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PetMed Express (PETS) investor relations material
PetMed Express Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary19 Dec, 2025
Executive summary
Net sales for the quarter ended September 30, 2025, declined 23.6% year-over-year to $44.4 million, with a similar 23.1% drop for the six-month period to $95.5 million, driven by reduced advertising, higher promotional activity, and lower prescription sales.
Gross profit fell 33.9% to $12.4 million for the quarter, with gross margin dropping to 28.0% from 32.3% due to higher freight and promotional costs.
The company recorded a net loss of $8.5 million for the quarter and $42.7 million for the six months, compared to net income of $2.3 million and $6.1 million, respectively, in the prior year periods.
A $26.7 million goodwill impairment and $0.6 million trade name impairment were recognized in the first half, eliminating the entire goodwill balance.
Financial highlights
Reorder sales decreased 23.2% to $37.4 million for the quarter; new order sales dropped 26.5% to $5.3 million.
Membership fees declined 21.5% to $1.6 million for the quarter.
Cost of sales as a percentage of sales increased to 72.0% from 67.7% year-over-year for the quarter.
Adjusted EBITDA was negative $2.3 million for the quarter and negative $5.0 million for the six months, down from positive $2.1 million and $0.6 million, respectively.
Cash and cash equivalents fell to $36.1 million from $54.7 million at March 31, 2025.
Outlook and guidance
Management expects continued macroeconomic headwinds, including inflation, higher interest rates, and consumer cost sensitivity, to impact revenue growth and operational performance for the remainder of fiscal 2026.
The company is focused on operational efficiency, cost savings, and liquidity management to navigate ongoing challenges.
Future strategy post-goodwill impairment
Plans to improve new customer acquisition efficiency?
Board's evaluation process for acquisition bids
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Next PetMed Express earnings date
Q1 20261 Jan, 2026
Next PetMed Express earnings date
Q1 20261 Jan, 2026
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Frequently asked questions
PetMed Express Inc is a pet pharmacy that markets prescription and non-prescription pet medications, health products, and supplies. It operates primarily through direct-to-consumer channels, including e-commerce and call centers. The company serves dog and cat owners across the United States. PetMed Express Inc is headquartered in Delray Beach, Florida, and its shares are listed on the NASDAQ.
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