Logo

CHWY

Chewy, Inc.

CHWY

Chewy, Inc. • NYSE
$34.77 ▲ 1.61% (+0.55)
Market Cap $14.42 B
52w High $48.62
52w Low $29.82
Dividend Yield 0%
P/E 96.58
Volume 2.01M
Outstanding Shares 414.69M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $3.104B ▼ $872.5M ▲ $62M ▼ 1.997% ▼ $0.15 $136.1M ▲
Q1-2025 $3.116B ▼ $846.9M ▼ $62.4M ▲ 2.003% ▲ $0.15 ▲ $109.2M ▲
Q4-2024 $3.247B ▲ $935.715M ▲ $22.792M ▲ 0.702% ▲ $0.056 ▲ $27.747M ▼
Q3-2024 $2.878B ▲ $818.241M ▲ $3.932M ▼ 0.137% ▼ $0.009 ▼ $59.831M ▼
Q2-2024 $2.859B $811.785M $299.117M 10.464% $0.7 $76.476M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $591.8M ▼ $3.119B ▲ $2.729B ▲ $389.9M ▲
Q1-2025 $616.4M ▲ $3.06B ▲ $2.685B ▼ $375.6M ▲
Q4-2024 $596.664M ▲ $3.015B ▲ $2.753B ▲ $261.459M ▲
Q3-2024 $507.519M ▼ $2.958B ▼ $2.734B ▲ $223.422M ▼
Q2-2024 $694.95M $3.102B $2.616B $486.749M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $62M ▼ $133.9M ▲ $-29.7M ▲ $-129M ▼ $-24.6M ▼ $105.9M ▲
Q1-2025 $62.4M ▲ $86.4M ▼ $-41.2M ▲ $-25M ▲ $20.6M ▼ $48.7M ▼
Q4-2024 $22.792M ▲ $207.516M ▲ $-50.911M ▼ $-67.001M ▲ $89.131M ▲ $156.605M ▲
Q3-2024 $3.932M ▼ $183.462M ▲ $-31.695M ▼ $-339.679M ▲ $-187.826M ▲ $151.767M ▲
Q2-2024 $299.117M $123.41M $-28.524M $-534.995M $-440.169M $91.484M

Revenue by Products

Product Q1-2025Q2-2025
Reportable Segment
Reportable Segment
 $3.12Bn ▲$3.10Bn ▼

Five-Year Company Overview

Income Statement

Income Statement Chewy’s income statement shows a clear story of scale and gradual maturation. Revenue has grown steadily each year, and gross profit has risen alongside it, suggesting the core business model is working and the company is managing product and shipping costs more effectively over time. Profitability has improved from notable losses a few years ago to modest profits more recently. Operating income and net income have moved from slightly negative to sustainably positive, though margins still look thin for an online retailer with heavy logistics needs. That means the business is no longer purely “growth at any cost,” but it does not yet enjoy the kind of cushion that more mature retailers do. Overall, the trend is encouraging: better cost discipline, more efficient operations, and early benefits from higher-margin areas such as health, advertising, and private-label products. The key risk is that these gains could be pressured if competition forces more discounting or if shipping and fulfillment costs rise faster than expected.

Balance Sheet

Balance Sheet The balance sheet data provided is limited and somewhat dated, but it suggests an asset‑light, e‑commerce style structure: meaningful cash on hand, some debt, and historically very little accounting equity. That combination is common for younger, high-growth online businesses that have invested heavily in customer acquisition and infrastructure. A lean equity base and the presence of debt mean Chewy does not have an unlimited buffer against shocks. Its financial flexibility will depend heavily on maintaining access to capital markets, keeping lenders comfortable, and sustaining positive operating performance. Without more recent detail, it’s hard to judge today’s balance sheet strength precisely, so liquidity (cash relative to near‑term obligations) and leverage (debt relative to the size and stability of the business) remain important areas to watch.

Cash Flow

Cash Flow Cash-flow information in the dataset is sparse, but earlier years point to slightly positive cash generation from operations, with much of that cash reinvested into the business, leaving free cash flow roughly around breakeven. This pattern fits an e‑commerce company still in build‑out mode: cash is being used to fund fulfillment centers, technology, and now potentially veterinary clinics and health initiatives. As profitability has improved, operating cash flow likely has as well, but capital needs may remain elevated as Chewy expands services and physical presence. The main takeaway: Chewy appears to have moved beyond the worst of the cash burn phase, but it is still in a period where careful balancing of growth investments and cash preservation is crucial. The business will be sensitive to changes in working capital (inventory, payables) and capital spending plans.

Competitive Edge

Competitive Edge Chewy operates in a very competitive space, going head‑to‑head with giants like Amazon, Walmart, and traditional pet retailers. These rivals have broad assortments, strong logistics, and the ability to compete aggressively on price, which naturally limits the strength of Chewy’s moat. Despite that, Chewy has carved out a defensible, though narrow, position. Its brand is closely associated with pet care specifically, not general retail, and it has a reputation for unusually attentive, empathetic customer service. The Autoship subscription program creates recurring, predictable orders and makes customers less likely to shop around for every purchase. Chewy’s growing ecosystem—pharmacy, telehealth, and eventually in‑person veterinary services—raises switching costs by bundling more of a pet owner’s needs in one place. Still, the company must continuously deliver excellent service and value, because price transparency and low switching costs remain structural industry challenges.

Innovation and R&D

Innovation and R&D Chewy’s innovation strategy is about turning a simple online store into a full pet‑care platform. It invests in technology such as artificial intelligence, machine learning, and data analytics to personalize recommendations, automate reordering, and improve marketing and inventory planning. This should help both customer satisfaction and profitability over time. The Chewy Health suite—pharmacy, telehealth (“Connect with a Vet”), and planned physical “Chewy Vet Care” clinics—pushes the company deeper into higher‑margin, service‑oriented areas. These offerings can strengthen loyalty and capture a larger share of each customer’s pet‑related spending, though they also introduce regulatory and operational complexity. Additional innovation vectors include private‑label brands, a sponsored advertising platform for suppliers, the Chewy+ membership program, and expansion into adjacent categories like equine health. Together, these initiatives aim to deepen engagement, diversify revenue beyond basic product sales, and gradually lift margins if execution is strong.

Summary

Chewy has evolved from a fast‑growing but unprofitable online pet retailer into a more balanced business with steady growth and emerging profitability. Revenue and gross profit have trended consistently upward, and the company has crossed the line into positive earnings, although earnings are still relatively thin and sensitive to cost pressures. Its balance sheet and cash-flow profile reflect a business that has been investing heavily in growth, with limited historical equity cushion and periods of near‑breakeven free cash flow. This makes disciplined capital allocation—especially around new clinics, technology, and fulfillment—very important. Competitively, Chewy holds a focused and emotionally resonant brand with strong customer loyalty, supported by Autoship subscriptions and standout service. But it operates in the shadow of much larger, well‑funded competitors, which keeps its moat narrow and forces continuous innovation. The company’s push into health services, advertising, memberships, and private labels is designed to deepen its relationship with pet owners and improve profitability over time. The opportunity is meaningful, but so are the execution and competitive risks. Overall, Chewy looks like a maturing platform business with clear strengths in customer experience and ecosystem design, balanced by ongoing margin, competition, and investment demands that introduce uncertainty into its long‑term financial profile.

NEWS

November 19, 2025 · 7:30 AM UTC

Chewy Announces Fiscal Third Quarter 2025 Financial Results Conference Call

Read more

November 4, 2025 · 9:00 AM UTC

Chewy Claus is Back to Spread Cheer, Grant Wishes, and Celebrate the Enduring Bonds Between Pets and Their People

Read more

October 30, 2025 · 11:48 AM UTC

Covetrus Announces Agreement for Chewy to Acquire SmartEquine

Read more

October 30, 2025 · 11:00 AM UTC

Chewy to Acquire SmartEquine, Expanding Leadership in the Equine Health Category

Read more

October 21, 2025 · 2:00 AM UTC

NBPE - September Monthly Net Asset Value Estimate

Read more