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

Executive summary

• Achieved record fiscal 2024 results, with strong membership growth, high renewal rates above 90%, and robust digital engagement, despite a challenging Q4 impacted by the absence of a 53rd week.

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

• Membership reached an all-time high above 7.5 million, with higher-tier penetration nearing 40%.

Financial highlights

• Q4 net sales were $5.16 billion, down 1.7% due to the absence of a 53rd week, but up 5.4% year over year on a comparable 13-week basis; full-year net sales rose 2.5% to $20.05 billion.

• Comparable club sales (excluding gasoline) grew 4.6% year over year in Q4.

• Digitally enabled comp sales rose 26% year over year in Q4; digital penetration increased from 2% in FY18 to 13% in FY24.

• 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 (excluding gasoline) expected to grow 2%-3.5% year over year.

• Adjusted EPS projected at $4.10–$4.30 for fiscal 2025.

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

• Long-term targets: comparable club sales (ex-gasoline) to grow low- to mid-single digits, total revenues mid-single digits, and EPS high-single to low-double digits.

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