Revenue growth accelerated sharply to 15.7% year-over-year in 2026Q2, but this rapid expansion drove gross margin compression to 17.8%, suggesting a near-term trade-off between growth and profitability.
BJ's Wholesale Club Holdings, Inc. (BJ) annual income statement — 10-year revenue, gross profit & net income history
| Metric | TTM | Jan'26 | Jan'25 | Jan'24 | Jan'23 | Jan'22 | Jan'21 | Jan'20 | Jan'19 | Jan'18 | Jan'17 |
|---|
| Sales/Revenue | 22.81B | 21.46B | 20.5B | 19.97B | 19.32B | 16.67B | 15.43B | 13.19B | 13.01B | 12.75B | 12.35B |
| Revenue Growth % | 9.09% | 4.66% | 2.67% | 3.38% | 15.89% | 8.02% | 16.98% | 1.41% | 1.98% | 3.27% | - |
| Cost of Goods Sold | 18.65B | 17.46B | 16.74B | 16.33B | 15.88B | 13.59B | 12.45B | 10.76B | 10.65B | 10.51B | 10.22B |
| COGS % of Revenue | - | 81.36% | 81.64% | 81.76% | 82.23% | 81.53% | 80.69% | 81.6% | 81.85% | 82.43% | 82.77% |
| Gross Profit | 4.16B | 4B | 3.76B | 3.64B | 3.43B | 3.08B | 2.98B | 2.43B | 2.36B | 2.24B | 2.13B |
| Gross Margin % | 18.24% | 18.64% | 18.36% | 18.24% | 17.77% | 18.47% | 19.31% | 18.4% | 18.15% | 17.57% | 17.23% |
| Gross Profit Growth % | - | 6.25% | 3.35% | 6.15% | 11.46% | 3.35% | 22.75% | 2.79% | 5.35% | 5.34% | - |
| Operating Expenses | 3.27B | 3.15B | 2.99B | 2.84B | 2.69B | 2.46B | 2.34B | 2.07B | 2.06B | 2.02B | 1.91B |
| OpEx % of Revenue | - | 14.7% | 14.59% | 14.23% | 13.94% | 14.77% | 15.14% | 15.73% | 15.82% | 15.84% | 15.48% |
| Selling, General & Admin | 3.27B | 3.15B | 2.98B | 2.82B | 2.67B | 2.45B | 2.33B | 2.06B | 2.05B | 2.02B | 1.91B |
| SG&A % of Revenue | - | 14.7% | 14.55% | 14.13% | 13.82% | 14.68% | 15.08% | 15.61% | 15.77% | 15.82% | 15.45% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 8.43M | 19.63M | 24.93M | 14.9M | 9.81M | 15.15M | 6.12M | 3M | 2.75M |
| Operating Income | 890.46M | 846.04M | 772.21M | 800.42M | 737.99M | 617.32M | 642.39M | 352.2M | 303.45M | 220.27M | 216.02M |
| Operating Margin % | 3.9% | 3.94% | 3.77% | 4.01% | 3.82% | 3.7% | 4.16% | 2.67% | 2.33% | 1.73% | 1.75% |
| Operating Income Growth % | - | 9.56% | -3.52% | 8.46% | 19.55% | -3.9% | 82.39% | 16.06% | 37.76% | 1.97% | - |
| EBITDA | 1.19B | 1.13B | 1.03B | 1.03B | 938.92M | 797.87M | 809.85M | 509.2M | 465.68M | 384.33M | 394.34M |
| EBITDA Margin % | 5.23% | 5.29% | 5.04% | 5.15% | 4.86% | 4.79% | 5.25% | 3.86% | 3.58% | 3.01% | 3.19% |
| EBITDA Growth % | 7.81% | 9.7% | 0.6% | 9.5% | 17.68% | -1.48% | 59.04% | 9.35% | 21.16% | -2.54% | - |
| D&A (Non-Cash Add-back) | 302.33M | 288.59M | 262.07M | 227.7M | 200.93M | 180.55M | 167.45M | 157M | 162.22M | 164.06M | 178.32M |
| EBIT | 870.97M | 816.6M | 770.4M | 798.24M | 732.33M | 608.13M | 628.89M | 345.63M | 274.73M | 195.15M | 208.51M |
| Net Interest Income | -46.35M | -42.39M | -50.49M | -62.7M | -3.26M | -657K | -4.08M | -104.41M | -139.13M | -175.66M | -143.35M |
| Interest Income | 0 | 0 | 0 | 0 | 44.21M | 58.79M | 80.31M | 0 | 25.41M | 0 | 182K |
| Interest Expense | 46.35M | 42.39M | 50.49M | 62.7M | 47.46M | 59.44M | 84.39M | 104.41M | 164.53M | 175.66M | 143.46M |
| Other Income/Expense | -72.28M | -71.83M | -51.36M | -64.53M | -47.46M | -59.44M | -84.39M | -108.23M | -164.53M | -196.72M | -143.35M |
| Pretax Income | 818.18M | 774.21M | 720.85M | 735.89M | 690.52M | 557.88M | 558.01M | 243.97M | 138.92M | 23.55M | 72.67M |
| Pretax Margin % | 3.59% | 3.61% | 3.52% | 3.69% | 3.57% | 3.35% | 3.62% | 1.85% | 1.07% | 0.18% | 0.59% |
| Income Tax | 223.69M | 195.83M | 186.43M | 212.24M | 176.26M | 131.12M | 136.82M | 56.21M | 11.83M | -28.43M | 27.97M |
| Effective Tax Rate % | 27.34% | 25.29% | 25.86% | 28.84% | 25.53% | 23.5% | 24.52% | 23.04% | 8.51% | -120.72% | 38.49% |
| Net Income | 594.5M | 578.38M | 534.42M | 523.74M | 513.18M | 426.65M | 421.03M | 187.18M | 127.26M | 50.3M | 44.22M |
| Net Margin % | 2.61% | 2.7% | 2.61% | 2.62% | 2.66% | 2.56% | 2.73% | 1.42% | 0.98% | 0.39% | 0.36% |
| Net Income Growth % | 2.7% | 8.23% | 2.04% | 2.06% | 20.28% | 1.34% | 124.94% | 47.08% | 153% | 13.74% | - |
| Net Income (Continuing) | 594.5M | 578.38M | 534.42M | 523.65M | 514.26M | 426.76M | 421.18M | 187.76M | 127.09M | 51.98M | 44.7M |
| Discontinued Operations | 0 | 0 | 0 | 89K | 0 | 0 | 0 | 0 | 169K | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 4.65 | 4.38 | 4.00 | 3.88 | 3.76 | 3.09 | 3.03 | 1.35 | 1.05 | 0.38 | 0.34 |
| EPS Growth % | 4.82% | 9.5% | 3.09% | 3.19% | 21.68% | 1.98% | 124.44% | 28.57% | 176.32% | 11.76% | - |
| EPS (Basic) | - | 4.41 | 4.04 | 3.94 | 3.83 | 3.15 | 3.09 | 1.37 | 1.09 | 0.40 | 0.35 |
| Diluted Shares Outstanding | 127.74M | 132.07M | 133.6M | 135.12M | 136.47M | 138.04M | 138.88M | 139.11M | 121.14M | 130.79M | 130.79M |
| Basic Shares Outstanding | 127.21M | 131.19M | 132.15M | 133.05M | 134.02M | 135.39M | 136.11M | 136.17M | 116.6M | 126.05M | 126.05M |
| Dividend Payout Ratio | - | - | 0% | 0% | 0% | 0.01% | 0.01% | 0.01% | 0.02% | 1462.23% | 0.06% |
Quick answers to the most common questions about buying BJ stock.
For fiscal year 2025, BJ's Wholesale Club Holdings, Inc. (BJ) reported total revenue of $21.46B. This represents a 73.7% increase compared to $12.35B in 2016.
BJ's Wholesale Club Holdings, Inc. (BJ) is profitable, generating $578.4M in net income for the fiscal year ending 2025 with a net profit margin of 2.7%.
BJ's Wholesale Club Holdings, Inc. (BJ) reported an operating income of $846.0M, resulting in an operating profit margin of 3.9%. This margin reflects the operational efficiency of the business before interest and taxes.
BJ's Wholesale Club Holdings, Inc. (BJ) generated $4.00B in gross profit for the year, representing a gross profit margin of 18.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Margin resilience amid rapid growth
Metrics are mathematically derived from official filings.
Growth Re-Accelerates Sequentially
BJ's revenue growth accelerated sharply to 15.7% year-over-year in 2026Q2, a significant reacceleration from the 9.9% growth in the prior quarter, suggesting strong top-line momentum.
The sequential acceleration from 9.9% to 15.7% YoY growth indicates that BJ's is not merely maintaining but expanding its top-line trajectory. This pattern suggests the company is successfully capturing incremental market share, likely through a combination of会员增长 and comparable sales gains, moving beyond the mid-single-digit growth seen throughout most of 2025.
Gross Margin Compresses on Rapid Sales
Despite a surge in revenue, the gross margin contracted to 17.8% in 2026Q2 from 18.2% in the prior quarter, suggesting the rapid growth may be coming at the expense of near-term profitability.
The 40 basis point sequential decline in gross margin to 17.8% coincides with the company's strongest revenue growth quarter. This could indicate increased promotional activity, a shift in product mix towards lower-margin categories, or supply chain inflation not fully passed through. Investors should monitor whether this is a temporary investment to fuel growth or a structural headwind.
SG&A Leverage Enhances Bottom Line
Operating income grew by 16.6% year-over-year in 2026Q2, slightly outpacing revenue growth, indicating that SG&A expenses are being scaled efficiently as the top line expands.
The 16.6% YoY growth in operating income, versus 15.7% revenue growth, points to modest operating leverage. The SG&A line grew by 13.0% YoY, below the revenue growth rate, which is a positive signal for margin sustainability as the business scales. This discipline is critical for a low-margin, high-volume model like wholesale clubs.
SG&A Growth Decelerates Moderately
Year-over-year SG&A growth moderated to 13.0% in 2026Q2 from 14.2% in the prior quarter, suggesting management is maintaining cost discipline even as the business expands rapidly.
The deceleration in SG&A growth, while revenue growth accelerated, is a constructive sign for profitability. It implies that the company is achieving greater operating efficiency and that the incremental costs of supporting higher sales volumes are being controlled. This trend is essential for converting top-line growth into meaningful operating income expansion.
Growth-Driven Margin Trade-Off Risk
The negative correlation between accelerating revenue growth and compressing gross margins raises a key risk: the sustainability of the current earnings trajectory depends on reversing this trend.
The primary analytical challenge is the recent pattern where faster revenue growth has coincided with lower gross margins (17.8% in 2026Q2 vs. 19.0% in 2025Q3). If this trade-off persists, the earnings growth, while strong at 19.3% YoY in 2026Q2, could decelerate. Short-sellers would focus on whether the growth is being bought through unsustainable pricing or promotional activity.