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Chewy (CHWY) investor relations material
Chewy Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary10 Dec, 2025
Executive summary
Net sales rose 8.3% year-over-year to $3.12 billion, exceeding guidance, driven by autoship sales, higher net sales per active customer, and active customers reaching 21.2 million.
Autoship customer sales grew 13.6% to $2.61 billion, comprising 83.9%–84% of net sales, with net sales per active customer up 4.9% to $595.
Adjusted EBITDA increased 30.9% year-over-year to $181 million, with margin reaching 5.8%.
Free cash flow for the quarter was $176 million, up 15.8% year-over-year, supporting $55 million in share repurchases and strategic investments.
Net income was $59.2 million, with diluted EPS at $0.14, and adjusted net income at $135.7 million.
Financial highlights
Gross margin improved to 29.8%, up 50 basis points year-over-year, with gross profit of $942 million.
Adjusted EBITDA margin was 5.8%, up 100 basis points year-over-year.
Adjusted diluted EPS was $0.32–$0.33, up $0.12 year-over-year.
Free cash flow for the quarter was $175.8–$176 million; cash and equivalents stood at $675–$675.4 million.
Debt-free with $1.5 billion in total liquidity and no outstanding borrowings under the $800 million ABL Credit Facility.
Outlook and guidance
FY2025 net sales outlook narrowed to $12.58–$12.6 billion (~8% year-over-year growth, excluding 53rd week).
FY2025 adjusted EBITDA margin outlook narrowed to 5.6%–5.7% (+90 bps year-over-year at midpoint).
Q4 2025 net sales expected at $3.24–$3.26 billion (+7–8% year-over-year, excluding 14th week); adjusted diluted EPS: $0.24–$0.27.
FY2025 capital expenditures expected at 1.3% of net sales, below prior range.
Management expects to use about 25% of cash and equivalents to fund the SmartPak acquisition.
Drivers of profit growth outpacing sales
What drives net sales per active customer growth
Rationale for common stock repurchases
CVC's impact on new customer acquisition and loyalty?
Chewy+ price increase impact on conversion and margins?
How will 2026 investment strategy differ from 2025?
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Q4 202626 Mar, 2026
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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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