Chewy

CHWY · NYSE · Consumer Discretionary · Financials, fiscal 2017 to 2025

CHWY · Last close · October 26, 2026

$21.90

Chewy's revenue rose 6.2% to $12.6 billion in fiscal 2025. Its operating margin was 2.0%, up from 0.9% a year earlier. Free cash flow was $562 million, up 24.3%. It paid out $262 million in dividends and buybacks, 47% of free cash flow. The diluted share count fell 1.2%.

Chewy, Inc. Latest fiscal year ended February 1, 2026 10-K filed March 25, 2026 · 0001766502-26-000034 Updated October 9, 2026

Revenue

$12.6B

6.2%

Operating margin

2.0%

1.1 pts

Net income

$223M

43.3%

Free cash flow

$562M

24.3%

Return on equity

58.7%

43.1 pts

Market cap

$9.0B

Oct 26 close

P/E

33.2x

On $0.66 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Chewy reports no borrowings (its credit line is undrawn), so debt is counted as zero.

What Chewy does

Chewy is an online pet retailer. Through its websites and mobile apps it sells pet food, treats, supplies and medications to pet owners in the United States and Canada. It carries about 4,000 brands and about 190,000 products and services, including its own private brands such as Frisco and American Journey. Many customers sign up for Autoship, a subscription that delivers items on a regular schedule.

Most of its revenue comes from selling products online. Chewy also earns money from pet health services: it runs a pharmacy, a telehealth service called Connect with a Vet, pet insurance and wellness plans called CarePlus, and a growing number of veterinary clinics under the name Chewy Vet Care (18 at the end of 2025). It also sells advertising to its vendor partners and offers PracticeHub, a tool that lets vet practices sell through Chewy.

Chewy ships from fulfillment centers in the US and Canada and says it can serve over 80% of the US population overnight. It competes with other online retailers, pet specialty stores, big-box and grocery stores, and veterinary clinics. It had about 18,000 full-time and part-time employees as of February 1, 2026.

Its biggest risks, as it describes them

Failing to win and keep customers at a reasonable cost.
Depending on suppliers and on shipping and fulfillment centers to deliver orders on time.
Strong competition in pet products, especially from online sellers.
Veterinarians who may resist prescriptions or discourage pet owners from buying from it.
Rules covering its pharmacy, pet health services and pet insurance that could change or be broken.

From Chewy's annual report on Form 10-K, filed March 25, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2022 to 2025, earnings per share grew 63.0% a year and net income 64.7% a year, with the share count about the same.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Chewy yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Chewy's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Chewy's fiscal 2025 free cash flow of $562M, net cash of $879M at February 1, 2026 and 426 million diluted shares, from its filings. The scenarios are fitted to Chewy: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 7.6% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 11%: 9% for a business of moderate risk (Other Specialty Retail), plus 1 point as a smaller company, worth $9.0B, plus 1 point for unsteady results (a loss in fiscal 2021); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at February 1, 2026. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Chewy's own revenue growth, as above. Cautious: growth of 4% then 3% a year, 2% after year 10, a 12% discount rate. Base: growth of 7.5% then 5% a year, 2.5% after year 10, a 11% discount rate. Optimistic: growth of 11.5% then 7% a year, 3% after year 10, a 10% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $21.90
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Chewy's earnings per share of $0.66 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 19.9×, the middle of Chewy's own P/E today, its peers' median and its sector's median (its peers' median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 12%, 11% and 10%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to August 2, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Ulta Beauty, Tractor Supply, Bath & Body Works, Winmark.

Earnings growth in the years ahead (% a year) Starts at Chewy's revenue growth over the last 3 years, 7.6% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $21.90
Value at this multiple, against the last close: —
Chewy's P/E at the last close: 33.2×

Company	Last close	Earnings per share	P/E today
ChewyCHWY	$21.90	$0.66	33.2×
WinmarkWINA	$282.29	$11.21	25.2×
Ulta BeautyULTA	$625.33	$27.42	22.8×
Tractor SupplyTSCO	$32.53	$1.92	16.9×
Bath & Body WorksBBWI	$21.38	$3.79	5.6×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	603	679	1,134	597	879
Debt incl. finance leases	0	0	0	0	0
Net debt (negative means net cash)	−603	−679	−1,134	−597	−879
Net debt to EBITDA	—	−4.8x	−13.2x	−2.6x	−2.3x
Debt to equity	—	0.0x	0.0x	0.0x	0.0x
Interest coverage	−34.0x	21.9x	−6.6x	20.4x	55.3x
Current ratio	0.8x	0.8x	1.0x	0.8x	0.9x
Quick ratio	0.5x	0.5x	0.7x	0.4x	0.5x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Chewy shares on the open market, and 5 insiders sold $7.3 million, $7.0 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Oct 15, 2026	William G. BillingsChief Accounting Officer	Sold plan	17,283	$21.00	$362,943	Form 4
Aug 3, 2026	Sumit SinghChief Executive Officer, Director	Sold plan	49,477	$23.01	$1.1 million	Form 4
Jun 29, 2026	Da-Wai HuGeneral Counsel & Secretary	Sold	4,203	$19.49	$81,915	Form 4
May 4, 2026	Sumit SinghChief Executive Officer, Director	Sold plan	87,526	$25.60	$2.2 million	Form 4
Apr 1, 2026	Da-Wai HuGeneral Counsel & Secretary	Sold	8,149	$26.91	$219,290	Form 4
Mar 2, 2026	Christopher S. DeppeChief Financial Officer	Sold plan	3,043	$26.87	$81,765	Form 4
Feb 2, 2026	Satish MehtaChief Technology Officer	Sold plan	13,013	$28.99	$377,247	Form 4
Dec 3, 2025	Satish MehtaChief Technology Officer	Sold plan	8,872	$33.53	$297,478	Form 4
Dec 2, 2025	Sumit SinghChief Executive Officer, Director	Sold plan	41,428	$33.73	$1.4 million	Form 4
Dec 2, 2025	Satish MehtaChief Technology Officer	Sold plan	6,056	$33.73	$204,269	Form 4
Nov 4, 2025	Satish MehtaChief Technology Officer	Sold plan	4,642	$32.65	$151,561	Form 4
Nov 3, 2025	Sumit SinghChief Executive Officer, Director	Sold plan	18,578	$32.72	$607,872	Form 4

The latest 12 of 14 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Fail	Fail
Current ratio rose	Pass	Fail	Pass
Share count didn't rise	Fail	Pass	Pass
Gross margin rose	Pass	Pass	Pass
Revenue rose relative to assets	Fail	Fail	Pass
F-score	5 of 9	6 of 9	7 of 9
Accruals ratio	−15.7%	−6.6%	−14.7%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Chewy side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Chewy	FY25	6.2%	2.0%	4.5%	—	−2.3x	7
Ulta Beauty	FY25	9.7%	12.4%	8.6%	55.8%	−0.2x	6	Compare
Tractor Supply	FY25	4.3%	9.4%	4.8%	28.5%	0.8x	6	Compare
Bath & Body Works	FY25	−0.2%	15.4%	11.9%	47.5%	2.1x	5	Compare
Winmark	FY25	5.9%	63.4%	52.0%	—	0.4x	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

9 years of figures

Fiscal year	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	2,104	3,533	4,847	7,146	8,967	10,119	11,148	11,861	12,602
Revenue growth	—	67.9%	37.2%	47.4%	25.5%	12.8%	10.2%	6.4%	6.2%
Gross profit	368	715	1,144	1,821	2,386	2,834	3,162	3,468	3,754
Research and development	—	—	—	—	—	—	—	—	—
Operating income	−338	−268	−253	−90	−74	56	−24	113	254
Net income	−338	−268	−252	−92	−75	50	40	393	223
Diluted EPS (US$)	−2.67	−0.68	−0.63	−0.23	−0.18	0.12	0.09	0.91	0.52
Diluted shares (millions)	262	393	398	407	417	428	432	431	426
Cash flow
Cash from operations	−80	−13	47	133	192	350	486	596	692
Capital expenditure	40	44	49	131	183	230	143	144	129
Free cash flow	−120	−58	−2	2	9	119	343	452	562
Dividends paid	0	0	0	0	0	0	0	0	0
Share buybacks	0	0	0	0	0	0	0	943	262
Acquisitions	0	0	0	0	0	40	0	0	0
Stock-based compensation	11	14	135	121	78	158	239	306	298
Balance sheet at fiscal year end
Cash and short-term investments	69	88	212	563	603	679	1,134	597	879
Debt incl. finance leases	0	0	0	0	0	0	0	0	0
Total assets	—	542	932	1,741	2,086	2,520	3,187	3,014	3,366
Total liabilities	—	878	1,336	1,743	2,072	2,360	2,677	2,753	2,868
Shareholders' equity	−84	−336	−404	−55	−40	160	510	262	498
Margins and ratios
Gross margin	17.5%	20.2%	23.6%	25.5%	26.6%	28.0%	28.4%	29.2%	29.8%
Operating margin	−16.1%	−7.6%	−5.2%	−1.3%	−0.8%	0.6%	−0.2%	0.9%	2.0%
Net margin	−16.1%	−7.6%	−5.2%	−1.3%	−0.8%	0.5%	0.4%	3.3%	1.8%
Free cash flow margin	−5.7%	−1.6%	−0.0%	0.0%	0.1%	1.2%	3.1%	3.8%	4.5%
Return on capital	—	—	—	—	—	—	—	—	—
Return on equity	—	—	—	—	—	—	11.8%	101.8%	58.7%
Return on assets	—	—	−34.2%	−6.9%	−3.9%	2.2%	1.4%	12.7%	7.0%
Net debt to EBITDA	—	—	—	—	—	−4.8x	−13.2x	−2.6x	−2.3x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Chewy's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Chewy.