushing their share prices to new heights. For investors, growth stocks can make a big difference to the performance of their portfolio and how much money they ultimately make off their investments.

Currently, the stock market is hovering near all-time highs largely because of some strong performing growth stocks. These are stocks that have outperformed the broader market by a wide margin. And the companies behind them continue to flourish and expand at a rapid rate. Owning even a few of these high-flying growth equities can make all the difference when it comes to achieving wealth.

Let’s explore growth stock goliaths — seven picks that will tower over the competition.

Spotify (SPOT)

The stock of audio streaming giant Spotify (NYSE:SPOT) continues to rip higher. So far this year, SPOT has gained 70%, bringing its 12 month increase to 105%.

The company has distinguished itself as the dominant player in the streaming of music, podcasts and audiobooks. And, Spotify is giving satellite radio a run for its money. The latest news to drive the share price higher is that Spotify is raising the prices it charges for its premium plans in the U.S. as it tries to expand profit margins.

Additionally, the Swedish company has raised prices for its monthly individual premium plan to $11.99 from $10.99. Spotify has also increased the price of its premium duo plan to $16.99 from $14.99 and hiked its family plan to $19.99 from $16.99 previously. The price increases are the latest attempt by SPOT to improve margins. The company had already lowered its spending and cut staff. Spotify’s quarterly profit topped $1 billion for the first time this April after the company curtailed its global marketing spend.

Abercrombie & Fitch (ANF)

Can anything stop Abercrombie & Fitch (NYSE:ANF)?

Recently, the clothing retailer’s stock jumped 24% higher after it reported record Q1 financial results. The company reported EPS of $2.14 versus $1.74 that was expected among analysts. Revenue totaled $1.02 billion compared to $963.3 million that was forecast on Wall Street. Sales were up 22% from last year and profits were nearly seven times higher than Q1 of 2023.

Further, Abercrombie & Fitch said the results represented the strongest first quarter in its 132-year history. The company has been one of the best-performing retailers coming out of the pandemic. Specifically, it reported double-digit sales growth throughout 2023. Abercrombie & Fitch’s financial results have improved over the past six years when the company began to transform into a brand geared toward working millennials.

ANF stock has risen 440% in the past 12 months, including a 90% gain this year.

Robinhood Markets (HOOD)

The stock market is near an all-time high. Trading in cryptocurrencies has come storming back. And, even the trade in meme stocks is back on.

Is it any wonder that the stock of online brokerage Robinhood Markets (NASDAQ:HOOD) has more than doubled in the last 12 months (up 135%)? Shortly after reporting record Q1 financial results, HOOD announced its first ever stock buyback, sending its share price even higher.

The brokerage says it plans to repurchase $1 billion of its own shares over the next three years. Analysts at Barclays PLC (NYSE:BCS) have calculated that Robinhood Markets is likely to buyback 49 million shares of its common stock, or 6% of its total shares outstanding. The share repurchases are scheduled to begin in this year’s third quarter. Robinhood Markets hasn’t set an expiration date for its inaugural stock buyback program.

Therefore, some analysts say the stock buyback is a sign that Robinhood is maturing. Also, the company has announced an expansion into credit cards. So far in 2024, HOOD stock is up 70%.

Cava Group (CAVA)

Mediterranean restaurant chain Cava Group (NYSE:CAVA) went public a year ago. Since then, it has delivered four consecutive quarters of profits. The company, which many analysts refer to as the next Chipotle Mexican Grill (NYSE:CMG), recently reported first-quarter financial results that beat Wall Street estimates across the board and raised its forward guidance.

The company reported EPS of 13 cents, which was nearly triple the 5 cents expected among analysts. Revenue in the quarter totaled $259 million, ahead of Wall Street expectations for $246 million. Sales were up 30% from a year ago. Cava continues to expand at breakneck speed, opening 14 new restaurants during Q1 of this year. That brought its national count to 323 outlets. And analysts say there’s plenty more growth ahead.

The stock of Cava has more than doubled (up 133%) since its market debut in June 2023.

Arm Holdings (ARM)

Rene Haas, the Chief Executive Officer (CEO) of British microchip designer Arm Holdings (NASDAQ:ARM), recently said that his goal is to capture 50% of the market for personal computer (PC) chips within five years. That’s ambitious and speaks to Arm’s ascent as a leading growth stock. Since holding its initial public offering (IPO) in September 2023, ARM stock has also more than doubled, having gained 108%.

The company has only reported a couple of quarterly earnings so far, but the results have been encouraging. Recently, Arm revealed that its fiscal Q4 revenue rose 47% year-over-year (YOY) to $928 million. The sales growth was driven by Arm’s licensing unit, which grew 60% to $414 million during the quarter. The company said demand for artificial intelligence (AI) chips is powering its overall sales growth.

Arm’s microchips and processors are already used in many different electronic devices, including most smartphones. The PC market looks to be the company’s next target.

Carvana (CVNA)

Talk about a comeback.

After being decimated during the 2022 bear market, shares of Carvana (NYSE:CVNA) have come roaring back. The stock recently rose more than 30% after the online used car retailer reported record quarterly financial results and turned a profit during this year’s first quarter. Year-to-date (YTD), Carvana’s stock is up 104%. Over the past 12 months, the stock has risen an incredible 565%.

For Q1 of this year, the company announced EPS of 23 cents compared to a loss of 74 cents that was expected among analysts. Revenue totaled $3.06 billion versus $2.67 billion that was anticipated on Wall Street. The financial results are records for Carvana, which has been in business since 2012. The strong print was attributed to efficiency gains in its operations and the reconditioning of vehicles for sale.

Management said they’re planning further cost reductions and efficiency gains that will increase profitability further through areas such as advertising, overhead, and operational expenses. Carvana’s success comes after a major restructuring, with the company pivoting to focus on profitability rather than growth after bankruptcy concerns emerged in 2022.

Eli Lilly and Co. (LLY)

Eli Lilly and Co. (NYSE:LLY) has a blockbuster catalyst with its hugely popular weight loss drug Zepbound. The medication used to treat obesity was only approved for sale in the U.S. six months ago.

But already, it is having a positive impact on LLY’s finances. Recently, the pharmaceutical company reported a better-than-expected first-quarter profit and raised its forward guidance as sales of its weight-loss drugs rapidly accelerate.

Eli Lilly and Co. reported Q1 EPS of $2.58 versus $2.46 that was expected on Wall Street. Revenue in the quarter missed analyst targets, coming in at $8.77 billion compared to $8.92 billion that was forecast. Despite the miss, sales were up 26% YOY. As for guidance, Eli Lilly and Co. said it expects full-year earnings of $13.50 to $14 per share, up from previous guidance of $12.20 to $12.70 a share. The company expects full-year revenue of $42.4 billion to $43.6 billion, which is an increase of $2 billion at either end of the range.

Analysts had expected full-year earnings of $12.50 a share and sales of $41.44 billion from Eli Lilly and Co. The latest earnings include the first full quarter of Zepbound sales. The drug, which was approved by U.S. regulators last autumn, reported $517.4 million in Q1 sales. Some analysts have forecast that Zepbound could post more than $1 billion of sales in its first year on the market. Therefore, it might become the biggest selling drug of all time.

LLY stock has risen 87% over the last 12 months, including a YTD gain of 40%.

On the date of publication, Joel Baglole held long positions in LLY and CAVA. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.