Consumer Discretionary · NYSE: CHWY
Chewy: how the business works
Chewy sells pet food, supplies and medicines online to 21.3 million active customers, with net sales of $12.6 billion in FY2025.
By Hardik Bhandare · Checked against filings: . Editorial policy. Corrections
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Chewy, Inc. · Plantation, Florida
Updated for Q2 FY2026 · checked
- Net sales, FY2025
- $12.6B
- Operating income, FY2025
- $254M
- Net income, FY2025
- $223M
- Employees, Feb 1, 2026
- About 18,000
- BC Partners' share of votes, May 13, 2026
- 88.4%
The short version
Chewy in 5 points
1 · What it sells
Chewy sells pet food, supplies and medicines online, with $12.6 billion of net sales in FY2025, 69.7% of it from consumables.
2 · Who pays it
In FY2025, sales to customers with an Autoship repeat order were 83.3% of net sales and all other sales were about 17%.
3 · What it keeps from $100
Of every $100 that came in during FY2025, Chewy kept $1.77 as net income and operating income was $2.02 per $100 of net sales; FY2024's net income included a $241.0 million tax benefit.
4 · Where the operating profit comes from
Chewy reports one segment and no profit by category: FY2025 gross profit of $3.75 billion paid for fulfillment ($1.41 billion), advertising ($825 million) and other costs, leaving $254.3 million of operating income.
5 · The one thing to watch
Net cash fell from $878.8 million at Feb 1, 2026 to $20.5 million at Aug 2, 2026, while Chewy spent $552.8 million on two acquisitions and $400.0 million on buybacks in the first half of FY2026.
Sources: From Chewy's FY2025 10-K and its Q2 FY2026 10-Q and earnings release · checked
See the full receipt and the management scorecard below
01Where the money goes · FY2025
Where does $100 of Chewy's money go?
Chewy · FY2025
Receipt for every $100
| Cost of goods sold | $70.2 |
|---|---|
| Fulfillment | $11.2 |
| Advertising and marketing | $6.5 |
| Stock-based pay and related taxes | $2.5 |
| Other running costs | $7.5 |
| Income tax | $0.3 |
| Kept as net income | $1.8 |
| Total | $100 |
Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.
How this is worked out
Cityfort calculation from the FY2025 10-K. Of every $100 that came in during FY2025 (net sales plus interest and other income, $12,610.5 million): each line = line ÷ $12,610.5 million × 100. The split of selling, general and administrative costs comes from the 10-K's segment note.
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02The business in one line
What does Chewy do?
Pet owners pay Chewy for food, supplies and medicines shipped to their homes, mostly on repeat Autoship orders; the goods take about $70 of every $100, delivery and running costs most of the rest, and $1.77 is left as net income.
- In FY2025, consumables were 69.7% of net sales, pet health and specialty products 15.7%, hardgoods 11.4% and other 3.2%.
- Of every $100 that came in during FY2025, the goods cost $70.16, fulfillment $11.20 and advertising $6.54. Net income was $1.77.
03Who pays it
Who pays Chewy?
Customers with an Autoship order
83%
of revenue
All sales to customers who had an Autoship repeat order in the past 364 days, including their other orders: $10.5 billion in FY2025.
All other net sales
17%
of revenue
The remaining $2.10 billion of FY2025 net sales (Cityfort calculation from the FY2025 10-K). Chewy does not split this further.
- Customers with an Autoship order83%
- All other net sales17%
How spread out the customers are
Chewy sells to individual pet owners: 21.3 million active customers at the end of FY2025. The concentration is on the supply side: products from its three largest vendors made up about 39% of net sales in each of FY2023, FY2024 and FY2025.
04Why it makes money
Why does Chewy make money?
Chewy earns a thin margin on a large volume of repeat orders, and supplier payment terms help fund its stock.
Gross profit per $100 of net sales rose from $26.60 in FY2021 to $29.79 in FY2025. The 10-K credits sponsored ads and margin growth for the FY2025 gain. Over those years operating income went from a $73.6 million loss to $254.3 million.
Operating income per $100 of net sales
−$0.8$2.0
FY2021 to FY2025
- Owners set up Autoship repeat orders: Autoship customers made 83.3% of FY2025 net sales
- Each active customer spent more: $591 in FY2025, up from $434 in FY2021
- Fulfillment centers ship the orders; fulfillment took $11.20 of every $100 in FY2025
- Chewy sells about 4,000 brands, plus its own brands such as Frisco
- Suppliers are paid later: trade payables of $1.22 billion exceeded inventories of $865 million on Feb 1, 2026
- What is left was $2.02 of operating income per $100 of FY2025 net sales
↺ Step 6 feeds back into step 1.
05Business segments · FY2025 (February 2025 to January 2026)
Which businesses make up Chewy?
Consumables
70%Chewy has one reportable segment; these are its sales categories. Consumables were 69.7% of FY2025 net sales, up 4.5% from FY2024, and grew 3.9% in Q2 FY2026.
Revenue $8.8B
Pet health and specialty products
16%15.7% of FY2025 net sales, up 11.8% from FY2024, and grew 14.0% in Q2 FY2026. Reported separately since the FY2025 10-K.
Revenue $2.0B
Hardgoods
11%11.4% of FY2025 net sales, up 13.4% from FY2024, and grew 14.4% in Q2 FY2026.
Revenue $1.4B
Other
3%3.2% of FY2025 net sales, down 4.7% from FY2024, and grew 20.8% in Q2 FY2026.
Revenue $407M
How the mix changed
- Consumables
- Pet health and specialty products
- Hardgoods
- Other
Revenue by segment, FY2023 to FY2025.
US$
See the numbers
06The numbers · Consolidated · US$
How has Chewy done?
Revenue
$12.6BFY2025
Net sales rose every year, from $8.97 billion in FY2021 to $12.6 billion in FY2025; FY2024's 53rd week added $226.6 million, and Q2 FY2026 net sales grew 7.3%, or 5.7% without the SmartPak and Modern Animal deals.
US$
See the numbers
Net profit
$223MFY2025
Net income went from a $75.2 million loss in FY2021 to $222.8 million in FY2025; FY2024's $392.7 million includes a $241.0 million tax benefit, mostly from releasing a valuation allowance, and Q2 FY2026 includes $24.0 million of net legal settlement proceeds.
US$
See the numbers
Profit kept per $100 of revenue
$1.8FY2025
Net income per $100 of net sales was $1.77 in FY2025 and operating income $2.02, against losses of $0.84 and $0.82 in FY2021; FY2021 and FY2022 are as restated in the FY2023 10-K.
$ of profit per $100 of revenue (net margin)
See the numbers
Free cash flow
$562MFY2025
Free cash flow (cash from operations minus purchases of property and equipment) rose from $8.6 million in FY2021 to $562.4 million in FY2025, while stock-based compensation, a cost paid in shares, was $297.9 million in FY2025: 2.4% of net sales and 133.7% of net income (Cityfort calculation from the FY2025 10-K).
US$ · cash from operations minus spending on plants and equipment
See the numbers
See all yearly numbers
EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (52 or 53 weeks ending on the Sunday closest to Jan 31; FY2025 ended Feb 1, 2026. FY2024 had 53 weeks and its Q4 had 14.). Net profit is the share belonging to the company's owners.
Download Chewy's yearly and quarterly numbers (CSV, with source ids)
Learn: Fiscal years that don't end in December: Nvidia's FY2027 explained · Stock-based compensation and dilution: pay that becomes shares
Sources (11)
- Form 10-K, fiscal year 2023 (ended Jan 28, 2024)
- Form 10-K, fiscal year 2025 (ended Feb 1, 2026)
- Earnings release, Q1 fiscal 2025 (8-K Ex. 99.1)
- Earnings release, Q2 fiscal 2025 (8-K Ex. 99.1)
- Earnings release, Q3 fiscal 2024 (8-K Ex. 99.1)
- Earnings release, Q4 and fiscal 2024 (8-K Ex. 99.1)
- Earnings release, Q3 fiscal 2025 (8-K Ex. 99.1)
- Earnings release, Q4 and fiscal 2025 (8-K Ex. 99.1)
- Earnings release, Q1 fiscal 2026 (8-K Ex. 99.1)
- Earnings release, Q2 fiscal 2026 (8-K Ex. 99.1)
- Form 10-Q, Q2 fiscal 2026 (quarter ended Aug 2, 2026)
07Who runs it
Who runs Chewy, and did they deliver?
Sumit Singh
Chief Executive Officer and director · since 2018
CEO since March 2018, after serving as COO from September 2017; director since April 2019. FY2025 total pay was $25.7 million, including $20.0 million of stock awards, 579 times the median employee's $44,389.
Christopher S. Deppe
Chief Financial Officer · since 2026
CFO from Feb 23, 2026. David Reeder resigned as CFO on Jul 3, 2025, and William Billings, the Chief Accounting Officer, served as interim principal financial officer.
Raymond Svider
Chairman of the board · since 2019
Chairman of BC Partners. He is one of 7 BC Partners partners or staff on Chewy's 14-member board.
08What could go wrong
What could go wrong for Chewy?
- Governance
Control by BC Partners
BC Partners affiliates held 88.4% of the votes on May 13, 2026 through Class B shares with 10 votes each. The 10-K says their interests may conflict with other holders'. Class B converts into Class A on most transfers, or once it falls below 7.5% of all shares.
Watch BC Partners' share of votes in each proxy, and any Class B conversions.
- Governance
Class B shares used as collateral for loans
Certain BC Partners affiliates granted a security interest in Class B shares to secure debt, including PetSmart's. A default could lead to foreclosure and a change in control of Chewy.
Watch Proxy and 8-K disclosures about the arrangement.
- Other
Share sales by the controlling holder
BC Partners affiliates sold shares in secondary offerings in September 2024, December 2024 and June 2025. The 10-K names future sales by them as a risk, and the Sep 14, 2026 shelf can cover sales by selling stockholders.
Watch Prospectus supplements under the shelf and Schedule 13 filings.
- Pricing
Thin margins
Operating income was $2.02 per $100 of FY2025 net sales. It was negative in FY2021 and FY2023.
Watch Gross margin and operating income in each earnings release.
- Concentration
Reliance on a few suppliers
Products from the three largest vendors made up about 39% of net sales in each of FY2023, FY2024 and FY2025. The 10-K says losing any key supplier would hurt results.
Watch Vendor concentration in the FY2026 10-K.
- Competition
Competition, especially online
The 10-K lists pet specialty stores, mass merchants, online retailers, suppliers' own websites and veterinarians as rivals, and names the cost of winning and keeping customers as a risk.
Watch Active customers and net sales per active customer each quarter.
- Regulation
Pharmacy rules and vets
Chewy Pharmacy and its vet services depend on licenses and pet-health rules. The 10-K also warns that veterinarians may resist authorizing prescriptions.
Watch Regulatory and legal notes in each 10-Q and 10-K.
- Execution
New acquisitions and new debt
Chewy bought SmartPak for $175.0 million in February 2026 and Modern Animal for an estimated $399.8 million in May 2026, and borrowed $600 million in June. Goodwill was $334.1 million at Aug 2, 2026.
Watch Goodwill, acquisition notes and interest expense in each 10-Q.
Sources (6)
- Proxy statement (DEF 14A), 2026 annual meeting
- Form 10-K, fiscal year 2025 (ended Feb 1, 2026)
- Form S-3ASR automatic shelf registration (Class A shares; may cover selling stockholders)
- Form 10-K, fiscal year 2023 (ended Jan 28, 2024)
- Form 10-Q, Q2 fiscal 2026 (quarter ended Aug 2, 2026)
- Form 8-K filed Jun 24, 2026: $600 million term loan credit agreement and ABL amendment
09Both sides
What do supporters and critics point to?
What supporters point to
- Net sales rose every year, from $8.97 billion in FY2021 to $12.6 billion in FY2025.
- Operating income went from a $73.6 million loss in FY2021 to $254.3 million in FY2025.
- Customers with an Autoship order made 83.3% of FY2025 net sales, up from 70.5% in FY2021.
- Free cash flow rose from $8.6 million in FY2021 to $562.4 million in FY2025.
- Net sales per active customer rose from $434 in FY2021 to $591 in FY2025.
What critics point to
- Operating income was $2.02 per $100 of FY2025 net sales.
- Stock-based compensation of $297.9 million in FY2025 was 133.7% of net income.
- Active customers were 21.7 million on Aug 2, 2026, against 20.7 million at the end of FY2021.
- BC Partners affiliates held 88.4% of the votes on May 13, 2026, and some of their Class B shares secure loans, including PetSmart's.
- Net cash fell from $878.8 million at Feb 1, 2026 to $20.5 million at Aug 2, 2026, after two acquisitions, buybacks and a $600 million term loan.
10What to watch next
What should you watch next at Chewy?
Next event
Q3 FY2026 results
Date not announced yet.
Outlook figures
Chewy said on Sep 9, 2026 that it raised its full-year revenue and profitability outlook. Its SEC filings give no figures.
Interest on the new loan
Interest turned to a net expense of $4.7 million in Q2 FY2026 after the $600 million term loan, which carried a 5.41% weighted-average rate at Aug 2, 2026.
Growth with and without the acquisitions
Q2 FY2026 net sales grew 7.3%, or 5.7% without SmartPak and Modern Animal. Goodwill was $334.1 million at Aug 2, 2026, including $73.1 million from SmartPak and $221.6 million from Modern Animal.
11Key dates
What are the key dates for Chewy?
| Event | Date | Source |
|---|---|---|
| Fiscal 2026 ends | Proxy statement (DEF 14A), 2026 annual meeting | |
| Revolving credit line matures$800 million, undrawn at Aug 2, 2026. | Form 10-Q, Q2 fiscal 2026 (quarter ended Aug 2, 2026) | |
| $600 million term loan matures | Form 10-Q, Q2 fiscal 2026 (quarter ended Aug 2, 2026); Form 8-K filed Jun 24, 2026: $600 million term loan credit agreement and ABL amendment |
Learn: Fiscal years that don't end in December: Nvidia's FY2027 explained
12Key facts
Key facts about Chewy
- What is Chewy's business model?
- Chewy, Inc. is an online retailer of pet food, supplies and pet medicines in the US and Canada. In FY2025 (year ended Feb 1, 2026) Chewy had net sales of $12.6 billion from about 4,000 brands and about 190,000 products and services.
- How does Chewy make money?
- Chewy makes money by selling pet products for more than they cost. In FY2025 Chewy's gross profit was $3.75 billion on net sales of $12.6 billion, and after fulfillment, advertising and other running costs, operating income was $254.3 million.
- Is Chewy profitable?
- Yes. Chewy's net income was $222.8 million in FY2025, down from $392.7 million in FY2024, which included a $241.0 million tax benefit. Chewy's operating income rose from $112.6 million in FY2024 to $254.3 million in FY2025.
- What is Chewy's revenue by segment?
- Chewy reports one segment. Chewy's FY2025 net sales of $12.6 billion split into consumables ($8.78 billion, 69.7%), pet health and specialty products ($1.98 billion, 15.7%), hardgoods ($1.44 billion, 11.4%) and other ($0.41 billion, 3.2%).
- Who are Chewy's customers?
- Chewy sells to individual pet owners and had 21.7 million active customers on Aug 2, 2026. Sales to Chewy customers with an Autoship repeat order were $10.5 billion in FY2025, or 83.3% of net sales of $12.6 billion.
- Who owns Chewy?
- Affiliates of BC Partners own all of Chewy's Class B shares, which carry 10 votes each. Per Chewy's 2026 proxy, that gave them about 43.2% of the shares and 88.4% of the votes on May 13, 2026, making Chewy a controlled company under NYSE rules.
- How much does Chewy sell in consumables?
- Chewy's consumables category had net sales of $8.78 billion in FY2025, 69.7% of net sales and up 4.5% from $8.40 billion in FY2024. Chewy's FY2024 had 53 weeks.
- How much does Chewy sell in pet health and specialty products?
- Chewy's pet health and specialty products category had net sales of $1.98 billion in FY2025, 15.7% of net sales and up 11.8% from $1.77 billion in FY2024. Chewy first reported the category separately in its FY2025 10-K.
- How much does Chewy sell in hardgoods?
- Chewy's hardgoods category had net sales of $1.44 billion in FY2025, 11.4% of net sales and up 13.4% from $1.27 billion in FY2024.
- Does Chewy pay a dividend?
- No. Chewy has never paid a cash dividend, according to its FY2025 10-K. Chewy repurchased $400.0 million of its shares in the first half of FY2026 (Feb 2 to Aug 2, 2026).
Terms on this page
- Capital expenditures (capex)
- Debt-to-equity
- Earnings per share (EPS)
- EBITDA
- Free cash flow
- Market cap
- Net debt
- Net margin
- Operating income
- P/E ratio
Each explains the term in plain English, with the same number from other companies on Cityfort.
Go deeper
More detail from the same filings. Open any section.
13What it sells
13What it sells
What does Chewy sell?
Consumables ($8.78B in FY2025)
Chewy's largest sales category: 69.7% of FY2025 net sales.
Pet health and specialty products ($1.98B)
15.7% of net sales. Chewy first reported this category separately in its FY2025 10-K, split out of "Other".
Hardgoods ($1.44B)
11.4% of net sales.
Other ($0.41B)
3.2% of net sales.
Pharmacy and vet care
Chewy Pharmacy fills pet prescriptions. Connect with a Vet offers vet telehealth (since 2020), CarePlus sells insurance and wellness plans (since 2022), and Chewy Vet Care had opened 18 clinics by the end of 2025.
Chewy's own brands
Private brands such as Frisco (launched 2016), American Journey, Tylee's, Vibeful (2022) and Get Real fresh dog food (2025).
What it does
- Does: Ships from fulfillment centers across the US, which Chewy says can reach over 80% of the US population overnight
- Does: Sells about 4,000 brands, plus its own brands such as Frisco
- Does: Runs a pet pharmacy, vet telehealth and, since 2024, its own vet clinics
- Does: Signs up vet practices to its PracticeHub service: about 20,000 enrolled on Feb 1, 2026, by Chewy's count
What it does not do
- Does not: Does not report revenue from sponsored ads, which its 10-K credits for part of the FY2025 gross margin gain
- Does not: Does not report net sales by country; it operates in the US and, since 2023, Canada
- Does not: Does not report profit by sales category; it has one reportable segment
14How the money flows
14How the money flows · FY2025
How does money flow through Chewy?
Money in
- Net sales$12.6B
- Interest and other income, net$9M
The company
Chewy
$12.6B came in
Money out
- Cost of goods sold$8.8B
- Fulfillment$1.4B
- Advertising and marketing$825M
- Stock-based pay and related taxes$311M
- Other running costs, including depreciation$952M
- Income tax$40.5M
- Net income$223M
- Pet owners paid Chewy $12.6 billion of net sales in FY2025, and interest and other income added $9.0 million.
- The products themselves cost $8.85 billion, leaving $3.75 billion of gross profit.
- Fulfillment costs were $1.41 billion and advertising and marketing $825 million.
- Stock-based pay and related taxes took $311 million and other running costs $952 million, leaving $254.3 million of operating income.
- After $40.5 million of income tax, $222.8 million was left as net income.
15What it needs to run
15What it needs to run
What does Chewy need to run?
Fulfillment centers
17 fulfillment center locations with about 9.9 million square feet on Mar 18, 2026, including any not yet operating. Chewy says its fulfillment centers can ship overnight to over 80% of the US population and to almost 100% in two days.
People
About 18,000 full- and part-time employees on Feb 1, 2026. None were represented by a union as of Mar 18, 2026.
Suppliers
Products from the three largest vendors were about 39% of FY2025 net sales. Trade payables of $1.22 billion exceeded inventories of $865 million on Feb 1, 2026.
Clinics and pharmacy licenses
25 vet clinic locations, including some not yet open, on Mar 18, 2026. The 10-K lists pharmacy and pet-health rules as a risk.
16Where growth could come from
16Where growth could come from
Where could Chewy's growth come from?
Chewy's CEO said in the Q2 FY2026 earnings release (Sep 9, 2026) that the company would "raise our full-year revenue and profitability outlook." The release filed with the SEC gives no outlook figures.
Pet health and specialty products
Working$578.9M in Q2 FY2026, up 14.0%
The category grew 11.8% in FY2025 to $1.98 billion, and 13.3% in Q1 FY2026 to $562.7 million.
Status: Working, on track against what the company said.
Vet clinics
New18 Chewy Vet Care clinics by end of 2025
Chewy opened 8 clinics in 2024 and 10 in 2025. It bought Modern Animal, a vet clinic operator, in May 2026 for an estimated $399.8 million.
Status: New, recently announced.
Autoship
Working84.6% of Q2 FY2026 net sales
Autoship customer sales were $2.82 billion of $3.33 billion of Q2 FY2026 net sales. Their share was 78.4% in Q2 FY2024.
Status: Working, on track against what the company said.
Active customers
Working21.7M on Aug 2, 2026
Active customers fell from 20.7 million at the end of FY2021 to 20.1 million at the end of FY2023, then rose. The Q2 FY2026 count includes about 43,000 from SmartPak.
Status: Working, on track against what the company said.
Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.
Sources (6)
17The company's own measures (non-GAAP)
17The company's own measures · FY2025 and Q2 FY2026
What do Chewy's own measures show?
Official (GAAP): Net income, FY2025
$223M
Company's own measure: Adjusted EBITDA, FY2025 (Chewy's measure)
$719M
Chewy adds back depreciation and amortization, stock-based compensationPay given as shares instead of cash, which spreads ownership more thinly. Learn more and related taxes ($311.2 million), income tax, interest, transaction costs ($13.2 million), severance ($6.3 million) and other items.
Official (GAAP): Net income as % of net sales, FY2025 (as stated in the FY2025 10-K)
1.8%
Company's own measure: Adjusted EBITDA margin, FY2025 (Chewy's measure)
5.7%
Adjusted EBITDAOperating profit before wear-and-tear charges (depreciation and amortization). As a margin: per $100 of sales. as a share of net sales, as Chewy states it.
Official (GAAP): Net income, FY2025
$223M
Company's own measure: Adjusted net income, FY2025 (Chewy's measure)
$541M
Chewy adds back items including stock-based compensation and related taxes, with a tax adjustment; the full list is in the 10-K reconciliation.
Official (GAAP): Diluted earnings per share, FY2025
$0.52
Company's own measure: Adjusted diluted earnings per share, FY2025 (Chewy's measure)
$1.27
Adjusted net income divided by diluted shares.
Official (GAAP): Net income, Q2 FY2026
$80.5M
Company's own measure: Adjusted EBITDA, Q2 FY2026 (Chewy's measure)
$227M
Same measure. In the quarter it also deducts the $24.0 million net legal settlement gain and adds back $6.4 million of transaction costs.
Official (GAAP): Diluted earnings per share, Q2 FY2026
$0.20
Company's own measure: Adjusted diluted earnings per share, Q2 FY2026 (Chewy's measure)
$0.36
Adjusted net income was $148.8 million in the quarter, against GAAP net income of $80.5 million.
Official (GAAP): Net sales, FY2025
$12.6B
Company's own measure: Autoship customer sales, FY2025
$10.5B
All sales to customers who had an Autoship order in the preceding 364 days, including their non-Autoship purchases: 83.3% of net sales.
Official (GAAP)
No official figure measures this; it is the company's own operating measure.
Company's own measure: Active customers, Aug 2, 2026
21.7 million
Customers who ordered and had a product shipped or a service provided in the preceding 364 days. Includes about 43,000 from SmartPak; Modern Animal clients are not counted. The nearest GAAP line is net sales: $3.33 billion in Q2 FY2026.
Official (GAAP)
No official figure measures this; it is the company's own operating measure.
Company's own measure: Net sales per active customer, Q2 FY2026
602 US$
Net sales of the trailing four quarters divided by active customers, as Chewy states it; $591 at the end of FY2025.
These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.
Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out · Stock-based compensation and dilution: pay that becomes shares
18Financial strength and debt
18Financial strength · Aug 2, 2026
How much debt does Chewy have?
- Total debt$592M
- Cash and investments$612M
- Net cash (cash minus debt)$20.5M
- Net worth (shareholders' money)$371M
- Debt to equity
- 1.6×
- $ of debt for every $1 of shareholders' money
- Net cash = cash $611.0 million + marketable securities $1.2 million − term loan carrying value $591.7 million = $20.5 million (Cityfort calculation from the Q2 FY2026 10-Q). The loan's principal is $600.0 million.
- The seven-year senior secured term loan was signed on Jun 23, 2026, matures on Jun 23, 2033 and pays Term SOFR plus 1.75%; the weighted-average rate was 5.41% at Aug 2, 2026.
- In the first half of FY2026 Chewy paid $174.8 million net for SmartPak and $378.0 million for Modern Animal, $552.8 million in total, as stated in the Q2 FY2026 10-Q cash flow statement, and spent $400.0 million on buybacks.
- Chewy had no borrowings at any year end from FY2021 to FY2025. Its $800 million revolving credit line was undrawn, with $783.1 million available at Aug 2, 2026.
- Year-end net cash (cash and marketable securities, no borrowings) was $603.1 million in FY2021 (as originally reported), $678.5 million in FY2022, $1,134.0 million in FY2023, $596.7 million in FY2024 and $878.8 million in FY2025 (Cityfort calculation from the FY2021, FY2023 and FY2025 10-Ks).
- Operating lease liabilities of $556.8 million at Feb 1, 2026 are not counted as debt here. Current liabilities exceeded current assets at every year end from FY2021 to FY2025.
Sources (6)
- Form 10-Q, Q2 fiscal 2026 (quarter ended Aug 2, 2026)
- Earnings release, Q2 fiscal 2026 (8-K Ex. 99.1)
- Form 8-K filed Jun 24, 2026: $600 million term loan credit agreement and ABL amendment
- Form 10-K, fiscal year 2025 (ended Feb 1, 2026)
- Form 10-K, fiscal year 2023 (ended Jan 28, 2024)
- Form 10-K, fiscal year 2021 (ended Jan 30, 2022)
19Who owns it
19Who owns it · ownership as of May 13, 2026
Who owns Chewy?
Shares vs votes by class
Chewy has more than one class of shares, and the classes carry different votes. The share of votes a class holds can differ a lot from its share of the shares.
- Class A common stock: share of all votes11.3%
- Class B common stock: share of all votes88.7%
Each class's part of all votes = its shares outstanding × votes per share ÷ the total for all classes.
Share classes
Holders of 5% or more
From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.
Insider trades · Form 4 data as of Nov 6, 2026
What did Chewy's insiders report trading?
Chewy's insiders made 48 Form 4A filing an insider must make within two business days of buying or selling the company's shares. Learn more filings in the 12 months to Nov 6, 2026.
They reported no purchases and 17 sales (270,095 shares) in the open market or privately (codes P and S).
14 of the 17 sales were on forms with the Rule 10b5-1 plan box checked.
The same filings report 54 other share transactions (F: 34, A: 20).
Insiders are a company's officers, directors and owners of more than 10% of a class of its shares. Most changes in their holdings must be reported to the SEC on a Form 4 within two business days. Source: SEC Form 4 filings on EDGAR.
- P
- a purchase in the open market or privately
- S
- a sale in the open market or privately
- A
- a grant, award or other acquisition from the company under Rule 16b-3
- F
- shares withheld or handed over to pay an exercise price or tax when an award is received, exercised or vests
Code meanings: General Instruction 8 of Form 4 (SEC).
The latest 25 of 71 transactions
Shares: A = acquired, D = disposed of. A price the filing gives only in a footnote shows as “See filing”. The 10b5-1 box is checked when at least one trade on the form was made under a Rule 10b5-1 plan. A Form 4/A replaces the form it amends. See all of Chewy's Form 4 filings on EDGAR.
Learn: Dual-class shares: when votes and ownership don't match · How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes · Rule 10b5-1 trading plans: how insiders pre-schedule their trades
Sources (6)
- Form 10-Q, Q2 fiscal 2026 (quarter ended Aug 2, 2026)
- Form 10-K, fiscal year 2025 (ended Feb 1, 2026)
- Proxy statement (DEF 14A), 2026 annual meeting
- Schedule 13G/A, BlackRock, Inc. (as of Sep 30, 2026)
- Schedule 13G, Canada Pension Plan Investment Board (as of Jun 30, 2026)
- Schedule 13G/A, AQR Capital Management (as of Jun 30, 2026)
20What it does with profit
20What it does with profit
What does Chewy do with its profit?
Buyback · Feb 2, 2025
FY2024: bought back 32.8 million shares, including 17,550,000 from a BC Partners affiliate at $28.49 in June 2024 ($500 million), and further purchases from it of $300 million in September and $50 million in December 2024.
$948M
Buyback · Feb 1, 2026
FY2025: bought back 4,453,622 shares under the program ($156.8 million) and 2,395,210 shares from the BC Partners affiliate at $41.75 in June 2025 ($100.0 million).
$257M
Buyback · Aug 2, 2026
First half of FY2026: bought back 17,485,469 shares; $350.1 million of the program was left at Aug 2, 2026.
$400M
Money raised · Jun 23, 2026
$600 million seven-year senior secured term loan. Chewy had no borrowings at any year end from FY2021 to FY2025.
$600M
21Governance signals
21Governance signals
What do Chewy's governance filings show?
- Auditor
- Deloitte & Touche LLP
- Auditor changes
- None in the period covered
- Audit qualifications
- None reported
- Related-party dealings
- The 2026 proxy reports that PetLab Co., majority-owned by BC Partners, supplied $8.2 million of products from the start of FY2025 to the record date, and PetSmart Veterinary Services paid Chewy $221,549. The CEO's spouse, Aseemita Malhotra, is President of Healthcare; her FY2025 cash pay was $1,245,871. Chewy also bought shares directly from a BC Partners affiliate in 2024 and 2025.
- Credit rating
- No public credit rating found in a search of rating agency sites on Nov 7, 2026
Flags to know about
other
BC Partners controls the votes
Affiliates of BC Partners held all Class B shares and 88.4% of the votes on May 13, 2026. Chewy is a controlled company under NYSE rules, exempt from some board independence requirements. Seven of its 14 directors are BC Partners partners or staff.
shares as collateral
Controlling holder's shares secure loans
The 2026 proxy says certain BC Partners affiliates granted a security interest in Class B shares to secure debt, including debt of PetSmart. A default could lead to foreclosure on those shares and a change in control of Chewy.
other
Staggered board
The 14 directors are split into three classes, so about a third stand for election each year.
other
Shelf registration for share sales
On Sep 14, 2026 Chewy filed an automatic shelf registration (Form S-3ASR) for Class A shares that can cover sales by selling stockholders.
other
Derivative suit: proposed settlement
In Gilbert v. BC Partners LLP et al., a stockholder derivative action in the Delaware Court of Chancery, the parties signed a settlement agreement on Apr 6, 2026, subject to court approval at a hearing the court set for Jun 23, 2026 (8-K filed Apr 28, 2026).
other
Finance and technology chiefs changed
CFO David Reeder resigned on Jul 3, 2025 and Christopher Deppe became CFO on Feb 23, 2026. Chief Technology Officer Satish Mehta retired on Feb 6, 2026.
disclosure
No outlook figures in the filings
Chewy's Q2 FY2026 release says the full-year outlook was raised but gives no figures. Chewy does not report sponsored-ads revenue or net sales by country.
auditor
Audit fees
Chewy paid Deloitte & Touche $3.10 million of audit fees for FY2025.
Sources (9)
- Proxy statement (DEF 14A), 2026 annual meeting
- Form 10-K, fiscal year 2025 (ended Feb 1, 2026)
- Form 10-Q, Q2 fiscal 2026 (quarter ended Aug 2, 2026)
- Form 8-K filed Jun 24, 2026: $600 million term loan credit agreement and ABL amendment
- Form S-3ASR automatic shelf registration (Class A shares; may cover selling stockholders)
- Form 8-K filed Apr 28, 2026: proposed settlement of Gilbert v. BC Partners LLP derivative action
- Form 8-K filed Feb 24, 2026: Christopher Deppe appointed Chief Financial Officer
- Form 8-K filed Jan 20, 2026: Chief Technology Officer Satish Mehta to retire
- Earnings release, Q2 fiscal 2026 (8-K Ex. 99.1)
22What the market paid
22What the market paid · price as of Nov 5, 2026
What did the market pay for Chewy on Nov 5, 2026?
Price as of Nov 5, 2026 (shown for education; prices change daily).
Price as of Nov 5, 2026: Chewy's Class A stock closed at $23.00, per Nasdaq's historical price table; the stock is listed on the NYSE. Times 401.9 million Class A and Class B shares outstanding on Sep 2, 2026, that is a market value of about $9,244 million (Cityfort calculation from the Nov 5, 2026 closing price and the Q2 FY2026 10-Q cover). Unlisted Class B shares are counted at the Class A price. P/E is price ÷ earnings per share: 44.2 on FY2025 diluted EPS of $0.52.
- Share price
- $23.00
- Market value (market cap)
- $9.2B
- P/E
- 44.2×
More price-based ratios · as of Nov 5, 2026
Each ratio divides a number from the company's filings by the market value or share price on Nov 5, 2026. Prices change daily, so these ratios do too.
Price to sales (P/S)
0.7×
$9.2B market value ÷ $13.1B revenue (four quarters to Aug 2, 2026) = 0.7×
Cityfort calculation from the Nov 5, 2026 closing price and the Q3 FY2025 to Q2 FY2026 10-Qs and earnings releases. Source: CHWY historical prices, Oct 29 to Nov 5, 2026 (Nasdaq.com historical table; CHWY is listed on the NYSE); Form 10-Q, Q2 fiscal 2026 (quarter ended Aug 2, 2026); Form 10-K, fiscal year 2025 (ended Feb 1, 2026) and 4 more
How price ratios workFree cash flow yield
6.1%
$562M free cash flow (FY2025) ÷ $9.2B market value = 6.1%
Cityfort calculation from the FY2025 10-K and the Nov 5, 2026 closing price. Source: CHWY historical prices, Oct 29 to Nov 5, 2026 (Nasdaq.com historical table; CHWY is listed on the NYSE); Form 10-Q, Q2 fiscal 2026 (quarter ended Aug 2, 2026); Form 10-K, fiscal year 2025 (ended Feb 1, 2026)
What free cash flow means
Shares used for the market value: 401.93 million ($23.00 × 401.93 million shares ≈ $9.2B). Source: Form 10-Q, Q2 fiscal 2026 (quarter ended Aug 2, 2026); Form 10-K, fiscal year 2025 (ended Feb 1, 2026); Proxy statement (DEF 14A), 2026 annual meeting
Source: CHWY historical prices, Oct 29 to Nov 5, 2026 (Nasdaq.com historical table; CHWY is listed on the NYSE); Form 10-Q, Q2 fiscal 2026 (quarter ended Aug 2, 2026); Form 10-K, fiscal year 2025 (ended Feb 1, 2026)
Sources (8)
- CHWY historical prices, Oct 29 to Nov 5, 2026 (Nasdaq.com historical table; CHWY is listed on the NYSE)
- Form 10-Q, Q2 fiscal 2026 (quarter ended Aug 2, 2026)
- Form 10-K, fiscal year 2025 (ended Feb 1, 2026)
- Earnings release, Q3 fiscal 2025 (8-K Ex. 99.1)
- Earnings release, Q4 and fiscal 2025 (8-K Ex. 99.1)
- Earnings release, Q1 fiscal 2026 (8-K Ex. 99.1)
- Earnings release, Q2 fiscal 2026 (8-K Ex. 99.1)
- Proxy statement (DEF 14A), 2026 annual meeting
23How it got here
23How it got here
How did Chewy get here?
2016
Milestone
Frisco brand launched
Chewy launched its Frisco private brand.
2018
Milestone
Sumit Singh becomes CEO
Singh, COO since September 2017, became CEO in March 2018.
2020
Business-model change
Vet telehealth
Chewy launched Connect with a Vet, a vet telehealth service.
2022
Milestone
Insurance plans and a new brand
Chewy launched CarePlus insurance and wellness plans, and the Vibeful brand.
2023
Business-model change
Pharmacy unit brought in
On Oct 30, 2023 Chewy Pharmacy KY became a Chewy subsidiary in transactions with BC Partners affiliates, who transferred $1.9 billion to fund the tax obligations that came with it. Earlier years were restated.
2024
Business-model change
First vet clinics and first buyback
Chewy opened 8 Chewy Vet Care clinics. It authorized a $500 million buyback program in May and bought $500 million of shares from a BC Partners affiliate in June.
2025
Milestone
Fresh dog food and 10 more clinics
Chewy launched Get Real fresh dog food and opened 10 more vet clinics, for 18 in total.
2026
Business-model change
Two acquisitions and a term loan
Chewy bought SmartPak Equine in February and Modern Animal, a vet clinic operator, in May, and borrowed $600 million under a term loan in June.
24Sources and changes
Where every number on this page comes from
Sources (23 documents)
- S1Form 10-K, fiscal year 2025 (ended Feb 1, 2026) · Chewy, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 25, 2026
- S2Form 10-K, fiscal year 2023 (ended Jan 28, 2024) · Chewy, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 20, 2024
- S3Form 10-K, fiscal year 2021 (ended Jan 30, 2022) · Chewy, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 29, 2022
- S4Form 10-Q, Q2 fiscal 2026 (quarter ended Aug 2, 2026) · Chewy, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 9, 2026
- S5Form 10-Q, Q1 fiscal 2026 (quarter ended May 3, 2026) · Chewy, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jun 10, 2026
- S6Earnings release, Q2 fiscal 2026 (8-K Ex. 99.1) · Chewy, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 9, 2026
- S7Earnings release, Q1 fiscal 2026 (8-K Ex. 99.1) · Chewy, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jun 10, 2026
- S8Earnings release, Q4 and fiscal 2025 (8-K Ex. 99.1) · Chewy, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 25, 2026
- S9Earnings release, Q3 fiscal 2025 (8-K Ex. 99.1) · Chewy, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Dec 10, 2025
- S10Earnings release, Q2 fiscal 2025 (8-K Ex. 99.1) · Chewy, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 10, 2025
- S11Earnings release, Q1 fiscal 2025 (8-K Ex. 99.1) · Chewy, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jun 11, 2025
- S12Earnings release, Q4 and fiscal 2024 (8-K Ex. 99.1) · Chewy, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 26, 2025
- S13Earnings release, Q3 fiscal 2024 (8-K Ex. 99.1) · Chewy, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Dec 4, 2024
- S14Proxy statement (DEF 14A), 2026 annual meeting · Chewy, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 22, 2026
- S15Form 8-K filed Jun 24, 2026: $600 million term loan credit agreement and ABL amendment · Chewy, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jun 24, 2026
- S17Form 8-K filed Feb 24, 2026: Christopher Deppe appointed Chief Financial Officer · Chewy, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 24, 2026
- S18Form 8-K filed Jan 20, 2026: Chief Technology Officer Satish Mehta to retire · Chewy, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jan 20, 2026
- S19Form 8-K filed Apr 28, 2026: proposed settlement of Gilbert v. BC Partners LLP derivative action · Chewy, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 28, 2026
- S20Schedule 13G, Canada Pension Plan Investment Board (as of Jun 30, 2026) · Canada Pension Plan Investment Board (SEC EDGAR) · Tier 1: company or exchange filing · Aug 14, 2026
- S21Schedule 13G/A, AQR Capital Management (as of Jun 30, 2026) · AQR Capital Management, LLC (SEC EDGAR) · Tier 1: company or exchange filing · Aug 13, 2026
- S22Schedule 13G/A, BlackRock, Inc. (as of Sep 30, 2026) · BlackRock, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 27, 2026
- S23Form S-3ASR automatic shelf registration (Class A shares; may cover selling stockholders) · Chewy, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 14, 2026
- S24CHWY historical prices, Oct 29 to Nov 5, 2026 (Nasdaq.com historical table; CHWY is listed on the NYSE) · Nasdaq, Inc. · Tier 1: company or exchange filing · Nov 6, 2026
Changes to this page (v1 · Nov 6, 2026)
- v1 · Nov 6, 2026First version, through Q2 FY2026 (quarter ended Aug 2, 2026). (first version)
Numbers come only from tier 1 and tier 2 sources. Read how we research.
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