BJ’s Wholesale Club (NYSE: BJ) posts record 2025, guides EPS $4.40–$4.60
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
BJ’s Wholesale Club Holdings reported solid fourth-quarter and full-year fiscal 2025 results, with steady growth in sales, earnings, and membership strength. Fourth-quarter net sales rose to $5.45 billion and EPS reached $0.96, helped by 1.6% comparable club sales growth and strong digital demand.
For fiscal 2025, net sales increased to $20.96 billion and net income grew to $578.4 million, or $4.38 per diluted share. Membership fee income climbed to $499.8 million and adjusted EBITDA reached $1.16 billion. The company opened 7 new clubs and 7 new gas stations and generated $1.03 billion in operating cash flow while repurchasing $252.4 million of stock.
Looking to fiscal 2026, BJ’s expects comparable club sales excluding gasoline to grow 2.0%–3.0%, with adjusted EPS between $4.40 and $4.60. It plans about $800 million in capital expenditures, mainly to fund new clubs and distribution network investments, while maintaining low leverage with net debt at 0.4x adjusted EBITDA.
Positive
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Negative
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Insights
BJ’s posts steady 2025 growth, boosts membership and guides to modest 2026 gains.
BJ’s Wholesale Club delivered moderate top- and bottom-line growth in fiscal 2025. Net sales rose to
Higher-margin recurring revenue is a key support. Membership fee income climbed to
Profitability remained sound, with adjusted EBITDA rising to
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________________________
FORM 8-K
__________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) March 5, 2026
(Exact name of registrant as specified in its charter)
__________________________________
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
| (Address of principal executive offices) | (Zip Code) | ||||
(774 ) 512-7400
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered or to be registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
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Item 2.02 Results of Operations and Financial Condition.
On March 5, 2026 , BJ’s Wholesale Club Holdings, Inc. (the “Company”) issued a press release announcing its financial results for the fourth quarter (thirteen weeks) and four quarters (fifty-two weeks) of fiscal year 2025 ended January 31, 2026. The full text of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information in this Current Report on Form 8-K (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filings.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | Description | |||||||
| 99.1 | Press Release of BJ's Wholesale Club Holdings, Inc. dated March 5, 2026 | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: March 5, 2026
| BJ’S WHOLESALE CLUB HOLDINGS, INC. | ||||||||
| By: | /s/ Laura Felice | |||||||
| Name: | Laura Felice | |||||||
| Title: | Executive Vice President and Chief Financial Officer | |||||||
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Exhibit 99.1
BJ’s Wholesale Club Holdings, Inc. Announces Fourth Quarter and Full Fiscal 2025 Results
Strong fourth quarter and record year driven by growth in membership, digital sales and traffic
Fourth Quarter of Fiscal 2025 Highlights
•Comparable club sales increased by 1.6% year-over-year
•Comparable club sales, excluding gasoline sales, increased by 2.6% year-over-year
•Membership fee income increased by 10.9% year-over-year to $129.8 million
•The Company continued to achieve a 90% tenured member renewal rate during fiscal 2025
•Digitally enabled comparable sales growth was 31%, reflecting two-year stacked comp growth of 57%
•Earnings per diluted share and adjusted earnings per diluted share(a) of $0.96
•The Company opened 7 new clubs and 7 new gas stations
Marlborough, Mass. (March 5, 2026) – BJ’s Wholesale Club Holdings, Inc. (NYSE: BJ) (the “Company”) today announced its financial results for the thirteen and fifty-two weeks ended January 31, 2026.
“As we reflect on the year, our results demonstrate the strength of our transformation and disciplined execution of our long‑term priorities. Record membership, strong digital engagement, and our 16th consecutive quarter of traffic growth show how effectively our teams are delivering value and convenience to our members,” said Bob Eddy, Chairman and Chief Executive Officer, BJ’s Wholesale Club. “Our focus on enhancing our assortment, investing in value, and expanding our footprint continues to resonate, and I’m proud of the progress we made this year.”
Key Measures for the Thirteen Weeks Ended January 31, 2026 (Fourth Quarter of Fiscal 2025) and for the Fifty-Two Weeks Ended January 31, 2026 (Fiscal 2025):
BJ’S WHOLESALE CLUB HOLDINGS, INC.
(Amounts in thousands, except per share amounts)
| Thirteen Weeks Ended | % Growth (Decline) | Fifty-two Weeks Ended | % Growth | ||||||||||||||||||||||||||||||||
January 31, 2026 | February 1, 2025 | January 31, 2026 | February 1, 2025 | ||||||||||||||||||||||||||||||||
| Net sales | $ | 5,445,635 | $ | 5,161,536 | 5.5 | % | $ | 20,957,502 | $ | 20,045,329 | 4.6 | % | |||||||||||||||||||||||
| Membership fee income | 129,753 | 116,990 | 10.9 | % | 499,772 | 456,475 | 9.5 | % | |||||||||||||||||||||||||||
| Total revenues | 5,575,388 | 5,278,526 | 5.6 | % | 21,457,274 | 20,501,804 | 4.7 | % | |||||||||||||||||||||||||||
| Operating income | 178,078 | 178,393 | (0.2) | % | 816,604 | 772,206 | 5.7 | % | |||||||||||||||||||||||||||
| Net income | 125,854 | 122,662 | 2.6 | % | 578,377 | 534,417 | 8.2 | % | |||||||||||||||||||||||||||
EPS (b) | 0.96 | 0.92 | 4.3 | % | 4.38 | 4.00 | 9.5 | % | |||||||||||||||||||||||||||
Adjusted net income (a) | 125,854 | 124,117 | 1.4 | % | 581,311 | 541,111 | 7.4 | % | |||||||||||||||||||||||||||
Adjusted EPS (a) | 0.96 | 0.93 | 3.2 | % | 4.40 | 4.05 | 8.6 | % | |||||||||||||||||||||||||||
Adjusted EBITDA (a) | 266,497 | 264,568 | 0.7 | % | 1,157,579 | 1,090,595 | 6.1 | % | |||||||||||||||||||||||||||
| Basic weighted-average shares outstanding | 130,213 | 131,690 | 131,193 | 132,150 | |||||||||||||||||||||||||||||||
| Diluted weighted-average shares outstanding | 131,075 | 133,128 | 132,066 | 133,605 | |||||||||||||||||||||||||||||||
(a)See “Note Regarding Non-GAAP Financial Information.”
(b)EPS represents net income per diluted share.
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Additional Highlights:
•Total comparable club sales increased by 1.6% and 1.0% in the fourth quarter and fiscal 2025, respectively, compared to the same periods in fiscal 2024. Excluding the impact of gasoline sales, comparable club sales increased by 2.6% in each of the fourth quarter and fiscal 2025, respectively, compared to the same periods in fiscal 2024.
•Membership fee income increased to $129.8 million in the fourth quarter of fiscal 2025 from $117.0 million in the fourth quarter of fiscal 2024. Membership fee income increased to $499.8 million in fiscal 2025 compared to $456.5 million in fiscal 2024. The increase in both comparative periods was primarily driven by strength in membership acquisition, retention, and higher tier membership penetration across both new and existing clubs, as well as the increase in annual membership fees, which became effective in January 2025.
•Gross profit increased to $1.01 billion in the fourth quarter of fiscal 2025 from $949.0 million in the fourth quarter of fiscal 2024. Merchandise gross margin rate, which excludes gasoline sales and membership fee income, decreased by approximately 50 basis points compared to the fourth quarter of fiscal 2024, driven by changes in merchandise mix. Gross profit increased to $4.00 billion in fiscal 2025 from $3.76 billion in fiscal 2024. Merchandise gross margin rate remained flat compared to fiscal 2024. The Company continues to manage the business to drive profitable growth across the broader merchandise assortment.
•Selling, general and administrative expenses (“SG&A”) increased to $818.2 million in the fourth quarter of fiscal 2025 compared to $758.2 million in the fourth quarter of fiscal 2024. SG&A increased to $3.15 billion in fiscal 2025 compared to $2.96 billion in fiscal 2024. The increase in both comparative periods was primarily driven by increased labor, occupancy, and operational costs mainly as a result of new club and gas station openings. Additionally, an increase in the number of owned clubs has resulted in increased depreciation expense year-over-year. During fiscal 2024, the Company benefitted from the net impact of legal settlements reached of approximately $20 million, which contributed to the increase in SG&A expenses year-over-year.
•Income tax expense decreased to $41.6 million in the fourth quarter of fiscal 2025 compared to $43.7 million in the fourth quarter of fiscal 2024, primarily driven by a gain recognized on transferable tax credits, partially offset by lower tax benefits from stock-based compensation. Income tax expense increased to $195.8 million in fiscal 2025 compared to $186.4 million in fiscal 2024, primarily driven by an increase in income before income taxes and lower tax benefits from stock-based compensation, partially offset by gains recognized on transferable tax credits.
•Net income increased to $125.9 million in the fourth quarter of fiscal 2025 compared to $122.7 million in the fourth quarter of fiscal 2024. Net income increased to $578.4 million in fiscal 2025 compared to $534.4 million in fiscal 2024.
•Adjusted EBITDA increased by 0.7% to $266.5 million in the fourth quarter of fiscal 2025 compared to $264.6 million in the fourth quarter of fiscal 2024. Adjusted EBITDA increased by 6.1% to $1.16 billion in fiscal 2025 compared to $1.09 billion in fiscal 2024.
•Under its existing share repurchase program, the Company repurchased 1,264,000 shares of common stock, totaling $117.7 million, inclusive of associated costs, in the fourth quarter of fiscal 2025. In fiscal 2025, the Company repurchased 2,599,000 shares of common stock, totaling $252.4 million, inclusive of associated costs, under such program, and $749.7 million remained available to purchase.
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Fiscal 2026 Ending January 30, 2027 Outlook
“Our results this year demonstrate the strength of our model and disciplined execution across the business. We continued to grow membership fee income, manage costs effectively, and invest in value for our members,” said Laura Felice, Executive Vice President, Chief Financial Officer, BJ’s Wholesale Club. “As we enter fiscal 2026, we remain confident in our long‑term strategy and our ability to navigate the environment while driving sustainable, profitable growth.”
The Company provided the following guidance for fiscal 2026:
•Comparable club sales, excluding the impact of gasoline sales, to increase 2.0% to 3.0% year-over-year
•Adjusted EPS to range from $4.40 to $4.60
•Capital expenditures of approximately $800 million, reflecting continued investment in new club openings and enhancements across our distribution network, including the ambient distribution center
Conference Call Details
A conference call to discuss the Company’s fourth quarter and fiscal 2025 financial results is scheduled for today, March 5, 2026, at 8:30 A.M. Eastern Time. The live audio webcast of the call can be accessed under the “Events and Presentations” section of the Company’s investor relations website at https://investors.bjs.com and will remain available for one year. Participants may also dial (833) 470-1428 within the U.S. or +1 (929) 526-1599 outside the U.S. and reference conference ID 006082.
About BJ’s Wholesale Club Holdings, Inc.
BJ’s Wholesale Club Holdings, Inc. (NYSE: BJ) is a leading operator of membership warehouse clubs focused on delivering significant value to its members and serving a shared purpose: “We take care of the families who depend on us.” The Company provides a wide assortment of fresh foods, produce, a full-service deli, fresh bakery, household essentials and gas. In addition, BJ’s offers the latest technology, home decor, apparel, seasonal items and more to deliver unbeatable value to smart-saving families. Headquartered in Marlborough, Massachusetts, the Company pioneered the warehouse club model in New England in 1984 and currently operates 263 clubs and 199 BJ’s Gas® locations in 21 states. For more information, please visit us at www.bjs.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding our future results of operations and financial position; our anticipated fiscal 2026 outlook; the timing and amounts of any share repurchases under our current authorized share repurchase program; and our strategic priorities and future progress, as well as statements that include the words “expect,” “intend,” “plan,” “confident,” “believe,” “project,” “forecast,” “estimate,” “may,” “should,” “anticipate,” “can” and similar statements of a future or forward-looking nature. These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: uncertainties in the financial markets, including, without limitation, as a result of disruptions and instability in the banking and financial services industries or as a result of wars and global political conflicts, consumer and small business spending patterns and debt levels; our dependence on having a large and loyal membership; domestic and international economic conditions, including volatility in inflation or interest rates, supply chain disruptions, construction delays and exchange rates; our ability to procure the merchandise we sell at the best possible prices; the effects of competition and regulation; our dependence on vendors to supply us with quality merchandise at the right time and at the right price; breaches of security or privacy of member or business information; conditions affecting the acquisition, development, ownership or use of real estate; our capital spending; actions of vendors; our ability to attract and retain a qualified management team and other team members; costs associated with employees (generally including health care costs), energy and certain commodities, geopolitical conditions (including tariffs); changes in our product mix or in our revenues from gasoline sales; our failure to successfully maintain a relevant digital experience for our members; risks related to our growth strategy to open new clubs; risks related to our e-commerce business; our ability to grow our BJ’s One Mastercard® program; and other important factors discussed under the caption “Risk Factors” in our Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) on March 14, 2025, and subsequent filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such
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forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, unless required by law, we disclaim any obligation to do so, even if subsequent events cause our views to change. Thus, one should not assume that our silence over time means that actual events are bearing out as expressed or implied in such forward-looking statements. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.
Non-GAAP Financial Measures
We refer to certain financial measures that are not recognized under United States generally accepted accounting principles (“GAAP”). Please see “Note Regarding Non-GAAP Financial Information” and “Reconciliation of GAAP to Non-GAAP Financial Information” below for additional information and a reconciliation of the Non-GAAP financial measures to the most comparable GAAP financial measures.
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BJ’S WHOLESALE CLUB HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share amounts)
(Unaudited)
| Thirteen Weeks Ended | Fifty-two Weeks Ended | ||||||||||||||||||||||
| January 31, 2026 | February 1, 2025 | January 31, 2026 | February 1, 2025 | ||||||||||||||||||||
| Net sales | $ | 5,445,635 | $ | 5,161,536 | $ | 20,957,502 | $ | 20,045,329 | |||||||||||||||
| Membership fee income | 129,753 | 116,990 | 499,772 | 456,475 | |||||||||||||||||||
| Total revenues | 5,575,388 | 5,278,526 | 21,457,274 | 20,501,804 | |||||||||||||||||||
| Cost of sales | 4,565,777 | 4,329,542 | 17,457,652 | 16,737,378 | |||||||||||||||||||
| Selling, general and administrative expenses | 818,188 | 758,209 | 3,153,577 | 2,963,883 | |||||||||||||||||||
| Pre-opening expenses | 13,345 | 12,382 | 29,441 | 28,337 | |||||||||||||||||||
| Operating income | 178,078 | 178,393 | 816,604 | 772,206 | |||||||||||||||||||
| Interest expense, net | 10,592 | 12,060 | 42,393 | 51,359 | |||||||||||||||||||
| Income before income taxes | 167,486 | 166,333 | 774,211 | 720,847 | |||||||||||||||||||
| Provision for income taxes | 41,632 | 43,671 | 195,834 | 186,430 | |||||||||||||||||||
| Net income | $ | 125,854 | $ | 122,662 | $ | 578,377 | $ | 534,417 | |||||||||||||||
| Income per share attributable to common stockholders—basic: | $ | 0.97 | $ | 0.93 | $ | 4.41 | $ | 4.04 | |||||||||||||||
| Income per share attributable to common stockholders—diluted: | $ | 0.96 | $ | 0.92 | $ | 4.38 | $ | 4.00 | |||||||||||||||
| Weighted-average number of shares outstanding: | |||||||||||||||||||||||
| Basic | 130,213 | 131,690 | 131,193 | 132,150 | |||||||||||||||||||
| Diluted | 131,075 | 133,128 | 132,066 | 133,605 | |||||||||||||||||||
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BJ’S WHOLESALE CLUB HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except per share amounts)
(Unaudited)
| January 31, 2026 | February 1, 2025 | ||||||||||
| ASSETS | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 46,245 | $ | 28,272 | |||||||
| Accounts receivable, net | 252,789 | 277,326 | |||||||||
| Merchandise inventories | 1,555,471 | 1,508,988 | |||||||||
| Prepaid expense and other current assets | 135,584 | 64,374 | |||||||||
| Total current assets | 1,990,089 | 1,878,960 | |||||||||
| Operating lease right-of-use assets, net | 1,976,013 | 2,100,257 | |||||||||
| Property and equipment, net | 2,364,552 | 1,897,604 | |||||||||
| Goodwill | 1,008,816 | 1,008,816 | |||||||||
| Intangibles, net | 95,462 | 101,109 | |||||||||
| Deferred income taxes | 4,427 | 6,975 | |||||||||
| Other assets | 71,116 | 71,584 | |||||||||
| Total assets | $ | 7,510,475 | $ | 7,065,305 | |||||||
| LIABILITIES | |||||||||||
| Current liabilities: | |||||||||||
| Short-term debt | $ | 120,000 | $ | 175,000 | |||||||
| Current portion of operating lease liabilities | 209,249 | 192,528 | |||||||||
| Accounts payable | 1,307,405 | 1,253,512 | |||||||||
| Accrued expenses and other current liabilities | 1,033,579 | 913,042 | |||||||||
| Total current liabilities | 2,670,233 | 2,534,082 | |||||||||
| Long-term operating lease liabilities | 1,880,383 | 2,013,962 | |||||||||
| Long-term debt | 399,099 | 398,807 | |||||||||
| Deferred income taxes | 64,889 | 59,659 | |||||||||
| Other non-current liabilities | 298,212 | 211,341 | |||||||||
| STOCKHOLDERS' EQUITY | 2,197,659 | 1,847,454 | |||||||||
| Total liabilities and stockholders' equity | $ | 7,510,475 | $ | 7,065,305 | |||||||
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BJ’S WHOLESALE CLUB HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands, except per share amounts)
(Unaudited)
| Fifty-two Weeks Ended | |||||||||||
| January 31, 2026 | February 1, 2025 | ||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||
| Net income | $ | 578,377 | $ | 534,417 | |||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Depreciation and amortization | 288,594 | 262,068 | |||||||||
| Amortization of debt issuance costs and accretion of original issue discount | 1,091 | 1,104 | |||||||||
| Debt extinguishment and refinancing charges | — | 870 | |||||||||
| Stock-based compensation expense | 47,200 | 47,798 | |||||||||
| Deferred income tax provision (benefit) | 7,839 | (18,493) | |||||||||
| Changes in operating leases and other non-cash items | 7,109 | 42,617 | |||||||||
| Increase (decrease) in cash due to changes in: | |||||||||||
| Accounts receivable, net | 24,787 | (51,629) | |||||||||
| Merchandise inventories | (46,483) | (54,166) | |||||||||
| Accounts payable | 53,893 | 70,231 | |||||||||
| Accrued expenses and other current liabilities | 111,373 | 94,722 | |||||||||
| Other operating assets and liabilities, net | (43,724) | (28,667) | |||||||||
| Net cash provided by operating activities | 1,030,056 | 900,872 | |||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||
| Additions to property and equipment, net of disposals and proceeds from sale-leaseback transactions | (699,053) | (587,983) | |||||||||
| Other investing activities | (3,291) | (1,583) | |||||||||
| Net cash used in investing activities | (702,344) | (589,566) | |||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||
| Proceeds from the issuance of long-term debt | — | 27,000 | |||||||||
| Payments on long-term debt | — | (27,000) | |||||||||
| Proceeds from revolving lines of credit | 476,000 | 717,000 | |||||||||
| Payments on revolving lines of credit | (531,000) | (861,000) | |||||||||
| Debt issuance costs paid | — | (800) | |||||||||
| Net cash received from stock option exercises | 5,014 | 18,275 | |||||||||
| Net cash received from Employee Stock Purchase Program | 8,656 | 7,002 | |||||||||
| Acquisition of treasury stock | (286,787) | (219,632) | |||||||||
| Proceeds from financing obligations | 27,770 | 27,340 | |||||||||
| Other financing activities | (9,392) | (7,268) | |||||||||
| Net cash used in financing activities | (309,739) | (319,083) | |||||||||
| Net increase (decrease) in cash and cash equivalents | 17,973 | (7,777) | |||||||||
| Cash and cash equivalents at beginning of period | 28,272 | 36,049 | |||||||||
| Cash and cash equivalents at end of period | $ | 46,245 | $ | 28,272 | |||||||
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Note Regarding Non-GAAP Financial Information
This press release includes financial measures that are not calculated in accordance with GAAP, including adjusted net income, adjusted net income per diluted share (“adjusted EPS”), adjusted EBITDA, adjusted free cash flow, net debt, net debt to last twelve months (“LTM”) adjusted EBITDA, and comparable club sales.
We define adjusted net income as net income as reported, adjusted for non-recurring, infrequent, or unusual changes, including restructuring charges, and other adjustments that the Company believes appropriate, net of the tax impact of such adjustments.
We define adjusted EPS as adjusted net income divided by the weighted-average diluted shares outstanding.
We define adjusted EBITDA as net income before interest expense, net, provision for income taxes and depreciation and amortization, adjusted for the impact of certain other items, including: stock-based compensation expense; restructuring and other adjustments.
We define adjusted free cash flow as net cash provided by operating activities less additions to property and equipment, net of disposals, plus proceeds from sale-leaseback transactions.
We define net debt as total debt outstanding less cash and cash equivalents.
We define net debt to LTM adjusted EBITDA as net debt at the balance sheet date divided by adjusted EBITDA for the trailing twelve-month period.
We present adjusted net income, adjusted EPS and adjusted EBITDA, which are not recognized financial measures under GAAP, because we believe such measures assist investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance.
We believe that adjusted net income, adjusted EPS and adjusted EBITDA are helpful in highlighting trends in our core operating performance compared to other measures, which can differ significantly depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which companies operate and capital investments. We use adjusted net income, adjusted EPS and adjusted EBITDA to supplement GAAP measures of performance in the evaluation of the effectiveness of our business strategies; to make budgeting decisions; and to compare our performance against that of other peer companies using similar measures. We also use adjusted EBITDA and adjusted EPS in connection with establishing annual and long-term incentive compensation.
We present adjusted free cash flow, which is not a recognized financial measure under GAAP, because we use it to report to our Board of Directors and we believe it assists investors and analysts in evaluating our liquidity. Adjusted free cash flow should not be considered as an alternative to cash flows from operations as a liquidity measure. We present net debt and net debt to LTM adjusted EBITDA, which are not recognized as financial measures under GAAP, because we use them to report to our Board of Directors and we believe they assist investors and analysts in evaluating our borrowing capacity. Net debt to LTM adjusted EBITDA is a key financial measure that is used by management to assess the borrowing capacity of the Company.
You are encouraged to evaluate these adjustments and the reasons we consider them appropriate for supplemental analysis. In evaluating adjusted net income, adjusted EPS, adjusted EBITDA and net debt to LTM adjusted EBITDA, you should be aware that in the future we may incur expenses that are the same as or like some of the adjustments in our presentation of these metrics. Our presentation of adjusted net income, adjusted EPS, adjusted EBITDA, adjusted free cash flow, net debt and net debt to LTM adjusted EBITDA should not be considered as alternatives to any other measure derived in accordance with GAAP and they should not be construed as an inference that the Company’s future results will be unaffected by unusual or non-recurring items. There can be no assurance that we will not modify the presentation of adjusted net income, adjusted EPS, adjusted EBITDA or net debt to LTM adjusted EBITDA in the future, and any such modification may be material. In addition, adjusted net income, adjusted EPS, adjusted EBITDA, adjusted free cash flow, net debt and net debt to LTM adjusted EBITDA may not be comparable to similarly titled measures used by other companies in our industry or across different industries. Additionally, adjusted net income, adjusted EPS, adjusted EBITDA, adjusted free cash flow, net debt and net debt to LTM adjusted EBITDA have limitations as analytical tools, and you should not consider them in isolation or as a substitute for analysis of our results as reported under GAAP.
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In reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K, the Company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis, including of its projected range for adjusted EPS for Fiscal 2026 to net income per diluted share, which is the most directly comparable GAAP measure, under “Fiscal 2026 Ending January 30, 2027” above, where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items or there are no meaningful adjustments to be presented in the reconciliation and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and/or amount of various items that would impact net income per diluted share, if any. This includes items that have not yet occurred, are out of the Company’s control, cannot be reasonably predicted and/or for which there would not be any meaningful adjustment or difference. For the same reasons, the Company is unable to address the probable significance of the unavailable information. The information under “Fiscal 2026 Ending January 30, 2027” above, including expectations about adjusted EPS reflects management’s view of current and future market conditions. To the extent actual results differ from our current expectations, the Company’s results may differ materially from the expectations set forth above. Other factors, as referenced elsewhere in this press release, may also cause the Company’s results to differ materially from the expectations set forth above.
.9
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Reconciliation of GAAP to Non-GAAP Financial Information
BJ’S WHOLESALE CLUB HOLDINGS, INC.
Reconciliation of net income to adjusted net income and adjusted EPS
(Amounts in thousands, except per share amounts)
(Unaudited)
| Thirteen Weeks Ended | Fifty-two Weeks Ended | ||||||||||||||||||||||
| January 31, 2026 | February 1, 2025 | January 31, 2026 | February 1, 2025 | ||||||||||||||||||||
| Net income as reported | $ | 125,854 | $ | 122,662 | $ | 578,377 | $ | 534,417 | |||||||||||||||
| Adjustments: | |||||||||||||||||||||||
Charges related to debt (a) | — | 870 | — | 870 | |||||||||||||||||||
Restructuring (b) | — | 1,151 | 4,075 | 8,427 | |||||||||||||||||||
Tax impact of adjustments to net income (c) | — | (566) | (1,141) | (2,603) | |||||||||||||||||||
| Adjusted net income | $ | 125,854 | $ | 124,117 | $ | 581,311 | $ | 541,111 | |||||||||||||||
| Weighted-average diluted shares outstanding | 131,075 | 133,128 | 132,066 | 133,605 | |||||||||||||||||||
Adjusted EPS (d) | $ | 0.96 | $ | 0.93 | $ | 4.40 | $ | 4.05 | |||||||||||||||
(a)Represents the expensing of fees, deferred fees, and original issue discount associated with the amendment of the senior secured first lien term loan.
(b)Represents charges related to the restructuring of certain corporate and club functions including costs for severance, retention, outplacement, consulting fees, and other third-party fees.
(c)Represents the tax effect of the above adjustments at a statutory tax rate of approximately 28%.
(d)Adjusted EPS is measured using weighted-average diluted shares outstanding.
BJ’S WHOLESALE CLUB HOLDINGS, INC.
Reconciliation to adjusted EBITDA
(Amounts in thousands)
(Unaudited)
| Thirteen Weeks Ended | Fifty-two Weeks Ended | ||||||||||||||||||||||
| January 31, 2026 | February 1, 2025 | January 31, 2026 | February 1, 2025 | ||||||||||||||||||||
| Net income | $ | 125,854 | $ | 122,662 | $ | 578,377 | $ | 534,417 | |||||||||||||||
| Interest expense, net | 10,592 | 12,060 | 42,393 | 51,359 | |||||||||||||||||||
| Provision for income taxes | 41,632 | 43,671 | 195,834 | 186,430 | |||||||||||||||||||
| Depreciation and amortization | 74,678 | 67,830 | 288,594 | 262,068 | |||||||||||||||||||
| Stock-based compensation expense | 13,614 | 18,158 | 47,200 | 47,798 | |||||||||||||||||||
Restructuring (a) | — | 1,151 | 4,075 | 8,427 | |||||||||||||||||||
Other adjustments (b) | 127 | (964) | 1,106 | 96 | |||||||||||||||||||
| Adjusted EBITDA | $ | 266,497 | $ | 264,568 | $ | 1,157,579 | $ | 1,090,595 | |||||||||||||||
(a)Represents charges related to the restructuring of certain corporate and club functions including costs for severance, retention, outplacement, consulting fees, and other third-party fees.
(b)Other non-cash items, including non-cash accretion on asset retirement obligations and obligations associated with our post-retirement medical plan.
.10
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BJ’S WHOLESALE CLUB HOLDINGS, INC.
Reconciliation to adjusted free cash flow
(Amounts in thousands)
(Unaudited)
| Thirteen Weeks Ended | Fifty-two Weeks Ended | ||||||||||||||||||||||
| January 31, 2026 | February 1, 2025 | January 31, 2026 | February 1, 2025 | ||||||||||||||||||||
| Net cash provided by operating activities | $ | 390,955 | $ | 271,917 | $ | 1,030,056 | $ | 900,872 | |||||||||||||||
| Less: Additions to property and equipment, net of disposals | (201,100) | (160,430) | (702,048) | (587,983) | |||||||||||||||||||
| Plus: Proceeds from sale-leaseback transactions | — | — | 2,995 | — | |||||||||||||||||||
| Adjusted free cash flow | $ | 189,855 | $ | 111,487 | $ | 331,003 | $ | 312,889 | |||||||||||||||
BJ’S WHOLESALE CLUB HOLDINGS, INC.
Reconciliation of net debt and net debt to LTM adjusted EBITDA
(Amounts in thousands)
(Unaudited)
| January 31, 2026 | |||||
| Total debt | $ | 519,099 | |||
| Less: Cash and cash equivalents | (46,245) | ||||
| Net debt | $ | 472,854 | |||
Adjusted EBITDA(a) | $ | 1,157,579 | |||
| Net debt to LTM adjusted EBITDA | 0.4x | ||||
(a)See “Reconciliation to Adjusted EBITDA (unaudited)” table above.
Investor Contact:
Diana Rashkow
Vice President, Investor Relations
drashkow@bjs.com
774-512-6172
Media Contact:
Kirk Saville
Head of Corporate Communications
ksaville@bjs.com
774-512-5597
.11
FAQ
How did BJ’s Wholesale Club (BJ) perform financially in fiscal 2025?
BJ’s delivered solid fiscal 2025 growth, with net sales rising to $20.96 billion and net income reaching $578.4 million. Earnings per diluted share increased to $4.38, supported by higher membership income, steady comparable club sales, and disciplined cost management.
What were BJ’s Wholesale Club’s key fourth-quarter 2025 results?
In the fourth quarter, BJ’s generated $5.45 billion in net sales and net income of $125.9 million, with EPS of $0.96. Comparable club sales grew 1.6%, or 2.6% excluding gasoline, and adjusted EBITDA edged up to $266.5 million.
How fast are BJ’s Wholesale Club’s membership fees and renewals growing?
Membership fee income rose to $499.8 million in fiscal 2025 from $456.5 million a year earlier. Growth was driven by strong acquisition, higher-tier membership penetration, a January 2025 fee increase, and a sustained 90% tenured member renewal rate across the year.
What guidance did BJ’s Wholesale Club give for fiscal 2026?
For fiscal 2026, BJ’s expects comparable club sales excluding gasoline to grow 2.0%–3.0% year-over-year. Management projects adjusted EPS between $4.40 and $4.60, and plans approximately $800 million of capital expenditures focused on new clubs and distribution network enhancements.
How strong is BJ’s Wholesale Club’s cash flow and balance sheet?
BJ’s generated $1.03 billion in operating cash flow in fiscal 2025 and adjusted free cash flow of $331.0 million. Net debt stood at $472.9 million, equal to 0.4x last-twelve-month adjusted EBITDA, indicating relatively low leverage and financial flexibility.
What share repurchases did BJ’s Wholesale Club complete in fiscal 2025?
Under its existing program, BJ’s repurchased 2,599,000 shares in fiscal 2025 for a total of $252.4 million, including costs. In the fourth quarter alone, it bought back 1,264,000 shares for $117.7 million, with $749.7 million still authorized for future repurchases.
How is BJ’s Wholesale Club investing for future growth?
BJ’s opened 7 new clubs and 7 new gas stations in fiscal 2025 and spent heavily on property and equipment. For fiscal 2026, it plans about $800 million in capital expenditures, including new club openings and distribution upgrades such as an ambient distribution center.
Filing Exhibits & Attachments
4 documents
BJs Wholesale Club Holdings