Chewy Earnings Call Transcripts
Fiscal Year 2027
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Q2 net sales grew 7.3% year-over-year to $3.33 billion, with margin expansion and strong Autoship growth. FY2026 guidance was raised for both sales and EBITDA margin, driven by outperformance in core and new segments, AI-driven efficiencies, and stable market trends.
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Q1 delivered 7.7% sales growth, record profitability, and strong free cash flow, with Autoship and health segments driving recurring revenue. FY2026 guidance was moderated for macro headwinds, but margin expansion and strategic investments remain on track.
Fiscal Year 2026
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The discussion highlighted strong growth in health services, robust customer retention, and expanding AI initiatives. Focus remains on U.S. health verticals, with international expansion deprioritized. Financial discipline supports self-funded growth, with capital allocated to strategic investments, M&A, and shareholder returns.
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The meeting covered director elections, auditor ratification, and executive compensation votes, with all proposals approved and annual frequency for compensation votes chosen. Proper procedures and disclosures were followed, and risks related to forward-looking statements were noted.
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U.S. pet e-commerce is rapidly expanding, with food and healthcare verticals driving growth and online penetration expected to reach 50%. Subscription-based Autoship and health services fuel predictable revenue, while AI and vet clinic expansion support profitability and scalability.
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Reported strong 2025 results with 8%+ net sales growth, margin expansion, and record free cash flow. 2026 guidance calls for 8%-9% sales growth, further margin gains, and continued share gains, supported by AI-driven efficiencies, private brand expansion, and a stable pet industry backdrop.
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Revenue and profitability targets have been exceeded, with strong customer growth and expanding share of wallet. Vet clinics and loyalty programs are outperforming early expectations, while AI and automation are set to drive further efficiency and margin expansion in 2026.
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Net sales grew 8.3% year-over-year to $3.12 billion, with margin and free cash flow expansion driven by Autoship, Chewy Plus, and health initiatives. FY2025 guidance was narrowed, and the company remains debt-free, with strong liquidity and continued market share gains.
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Q2 net sales rose 8.6% to $3.1B, with strong Autoship and hardgoods growth, margin expansion, and robust free cash flow. Chewy Plus and Get Real launches are driving higher customer engagement and spend. Full-year guidance was raised, with continued share gains expected.
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Q1 2025 saw 8.3% net sales growth to $3.12B, record Autoship sales, and margin expansion. Strategic initiatives like Chewy Vet Care and Chewy+ drove engagement, while guidance for 2025 remains strong with expected 6–7% sales growth and 5.4–5.7% EBITDA margin.
Fiscal Year 2025
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Active customer growth and profitability are improving, driven by efficient fulfillment, tech-enabled personalization, and expansion in health care and vet services. Margin expansion is supported by automation, product mix, and Sponsored Ads, with strong free cash flow returned to shareholders.
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Q4 and full year 2024 results exceeded guidance, with net sales up 14.9% and 6.4% year-over-year, respectively. Active customer growth returned, Autoship sales surged, and profitability improved, while 2025 guidance calls for continued growth and margin expansion.
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Surpassing expectations, the business achieved strong customer and revenue growth, expanded its vet clinic footprint, and improved profitability through operational scale and product mix. Industry normalization, online migration, and pet humanization trends support continued growth.
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Q3 net sales grew 4.8% to $2.88B, with record Autoship sales and sequential active customer growth. Gross margin and EBITDA margins expanded, while hardgoods and private brands showed improvement. Guidance for full-year sales and margins was raised, supported by strong liquidity and ongoing share repurchases.
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Q2 2024 saw 2.6% net sales growth, record NSPAC, and strong margin expansion, with Autoship and mobile engagement driving results. Guidance for full-year sales and EBITDA margin was raised, and significant capital was returned to shareholders.