Chewy, Inc. (CHWY) Earnings
Chewy, Inc. is expected to report next earnings on June 10, 2026 (in NaN days), with a consensus EPS estimate of $0.43. CHWY has beaten EPS estimates in 11 of its last 12 reported quarters (average surprise +98.7% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Mar 25, 2026 | $0.09 | $0.09 | -2.5% | $3.3B | -0.0% |
| Dec 10, 2025 | $0.12 | $0.32 | +156.4% | $3.1B | +0.6% |
| Sep 10, 2025 | $0.14 | $0.33 | +131.3% | $3.1B | +0.8% |
| Jun 11, 2025 | $0.17 | $0.35 | +109.8% | $3.1B | +1.2% |
| Mar 26, 2025 | $0.03 | $0.28 | +919.3% | $3.2B | +1.6% |
| Dec 4, 2024 | $0.08 | $0.20 | +150.0% | $2.9B | +0.7% |
| Aug 28, 2024 | $0.07 | $0.24 | +257.1% | $2.9B | +0.0% |
| May 29, 2024 | $0.13 | $0.31 | +135.9% | $2.9B | +0.9% |
| Mar 20, 2024 | $0.10 | $0.18 | +80.0% | $2.8B | +1.9% |
| Dec 6, 2023 | $0.09 | $0.15 | +66.7% | $2.7B | -1.8% |
| Aug 30, 2023 | $0.11 | $0.15 | +36.4% | $2.8B | +0.6% |
| May 31, 2023 | $0.06 | $0.20 | +230.1% | $2.8B | +2.0% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q4 FY2026 · March 25, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
Sumit Singh noted strong finish to 2025 with net sales growth, margin expansion, and record free cash flow. Discussed pet industry trends: stable, resilient, with low single-digit growth, e-commerce penetration continuing. Chewy's unique flywheel model with over 80% net sales on Autoship. Updates on strategic priorities: Chewy Vet Care opened 10 new practices in 2025, exceeding expectations. AI initiatives: embedding AI across purchase experience, service/operations, supply chain/fulfillment, expected tens of millions in savings in 2026. Chewy private brands: launch of Chewy Made, expanding assortment in dog and cat consumables. Chris Deppe reviewed financial results, discussed 2026 guidance focusing on share gains, margin expansion, and improved flow-through.
Guidance
Full year 2026 net sales expected between $13.6 billion and $13.75 billion (~8%-9% year-over-year growth, SmartEquine acquisition expected to contribute ~$80 million). Q1 2026 net sales expected between $3.33 billion and $3.36 billion (~7%-8% year-over-year growth). Full year 2026 adjusted EBITDA margin expected in range of 6.6%-6.8% (~100 basis points year-over-year expansion). First quarter adjusted diluted earnings per share expected in range of $0.40-$0.45. Share-based compensation expense expected broadly flat compared to 2025. Net interest income expected ~$10 million-$15 million. Effective tax rate expected 20%-22%.
Segment performance
Fourth quarter net sales reached over $3.26 billion, total fiscal year 2025 net sales were over $12.6 billion, up 8.1% in Q4 and 8.3% for the full year. Active customers ended the year with 21.3 million, up ~4% year-over-year. Autoship customer sales in Q4 were over $2.7 billion, $10.5 billion for the year, 84% of Q4 net sales and 83.3% for full year 2025. NSPAC in Q4 2025 was $591, up ~4% year-over-year. Gross margin in Q4 was 29.4%, full year 2025 was 29.8%, with ~90 basis points expansion in Q4 and 60 basis points for the full year. SG&A in Q4 was $607 million (18.6% of net sales), full year 2025 was $2.4 billion (18.8% of net sales). Adjusted net income in Q4 was $115 million, full year 2025 was $541 million. Adjusted EBITDA in Q4 was $162 million (5.0% margin, up 120 basis points year-over-year), full year 2025 was $719 million (5.7% margin, up ~26% year-over-year). Free cash flow in Q4 was $232 million, full year 2025 was $562.4 million.
Analyst Q&A
Q: Two questions, one on A&M leverage, one on Chewy Made strategy.
A: Sumit on A&M leverage expects to show leverage, will continue to shift mix from third-party to direct, with 350 basis points to go to hit 10% EBITDA. On Chewy Made, private brands expected mid-teens penetration, higher gross margin, filling gaps in assortment, especially in cat consumables.
Q: On AI key cost areas and margin progression.
A: AI applied in customer service, fulfillment, pharmacy, marketing operations, reducing handle times, improving self-serve, with near-term savings and long-term potential in fulfillment. Aim for growth, profitability, free cash flow trifecta.
Q: On Agentic and fuel impact.
A: Chewy insulated due to trusted platform, see Agentic as opportunity, present where pet parents engage. Fuel impact near term relatively well insulated, guidance stands.
Q: On revenue growth reacceleration and EBITDA margin lapping.
A: Q1 low due to seasonality, growth builds through year with core model. EBITDA margin expansion not from onetime items, driven by leverage.
Q: On customer adds and Chewy+ penetration.
A: Customer adds in Q4 within forecast, no pet household formation improvement baked in. Chewy+ in test-and-learn phase, low single-digit penetration in 2025, retaining flexibility.
Q: On SmartEquine growth and gross margin.
A: SmartEquine acquisition expected to contribute ~$80 million in 2026, focus on stabilizing. Gross margin expansion with sponsored ads, mix shift, operating leverage, composition shifting.
Q: On industry growth and health category.
A: Industry growth low single-digit, expect share gains if industry improves. Health category highly bullish, high-growth, high-margin, expanding clinic footprint.