BJ's Wholesale Club Holdings, Inc.

bjs.com

What Do They Do?

Sells groceries and general merchandise, plus gasoline, through membership warehouse clubs to households and small businesses.

How Do They Make Money?

Members pay for merchandise at checkout in clubs and gas stations; online purchases are tied to pickup, delivery or shipment. They also pay membership fees for access over the membership term.

revenue

Segment	Share	Revenue	How money arrives
Net sales Sold outright	98% FY2022: 98%		Sold outright
Membership fee income Recurring	2.3% FY2022: 2.1%		Recurring

Who Are Their Customers?

Households and small businesses shop as members through BJ’s clubs, its website and app, or the DoorDash and Instacart marketplaces.

Do Revenues Turn Into Profits?

Yes. It kept 3 cents of every revenue dollar as net income in FY2025 and turned 2 cents into free cash flow.

Operating income, FY2025

4% of revenue

▲ +6% vs FY2024 ($772.2M, 4%)

Net income, FY2025

3% of revenue

▲ +8% vs FY2024 ($534.4M, 3%)

Free cash flow, FY2025

2% of revenue

▲ +5% vs FY2024 ($312.9M, 2%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Aug 1, 2026

Revenue: ▲ +16%; vs $5.4B in Q2 FY2025
Net income: ▲ +15%; vs $150.7M in Q2 FY2025

Net sales share of revenue vs 97.7% in Q2 FY2025

Sep 4, 2026 Settles credit-card interchange fee litigation The company expects a one-time pre-tax benefit of approximately $240 million in third-quarter fiscal 2026 results.
Aug 21, 2026 Raises full-year adjusted EPS guidance

Growing. Revenue grew 29% in 4 years, from $16.7B in FY2021 to $21.5B in FY2025, about 7% a year.

Retail media The older report announced BJ’s Media Edge; the latest describes it as a retail media program offering brands an advertising solution to reach members.

Revenue over time

Net sales Membership fee income

$25B$12.5B$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Costco Wholesale and Sam’s Clubs

Comments