CHWY Chewy, Inc.
Chewy is an online retailer of pet products, supplies, and prescriptions, operating primarily in the U.S. and Canada. It sells through its websites and mobile applications, offering approximately 190,000 products and services from about 4,000 brands, including its own private-label brands. The company positions itself as a destination for pet health, wellness, and merchandise needs, supported by a network of fulfillment centers.
How the business makes money
Chewy generates revenue primarily through direct online sales of pet food, treats, supplies, and medications, along with pet health and wellness services, to individual pet-owning consumers. The company relies on a subscription-based purchasing model (Autoship) to drive repeat, recurring revenue and customer retention. It partners with roughly 4,000 third-party brands while also developing its own private-label product lines, and depends on supplier relationships and third-party service providers, outsourcing partners, and shipping arrangements to fulfill orders. Net sales grew from $3,116.0 million to $3,357.2 million between the comparable 13-week periods ended May 4, 2025 and May 3, 2026.
Revenue reported to the SEC
| Fiscal year | Revenue (USD) |
|---|---|
| FY2022 | 9.0B |
| FY2023 | 10.1B |
| FY2024 | 11.1B |
| FY2025 | 11.9B |
| FY2026 | 12.6B |
What the filings support
The company operates an extensive supply chain and fulfillment center network in the U.S. and Canada that it states allows it to serve over 80% of the U.S. population with overnight delivery and almost 100% within two days.
Chewy offers a broad assortment of approximately 190,000 products and services from about 4,000 brands, including its own private brands, spanning both retail and pet health categories.
The company reported quarter-over-quarter improvement in profitability, with income from operations increasing to $128.5 million from $76.9 million and net income rising to $94.8 million from $62.4 million in the comparable prior-year quarter.
Customer service is built around trained customer service representatives with virtually all calls answered in less than ten seconds, supported by integrated technology that captures customer and pet profiles for personalized recommendations.
The subscription-based Autoship purchasing model is cited as supporting higher customer retention and revenue visibility, aligning with an industry-wide trend where a large share of online pet product buyers use subscription purchasing.
Risks the company discloses
The company faces risks in sustaining recent growth rates and successfully managing challenges to future growth, including introducing new products or services and expanding into new jurisdictions.
Chewy depends on strengthening current supplier relationships and retaining key suppliers, as well as negotiating acceptable pricing and terms with third-party service providers, suppliers, and outsourcing partners.
The company must manage risks related to shipping arrangements and disruptions to shipping operations, as well as optimize and manage the expansion of fulfillment center capacity.
Chewy faces risk from macroeconomic conditions that could adversely affect business operations, financial performance, supply chain, workforce, facilities, customer service, and overall operations.
The company must maintain adequate cybersecurity for its own systems and rely on third-party service providers to do the same, given its reliance on websites, mobile applications, and network infrastructure including artificial intelligence.
Could not verify
- Specific customer or supplier concentration percentages were not disclosed in the supplied text.
- Segment-level revenue breakdown (e.g., between product categories, services, or Autoship vs. non-Autoship sales) was not provided in the supplied text.
- Active customer counts, net sales per active customer, or Autoship penetration metrics were not included in the supplied text.
- Details of the credit facility terms and covenants referenced in the forward-looking statements were not provided.
- Specifics of the goodwill and intangible asset increases seen on the balance sheet (from $39.4 million to $113.2 million in goodwill, and $0.3 million to $88.3 million in intangible assets) were not explained, such as whether they relate to an acquisition.
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