Chewy Inc

Latest Results (13.05.2026):

Chewy Inc — Fiscal Q4 2025 (quarter ended Feb 1, 2026) and Full‑Year 2025 results: Chewy reported FY2025 net sales of $12.60 billion (up 6.2% YoY, +8.3% on a normalized 52‑week basis) and Q4 net sales of $3.26 billion (+0.5% YoY, +8.1% normalized). GAAP net income was $222.8 million for the year and $39.2 million in Q4, while adjusted metrics showed stronger underlying profitability and cash generation.

Net sales and growth

FY2025 net sales $12.60B (+6.2% YoY; +8.3% normalized). Q4 net sales $3.26B (+0.5% YoY; +8.1% normalized). Net sales per active customer $591 for the trailing four quarters (+2.2% YoY). Active customers increased to 21.3M (+4.0%).

Gross margin and GAAP profit

FY gross margin 29.8% (expanded 60 bps YoY); Q4 gross margin 29.4% (expanded 90 bps YoY). GAAP net income for FY2025 was $222.8M (net margin 1.8%, down YoY) and Q4 net income was $39.2M (net margin 1.2%, improved YoY). Year‑over‑year GAAP comparisons were affected by a one‑time tax benefit in FY2024 (valuation allowance release of $275.7M).

Adjusted results (non‑GAAP)

Adjusted EBITDA FY2025 $719.2M (+26.1% YoY) with adjusted EBITDA margin 5.7% (up 90 bps). Q4 adjusted EBITDA $162.3M (+30.4% YoY) with a 5.0% margin (up 120 bps). Adjusted net income FY $540.5M (+21.0%) and adjusted diluted EPS $1.27 (up $0.23 YoY).

Cash flow and balance sheet

Net cash provided by operations FY $691.6M (+16.0% YoY). Free cash flow FY $562.4M (+24.3% YoY). Cash and cash equivalents rose to $860.1M at Feb 1, 2026 (from $595.8M). Total assets $3.37B; total liabilities $2.87B; stockholders’ equity $497.9M.

Autoship and customer engagement

Autoship customer sales were $10.50B for the year (11.8% growth) and represented 83.3% of net sales in FY2025 (up vs. 79.2% prior year), underscoring recurring revenue strength.

Capital allocation and shareholder returns

Chewy repurchased $262.5M of stock in FY2025 (vs. $942.8M prior year). Capital expenditures were $129.2M for the year. Management highlighted record free cash flow ($562M) and expressed confidence in profitable growth and margin expansion in 2026.

Context and management commentary

Management emphasized durable model and strong cash generation, citing 21.3M active customers and margin expansion. Note that GAAP net income comparisons are distorted by the FY2024 deferred tax valuation allowance release; adjusted metrics provide the clearer view of operating performance.