Executive Summary

Q3 FY2025 earnings release and conference call are scheduled for November 21, 2025 at 8:30 a.m. ET; full recap cannot be finalized until actuals and transcript are published .
Entering Q3, BJ raised FY2025 adjusted EPS guidance to $4.20–$4.35 and maintained comps ex-gasoline growth at 2.0%–3.5%; momentum was supported by 34% digital comps and a record 8 million members in Q2 .
Third‑party previews point to higher revenue and potentially lower EPS versus prior year; Zacks/Nasdaq cite consensus revenue ~$5.35B and EPS ~$1.10, though other outlets have cited lower EPS, indicating variance ahead of the print .
Key swing factors: gasoline price deflation pressuring headline comps, deliberate fresh mix expansion diluting margin rate, and SG&A from unit growth; any guidance change or membership/renewal update could drive stock reaction .

What Went Well and What Went Wrong

What Went Well

Membership reached a record 8 million with membership fee income up 9% YoY to $123.3M in Q2; management highlighted continued market share gains and confidence entering the back half .
Digitally enabled comparable sales grew 34% YoY in Q2, reflecting strong omni-channel adoption (BOPIS, ExpressPay) .
Quote: “We enter the back half of the year on solid footing and confident in our ability to deliver strong results,” — Bob Eddy, Chairman & CEO .

What Went Wrong

Headline comparable club sales decreased 0.3% YoY in Q2, driven by lower retail fuel prices; this dynamic can mask underlying merchandise growth .
SG&A increased due to labor/occupancy and depreciation from owned clubs, reflecting near-term deleverage alongside growth investments .
Revenue missed some Street previews in Q2 despite an EPS beat, underscoring top-line expectations sensitivity (Q2 revenue $5.38B vs some previews ~$5.46B) .

Financial Results

Metric	Q1 2025	Q2 2025	Q3 2025 (Consensus)
Total Revenues ($USD Billions)	$5.153	$5.380	$5.35
Diluted EPS ($USD)	$1.13	$1.14	~$1.10 (3rd‑party)
Comparable Club Sales ex Gasoline (%)	+3.9%	+2.3%	N/A (before release)
Membership Fee Income ($USD Millions)	$120.4	$123.3	N/A
Digitally Enabled Comparable Sales Growth (%)	+35%	+34%	N/A
Merchandise Gross Margin Rate Δ (bps)	+30 bps	+10 bps	N/A

KPIs

KPI	Q1 2025	Q2 2025
Member Count (Millions)	—	8.0
App/Omni Adoption (Digital highlights)	35% digital comps	34% digital comps; more than half of active members using the app (context)

Segment breakdown: BJ reports consolidated warehouse club operations; performance indicators disaggregate gasoline vs merchandise through comp disclosures rather than formal segments .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Adjusted EPS	FY2025	$4.10–$4.30	$4.20–$4.35	Raised
Comparable Club Sales ex Gasoline	FY2025	+2.0% to +3.5%	+2.0% to +3.5%	Maintained
Capital Expenditures	FY2025	~$800M	~$800M	Maintained

Earnings Call Themes & Trends

Topic	Previous Mentions (Q1 2025)	Previous Mentions (Q2 2025)	Current Period (Q3 2025)	Trend
Digital/Omni adoption	35% digital comps; sustained traffic growth	34% digital comps; app adoption gains	Pending call (Nov 21)	Improving
Membership	Fee income +8.1% YoY; higher-tier penetration	8M members; fee income +9% YoY	Pending	Strong
Merchandise margin	+30 bps vs PY in Q1	+10 bps vs PY in Q2	Pending	Stable to modestly positive
Fuel/gasoline price impact	Noted exclusion in comp metrics	Headline comps −0.3% due to retail fuel price declines	Pending	External headwind
Fresh 2.0 and mix	Fresh 2.0 rollout underway; margin rate dilutive but strategic for loyalty	Continued merchandising progress; CMP driving profitable sales	Pending	Executing

Management Commentary

Bob Eddy (Q2): “We are on a powerful trajectory and our teams remain steadfast towards executing on our long-term objectives.”
Laura Felice (Q2): Narrowed and increased the FY2025 bottom-line range while keeping top-line framework aligned with prior outlook .
Q1 strategic messaging emphasized Fresh 2.0 rollout and higher-tier membership penetration supporting engagement and spend .

Q&A Highlights

Q3 2025 Q&A highlights will be available after the Nov 21 call; transcript not yet published .
Focus areas to monitor: any clarification on holiday merchandising cadence, margin rate impact from fresh mix, trajectory of SG&A/leverage amid unit growth, and renewal/penetration of higher-tier memberships .

Estimates Context

S&P Global Wall Street consensus data for Q3 FY2025 was unavailable due to API request limits at the time of this analysis.
Third‑party previews suggest revenue around $5.35B and EPS around $1.10 for Q3, implying revenue growth and a potential EPS decline YoY; note inconsistency with some outlets citing lower EPS (e.g., $0.71) ahead of the print .

Key Takeaways for Investors

Headline comps remain sensitive to fuel price deflation; ex-gasoline comps continue to show growth, a cleaner read for core merchandising performance .
Fresh 2.0 and assortment planning (CMP) drive engagement and share gains, with management acknowledging near-term margin rate dilution but favorable lifetime value dynamics .
Digital adoption is structurally higher (34–35% digital comps), strengthening the omni-channel moat into holiday; watch for service levels and mix impacts on margin .
FY2025 adjusted EPS guidance was raised; any Q3 commentary on holiday demand and expense discipline could further recalibrate Street models .
Membership health (renewals, tier penetration) is a core KPI and stock narrative driver; management cited strong momentum, reaching 8M members in Q2 .
Short‑term trading: stock could react to any divergence versus varied EPS previews and to guidance updates; prepare for volatility around fuel/mix commentary .
Medium‑term thesis: continued unit growth, omni-channel penetration, and membership monetization support defensiveness; watch SG&A trajectory as the footprint expands .

Note: Q3 FY2025 8‑K earnings press release and full call transcript were not available as of this writing; scheduled for Nov 21, 2025. This briefing synthesizes Q1–Q2 primary sources and credible previews; a full recap with actuals, beats/misses, and detailed call/Q&A analysis will follow immediately after publication .

BJ's Wholesale Club Holdings, Inc. (BJ)·Q3 2025 Earnings Summary