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Chewy (CHWY) investor relations material
Chewy Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 net sales grew 8.6% year-over-year to $3.1 billion, surpassing guidance, driven by strong Autoship sales and a 4.5% increase in active customers to 20.9 million, with net sales per active customer at $591.
Autoship customer sales reached $2.617 billion, up 14.9–15% year-over-year, now 83% of total sales, reflecting robust subscription engagement.
Adjusted EBITDA rose 26.5% year-over-year to $183.3 million, with a 5.9% margin, and adjusted net income increased 34.8% to $141.1 million.
Chewy Plus membership, Chewy Vet Care, and Get Real fresh dog food launches are ramping, driving higher customer engagement and spend.
Returned $123.6–$152.6 million to shareholders through share repurchases in Q2, with $359.8 million remaining authorized.
Financial highlights
Gross margin expanded to 30.4%, up 90 basis points year-over-year, with gross profit at $942 million.
Adjusted EBITDA margin improved to 5.9%, and adjusted diluted EPS was $0.33–$0.35.
Free cash flow was $105.9–$106 million, with $592 million in cash at quarter end.
Net income was $62.0 million, down from $299.1 million a year ago due to a prior year tax benefit.
SG&A (excluding SBC) was $592.8 million, 19.1% of net sales, with advertising/marketing at $200.6 million, 6.5–6.8% of net sales.
Outlook and guidance
Q3 2025 net sales expected between $3.07–$3.1 billion (7–8% YoY growth); full-year 2025 net sales outlook raised to $12.5–$12.6 billion.
Full-year adjusted EBITDA margin guidance maintained at 5.4–5.7%, with 75 basis points of margin expansion at midpoint.
Q3 adjusted diluted EPS expected between $0.28–$0.33.
CapEx to remain at the low end of 1.5–2% of net sales; 80% of adjusted EBITDA expected to convert to free cash flow.
Management believes current liquidity and credit facilities are sufficient for at least the next twelve months.
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