Bj's Wholesale Club (BJ) Q2 2026: Beat-and-raise with durable membership growth

BJ's Q2 beat-and-raise: 15.9% sales growth, 19.3% EPS jump, 205.8% FCF surge. Membership hits 8.5M with 43% higher-tier penetration. Raised EPS guidance to $4.60–$4.80. $124M buybacks. Fuel surge drove beat (non-recurring), core merch margins slipped 20bps. Texas expansion ahead of plan. TIKR target $122 implies ~5% annualized return. Margin pressure and K-shaped consumer risk noted. Fits mid-cap retail with durable moat and capital allocation focus.