BJ

MKT CAP $12.9BP/E 22.4DIV YIELD —FCF YIELD 2.77%REV TTM $22.8B +9.1%NET INCOME $594.5M +2.7%NET DEBT $369.3M52W 83.82 – 103.39NEXT EARNINGS Nov 20 EST.SEC XBRL · TTM TO Invalid Date

How BJ rewrote its risk factors

10-K ITEM 1A · FY2025 → FY2026

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We report on the basis of a 52- or 53-week fiscal year, which ends on the Saturday closest to January 31.
Accordingly, references herein to “fiscal year 2025” and “fiscal year 2024” relate to the 52 weeks ended January 31, 2026 and February 1, 2025, respectively, and references herein to “fiscal year 2023” relate to the 53 weeks ended February 3, 2024.
Overview BJ’s Wholesale Club is a leading operator of membership warehouse clubs concentrated primarily in the eastern half of the United States.
We deliver significant value to our members, consistently offering up to 25% savings on a representative basket of manufacturer-branded groceries compared to traditional supermarket competitors.
We provide a curated assortment focused on groceries, fresh foods, general merchandise, gasoline, and other ancillary services to deliver a differentiated shopping experience that is further enhanced by our digital capabilities.
Additionally, we provide access to coupons and promotions to deliver further value to our members.
Since pioneering the warehouse club model in New England in 1984, we have grown our footprint to 263 large-format, high volume warehouse clubs and 199 gas stations spanning 21 states as of the date of this filing.
In our originating New England market, which has high population density and generates a disproportionate part of U.S.
GDP, we operate nearly three times the number of clubs compared to the next largest warehouse club competitor.
We also offer Same-Day Select, which offers BJ’s members the ability to pay a one-time fee for unlimited same-day deliveries over a one-year period.
Additionally, members may use ExpressPay® to skip checkout lines when they shop in club and pay via their mobile devices.
We have over 8 million members paying annual fees to gain access to savings on groceries, general merchandise, services, and gasoline.
The annual membership fee for our Club membership is generally $60 and the annual membership fee for our Club+ membership, which offers additional value-enhancing features, is generally $120.
Prior to January 1, 2025, the Club and Club+ membership fees were $55 and $110 per year, respectively.
We believe that members can save over ten times their $60 Club membership fee versus what they would otherwise pay at traditional supermarket competitors when they spend $2,500 or more per year at BJ’s on manufacturer-branded groceries.
Our two private label brands, Wellsley Farms ® and Berkley Jensen ® , represent approximately 27% of our total net sales, excluding gasoline.
Our membership fee income was $499.8 million for fiscal year 2025.
Our business is subject to some seasonality.
Historically, our business has generally realized a slightly higher portion of net sales and cash flows from operations in the second and fourth fiscal quarters, attributable primarily to the impact of the summer and year-end holiday season, respectively.
We have grown our membership fee income each year for over 25 consecutive years and the quality of our membership mix is strong as evidenced by our higher tier penetration growth in fiscal year 2025.
Our membership fee income totaled $499.8 million in fiscal year 2025.
Our tenured membership renewal rate, a key indicator of membership engagement, satisfaction, and loyalty, was 90% at the end of fiscal year 2025.
We believe that expanding our club footprint, bringing substantially all of our end-to-end perishable supply chain in-house, enhancing our information systems, including our distribution center and transportation management systems, and investing in hardware, software, and digitally enabled shopping capabilities for convenience, such as BOPIC, curbside pickup, same-day delivery, ExpressPay, and a digital coupon gallery will enable us to replicate our profitable club format and provide a differentiated shopping experience.
Gasoline prices The market price of gasoline impacts our net sales and comparable club sales, and large fluctuations in the price of gasoline may produce a short-term impact on our sales and margins.
Changes in commodity prices and changes in inflation rates have impacted several categories of our business and may continue to do so.
Results of Operations Information pertaining to fiscal year 2024 was included in the Company’s Annual Report on Form 10-K for the year ended February 1, 2025 in Part II.
Management’s Discussion and Analysis of Financial Position and Results of Operations,” which was filed with the SEC on March 14, 2025.
The following tables summarize key components of our results of operations for the periods indicated: Statement of Operations Data Fiscal Year Ended (dollars in thousands, except per share amounts) January 31, 2026 February 1, 2025 Net sales $ 20,957,502 $ 20,045,329 Membership fee income 499,772 456,475 Total revenues 21,457,274 20,501,804 Cost of sales 17,457,652 16,737,378 Selling, general and administrative expenses 3,153,577 2,963,883 Pre-opening expenses 29,441 28,337 Operating income 816,604 772,206 Interest expense, net 42,393 51,359 Income before income taxes 774,211 720,847 Provision for income taxes 195,834 186,430 Net income $ 578,377 $ 534,417 Weighted-average shares outstanding—basic 131,193 132,150 Basic EPS (a) $ 4.41 $ 4.04 Weighted-average shares outstanding—diluted 132,066 133,605 Diluted EPS (a) $ 4.38 $ 4.00 Operational Data: Total clubs at end of period 263 250 Comparable club sales (b) 1.0 % 2.5 % Merchandise comparable club sales (b) 2.6 % 2.8 % Adjusted net income (b) $ 581,311 $ 541,111 Adjusted EPS (b) 4.40 4.05 Adjusted EBITDA (b) 1,157,579 1,090,595 Net cash provided by operating activities 1,030,056 900,872 Adjusted free cash flow (b) 331,003 312,889 Membership renewal rate 90 % 90 % (a) Basic and diluted EPS are calculated using net income.
(b) See “Fiscal Year 2025 Compared to Fiscal Year 2024,” “Non-GAAP Financial Measures” and “Liquidity and Capital Resources” within “Item 7.
Fiscal Year 2025 Compared to Fiscal Year 2024 Net Sales Net sales are derived from direct retail sales to our customers, net of merchandise returns and discounts.
Net sales for fiscal year 2025 were $20.96 billion, a 4.6% increase from net sales reported for fiscal year 2024 of $20.05 billion.
The increase was due primarily to traffic and unit growth, particularly in the perishables, grocery, and sundries division, as well as a net increase of thirteen clubs and gas stations from the prior year period, partially offset by a decrease in the average retail price-per-gallon of gasoline.
The higher comparable club sales, the more we can leverage certain of our SG&A expenses, reducing them as a percentage of sales and enhancing profitability.
Fiscal Year Ended January 31, 2026 Merchandise comparable club sales 2.6 % Gasoline comparable sales (1.6) % Comparable club sales 1.0 % Merchandise comparable club sales represents comparable club sales from all merchandise other than our gasoline operations for the applicable period.
Merchandise comparable club sales increased 2.6% in fiscal year 2025 compared to fiscal year 2024, driven by increased sales in the perishables, grocery, and sundries division of approximately 2.9% as well as increased sales of general merchandise and services of approximately 1.0%.
In the perishables, grocery, and sundries division, growth was led by fresh meat and produce, as well as dairy, nutrition, candy, and snack categories when compared to fiscal year 2024.
General merchandise and services exhibited growth during fiscal year 2025 compared to fiscal year 2024 due to strength in consumer electronics and apparel, partially offset by headwinds in large ticket discretionary items in home and seasonal categories.
The impact of gasoline sales is primarily the result of a decrease in retail prices year-over-year, partially offset by an increase in comparable gallons sold in fiscal year 2025 compared to fiscal year 2024, as well as a net increase of thirteen gas stations.
Membership fee income Membership fee income was $499.8 million in fiscal year 2025, compared to $456.5 million in fiscal year 2024, a 9.5% increase.
The increase 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.

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Gone since FY2025

We report on the basis of a 52- or 53-week fiscal year, which ends on the Saturday closest to the last day of January.
Accordingly, references herein to "fiscal year 2024" and "fiscal year 2022" relate to the 52 weeks ended February 1, 2025 and January 28, 2023, respectively, and references herein to "fiscal year 2023" relate to the 53 weeks ended February 3, 2024.
Overview BJ’s Wholesale Club is a leading operator of membership warehouse clubs concentrated primarily on the eastern half of the United States.
We deliver significant value to our members, consistently offering 25% or more savings on a representative basket of manufacturer-branded groceries compared to traditional supermarket competitors.
We provide a curated assortment focused on groceries, continuously refreshed general merchandise, gasoline and other ancillary services, coupon books, and promotions to deliver a differentiated shopping experience that is further enhanced by our digital capabilities.
Since pioneering the warehouse club model in New England in 1984, we have grown our footprint to 253 large-format, high volume warehouse clubs and 189 gas stations spanning 21 states as of the date of this filing.
In our core New England market, which has high population density and generates a disproportionate part of U.S. gross domestic product, we operate more than three times the number of clubs compared to the next largest warehouse club competitor.
We also offer Same-Day Select, which offers BJ’s members the ability to pay a one-time fee for either unlimited or twelve same-day deliveries over a one-year period.
We have over 7.5 million members paying annual fees to gain access to savings on groceries, general merchandise, services, and gasoline.
Through December 31, 2024, the annual membership fee for our Club Card membership was generally $55, and the annual membership fee for our Club+ membership, which offers additional value-enhancing features, was generally $110.
Effective January 1, 2025, the Club Card membership fee increased to $60 per year and the Club+ membership fee increased to $120 per year.
We believe that these membership fee increases will allow us to invest in an even stronger value proposition for our growing member base.
We believe that members can save over ten times their $55 Club Card membership fee versus what they would otherwise pay at traditional supermarket competitors when they spend $2,500 or more per year at BJ’s on manufacturer-branded groceries.
Our two private label brands, Wellsley Farms® and Berkley Jensen®, represent approximately 26% of the Company's annual sales.
Our membership fee income was $456.5 million for fiscal year 2024.
Our business is moderately seasonal in nature.
Historically, our business has realized a slightly higher portion of net sales, operating income, and cash flows from operations in the second and fourth fiscal quarters, attributable primarily to the impact of the summer and year-end holiday season, respectively.
We have grown our membership fee income each year for over 25 consecutive years and the quality of our membership mix is strong as evidenced by our higher tier penetration growth in fiscal year 2024.
Our membership fee income totaled $456.5 million in fiscal year 2024.
Our tenured membership renewal rate, a key indicator of membership engagement, satisfaction and loyalty, was 90% at the end of fiscal year 2024.
We believe that expanding our club footprint, bringing substantially all of our end-to-end perishable supply chain in-house, enhancing our information systems, including our distribution center and transportation management systems, and investing in hardware, software, and digitally enabled shopping capabilities for convenience, such as BOPIC, curbside pickup, same-day delivery, and ExpressPay will enable us to replicate our profitable club format and provide a differentiated shopping experience.
Gasoline prices The market price of gasoline impacts our net sales and comparable club sales, and large fluctuations in the price of gasoline may produce a short-term impact on our margins.
Changes in commodity prices and changes in inflation rates have impacted several categories of our business in fiscal year 2024 and may continue to do so.
Results of Operations Information pertaining to fiscal year 2023 was included in the Company’s Annual Report on Form 10-K for the year ended February 3, 2024 in Part II.
Management’s Discussion and Analysis of Financial Position and Results of Operations," which was filed with the SEC on March 18, 2024.
The following tables summarize key components of our results of operations for the periods indicated: Statement of Operations Data Fiscal Year Ended (dollars in thousands, except per share amounts) February 1, 2025 February 3, 2024 Net sales $ 20,045,329 $ 19,548,011 Membership fee income 456,475 420,678 Total revenues 20,501,804 19,968,689 Cost of sales 16,737,378 16,326,129 Selling, general and administrative expenses 2,963,883 2,822,513 Pre-opening expenses 28,337 19,628 Operating income 772,206 800,419 Interest expense, net 51,359 64,527 Income from continuing operations before income taxes 720,847 735,892 Provision for income taxes 186,430 212,240 Income from continuing operations 534,417 523,652 Income from discontinued operations, net of income taxes — 89 Net income $ 534,417 $ 523,741 Weighted-average shares outstanding—basic 132,150 133,047 Basic EPS (a) $ 4.04 $ 3.94 Weighted-average shares outstanding—diluted 133,605 135,118 Diluted EPS (a) $ 4.00 $ 3.88 Operational Data: Total clubs at end of period 250 243 Comparable club sales (b) 2.5 % (1.0) % Merchandise comparable club sales (b) 2.8 % 1.7 % Adjusted net income (b) $ 541,111 $ 534,537 Adjusted EPS (b) 4.05 3.96 Adjusted EBITDA (b) 1,090,595 1,082,129 Net cash provided by operating activities 900,872 718,883 Adjusted free cash flow (b) 312,889 264,118 Membership renewal rate 90 % 90 % (a) Basic and diluted EPS are calculated using net income.
(b) See "Fiscal Year 2024 Compared to Fiscal Year 2023," "Non-GAAP Financial Measures" and "Liquidity and Capital Resources" within "Item 7.
Fiscal Year 2024 Compared to Fiscal Year 2023 Full year results for fiscal year 2023 included one additional week (the "53rd week") compared to the full year results for fiscal year 2024.
Net Sales Net sales are derived from direct retail sales to our customers, net of merchandise returns and discounts.
Net sales for fiscal year 2024 were $20.0 billion, a 2.5% increase from net sales reported for fiscal year 2023 of $19.5 billion.
The increase was due primarily to strength in the perishables, grocery, and sundries division, an increase in gasoline sales, and seven club openings during fiscal 2024.
The higher comparable club sales, the more we can leverage certain of our selling, general and administrative ("SG&A") expenses, reducing them as a percentage of sales and enhancing profitability.
Fiscal Year Ended February 1, 2025 Comparable club sales 2.5 % Impact from gasoline sales 0.3 % Merchandise comparable club sales 2.8 % Merchandise comparable club sales increased by 2.8% in fiscal year 2024 compared to fiscal year 2023 driven by increased sales of perishables, of approximately 3.2% as well as increased sales of general merchandise and services of approximately 0.7%.
In the perishables, grocery, and sundries division, growth was led by fresh produce, dairy, fresh beef, nutrition, beverages, and paper categories compared to fiscal year 2023, partially offset by a decrease in sales of alcohol.
General merchandise and services increased during fiscal year 2024 due to increased demand for toys and electronics, including video games, apparel, and home categories compared to fiscal year 2023, partially offset by a decrease in consumer spending in certain seasonal categories.
The impact of gasoline sales on comparable club sales is due to a decrease in retail prices year-over-year, partially offset by an increase in comparable gallons sold in fiscal year 2024 compared to fiscal year 2023 and an increase of twelve gas stations.
Membership fee income Membership fee income was $456.5 million in fiscal year 2024, compared to $420.7 million in fiscal year 2023, an 8.5% increase.
The increase was primarily driven by strength in membership acquisition, retention and higher tier membership penetration across both new and existing clubs.
We continued to add new members from our seven new club openings in fiscal year 2024 as well as the five new clubs that opened in the fourth quarter of fiscal year 2023.
As noted above, we increased our membership fees effective January 1, 2025 which we anticipate will positively impact membership fee income in fiscal year 2025, and had a minimal impact on fiscal year 2024 results.

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Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2025 ↗, FY2026 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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