BJ’s Wholesale Club (BJ) Q4 2025 earnings summary

Executive summary

• Achieved record fiscal 2024 results, with net sales, membership, and adjusted EPS at all-time highs, despite a challenging Q4 impacted by the absence of a 53rd week.

• Membership reached over 7.5 million, with a 90%+ renewal rate and higher-tier penetration nearing 40%.

• Strategic focus on value, convenience, digital engagement, and footprint expansion drove robust traffic, units sold, and market share gains.

Financial highlights

• Q4 net sales were $5.16 billion, down 1.7% due to the extra week in the prior year, but up 5.4% excluding that impact; full-year net sales rose 2.5% to $20.05 billion.

• Comparable club sales (ex-gasoline) grew 4.6% in Q4; digitally enabled comp sales surged 26% year over year.

• Q4 adjusted EPS was $0.93 (down 16.2% year-over-year); full-year adjusted EPS was $4.05 (up 2.3%).

• Membership fee income grew 7.9% to $117 million in Q4.

Outlook and guidance

• Fiscal 2025 guidance: comparable club sales (ex-gasoline) expected to grow 2.0%–3.5%; adjusted EPS projected at $4.10–$4.30.

• Capital expenditures anticipated at approximately $800 million, focused on new clubs and distribution center expansion.

• Long-term targets: low- to mid-single digit comp sales growth, mid-single digit total revenue growth, and high-single to low-double digit EPS growth.

• New $1 billion share repurchase program effective FY25, expiring January 2029.