BJs Wholesale Club Holdings Inc

BJ's Wholesale Club runs membership warehouse clubs: large, no-frills stores selling groceries and household goods in bulk at low prices. As of January 31, 2026, it operated 263 clubs and 199 gas stations in 21 states, mostly in the eastern US. New York (50 clubs) and Florida (43) are its largest markets, followed by Massachusetts (26) and New Jersey (24). Its core shoppers are price-conscious larger households and small businesses.

BJ's earns money two ways. First, it sells goods at thin markups. In the fiscal year ended January 31, 2026, revenue was $21.5 billion, but only 3.8 cents of each dollar became operating profit. Second, it charges more than 8 million members an annual fee. The fee is generally $60 for Club or $120 for Club+, up from $55 and $110 before January 1, 2025. Those fees brought in $499.8 million, which is more than half of its $816.6 million operating profit. Fee income has grown for over 25 consecutive years.

Food and everyday basics make up most of what it sells. Fresh food, packaged groceries and household items made up about 87% of merchandise sales. General merchandise and services, such as electronics, tires and optical, made up about 13%. Its store brands, Wellsley Farms and Berkley Jensen, were about 27% of net sales excluding gasoline. BJ's reports one segment, all in the US. It also sells through bjs.com, its app, DoorDash and Instacart.

• In Q2 FY2027 (ended Aug 1, 2026), revenue was $6.23B, up 15.7% from a year earlier, and net income was $173.9M (+15.4%).
• For fiscal 2026, revenue was $21.46B (+4.7% year over year; +6.8% a year from FY2021 to FY2026) with a 2.7% net margin.

• Over FY2022–FY2026: $1.03B in buybacks and $100K in dividends.
• The company pays no regular dividend.
• Special dividends in FY2018 are excluded from the streak.
• Regular dividends per share grew 0.0% a year over 4 years (FY2021–FY2025).
• Shares outstanding changed -7.1% from Nov 18, 2021 to Aug 20, 2026.

Rank among 1514 US companies

Market value at each year end

BJs Wholesale Club Holdings’s market value went from $3.03B at the end of 2018 to $13.07B on Oct 28, 2026, about 4.3 times as much; since the end of 2025 it is up 11%.

Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 26 sales ($34.5M), 22 of them under pre-arranged 10b5-1 trading plans.

Large shareholders (13G filings)

ETFs with the most weight in BJ

1. Profits lean on loyal, renewing members. Fees of $499.8 million in the year ended January 31, 2026 equaled more than half of operating profit. Weaker renewals, pushback on fee increases or members drifting to rivals could hit profits directly.
2. Heavy reliance on the New York area. The 10-K singles out BJ's dependence on the New York metropolitan area, and 50 of its 263 clubs are in New York state. A regional slowdown, storm or new rival there could weigh on results.
3. Thin margins magnify cost increases. BJ's kept just 3.8 cents of operating profit per sales dollar in the year ended January 31, 2026. It often cannot pass along higher supplier costs, so small cost rises can hurt profit sharply.
4. Gasoline swings can make results uneven. BJ's runs 199 gas stations and generally keeps pump prices below local averages to attract members. Swings in fuel prices or gallons sold can make revenue and quarterly profit jump around.
5. Changes to SNAP food benefits. BJ's target shoppers are price-sensitive. Its 10-K warns that results could suffer from changes to SNAP (the federal food-assistance program), to how SNAP is run, or to its EBT payment cards.
6. Price competition from many directions. Members can also shop at supermarkets, supercenters, other warehouse clubs, discount grocers and online retailers. If rivals offer a better mix of price, quality and convenience, BJ's may lose members or need to cut prices.

• Oct 15, 2026 Executive or board change
• Sep 8, 2026 Other company announcement
• Aug 21, 2026 Quarterly results released; Executive or board change
• Jun 18, 2026 Shareholder vote results
• May 22, 2026 Quarterly results released
• Mar 5, 2026 Quarterly results released
• Nov 21, 2025 Quarterly results released

BJ's does not pay a regular dividend. Its 10-K, filed March 12, 2026, says the company does not expect to pay cash dividends. For an income investor, that means returns come only from share-price changes, and spending money would require selling shares. Instead, BJ's returns cash through buybacks, which means repurchasing its own stock. It spent $1.03 billion on buybacks over the five fiscal years through January 31, 2026. The share count fell 7.1% between November 2021 and August 2026.

In both market slumps its price history covers, the shares rose while the broad market fell. Over the 2020 COVID crash they gained 10.2%, despite a 20.3% drop in March that they recovered by May 21, 2020. Over the 2022 bear market they gained 9%, despite a 25.4% slide from April to May 2022. Through October 28, 2026, the deepest decline in their 8.3-year history was 38.8%. As a single stock, BJ's carries more risk than a diversified fund spread across many companies.