BJ’s Wholesale Club Holdings, Inc. (NYSE: BJ) (the “Company”) today announced its financial results for the thirteen weeks and thirty-nine weeks ended November 1, 2025.

“Our business continues to perform well in a volatile environment and we are maintaining an unwavering focus on what matters most: taking care of families who depend on us,” said Bob Eddy, Chairman and Chief Executive Officer, BJ’s Wholesale Club. “We are confident that we can bethe

Additional Highlights:

Fiscal 2025 Ending January 31, 2026 Outlook

“Our business has delivered solid results year to date in a volatile backdrop, which speaks to the power and relevance of our business model. We are narrowing our outlook for full year merchandise comparable club sales while increasing our outlook for adjusted earnings per share,” said Laura Felice, Executive Vice President, Chief Financial Officer, BJ’s Wholesale Club.

The Company provided an updated outlook for fiscal 2025:

Conference Call Details

A conference call to discuss the third quarter of fiscal 2025 financial results is scheduled for today, November 21, 2025, at 8:30 A.M. Eastern Time. The live audio webcast of the call can be accessed under the “Events & Presentations” section of the Company’s investor relations website athttps://investors.bjs.com

About BJ’s Wholesale Club Holdings, Inc.

BJ’s Wholesale Club Holdings, Inc. (NYSE: BJ) is a leading operator of membership warehouse clubs focused on delivering significant value to its members and serving a shared purpose: “We take care of the families who depend on us.” The Company provides a wide assortment of fresh foods, produce, a full-service deli, fresh bakery, household essentials and gas. In addition, BJ’s offers the latest technology, home decor, apparel, seasonal items and more to deliver unbeatable value to smart-saving families. Headquartered in Marlborough, Massachusetts, the Company pioneered the warehouse club model in New England in 1984 and currently operates 257 clubs and 194 BJ's Gaswww.bjs.com^®

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding our future results of operations and financial position; our anticipated fiscal 2025 outlook; our membership fee increases; the timing and amounts of any share repurchases under our current authorized share repurchase program; and our strategic priorities and future progress, as well as statements that include the words “expect,” “intend,” “plan,” “confident,” “believe,” “project,” “forecast,” “estimate,” “may,” “should,” “anticipate,” “can” and similar statements of a future or forward-looking nature. These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: uncertainties in the financial markets, including, without limitation, as a result of disruptions and instability in the banking and financial services industries or as a result of wars and global political conflicts, consumer and small business spending patterns and debt levels; our dependence on having a large and loyal membership; domestic and international economic conditions, including volatility in inflation or interest rates, supply chain disruptions, construction delays and exchange rates; our ability to procure the merchandise we sell at the best possible prices; the effects of competition and regulation; our dependence on vendors to supply us with quality merchandise at the right time and at the right price; breaches of security or privacy of member or business information; conditions affecting the acquisition, development, ownership or use of real estate; our capital spending; actions of vendors; our ability to attract and retain a qualified management team and other team members; costs associated with employees (generally including health care costs), energy and certain commodities, geopolitical conditions (including tariffs); changes in our product mix or in our revenues from gasoline sales; our failure to successfully maintain a relevant digital experience for our members; risks related to our growth strategy to open new clubs; risks related to our e-commerce business; our ability to grow our BJ’s One Mastercardwww.sec.gov^®

Non-GAAP Financial Measures

We refer to certain financial measures that are not recognized under United States generally accepted accounting principles (“GAAP”). Please see “Note Regarding Non-GAAP Financial Information” and “Reconciliation of GAAP to Non-GAAP Financial Information” below for additional information and a reconciliation of the Non-GAAP financial measures to the most comparable GAAP financial measures.

Note Regarding Non-GAAP Financial Information

This press release includes financial measures that are not calculated in accordance with GAAP, including adjusted net income, adjusted net income per diluted share (“adjusted EPS”), adjusted EBITDA, adjusted free cash flow, net debt, net debt to last twelve months (“LTM”) adjusted EBITDA, and comparable club sales.

We define adjusted net income as net income as reported, adjusted for non-recurring, infrequent, or unusual changes, including restructuring charges, and other adjustments that the Company believes appropriate, net of the tax impact of such adjustments.

We define adjusted EPS as adjusted net income divided by the weighted-average diluted shares outstanding.

We define adjusted EBITDA as net income before interest expense, net, provision for income taxes and depreciation and amortization, adjusted for the impact of certain other items, including: stock-based compensation expense; restructuring and other adjustments.

We define adjusted free cash flow as net cash provided by operating activities less additions to property and equipment, net of disposals, plus proceeds from sale-leaseback transactions.

We define net debt as total debt outstanding less cash and cash equivalents.

We define net debt to LTM adjusted EBITDA as net debt at the balance sheet date divided by adjusted EBITDA for the trailing twelve-month period.

We present adjusted net income, adjusted EPS and adjusted EBITDA, which are not recognized financial measures under GAAP, because we believe such measures assist investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance.

We believe that adjusted net income, adjusted EPS and adjusted EBITDA are helpful in highlighting trends in our core operating performance compared to other measures, which can differ significantly depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which companies operate and capital investments. We use adjusted net income, adjusted EPS and adjusted EBITDA to supplement GAAP measures of performance in the evaluation of the effectiveness of our business strategies; to make budgeting decisions; and to compare our performance against that of other peer companies using similar measures. We also use adjusted EBITDA and adjusted EPS in connection with establishing annual and long-term incentive compensation.

We present adjusted free cash flow, which is not a recognized financial measure under GAAP, because we use it to report to our Board of Directors and we believe it assists investors and analysts in evaluating our liquidity. Adjusted free cash flow should not be considered as an alternative to cash flows from operations as a liquidity measure. We present net debt and net debt to LTM adjusted EBITDA, which are not recognized as financial measures under GAAP, because we use them to report to our Board of Directors and we believe they assist investors and analysts in evaluating our borrowing capacity. Net debt to LTM adjusted EBITDA is a key financial measure that is used by management to assess the borrowing capacity of the Company.

You are encouraged to evaluate these adjustments and the reasons we consider them appropriate for supplemental analysis. In evaluating adjusted net income, adjusted EPS, adjusted EBITDA and net debt to LTM adjusted EBITDA, you should be aware that in the future we may incur expenses that are the same as or like some of the adjustments in our presentation of these metrics. Our presentation of adjusted net income, adjusted EPS, adjusted EBITDA, adjusted free cash flow, net debt and net debt to LTM adjusted EBITDA should not be considered as alternatives to any other measure derived in accordance with GAAP and they should not be construed as an inference that the Company’s future results will be unaffected by unusual or non-recurring items. There can be no assurance that we will not modify the presentation of adjusted net income, adjusted EPS, adjusted EBITDA or net debt to LTM adjusted EBITDA in the future, and any such modification may be material. In addition, adjusted net income, adjusted EPS, adjusted EBITDA, adjusted free cash flow, net debt and net debt to LTM adjusted EBITDA may not be comparable to similarly titled measures used by other companies in our industry or across different industries. Additionally, adjusted net income, adjusted EPS, adjusted EBITDA, adjusted free cash flow, net debt and net debt to LTM adjusted EBITDA have limitations as analytical tools, and you should not consider them in isolation or as a substitute for analysis of our results as reported under GAAP.

In reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K, the Company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis, including of its projected range for adjusted EPS for Fiscal 2025 to net income per diluted share, which is the most directly comparable GAAP measure, under “Fiscal 2025 Ending January 31, 2026” above, where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items or there are no meaningful adjustments to be presented in the reconciliation and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and/or amount of various items that would impact net income per diluted share, if any. This includes items that have not yet occurred, are out of the Company's control, cannot be reasonably predicted and/or for which there would not be any meaningful adjustment or difference. For the same reasons, the Company is unable to address the probable significance of the unavailable information. The information under “Fiscal 2025 Ending January 31, 2026” above, including expectations about adjusted EPS reflects management’s view of current and future market conditions. To the extent actual results differ from our current expectations, the Company’s results may differ materially from the expectations set forth above. Other factors, as referenced elsewhere in this press release, may also cause the Company’s results to differ materially from the expectations set forth above.

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Key Measures for the Thirteen Weeks Ended November 1, 2025 (Third Quarter of Fiscal 2025) and for the Thirty-nine Weeks Ended November 1, 2025 (First Nine Months of Fiscal 2025):

BJ'S WHOLESALE CLUB HOLDINGS, INC.
(Amounts in thousands, except per share amounts)

	Thirteen Weeks Ended November 1, 2025		Thirteen Weeks Ended November 2, 2024		% Growth (Decline)		Thirty-nine Weeks Ended November 1, 2025		Thirty-nine Weeks Ended November 2, 2024		% Growth
Net sales	$	5,221,866	$	4,984,385	4.8	%	$	15,511,867	$	14,883,793	4.2	%
Membership fee income		126,297		114,979	9.8	%		370,019		339,485	9.0	%
Total revenues		5,348,163		5,099,364	4.9	%		15,881,886		15,223,278	4.3	%

Operating income		218,351		229,383	(4.8	)%		638,526		593,813	7.5	%
Net income		152,050		155,748	(2.4	)%		452,523		411,755	9.9	%
EPS^(b)		1.15		1.17	(1.7	)%		3.42		3.08	11.0	%
Adjusted net income^(a)		153,126		157,254	(2.6	)%		455,457		416,994	9.2	%
Adjusted EPS^(a)		1.16		1.18	(1.7	)%		3.44		3.12	10.3	%
Adjusted EBITDA^(a)		301,385		308,292	(2.2	)%		891,082		826,027	7.9	%
Basic weighted-average shares outstanding		131,194		132,083				131,520		132,304
Diluted weighted-average shares outstanding		131,922		133,333				132,396		133,764

		(a)	See “Note Regarding Non-GAAP Financial Information”.
		(b)	EPS represents net income per diluted share.

BJ'S WHOLESALE CLUB HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share amounts)
(Unaudited)

	Thirteen Weeks Ended November 1, 2025		Thirteen Weeks Ended November 2, 2024		Thirty-nine Weeks Ended November 1, 2025		Thirty-nine Weeks Ended November 2, 2024
Net sales	$	5,221,866	$	4,984,385	$	15,511,867	$	14,883,793
Membership fee income		126,297		114,979		370,019		339,485
Total revenues		5,348,163		5,099,364		15,881,886		15,223,278
Cost of sales		4,333,826		4,123,888		12,891,875		12,407,836
Selling, general and administrative expenses		788,151		733,580		2,335,389		2,205,674
Pre-opening expenses		7,835		12,513		16,096		15,955
Operating income		218,351		229,383		638,526		593,813
Interest expense, net		10,309		12,593		31,801		39,299
Income before income taxes		208,042		216,790		606,725		554,514
Provision for income taxes		55,992		61,042		154,202		142,759
Net income	$	152,050	$	155,748	$	452,523	$	411,755

Income per share attributable to common stockholders—basic:	$	1.16	$	1.18	$	3.44	$	3.11
Income per share attributable to common stockholders—diluted:	$	1.15	$	1.17	$	3.42	$	3.08

Weighted-average number of shares outstanding:
Basic		131,194		132,083		131,520		132,304
Diluted		131,922		133,333		132,396		133,764

BJ'S WHOLESALE CLUB HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except per share amounts)
(Unaudited)

	November 1, 2025		November 2, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	45,119	$	33,873
Accounts receivable, net		299,250		266,718
Merchandise inventories		1,693,805		1,720,011
Prepaid expense and other current assets		90,472		76,491
Total current assets		2,128,646		2,097,093

Operating lease right-of-use assets, net		2,015,769		2,114,592
Property and equipment, net		2,227,460		1,832,397
Goodwill		1,008,816		1,008,816
Intangibles, net		96,874		102,739
Deferred income taxes		5,874		5,010
Other assets		62,361		55,575
Total assets	$	7,545,800	$	7,216,222

LIABILITIES
Current liabilities:
Short-term debt	$	200,000	$	245,000
Current portion of operating lease liabilities		177,928		163,292
Accounts payable		1,376,057		1,420,425
Accrued expenses and other current liabilities		945,730		913,307
Total current liabilities		2,699,715		2,742,024

Long-term operating lease liabilities		1,920,153		2,024,689
Long-term debt		399,026		398,663
Deferred income taxes		69,260		65,531
Other non-current liabilities		285,736		223,144

STOCKHOLDERS' EQUITY		2,171,910		1,762,171
Total liabilities and stockholders' equity	$	7,545,800	$	7,216,222

BJ'S WHOLESALE CLUB HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands, except per share amounts)
(Unaudited)

	Thirty-nine Weeks Ended November 1, 2025			Thirty-nine Weeks Ended November 2, 2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	452,523		$	411,755
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		213,916			194,238
Amortization of debt issuance costs and accretion of original issue discount		818			830
Stock-based compensation expense		33,586			29,640
Deferred income tax provision (benefit)		10,702			(10,181	)
Changes in operating leases and other non-cash items		(18,509	)		10,803
Increase (decrease) in cash due to changes in:
Accounts receivable, net		(18,930	)		(41,021	)
Merchandise inventories		(184,817	)		(265,189	)
Accounts payable		122,545			237,144
Accrued expenses and other current liabilities		31,121			81,546
Other operating assets and liabilities, net		(3,854	)		(20,610	)
Net cash provided by operating activities		639,101			628,955
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to property and equipment, net of disposals and proceeds from sale-leaseback transactions		(497,953	)		(427,553	)
Other investing activities		(3,232	)		—
Net cash used in investing activities		(501,185	)		(427,553	)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from revolving lines of credit		376,000			605,000
Payments on revolving lines of credit		(351,000	)		(679,000	)
Net cash received from stock option exercises		5,014			15,465
Net cash received from Employee Stock Purchase Program		4,449			3,411
Acquisition of treasury stock		(170,209	)		(158,041	)
Proceeds from financing obligations		21,205			14,917
Other financing activities		(6,528	)		(5,330	)
Net cash used in financing activities		(121,069	)		(203,578	)
Net increase (decrease) in cash and cash equivalents		16,847			(2,176	)
Cash and cash equivalents at beginning of period		28,272			36,049
Cash and cash equivalents at end of period	$	45,119		$	33,873

Reconciliation of GAAP to Non-GAAP Financial Information

BJ'S WHOLESALE CLUB HOLDINGS, INC.
Reconciliation of net income to adjusted net income and adjusted EPS
(Amounts in thousands, except per share amounts)
(Unaudited)

	Thirteen Weeks Ended November 1, 2025			Thirteen Weeks Ended November 2, 2024			Thirty-nine Weeks Ended November 1, 2025			Thirty-nine Weeks Ended November 2, 2024
Net income as reported	$	152,050		$	155,748		$	452,523		$	411,755
Adjustments:
Restructuring^(a)		1,495			2,091			4,075			7,276
Tax impact of adjustments to net income^(b)		(419	)		(585	)		(1,141	)		(2,037	)
Adjusted net income	$	153,126		$	157,254		$	455,457		$	416,994

Weighted-average diluted shares outstanding		131,922			133,333			132,396			133,764
Adjusted EPS^(c)	$	1.16		$	1.18		$	3.44		$	3.12

(a)	Represents charges related to the restructuring of certain corporate and club functions, including costs for severance, retention, outplacement, consulting fees, and other third-party fees.
(b)	Represents the tax effect of the above adjustments at a statutory tax rate of approximately 28%.
(c)	Adjusted EPS is measured using weighted-average diluted shares outstanding.

BJ'S WHOLESALE CLUB HOLDINGS, INC.
Reconciliation to adjusted EBITDA
(Amounts in thousands)
(Unaudited)

	Thirteen Weeks Ended November 1, 2025		Thirteen Weeks Ended November 2, 2024		Thirty-nine Weeks Ended November 1, 2025		Thirty-nine Weeks Ended November 2, 2024
Net income	$	152,050	$	155,748	$	452,523	$	411,755
Interest expense, net		10,309		12,593		31,801		39,299
Provision for income taxes		55,992		61,042		154,202		142,759
Depreciation and amortization		72,318		65,679		213,916		194,238
Stock-based compensation expense		8,987		10,714		33,586		29,640
Restructuring^(a)		1,495		2,091		4,075		7,276
Other adjustments^(b)		234		425		979		1,060
Adjusted EBITDA	$	301,385	$	308,292	$	891,082	$	826,027

(a)	Represents charges related to the restructuring of certain corporate and club functions, including costs for severance, retention, outplacement, consulting fees, and other third-party fees.
(b)	Other non-cash items, including non-cash accretion on asset retirement obligations and obligations associated with our post-retirement medical plan.

BJ'S WHOLESALE CLUB HOLDINGS, INC.
Reconciliation to adjusted free cash flow
(Amounts in thousands)
(Unaudited)

	Thirteen Weeks Ended November 1, 2025			Thirteen Weeks Ended November 2, 2024			Thirty-nine Weeks Ended November 1, 2025			Thirty-nine Weeks Ended November 2, 2024
Net cash provided by operating activities	$	181,144		$	206,757		$	639,101		$	628,955
Less: Additions to property and equipment, net of disposals		(194,883	)		(187,933	)		(500,948	)		(427,553	)
Plus: Proceeds from sale-leaseback transactions		—			—			2,995			—
Adjusted free cash flow	$	(13,739	)	$	18,824		$	141,148		$	201,402

BJ'S WHOLESALE CLUB HOLDINGS, INC.
Reconciliation of net debt and net debt to LTM adjusted EBITDA
(Amounts in thousands)
(Unaudited)

	November 1, 2025
Total debt	$	599,026
Less: Cash and cash equivalents		(45,119	)
Net debt	$	553,907

Net income	$	575,185
Interest expense, net		43,861
Provision for income taxes		197,873
Depreciation and amortization		281,746
Stock-based compensation expense		51,744
Restructuring		5,226
Other adjustments		15
Adjusted EBITDA^(a)	$	1,155,650

Net debt to LTM adjusted EBITDA	0.5x

(a)	See descriptions of adjustments in the “Reconciliation to Adjusted EBITDA (unaudited)” table above.

Total comparable club sales increased by 1.1% and 0.8% in the third quarter and first nine months of fiscal 2025, respectively, compared to the same periods in fiscal 2024. Excluding the impact of gasoline sales, comparable club sales increased by 1.8% and 2.6% in the third quarter and first nine months of fiscal 2025, respectively, compared to the same periods in fiscal 2024.
Membership fee income increased to $126.3 million in the third quarter of fiscal 2025 compared to $115.0 million in the third quarter of fiscal 2024. Membership fee income increased to $370.0 million in the first nine months of fiscal 2025 compared to $339.5 million in the first nine months of fiscal 2024. The increase in both comparative periods was primarily driven by strength in membership acquisition, retention and higher-tier membership penetration across both new and existing clubs, as well as the increase in annual membership fees which became effective in January 2025.
Gross profit increased to $1.01 billion in the third quarter of fiscal 2025 compared to $975.5 million in the third quarter of fiscal 2024. Merchandise gross margin rate, which excludes gasoline sales and membership fee income, remained flat compared to the same quarter of fiscal 2024. Gross profit increased to $2.99 billion in the first nine months of fiscal 2025 compared to $2.82 billion in the first nine months of fiscal 2024. Merchandise gross margin rate increased by 10 basis points compared to the first nine months of fiscal 2024. The Company continues to manage the business to drive profitable growth across the broader merchandise assortment.
Selling, general and administrative expenses (“SG&A”) increased to $788.2 million in the third quarter of fiscal 2025 compared to $733.6 million in the third quarter of fiscal 2024. SG&A increased to $2.34 billion in the first nine months of fiscal 2025 compared to $2.21 billion in the first nine months of fiscal 2024. The increase in both comparative periods was primarily driven by increased labor and occupancy costs as a result of new club and gas station openings, as well as increased advertising costs. Additionally, an increase in the number of owned clubs has resulted in increased depreciation expense year-over-year. In the third quarter of fiscal 2024, the Company benefitted from the net impact of legal settlements reached of approximately $20 million, which contributed to the increase in SG&A expenses year-over-year.
Income tax expense decreased to $56.0 million in the third quarter of fiscal 2025 compared to $61.0 million in the third quarter of fiscal 2024. Income tax expense increased to $154.2 million in the first nine months of fiscal 2025 compared to $142.8 million in the first nine months of fiscal 2024.
Net income decreased to $152.1 million in the third quarter of fiscal 2025 compared to $155.7 million in the third quarter of fiscal 2024. Net income increased to $452.5 million in the first nine months of fiscal 2025 compared to $411.8 million in the first nine months of fiscal 2024.
Adjusted EBITDA decreased by 2.2% to $301.4 million in the third quarter of fiscal 2025 compared to $308.3 million in the third quarter of fiscal 2024. Adjusted EBITDA increased by 7.9% to $891.1 million in the first nine months of fiscal 2025 compared to $826.0 million in the first nine months of fiscal 2024.
Under its existing share repurchase program, the Company repurchased 905,000 shares of common stock, totaling $87.3 million, inclusive of associated costs, in the third quarter of fiscal 2025. In the first nine months of fiscal 2025, the Company repurchased 1,335,000 shares of common stock, totaling $134.7 million, inclusive of associated costs, under such program, and $866.2 million remained available to purchase.

Comparable club sales, excluding the impact of gasoline sales, to increase 2.0% to 3.0% year-over-year
Adjusted EPS to range from $4.30 to $4.40
Capital expenditures of approximately $800 million