Here are a few analogies for Chewy:

• Amazon for pets
• Zappos for pet supplies

• Pet Food and Treats: Offers a wide variety of dry kibble, wet food, and treats for dogs, cats, and other small animals.
• Pet Supplies: Provides essential and recreational items for pets, including toys, beds, crates, bowls, leashes, and grooming tools.
• Pet Medications and Health Products: Sells over-the-counter and prescription medications, supplements, and other wellness products for various pet health needs.
• Chewy Pharmacy: A service enabling customers to conveniently order and receive prescription medications for their pets directly to their homes.
• Connect with a Vet: A telehealth service offering customers virtual consultations with licensed veterinarians for general pet health advice and triage.

Chewy (symbol: CHWY) is primarily an online retailer that sells directly to individual consumers (Business-to-Consumer or B2C) rather than to other businesses. Therefore, it does not have major corporate customers in the traditional B2B sense.

Here are up to three categories of individual customers that Chewy serves:

1. Convenience-Oriented Pet Parents (Subscription/Auto-Ship Users): This significant segment of Chewy's customer base values the ease of online ordering, doorstep delivery, and the reliability of its auto-ship service. These customers often have busy lifestyles and appreciate the time-saving benefits and consistent supply of pet essentials such as food, treats, and litter, without the need to visit a physical store.
2. Specialty & Diverse Pet Owners: Chewy caters to a broad spectrum of pet owners, extending beyond just dogs and cats to include those with birds, fish, small animals (e.g., hamsters, guinea pigs), and even some reptiles. This category also encompasses pet parents seeking specialized products, premium brands, or specific dietary and health-related items (including prescription foods and medications through Chewy Health and its pharmacy) that may be challenging to find in general retail outlets.
3. Value-Conscious & Selection Seekers: These customers are attracted to Chewy's competitive pricing, frequent promotions, and extensive catalog of products from a vast array of brands. They appreciate the ability to compare numerous options across various price points and find the best value and variety to meet their pet's specific needs and their personal budget.

• Nestlé S.A. (NSRGY)
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• General Mills, Inc. (GIS)
• The J.M. Smucker Co. (SJM)
• Freshpet, Inc. (FRPT)
• Zoetis Inc. (ZTS)
• Elanco Animal Health Incorporated (ELAN)

Sumit Singh, Chief Executive Officer

Sumit Singh joined Chewy as Chief Operating Officer in August 2017 and was appointed Chief Executive Officer in March 2018. He led the company through its initial public offering in 2019, which raised over $1 billion. Prior to his time at Chewy, Mr. Singh held senior leadership positions at Amazon from 2013 to 2017, including Worldwide Director of Amazon's Consumables businesses and General Manager for Amazon's North American merchant fulfillment and third-party businesses. He also held various management positions at Dell Technologies Inc. from 2003 to 2013. Mr. Singh has served as a board member of Booking Holdings Inc. since 2022. Chewy was acquired by PetSmart, a retail entity backed by private equity firm BC Partners, in 2017, before its IPO.

David Reeder, Chief Financial Officer

David Reeder was appointed Chief Financial Officer of Chewy, effective February 14, 2024. Before joining Chewy, he served as CFO of GlobalFoundries, a semiconductor manufacturer, since 2020, where he led the company's financial strategy, including its 2021 initial public offering. Mr. Reeder has also held CEO roles, serving as Chief Executive Officer of Tower Hill Insurance Group and President and CEO of Lexmark International Inc. His earlier career includes a CFO position at Electronics for Imaging, Inc., and executive roles at Cisco Systems, Inc., Broadcom Inc., and Texas Instruments Inc.

Satish Mehta, Chief Technology Officer

Satish Mehta has served as Chewy's Chief Technology Officer since June 2018, overseeing all infrastructure technologies and leading the teams that support the company's e-commerce platforms. Prior to Chewy, Mr. Mehta held significant roles at United Healthcare Group as VP, Data and Analytics Solutions, and at Staples, Inc. as VP of Data & Analytics for Omni-Channel and Innovation Labs, and VP of Global Data and Analytics. He also held various leadership positions within the Data Platforms and Operations division at Yahoo! Inc. Mr. Mehta has been a Member of the Board of Directors at EXPRESS since December 2022.

Mark Eamer, Chief Marketing Officer

Mark Eamer joined Chewy as Chief Marketing Officer in 2021. Before his tenure at Chewy, he held several prominent positions at Amazon, including Vice President of Advertising Product & Media and Vice President of Prime Video, US Business, Marketing & Product.

The rapid growth and increasing market penetration of direct-to-consumer (DTC) specialized pet food and product companies that offer highly personalized, subscription-based services, particularly in the premium, fresh, or human-grade pet food segments. Companies like The Farmer's Dog, Ollie, and Nom Nom Now exemplify this trend, attracting significant investment and a loyal customer base by appealing to pet owners seeking higher quality, customized nutrition delivered directly to their homes. This model establishes a direct relationship with the consumer, bypassing traditional online retailers like Chewy, and targets a higher-value segment of the market with products and services that represent a distinct offering from Chewy's core mass-retailer business.

The addressable markets for Chewy's main products and services are primarily within the United States.

• Overall U.S. Pet Industry: The total sales for the pet industry in the United States are estimated to reach $150.6 billion in 2024 and are projected to be $157 billion in 2025.
• U.S. Online Pet Food & Pet Supply Sales: The market size for online pet food and pet supply sales in the United States reached $27.6 billion in 2023 and is projected to be $28.8 billion in 2025. E-commerce pet food sales alone are projected to exceed $21 billion in 2024.
• U.S. Pet Food & Treats: The market for pet food and treats in the U.S. is estimated at $65.8 billion in 2024.
• U.S. Pet Supplies, Live Animals & OTC Medicine: This segment of the U.S. pet market is estimated at $33.3 billion in 2024.
• U.S. Veterinary Care & Product Sales: The market for veterinary care and product sales in the U.S. is estimated at $39.8 billion in 2024. The U.S. veterinary services industry reached $66 billion in 2023 and is projected to grow to $70 billion by 2029. Chewy's expansion into veterinary services targets a portion of the $25 billion total addressable market for pet healthcare.

Chewy (CHWY) is expected to drive future revenue growth over the next 2-3 years through several strategic initiatives focused on expanding its market reach, product offerings, and customer engagement:

1. Expansion of Healthcare Services and Chewy Vet Care: Chewy is significantly investing in expanding its pet healthcare offerings, particularly through the growth of Chewy Vet Care clinics. This initiative aims to attract new customers, integrate them into Chewy's ecosystem, and capture a larger share of the pet healthcare market, which is a substantial addressable market.

2. Growth in Active Customers and Autoship Program: The Autoship subscription program remains a fundamental driver, ensuring predictable, recurring revenue and fostering strong customer loyalty. Chewy is focused on continuously growing its active customer base and increasing the "share of wallet" (Net Sales Per Active Customer or NSPAC) by deepening engagement and encouraging higher spending from existing customers.

3. Expansion of Private Label Brands and Product Categories: Chewy is strategically broadening its product categories, with a particular emphasis on expanding its higher-margin private label offerings. New private brands, such as "Get Real" fresh dog food, have demonstrated strong initial customer reception. This diversification extends to pharmacy and other pet health services, enhancing profitability and competitive edge.

4. International Market Expansion: Chewy has initiated its international expansion, notably entering the Canadian market in 2023. This move is designed to tap into a broader customer base beyond the United States and increase its global presence, signaling a new avenue for significant revenue growth.

5. Enhancement of Customer Experience and Digital Innovation: Ongoing investments in digital technologies, including improvements to its website and mobile application, and the development of a sponsored ads platform, are expected to enhance the customer experience and drive revenue. Initiatives like the Chewy+ membership program are also designed to increase customer engagement, spending, and Autoship adoption.

Share Repurchases

• On May 24, 2024, Chewy's board of directors authorized a share repurchase program of up to $500 million of its Class A and/or Class B common stock.
• In June 2024, Chewy agreed to repurchase approximately $500 million worth of Class A common stock from BC Partners at a 5% discount, a transaction separate from the existing $500 million program. This reduced outstanding shares from approximately 436 million to 418 million.
• During Q2 fiscal year 2025 (ending August 3, 2025), approximately $125 million was deployed towards share repurchases, repurchasing about 3 million shares, with a remaining capacity of $359.8 million under the existing program.

Share Issuance

• Chewy has not initiated large-scale primary share issuances to raise capital in the last 3-5 years.
• Public offerings of Class A common stock by Buddy Chester Sub LLC, an affiliate of BC Partners (a selling stockholder), occurred in June 2025 and September 2024, from which Chewy did not receive any proceeds.
• Employee stock sales through Form 144 filings indicate Class A shares acquired via restricted stock vesting as compensation have been proposed for sale in late 2025.

Outbound Investments

• On October 30, 2025, Chewy entered into a definitive agreement to acquire SmartPak Equine, LLC from Covetrus, Inc.
• This all-cash acquisition, expected to close in Chewy's fourth quarter of fiscal year 2025, aims to strengthen Chewy's position in the equine category and expand into higher-margin health and wellness verticals.

Capital Expenditures

• Chewy's capital expenditures for the latest twelve months ending August 3, 2025, totaled $148.3 million.
• Capital expenditures averaged $168.3 million for fiscal years ending January 2021 to 2025, peaking at $230.3 million in January 2023.
• The primary focus of capital expenditures includes investments in fulfillment centers, technology, product innovation, and scaling the platform, customer support, marketing efforts, and supply chain, alongside expansion into Chewy Health and international markets like Canada.