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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.
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Q2 2026 earnings summary10 Sep, 2025

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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Frequently asked questions

Chewy, Inc., operates as a pure play e-commerce business in the United States. It offers pet food, pet products, pet medications, and other pet health and wellness products for dogs, cats, fish, birds, small pets, horses, and reptiles. The company does not sell its products through brick-and-mortar stores. Chewy, Inc. was formerly known as Mr. Chewy and changed its name to Chewy, Inc. in January 2019. The company was founded in 2010 and is headquartered in Dania Beach, Florida.

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