Bj's Wholesale Club Holdings, Inc. · NYSE:BJ
Bj's Wholesale Club — Q4 2025 Earnings Presentation
21 slides from Bj's Wholesale Club's earnings presentation, Mar 5, 2026
Slide 1: BJ's Wholesale Club Investor Presentation
BJ’s Wholesale Club Investor Presentation March 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements: This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this presentation that do not relate to matters of historical fact should be considered forward- looking statement
Slide 3: Q4 FY25: Strong results driven by growth in membership, digital and traffic
Q4 FY25: Strong results driven by growth in membership, digital and traffic Our strategic priorities power a stronger future Q4 FY25 results Unbeatable Deliver Improve Grow our member value member loyalty footprint $5.4B experience conveniently Net sales +5.5% vs. Q4 FY24 8M+ Focus on value resonati
Slide 4: Key investment highlights
Key investment highlights Advantaged Loyal membership Differentiated Accelerated Prudent capital business model in base that is shopping expansion of allocation strategy a favorable market growing in size and experience focused highly profitable maximizes backdrop quality on fresh, value club base s
Slide 5: The warehouse club model offers significant structural advantages
The warehouse club model offers significant structural advantages Operate efficiently • Limited SKUs support pallet presentation, driving scale and inventory turns • Requires less labor in club • Efficient distribution • Lower per square foot build-out costs Constantly reinvest into value • ~25% bet
Slide 6: BJ's and the broader warehouse club channel is growing and taking share
BJ’s and the broader warehouse club channel is growing and taking share Total addressable market in U.S. U.S. warehouse club market size BJ’s has outperformed, driving share gains $298 ($ in B) ‘07-24 CAGR 3.7% U.S. sales growth by channel U.S. total retail (2019 – 2024 CAGR) $278 (ex. auto) 1 $269
Slide 7: MFI has grown every year for over 25 years
MFI has grown every year for over 25 years ($ in M) $500 $457 $421 $397 $361 $333 $302 $283 $259 $229 $242 $243 $247 $255 $210 $191 $173 $175 $180 $139 $150 $159 $124 $106 $118 $79 $90 $56 $66 FY97 FY98 FY99 FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY
Slide 8: BJ's go-to-market strategy is differentiated
BJ’s go-to-market strategy is differentiated vs. Club vs. Grocery vs. Mass channel Broader assortment ~25% lower prices1 Price below mass channel break-even Smaller pack sizes Treasure hunt Larger pack sizes Smaller club format Services & fuel Convenient locations Full-service deli 1 25% savings bas
Slide 9: We strive to deliver a great member experience grounded in value
We strive to deliver a great member experience grounded in value How members save at BJ’s Illustrative member savings1 Lower prices EDLP savings Fresh food and deli assortment can fulfill weekly grocery shopping needs Coupons Quality own brand products ~10x Gas savings Return on Digital app allows f
Slide 10: Our goal is to deliver convenience to our members
Our goal is to deliver convenience to our members 1 2 3 Digitally-enabled sales In-club conveniences Targeted messaging and Price scan retail media program BOPIC1 / Curbside pickup Same-day delivery In-club coupons Ship-to-home, Deli pre-ordering Express Pay, other2 Product location 1 Buy online, pi
Slide 11: Our digital offerings have contributed meaningfully to our growth
Our digital offerings have contributed meaningfully to our growth 1 Digitally engaged members are ~2x more valuable 2 driven by greater trips, spend and renewal Q4 FY25 digitally-enabled comp sales grew 57% on a 2-yr stack 16% 2% FY18 FY25 Digital penetration %3 1 Members shopping online or in-club
Slide 12: Advantaged real estate position built over 40+ years
We have an advantaged real estate position built over 40+ years… Uxbridge, MA Dry DC We have an industry leading footprint on Rocky Hill, CT the east coast and are expanding Perishable DC Burlington, NJ Dry DC 263 199 21 Elkton, MD Clubs1 Gas stations1 States1 Perishable DC Commercial Point, OH Dry
Slide 13: We have accelerated our growth in recent years
…and have accelerated our growth in recent years Club count growth Expect 25–30 clubs over FY25 and FY26 14 Recent openings prove our model works 9 8 7 New ambient DC in Commercial Point, OH 5 4 to support growth (estimated 2027 opening) 1 1 1 1 Strongest pipeline in company’s history FY16 FY17 FY18
Slide 14: We have delivered significant growth since 2018
We have delivered significant growth since 2018 FY25 vs. FY18 +65% +77% 90% +104% Net sales MFI Tenured Adjusted renewal rate EBITDA1 +231% $3.0B 0.4x $1.1B Adjusted EPS 1 Cumulative adjusted Net debt to adjusted Cumulative share free cash flow 1 EBITDA1 repurchases 1 Refer to Appendix section for a
Slide 15: Our long-term financial targets reflect continued momentum
Our long-term financial targets reflect continued momentum Comparable Total revenues EPS 1 club sales LSD% – MSD% MSD% HSD% – LDD% growth growth growth 1 Excluding the impact of gasoline sales 15
Slide 16: We are maximizing shareholder value through disciplined capital allocation
We are maximizing shareholder value through disciplined capital allocation Reinvest for long-term growth Maintain strong balance sheet Return cash to shareholders Highest capital return priority remains De-levered balance sheet since 2018 initial Share repurchase remains the preferred investing in t
Slide 17: Appendix
Appendix
Slide 18: GAAP to non-GAAP reconciliations: Adjusted EBITDA
GAAP to non-GAAP reconciliations Adjusted EBITDA Numbers may not foot due to rounding Note: As of FY23, the company amended its adjusted EBITDA definition to exclude preopening expense and non-cash rent expense. All prior year periods have been recast to conform to the current period definition 18
Slide 19: GAAP to non-GAAP reconciliations: Net debt to LTM adjusted EBITDA
GAAP to non-GAAP reconciliations Net debt to LTM adjusted EBITDA Numbers may not foot due to rounding Note: As of FY23, the company amended its adjusted EBITDA definition to exclude preopening expense and non-cash rent expense. All prior year periods have been recast to conform to the current period
Slide 20: GAAP to non-GAAP reconciliations: Adjusted EPS
GAAP to non-GAAP reconciliations Adjusted EPS Numbers may not foot due to rounding 20
Slide 21: GAAP to non-GAAP reconciliations: Adjusted free cash flow
GAAP to non-GAAP reconciliations Adjusted free cash flow Numbers may not foot due to rounding 21
BJ's Wholesale Club Holdings — Q4 2025 Earnings Presentation on 6ix