BJ’s Wholesale Club (BJ) Q2 2026 earnings summary

Executive summary

• Achieved record 8 million members, up 55% since IPO, with renewal rates above 90% and higher-tier penetration at 41%.

• Q2 2025 net sales increased 3.2% year-over-year to $5.3 billion, driven by traffic growth, perishables, grocery, and sundries.

• Digital sales grew 34% year-over-year, with over half of active members using the mobile app and 90% of digital sales fulfilled in-club.

• Opened first club relocation since IPO, expanded to 255 clubs and 190 gas stations, and plan to open 25-30 new clubs over the next two years.

• Raised full-year 2025 adjusted EPS guidance, reflecting continued business momentum.

Financial highlights

• Net sales for Q2 2025 were $5.3 billion, up 3.2% year-over-year; total revenues reached $5.38 billion.

• Merchandise comp sales (excluding gas) increased 2.3% year-over-year; adjusted EBITDA grew 8% to $303.9 million.

• Adjusted EPS was $1.14, up 4.6% year-over-year; net income for Q2 was $150.7 million.

• Membership fee income rose 9% to $123.3 million in Q2 2025.

• Adjusted free cash flow for the first six months was $154.9 million.

Outlook and guidance

• Maintaining full-year comp sales growth guidance (excluding gas) of 2%-3.5%.

• Adjusted EPS guidance raised to $4.20–$4.35 for FY 2025.

• On track to open 25-30 new clubs over the next two fiscal years, with capital expenditures projected at $800 million for FY 2025.

• Expecting continued volatility due to tariffs, macroeconomic uncertainty, and inflation but confident in delivering within guidance ranges.