BJ's Wholesale Club
BJ NYSE Consumer Staples Merchandise Retail Financials FY2016–FY2025
BJ's Wholesale Club's revenue rose 4.7% to $21.5 billion in fiscal 2025. Its operating margin was 3.8%, about the same as 3.8% a year earlier. Free cash flow was $328 million, up 4.8%. It paid out $287 million in dividends and buybacks, 87% of free cash flow. The diluted share count fell 1.1%.
About these figures. Total debt is the balance sheet's long-term debt plus its current debt line.
What BJ's Wholesale Club does
BJ's Wholesale Club runs membership warehouse clubs, mainly in the eastern half of the United States. Shoppers pay an annual fee to buy groceries, fresh food, general merchandise and gasoline. At the end of fiscal 2025 it had 263 large-format warehouse clubs and 199 gas stations in 21 states. BJ's says it pioneered the warehouse club model in New England in 1984, and that it has far more clubs there than its closest warehouse club competitor.
Membership fees are a core part of how BJ's makes money. A Club membership costs generally $60 a year and a Club+ membership generally $120. Membership fee income was $499.8 million in fiscal 2025, and it has more than 8 million paying members. The rest of its revenue comes from selling merchandise and gasoline. Its two private label brands, Wellsley Farms and Berkley Jensen, were approximately 27% of net sales excluding gasoline.
BJ's buys most of its merchandise directly from manufacturers and moves it through its own distribution centers to the clubs. Members can also shop online and through its mobile app, with pickup in the club, curbside, same-day or ship-to-home delivery, and through the DoorDash and Instacart marketplaces. Its competitors include supermarkets, supercenters, online retailers and other warehouse clubs.
- Legal name
- BJ’S WHOLESALE CLUB HOLDINGS, INC.
- Fiscal year ends
- January 31, 2026
- Latest annual report
- 10-K · Mar 12, 2026
- Accession · CIK
- 0001531152-26-000007
0001531152
Revenue and margins
BJ's Wholesale Club had $21.5B of revenue in fiscal 2025, up 4.7% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 27.8% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $328M in fiscal 2025, 1.5% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
BJ's Wholesale Club returned $287M to shareholders in fiscal 2025, 87% of free cash flow. The diluted share count fell 1.2%.
Value BJ's Wholesale Club yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$523M and divides by 132.1M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 23.2x · peers 16.6x · sector 24.7x.
Balance sheet
Cash, debt and the ratios that show how comfortably BJ's Wholesale Club can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $45.4M | $33.9M | $36.0M | $28.3M | $46.2M |
| Debt incl. finance leases | $765M | $873M | $752M | $602M | $569M |
| Net debt / EBITDA | 0.9x | 0.9x | 0.7x | 0.6x | 0.5x |
| Debt / equity | 1.2x | 0.8x | 0.5x | 0.3x | 0.3x |
| Interest coverage | 13.7x | 19.7x | 13.8x | 18.1x | 25.6x |
| Current ratio | 0.8x | 0.7x | 0.7x | 0.7x | 0.8x |
| Quick ratio | 0.1x | 0.1x | 0.1x | 0.2x | 0.2x |
| Total assets | $5.7B | $6.4B | $6.7B | $7.1B | $7.5B |
| Total liabilities | $5.0B | $5.3B | $5.2B | $5.2B | $5.3B |
| Shareholders' equity | $648M | $1.0B | $1.5B | $1.8B | $2.2B |
| Net debt (− = net cash) | $719M | $839M | $716M | $574M | $523M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$31.5M
5 insiders
Of sales under plans
97%
$30.6M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 15, 2026 | Laura L. FeliceEVP, Chief Financial Officer | Sold plan | 8,452 | $104.95 | $0.9M | Form 4 |
| Oct 15, 2026 | Robert W. EddyPresident & CEO, Director | Sold plan | 8,000 | $104.00 | $0.8M | Form 4 |
| Oct 14, 2026 | Robert W. EddyPresident & CEO, Director | Sold plan | 172,184 | $102.19 | $17.6M | Form 4 |
| Oct 13, 2026 | Robert W. EddyPresident & CEO, Director | Sold plan | 12,400 | $100.18 | $1.2M | Form 4 |
| Oct 1, 2026 | Timothy Pierce MorningstarEVP, Chief Growth Officer | Sold | 4,856 | $94.09 | $0.5M | Form 4 |
| Oct 1, 2026 | William C. WernerEVP, Strategy & Development | Sold | 3,000 | $95.00 | $0.3M | Form 4 |
| Sep 15, 2026 | Robert W. EddyPresident & CEO, Director | Sold plan | 8,000 | $95.22 | $0.8M | Form 4 |
| Aug 25, 2026 | Joseph McGrailSVP, Controller | Sold | 1,500 | $96.65 | $0.1M | Form 4 |
| Aug 24, 2026 | Robert W. EddyPresident & CEO, Director | Sold plan | 4,900 | $100.01 | $0.5M | Form 4 |
| Aug 14, 2026 | Robert W. EddyPresident & CEO, Director | Sold plan | 8,000 | $93.64 | $0.7M | Form 4 |
| Jul 29, 2026 | Robert W. EddyPresident & CEO, Director | Sold plan | 73,016 | $100.02 | $7.3M | Form 4 |
| Jul 15, 2026 | Robert W. EddyPresident & CEO, Director | Sold plan | 8,000 | $90.67 | $0.7M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✕ | ✕ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✓ | ✓ | ✓ |
| Current ratio rose | ✓ | ✓ | ✓ |
| Share count didn't rise | ✓ | ✓ | ✓ |
| Gross margin rose | ✓ | ✓ | ✓ |
| Revenue rose relative to assets | ✕ | ✕ | ✕ |
| F-score | 7 / 9 | 7 / 9 | 8 / 9 |
| Accruals ratio | −3.0% | −5.3% | −6.2% |
| Altman Z'' | 1.01 | 1.28 | 1.09 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| BJ's Wholesale Club BJ | $13.5B | 4.7% | 3.8% | 1.5% | 23.7% | 23.2x | 8 | |
| Dollar Tree DLTR | $23.9B | 10.4% | 8.5% | 5.4% | 21.4% | 15.4x | 9 | Compare → |
| Dollar General DG | $29.4B | 5.2% | 5.2% | 5.6% | 13.8% | 17.3x | 7 | Compare → |
| PriceSmart PSMT | $5.2B | 7.3% | 4.4% | 2.0% | 15.4% | 32.8x | 7 | Compare → |
| Target TGT | $69.8B | −1.7% | 4.9% | 2.7% | 15.0% | 15.9x | 6 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $12.4B | $12.8B | $13.0B | $13.2B | $15.4B | $16.7B | $19.3B | $20.0B | $20.5B | $21.5B |
| Gross profit | $2.1B | $2.2B | $2.4B | $2.4B | $3.0B | $3.1B | $3.4B | $3.6B | $3.8B | $4.0B |
| Operating income | $216M | $220M | $304M | $352M | $642M | $617M | $738M | $800M | $772M | $817M |
| Interest expense | $122M | $163M | $129M | $96.7M | $65.1M | $45.1M | $37.5M | $58.2M | $42.7M | $31.9M |
| Pretax income | $72.7M | $23.5M | $139M | $244M | $558M | $558M | $691M | $736M | $721M | $774M |
| Income tax | $28.0M | −$28.4M | $11.8M | $56.2M | $137M | $131M | $176M | $212M | $186M | $196M |
| Net income | $44.2M | $50.3M | $127M | $187M | $421M | $427M | $513M | $524M | $534M | $578M |
| Diluted EPS | $0.48 | $0.54 | $1.05 | $1.35 | $3.03 | $3.09 | $3.76 | $3.88 | $4.00 | $4.38 |
| Diluted shares | 0.09B | 0.09B | 0.12B | 0.14B | 0.14B | 0.14B | 0.14B | 0.14B | 0.13B | 0.13B |
| Cash flow | ||||||||||
| Cash from operations | $297M | $210M | $427M | $355M | $869M | $832M | $788M | $719M | $901M | $1.0B |
| Capital expenditure | $115M | $138M | $146M | $197M | $218M | $324M | $398M | $467M | $588M | $702M |
| Free cash flow | $183M | $72.6M | $281M | $158M | $650M | $508M | $390M | $252M | $313M | $328M |
| Depreciation and amortization | $178M | $164M | $162M | $157M | $168M | $181M | $201M | $228M | $262M | $289M |
| Stock-based compensation | $11.8M | $9.1M | $57.7M | $18.8M | $32.1M | $53.8M | $42.6M | $39.0M | $47.8M | $47.2M |
| Acquisitions | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $377M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $1.4M | $2.0M | $19.1M | $67.3M | $106M | $194M | $172M | $155M | $220M | $287M |
| Dividends paid | $0.0M | $736M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $1.5M | $737M | $19.1M | $67.3M | $106M | $194M | $172M | $155M | $220M | $287M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $32.0M | $35.0M | $27.1M | $30.2M | $43.5M | $45.4M | $33.9M | $36.0M | $28.3M | $46.2M |
| Total debt | — | $2.7B | $1.8B | $1.7B | $1.1B | $749M | $853M | $717M | $574M | $519M |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $16.2M | $15.2M | $16.1M | $20.5M | $34.7M | $28.2M | $50.0M |
| Current assets | — | $1.3B | $1.3B | $1.4B | $1.5B | $1.5B | $1.7B | $1.8B | $1.9B | $2.0B |
| Current liabilities | — | $1.5B | $1.6B | $1.8B | $2.0B | $2.0B | $2.5B | $2.5B | $2.5B | $2.7B |
| Inventory | $0.0M | $1.0B | $1.1B | $1.1B | $1.2B | $1.2B | $1.4B | $1.5B | $1.5B | $1.6B |
| Property and equipment, net | — | $759M | $749M | $760M | $798M | $942M | $1.3B | $1.6B | $1.9B | $2.4B |
| Total assets | — | $3.3B | $3.2B | $5.3B | $5.4B | $5.7B | $6.4B | $6.7B | $7.1B | $7.5B |
| Total liabilities | — | $4.3B | $3.4B | $5.3B | $5.1B | $5.0B | $5.3B | $5.2B | $5.2B | $5.3B |
| Shareholders' equity | −$347M | −$1.0B | −$202M | −$54.3M | $319M | $648M | $1.0B | $1.5B | $1.8B | $2.2B |
| Margins | ||||||||||
| Gross margin | 17.2% | 17.6% | 18.2% | 18.4% | 19.3% | 18.5% | 17.8% | 18.2% | 18.4% | 18.6% |
| Operating margin | 1.8% | 1.7% | 2.3% | 2.7% | 4.2% | 3.7% | 3.8% | 4.0% | 3.8% | 3.8% |
| EBITDA margin | 3.2% | 3.0% | 3.6% | 3.9% | 5.3% | 4.8% | 4.9% | 5.2% | 5.0% | 5.2% |
| Net margin | 0.4% | 0.4% | 1.0% | 1.4% | 2.7% | 2.6% | 2.7% | 2.6% | 2.6% | 2.7% |
| FCF margin | 1.5% | 0.6% | 2.2% | 1.2% | 4.2% | 3.1% | 2.0% | 1.3% | 1.5% | 1.5% |
| Returns | ||||||||||
| Return on capital | — | — | 17.3% | 17.0% | 32.2% | 34.2% | 33.8% | 28.1% | 24.9% | 23.7% |
| Return on capital employed | — | — | 17.5% | 13.7% | 18.8% | 17.5% | 19.8% | 20.0% | 17.7% | 17.4% |
| Return on equity | — | — | — | — | — | 88.2% | 60.6% | 41.8% | 32.3% | 28.6% |
| Return on assets | — | — | 3.9% | 4.4% | 7.9% | 7.7% | 8.5% | 8.0% | 7.8% | 7.9% |
| Growth | ||||||||||
| Revenue growth | — | 3.3% | 2.0% | 1.4% | 17.0% | 8.0% | 15.9% | 3.4% | 2.7% | 4.7% |
| Net income growth | — | 13.7% | 153.0% | 47.1% | 124.9% | 1.3% | 20.3% | 2.1% | 2.0% | 8.2% |
| EPS growth | — | 12.5% | 94.4% | 28.6% | 124.4% | 2.0% | 21.7% | 3.2% | 3.1% | 9.5% |
| FCF growth | — | −60.3% | 287.2% | −43.7% | 310.9% | −21.9% | −23.2% | −35.5% | 24.3% | 4.8% |
| Share count change | — | 1.7% | 31.3% | 14.8% | −0.2% | −0.6% | −1.1% | −1.0% | −1.1% | −1.2% |
| Financial health | ||||||||||
| Net debt / EBITDA | — | 7.0x | 3.8x | 3.3x | 1.3x | 0.9x | 0.9x | 0.7x | 0.6x | 0.5x |
| Debt / equity | — | — | — | — | 3.5x | 1.2x | 0.8x | 0.5x | 0.3x | 0.3x |
| Interest coverage | 1.8x | 1.4x | 2.4x | 3.6x | 9.9x | 13.7x | 19.7x | 13.8x | 18.1x | 25.6x |
| Current ratio | — | 0.9x | 0.9x | 0.8x | 0.7x | 0.8x | 0.7x | 0.7x | 0.7x | 0.8x |
| Quick ratio | — | 0.2x | 0.2x | 0.2x | 0.1x | 0.1x | 0.1x | 0.1x | 0.2x | 0.2x |
| Capital allocation | ||||||||||
| Capex / revenue | 0.9% | 1.1% | 1.1% | 1.5% | 1.4% | 1.9% | 2.1% | 2.3% | 2.9% | 3.3% |
| Stock comp / revenue | 0.1% | 0.1% | 0.4% | 0.1% | 0.2% | 0.3% | 0.2% | 0.2% | 0.2% | 0.2% |
| Payouts / FCF | 0.8% | 1,015.6% | 6.8% | 42.6% | 16.3% | 38.3% | 44.1% | 61.6% | 70.2% | 87.4% |
| Quality scores | ||||||||||
| Piotroski F-score | — | — | — | 7.0 | 7.0 | 7.0 | 6.0 | 7.0 | 7.0 | 8.0 |
| Altman Z'' | — | −1.1 | −0.8 | −0.6 | 0.0 | 0.4 | 0.5 | 1.0 | 1.3 | 1.1 |
| Accruals ratio | — | — | −9.2% | −4.0% | −8.4% | −7.3% | −4.6% | −3.0% | −5.3% | −6.2% |
Source: SEC EDGAR XBRL filings (CIK 0001531152). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.