Analyst Report: BJ’s Wholesale Club Hldg Inc

Summary

BJ’s Wholesale Club Holdings owns BJ’s Wholesale Club, which operates a chain of warehouse clubs in the Eastern U.S. BJ’s positions itself between traditional grocery stores and warehouses like Sam’s Club and Costco. It offers a wider range of items and smaller pack sizes than Costco and Sam’s and prices that aim to be about 25% lower than grocery stores. The company posted total revenue of $21.5 billion in FY26, which ended on January 31, 2026. FY26 income from membership fees represented 2.3% of total revenue and 61% of operating income. The company sells name-brand merchandise and food to over 8 million members, who are small business owners and consumers. Based in Westborough, Massachusetts, the company also offers specialty services, including tire installation and optical services.

At the end of fiscal 4Q26, the company operated 263 BJ’s clubs and 199 gas stations in 21 states. More than half of the clubs are in four states: New York, Florida, Massachusetts, and New Jersey. About 23% of FY26 sales were generated in the New York City metro area (down from 25% in FY21 and FY20). Clubs range from 44,000 to 177,000 square feet. BJ’s sells a relatively narrow assortment of approximately 7,000 SKUs, which it has discussed trimming to about 6,000 to improve inventory turnover.

Groceries represented 72% of the company’s FY26 net sales (71% in FY25, 70% in FY24, 67% in FY23, 71% in FY22); general merchandise and services accounted for 11% in FY25, 11% in FY24, 12% in FY23, and 14% in FY22. Gasoline rose to 21% in FY23 from 15% in FY22 and 9% in FY21. Gas was 19% of sales in FY24, 18% in FY25, and 17% in FY26.

A predecessor company, BJ’s Wholesale Club, traded as a public company until it was acquired on September 30, 201

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