BJ’s Wholesale Club (BJ) Q4 2026 earnings summary

Executive summary

• Achieved record fiscal year with strong EPS, robust membership growth exceeding 8 million, and 16 consecutive quarters of traffic growth, despite a challenging macro environment.

• Opened 14 new clubs in the year, including 7 in Q4, expanding into new markets and operating 263 clubs and 199 gas stations as of January 31, 2026.

• Digital sales penetration reached 16%, with digitally enabled sales up 31% year-over-year, and digital sales fulfilled in-club accounting for 42% of digital sales.

• Own brands accounted for 27% of merchandise sales, progressing toward a 30% long-term goal.

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

Financial highlights

• Q4 net sales were $5.45 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.

• 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 and strong acquisition/retention.

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

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

Outlook and guidance

• Fiscal 2026 guidance: comparable club sales (ex-gasoline) expected to rise 2%-3% year-over-year; adjusted EPS projected between $4.40 and $4.60.

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

• Expect slight SG&A deleverage due to accelerated new club openings and increased depreciation.

• Planning for an effective tax rate of ~27% for 2026.

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