CHWY NYSE Other Specialty Retail Financials FY2017βFY2025
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.
Hi! I read Chewyβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+6.2%
Yes. Sales grew 6.2% last year.
Does it make a profit?
1.8%
A little. It keeps 1.8% of every sale as profit.
Does profit turn into cash?
4.5%
Partly. 4.5% of sales ends up as free cash.
Is debt under control?
Net cash
Yes. It has more cash than debt.
How healthy are the accounts?
7 / 9
Solid. It passes 7 of 9 health tests.
How is the share priced?
33.2x
One share costs 33.2 times its yearly profit per share. Typical for its sector: 17.7x.
Rules of thumb on reported numbers. A starting point, not a recommendation.
About these figures. Chewy reports no borrowings (its credit line is undrawn), so debt is counted as zero.
Is it selling more, and how much does it keep?
In plain words: Every quarter, companies publish how much they sold and earned. These are the days Chewy did it, and the next one. Share prices often move a lot on those days.
Next results
December 9, 2026
Wednesday Β· in 44 days
| Date | Results for | Time | Source |
|---|---|---|---|
| Sep 9, 2026 | Q2 '26 | Before the market opens | 8-K β |
| Jun 10, 2026 | Q1 '26 | Before the market opens | 8-K β |
| Mar 25, 2026 | Q4 '25 | Before the market opens | 8-K β |
| Dec 10, 2025 | Q3 '25 | Before the market opens | 8-K β |
| Sep 10, 2025 | Q2 '25 | Before the market opens | 8-K β |
| Jun 11, 2025 | Q1 '25 | Before the market opens | 8-K β |
| Mar 26, 2025 | Q4 '24 | Before the market opens | 8-K β |
| Dec 4, 2024 | Q3 '24 | Before the market opens | 8-K β |
From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.
KIRA Β· Chewy had $12.6B of revenue in fiscal 2025, up 6.2% on the year before. Over five years, revenue changed +12.0% a year on average. Its operating margin was 2.0%, up 1.1Β pts: of every 100 in sales, about 2 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Chewy made $223M of net profit in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was $562M in fiscal 2025, 4.5% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
KIRA Β· Chewy returned $263M to shareholders in fiscal 2025, 47% of free cash flow. The diluted share count fell 1.2%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders sold $7.2M of shares on the open market and bought none.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$7.2M
5 insiders
Of sales under plans
96%
$6.9M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 15, 2026 | William G. BillingsChief Accounting Officer | Sold plan | 17,283 | $21.00 | $0.4M | Form 4 |
| Aug 3, 2026 | Sumit SinghChief Executive Officer, Director | Sold plan | 49,477 | $23.01 | $1.1M | Form 4 |
| Jun 29, 2026 | Da-Wai HuGeneral Counsel & Secretary | Sold | 4,203 | $19.49 | $0.1M | Form 4 |
| May 4, 2026 | Sumit SinghChief Executive Officer, Director | Sold plan | 87,526 | $25.60 | $2.2M | Form 4 |
| Apr 1, 2026 | Da-Wai HuGeneral Counsel & Secretary | Sold | 8,149 | $26.91 | $0.2M | Form 4 |
| Mar 2, 2026 | Christopher S. DeppeChief Financial Officer | Sold plan | 3,043 | $26.87 | $0.1M | Form 4 |
| Feb 2, 2026 | Satish MehtaChief Technology Officer | Sold plan | 13,013 | $28.99 | $0.4M | Form 4 |
| Dec 3, 2025 | Satish MehtaChief Technology Officer | Sold plan | 8,872 | $33.53 | $0.3M | Form 4 |
| Dec 2, 2025 | Satish MehtaChief Technology Officer | Sold plan | 6,056 | $33.73 | $0.2M | Form 4 |
| Dec 2, 2025 | Sumit SinghChief Executive Officer, Director | Sold plan | 41,428 | $33.73 | $1.4M | Form 4 |
| Nov 4, 2025 | Satish MehtaChief Technology Officer | Sold plan | 4,642 | $32.65 | $0.2M | Form 4 |
| Nov 3, 2025 | Sumit SinghChief Executive Officer, Director | Sold plan | 18,578 | $32.72 | $0.6M | Form 4 |
Can it carry its debts, and how well does it use its money?
KIRA Β· Chewy has $879M more cash than debt.
Cash, debt and the ratios that show how comfortably Chewy can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $603M | $679M | $1.1B | $597M | $879M |
| Debt incl. finance leases | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Net debt / EBITDA | β | β4.9x | β13.2x | β2.6x | β2.3x |
| Debt / equity | β | 0.0x | 0.0x | 0.0x | 0.0x |
| Interest coverage | β34.0x | 21.9x | β6.6x | 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 |
| Total assets | $2.1B | $2.5B | $3.2B | $3.0B | $3.4B |
| Total liabilities | $2.1B | $2.4B | $2.7B | $2.8B | $2.9B |
| Shareholders' equity | β$39.6M | $160M | $510M | $262M | $498M |
| Net debt (β = net cash) | β$603M | β$679M | β$1.1B | β$597M | β$879M |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Chewy passes 7 of 9 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | β | β | β |
| Cash from operations is positive | β | β | β |
| Return on assets rose | β | β | β |
| Cash from operations exceeds net income | β | β | β |
| Debt fell relative to assets | β | β | β |
| Current ratio rose | β | β | β |
| Share count didn't rise | β | β | β |
| Gross margin rose | β | β | β |
| Revenue rose relative to assets | β | β | β |
| F-score | 5 / 9 | 6 / 9 | 7 / 9 |
| Accruals ratio | β15.7% | β6.6% | β14.7% |
| Altman Z'' | β1.88 | β2.55 | β1.15 |
What does the share cost, and how does it compare?
KIRA Β· At $21.93 a share, the company is worth $9.0B: 33.2 times its earnings of the last four quarters.
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets β the answer depends entirely on what you put in.
In plain words: Move the sliders to try your own guesses about growth. The result is what one share would be worth if those guesses came true. Different guesses give very different answers.
Value per share
β
Adds net cash of $879M and divides by 425.8M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Value per share
β
Reference multiples: today 33.2x Β· peers 20.1x Β· sector 17.7x.
KIRA Β· Chewy grew sales faster than 3 of its 4 similar companies. Its P/E is higher than 4 of 4.
Each companyβs latest fiscal year. Fiscal years end in different months, so periods donβt line up exactly.
In plain words: The same numbers for similar companies, so you can tell whether a figure is high or low for this kind of business.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Chewy CHWY | $9.0B | 6.2% | 2.0% | 4.5% | β | 33.2x | 7 | |
| Ulta Beauty ULTA | $26.9B | 9.7% | 12.4% | 8.6% | 55.8% | 22.8x | 6 | Compare β |
| Tractor Supply TSCO | $17.5B | 4.3% | 9.5% | 4.8% | 28.5% | 17.4x | 6 | Compare β |
| Bath & Body Works BBWI | $4.2B | β0.2% | 15.4% | 11.9% | 47.5% | 5.5x | 5 | Compare β |
| Winmark WINA | $1.0B | 5.9% | 63.4% | 52.0% | β | 25.0x | β | Compare β |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||
| Revenue | $2.1B | $3.5B | $4.8B | $7.1B | $9.0B | $10.1B | $11.1B | $11.9B | $12.6B |
| Gross profit | $368M | $715M | $1.1B | $1.8B | $2.4B | $2.8B | $3.2B | $3.5B | $3.8B |
| Operating income | β$338M | β$268M | β$253M | β$90.5M | β$73.6M | $56.4M | β$23.6M | $113M | $254M |
| Interest expense | $0.1M | $0.0M | $0.4M | $2.2M | $2.2M | $2.6M | $3.6M | $5.5M | $4.6M |
| Pretax income | β$338M | β$268M | β$252M | β$92.5M | β$75.2M | $52.5M | $48.3M | $152M | $263M |
| Income tax | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $2.6M | $8.7M | β$241M | $40.5M |
| Net income | β$338M | β$268M | β$252M | β$92.5M | β$75.2M | $49.9M | $39.6M | $393M | $223M |
| Diluted EPS | β$2.67 | β$0.68 | β$0.63 | β$0.23 | β$0.18 | $0.12 | $0.09 | $0.91 | $0.52 |
| Diluted shares | 0.26B | 0.39B | 0.40B | 0.41B | 0.42B | 0.43B | 0.43B | 0.43B | 0.43B |
| Cash flow | |||||||||
| Cash from operations | β$79.7M | β$13.4M | $46.6M | $133M | $192M | $350M | $486M | $596M | $692M |
| Capital expenditure | $40.3M | $44.2M | $48.6M | $131M | $183M | $230M | $143M | $144M | $129M |
| Free cash flow | β$120M | β$57.6M | β$2.1M | $2.0M | $8.6M | $119M | $343M | $453M | $562M |
| Depreciation and amortization | $12.5M | $23.2M | $30.6M | $35.7M | $55.3M | $83.4M | $110M | $115M | $129M |
| Stock-based compensation | $11.2M | $14.4M | $135M | $121M | $77.8M | $158M | $239M | $306M | $298M |
| Acquisitions | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $40.0M | $0.4M | $0.0M | $0.0M |
| Share buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $943M | $263M |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $943M | $263M |
| Balance sheet | |||||||||
| Cash and short-term investments | $68.8M | $88.3M | $212M | $563M | $603M | $679M | $1.1B | $597M | $879M |
| Total debt | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | β | $449M | $630M | $1.2B | $1.3B | $1.5B | $2.1B | $1.7B | $2.0B |
| Current liabilities | β | $814M | $1.1B | $1.4B | $1.6B | $1.8B | $2.1B | $2.2B | $2.3B |
| Inventory | $0.0M | $221M | $318M | $513M | $560M | $678M | $719M | $837M | $865M |
| Property and equipment, net | β | $91.7M | $119M | $210M | $367M | $479M | $521M | $562M | $552M |
| Total assets | β | $542M | $932M | $1.7B | $2.1B | $2.5B | $3.2B | $3.0B | $3.4B |
| Total liabilities | β | $878M | $1.3B | $1.7B | $2.1B | $2.4B | $2.7B | $2.8B | $2.9B |
| Shareholders' equity | β$83.7M | β$336M | β$404M | β$55.0M | β$39.6M | $160M | $510M | $262M | $498M |
| Margins | |||||||||
| Gross margin | 17.5% | 20.2% | 23.6% | 25.5% | 26.6% | 28.0% | 28.4% | 29.2% | 29.8% |
| Operating margin | β16.1% | β7.6% | β5.2% | β1.3% | β0.8% | 0.6% | β0.2% | 1.0% | 2.0% |
| EBITDA margin | β15.5% | β6.9% | β4.6% | β0.8% | β0.2% | 1.4% | 0.8% | 1.9% | 3.0% |
| Net margin | β16.1% | β7.6% | β5.2% | β1.3% | β0.8% | 0.5% | 0.4% | 3.3% | 1.8% |
| FCF margin | β5.7% | β1.6% | β0.0% | 0.0% | 0.1% | 1.2% | 3.1% | 3.8% | 4.5% |
| Returns | |||||||||
| Return on capital employed | β | β | 114.7% | β94.3% | β18.4% | 10.0% | β2.7% | 12.0% | 27.2% |
| Return on equity | β | β | β | β | β | β | 11.8% | 101.8% | 58.7% |
| Return on assets | β | β | β34.2% | β6.9% | β3.9% | 2.2% | 1.4% | 12.7% | 7.0% |
| Growth | |||||||||
| Revenue growth | β | 67.9% | 37.2% | 47.4% | 25.5% | 12.8% | 10.2% | 6.4% | 6.2% |
| Net income growth | β | β | β | β | β | β | β20.6% | 891.7% | β43.3% |
| EPS growth | β | β | β | β | β | β | β25.0% | 911.1% | β42.9% |
| FCF growth | β | β | β | β | 325.3% | 1,296.1% | 187.0% | 32.0% | 24.3% |
| Share count change | β | 49.9% | 1.3% | 2.3% | 2.5% | 2.5% | 1.0% | β0.2% | β1.2% |
| Financial health | |||||||||
| Net debt / EBITDA | β | β | β | β | β | β4.9x | β13.2x | β2.6x | β2.3x |
| Debt / equity | β | β | β | β | β | 0.0x | 0.0x | 0.0x | 0.0x |
| Interest coverage | β6,142.8x | β7,875.5x | β673.9x | β41.7x | β34.0x | 21.9x | β6.6x | 20.4x | 55.3x |
| Current ratio | β | 0.6x | 0.6x | 0.9x | 0.8x | 0.8x | 1.0x | 0.8x | 0.9x |
| Quick ratio | β | 0.3x | 0.3x | 0.5x | 0.5x | 0.5x | 0.7x | 0.4x | 0.5x |
| Capital allocation | |||||||||
| Capex / revenue | 1.9% | 1.3% | 1.0% | 1.8% | 2.0% | 2.3% | 1.3% | 1.2% | 1.0% |
| Stock comp / revenue | 0.5% | 0.4% | 2.8% | 1.7% | 0.9% | 1.6% | 2.1% | 2.6% | 2.4% |
| Payouts / FCF | β | β | β | 0.0% | 0.0% | 0.0% | 0.0% | 208.4% | 46.7% |
| Quality scores | |||||||||
| Piotroski F-score | β | β | β | 5.0 | 4.0 | 6.0 | 5.0 | 6.0 | 7.0 |
| Altman Z'' | β | β17.7 | β11.9 | β4.6 | β4.4 | β3.2 | β1.9 | β2.6 | β1.2 |
| Accruals ratio | β | β | β40.6% | β16.9% | β14.0% | β13.0% | β15.7% | β6.6% | β14.7% |
Source: SEC EDGAR XBRL filings (CIK 0001766502). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
