BJ’s Wholesale Club (BJ) investor relations material

Executive summary

• Achieved record fiscal 2025 results with strong growth in membership, digital sales, and club traffic, marking the 16th consecutive quarter of traffic growth.

• Membership base grew by over 500,000 to exceed 8 million, with a 90% tenured renewal rate for the fourth consecutive year and higher-tier penetration.

• Opened 14 new clubs in fiscal 2025, including 7 in Q4, the most in a single year, with new locations exceeding expectations in sales, membership, and profit.

• Digital sales penetration reached 16%, with digitally enabled sales up 31% year-over-year, driven by BOPIC, same-day delivery, and Express Pay.

• Continued expansion in the U.S. warehouse club market, outpacing broader retail and grocery channels.

Financial highlights

• Q4 net sales were $5.4 billion, up 5.5% year-over-year; full-year net sales reached $20.96 billion, up 4.6%.

• Comparable club sales grew 1.6% in Q4 and 1.0% for the year; excluding gasoline, comps rose 2.6% in both periods.

• Adjusted EBITDA for Q4 was $266.5 million, up 0.7% year-over-year; full-year adjusted EBITDA was $1.16 billion, up 6.1%.

• Adjusted EPS for Q4 was $0.96, up 3.2%; full-year adjusted EPS reached $4.40, up 8.6%.

• Membership fee income rose 10.9% in Q4 to $129.8 million and 9.5% for the year to $499.8 million, aided by a fee increase.

Outlook and guidance

• Fiscal 2026 guidance: comparable club sales (ex-gasoline) expected to grow 2%-3%; adjusted EPS projected at $4.40-$4.60.

• Capital expenditures planned at approximately $800 million, focused on new club openings and distribution enhancements.

• SG&A expected to show slight deleverage due to accelerated new club openings and higher depreciation.

• Effective tax rate planned at approximately 27% for 2026.

• Not factoring in potential impacts from new tariffs or evolving macro uncertainty.