BJ earnings analysis
What we found in BJ's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
BJ's reported fiscal Q2 revenue of $6.227 billion and diluted EPS of $1.36, exceeding consensus estimates of $5.715 billion and $1.19. Management raised fiscal 2026 adjusted EPS guidance to $4.60-$4.80 while maintaining 2.0%-3.0% ex-gas comparable-sales guidance, although the company expects approximately $800 million of capital expenditures. The principal quantified balance-sheet risk is variable-rate debt of $630.0 million, with a 100-basis-point rate move affecting annual interest costs by approximately $6.3 million.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue and EPS beat consensus
- Fiscal Q2 revenue was $6.227 billion and diluted EPS was $1.36, ahead of consensus estimates of $5.715 billion and $1.19, respectively.
- Full-year EPS outlook raised
- Management raised fiscal 2026 adjusted EPS guidance to $4.60-$4.80 and maintained its 2.0%-3.0% comparable club-sales outlook excluding gasoline.
- Continued investment planned
- The company expects capital expenditures of approximately $800 million, indicating continued investment in club growth and operations.
- Controls remain effective
- Management concluded that disclosure controls were effective at the reasonable assurance level as of August 1, 2026, and reported no material changes to internal controls during the quarter.
- Share repurchases continued
- BJ's repurchased 1,384,278 shares under its public program during the quarter, with $422.084 million remaining available under the authorization.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Variable-rate debt exposure
- Total debt was $630.0 million as of August 1, 2026, consisting of $230.0 million under the ABL Revolving Facility and $400.0 million under the First Lien Term Loan. Substantially all borrowings carry variable rates.
- Interest expense sensitivity
- A 100-basis-point change in prevailing market rates would change annual interest costs by approximately $6.3 million, creating sensitivity in earnings and operating cash flow.
- No material risk-factor updates
- The filing states that there were no material changes to the risk factors disclosed in the fiscal 2025 Form 10-K; therefore, no new quantified risk-factor change was identified in this 10-Q.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.36
What they said about what is next.
Fiscal 2026 adjusted EPS outlook was raised to $4.60-$4.80. Comparable club sales excluding gasoline guidance was maintained at 2.0%-3.0%, and capital expenditures are expected to be approximately $800 million.
The filing reads better than the one before it.
What came before.
- 10-Q · May 28, 2026
- BJ's Wholesale Club reported strong Q1 FY2026 results with net sales of $5.53 billion, a 9.9% increase compared to the prior year, and a diluted EPS of $1.10, slightly exceeding estimates. The company faced margin…
- 10-K · March 12, 2026
- BJ’s 10‑K reiterates a membership‑driven warehouse club strategy concentrated in the eastern U.S., highlighting scale (263 clubs, 199 gas stations) and over 8 million paid members as the core economic moat. Management…
- 10-Q · May 29, 2025
- BJ’s reported first-quarter total revenues of $5,153,483 and net income of $149,768, with diluted EPS of $1.13 for the thirteen weeks ended May 3, 2025, up versus the prior-year quarter. Gross margin was roughly 18.8%…
- 10-K · March 14, 2025
- BJ’s highlights a value‑based, membership‑driven warehouse club model concentrated in the eastern U.S., with 250 clubs and 186 gas stations and over 7.5 million paid members. Management is leaning on membership fee…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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