Chewy (CHWY)
Market Price (11/1/2026): $21.29 | Market Cap: $8.6 BilSector: Consumer Discretionary | Industry: Other Specialty Retail
Chewy (CHWY)
Market Price (11/1/2026): $21.29Market Cap: $8.6 BilSector: Consumer DiscretionaryIndustry: Other Specialty Retail
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldFCF Yield is 6.6% Stock buyback supportStock Buyback 3Y Total is 1.6 Bil Low stock price volatilityVol 12M is 47% Megatrend and thematic driversMegatrends include E-commerce & Digital Retail, and E-commerce & DTC Adoption. Themes include Online Marketplaces, Direct-to-Consumer Brands (Staples), Show more. | Weak multi-year price returns2Y Excs Rtn is -54%, 3Y Excs Rtn is -59% | Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.4% Key risksCHWY key risks include [1] intense competition from major retailers pressuring its thin margins, Show more. |
| Attractive yieldFCF Yield is 6.6% |
| Stock buyback supportStock Buyback 3Y Total is 1.6 Bil |
| Low stock price volatilityVol 12M is 47% |
| Megatrend and thematic driversMegatrends include E-commerce & Digital Retail, and E-commerce & DTC Adoption. Themes include Online Marketplaces, Direct-to-Consumer Brands (Staples), Show more. |
| Weak multi-year price returns2Y Excs Rtn is -54%, 3Y Excs Rtn is -59% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.4% |
| Key risksCHWY key risks include [1] intense competition from major retailers pressuring its thin margins, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Updated on 10/31/2026
Chewy (CHWY) stock has lost about 5% since 7/31/2026 because of the following key factors:
1. Chewy's stock experienced a significant drop following its fiscal Q2 2026 earnings report, despite exceeding analyst estimates. Chewy released its fiscal Q2 2026 results on September 9, 2026, for the quarter ended August 2, 2026. The company reported diluted earnings per share (EPS) of $0.20, beating the consensus estimate of $0.18, and net sales of $3.33 billion, surpassing the $3.32 billion consensus. Despite these beats, the stock price decreased by 10.83% the day after the earnings announcement, falling from $23.27 to $20.75.
2. Management's cautionary remarks regarding temporary benefits influencing Q2 2026 profitability likely tempered investor enthusiasm. During the Q2 2026 earnings call, Chewy's management highlighted that approximately $10 million of the adjusted EBITDA outperformance was due to timing benefits, primarily earlier tariff refunds and rebates, along with discrete items exceeding $5 million. These factors were explicitly stated as non-recurring margin improvements, suggesting that the reported profitability might not be fully sustainable through operational efficiencies alone.
Show more
Chewy (CHWY) stock has lost about 5% since 7/31/2026 because of the following key factors:
1. Chewy's stock experienced a significant drop following its fiscal Q2 2026 earnings report, despite exceeding analyst estimates. Chewy released its fiscal Q2 2026 results on September 9, 2026, for the quarter ended August 2, 2026. The company reported diluted earnings per share (EPS) of $0.20, beating the consensus estimate of $0.18, and net sales of $3.33 billion, surpassing the $3.32 billion consensus. Despite these beats, the stock price decreased by 10.83% the day after the earnings announcement, falling from $23.27 to $20.75.
2. Management's cautionary remarks regarding temporary benefits influencing Q2 2026 profitability likely tempered investor enthusiasm. During the Q2 2026 earnings call, Chewy's management highlighted that approximately $10 million of the adjusted EBITDA outperformance was due to timing benefits, primarily earlier tariff refunds and rebates, along with discrete items exceeding $5 million. These factors were explicitly stated as non-recurring margin improvements, suggesting that the reported profitability might not be fully sustainable through operational efficiencies alone.
Show more
Updated on 10/31/2026
Chewy (CHWY) stock has lost about 5% since 7/31/2026 because of the following key factors:
1. Chewy's stock experienced a significant drop following its fiscal Q2 2026 earnings report, despite exceeding analyst estimates. Chewy released its fiscal Q2 2026 results on September 9, 2026, for the quarter ended August 2, 2026. The company reported diluted earnings per share (EPS) of $0.20, beating the consensus estimate of $0.18, and net sales of $3.33 billion, surpassing the $3.32 billion consensus. Despite these beats, the stock price decreased by 10.83% the day after the earnings announcement, falling from $23.27 to $20.75.
2. Management's cautionary remarks regarding temporary benefits influencing Q2 2026 profitability likely tempered investor enthusiasm. During the Q2 2026 earnings call, Chewy's management highlighted that approximately $10 million of the adjusted EBITDA outperformance was due to timing benefits, primarily earlier tariff refunds and rebates, along with discrete items exceeding $5 million. These factors were explicitly stated as non-recurring margin improvements, suggesting that the reported profitability might not be fully sustainable through operational efficiencies alone.
3. Several analyst downgrades and price target reductions contributed to negative investor sentiment during the period. Following the Q2 2026 earnings report, multiple financial analysts revised their outlooks on Chewy. Notably, JPMorgan downgraded Chewy's stock from "Overweight" to "Hold" and reduced its price target from $29 to $24 on September 11, 2026. Mizuho Securities also maintained a "Buy" rating but lowered its price target from $32 to $28 on September 29, 2026. Such revisions by prominent firms can significantly influence market perception and contribute to downward pressure on a stock.
4. Broader macroeconomic headwinds and a maturing pet industry environment fostered a more challenging outlook for Chewy. The pet industry is experiencing a shift, with projections indicating a slowdown in overall market growth from approximately 9% annually to about 4% through 2030. Furthermore, pet owners are increasingly engaging in selective spending, demanding clear value for their purchases, with about 22% cutting spending in 2025 and roughly half maintaining flat spending. This trend suggests a more competitive and value-driven market, which could impact Chewy's growth trajectory and profitability.
Show less
Chewy (CHWY) stock has lost about 5% since 7/31/2026 because of the following key factors:
1. Chewy's stock experienced a significant drop following its fiscal Q2 2026 earnings report, despite exceeding analyst estimates. Chewy released its fiscal Q2 2026 results on September 9, 2026, for the quarter ended August 2, 2026. The company reported diluted earnings per share (EPS) of $0.20, beating the consensus estimate of $0.18, and net sales of $3.33 billion, surpassing the $3.32 billion consensus. Despite these beats, the stock price decreased by 10.83% the day after the earnings announcement, falling from $23.27 to $20.75.
2. Management's cautionary remarks regarding temporary benefits influencing Q2 2026 profitability likely tempered investor enthusiasm. During the Q2 2026 earnings call, Chewy's management highlighted that approximately $10 million of the adjusted EBITDA outperformance was due to timing benefits, primarily earlier tariff refunds and rebates, along with discrete items exceeding $5 million. These factors were explicitly stated as non-recurring margin improvements, suggesting that the reported profitability might not be fully sustainable through operational efficiencies alone.
3. Several analyst downgrades and price target reductions contributed to negative investor sentiment during the period. Following the Q2 2026 earnings report, multiple financial analysts revised their outlooks on Chewy. Notably, JPMorgan downgraded Chewy's stock from "Overweight" to "Hold" and reduced its price target from $29 to $24 on September 11, 2026. Mizuho Securities also maintained a "Buy" rating but lowered its price target from $32 to $28 on September 29, 2026. Such revisions by prominent firms can significantly influence market perception and contribute to downward pressure on a stock.
4. Broader macroeconomic headwinds and a maturing pet industry environment fostered a more challenging outlook for Chewy. The pet industry is experiencing a shift, with projections indicating a slowdown in overall market growth from approximately 9% annually to about 4% through 2030. Furthermore, pet owners are increasingly engaging in selective spending, demanding clear value for their purchases, with about 22% cutting spending in 2025 and roughly half maintaining flat spending. This trend suggests a more competitive and value-driven market, which could impact Chewy's growth trajectory and profitability.
Show less
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Stock Movement Drivers
Fundamental Drivers
The -5.8% change in CHWY stock from 7/31/2026 to 10/31/2026 was primarily driven by a -13.7% change in the company's P/E Multiple.| (LTM values as of) | 7312026 | 10312026 | Change |
|---|---|---|---|
| Stock Price ($) | 22.60 | 21.29 | -5.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 12,843 | 13,069 | 1.8% |
| Net Income Margin (%) | 2.0% | 2.1% | 5.4% |
| P/E Multiple | 36.6 | 31.6 | -13.7% |
| Shares Outstanding (Mil) | 414 | 406 | 1.8% |
| Cumulative Contribution | -5.8% |
Market Drivers
7/31/2026 to 10/31/2026| Return | Correlation | |
|---|---|---|
| CHWY | -5.8% | |
| Market (SPY) | 1.2% | -0.9% |
| Sector (XLY) | -0.6% | 26.3% |
Fundamental Drivers
The -16.2% change in CHWY stock from 4/30/2026 to 10/31/2026 was primarily driven by a -33.1% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 10312026 | Change |
|---|---|---|---|
| Stock Price ($) | 25.42 | 21.29 | -16.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 12,602 | 13,069 | 3.7% |
| Net Income Margin (%) | 1.8% | 2.1% | 18.5% |
| P/E Multiple | 47.3 | 31.6 | -33.1% |
| Shares Outstanding (Mil) | 414 | 406 | 2.0% |
| Cumulative Contribution | -16.2% |
Market Drivers
4/30/2026 to 10/31/2026| Return | Correlation | |
|---|---|---|
| CHWY | -16.2% | |
| Market (SPY) | 5.4% | 10.0% |
| Sector (XLY) | -2.3% | 34.2% |
Fundamental Drivers
The -36.9% change in CHWY stock from 10/31/2025 to 10/31/2026 was primarily driven by a -65.8% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 10312026 | Change |
|---|---|---|---|
| Stock Price ($) | 33.72 | 21.29 | -36.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 12,345 | 13,069 | 5.9% |
| Net Income Margin (%) | 1.2% | 2.1% | 71.1% |
| P/E Multiple | 92.4 | 31.6 | -65.8% |
| Shares Outstanding (Mil) | 414 | 406 | 1.9% |
| Cumulative Contribution | -36.9% |
Market Drivers
10/31/2025 to 10/31/2026| Return | Correlation | |
|---|---|---|
| CHWY | -36.9% | |
| Market (SPY) | 11.7% | 20.4% |
| Sector (XLY) | -3.2% | 30.4% |
Fundamental Drivers
The 10.1% change in CHWY stock from 10/31/2023 to 10/31/2026 was primarily driven by a 335.2% change in the company's Net Income Margin (%).| (LTM values as of) | 10312023 | 10312026 | Change |
|---|---|---|---|
| Stock Price ($) | 19.33 | 21.29 | 10.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 10,836 | 13,069 | 20.6% |
| Net Income Margin (%) | 0.5% | 2.1% | 335.2% |
| P/E Multiple | 158.9 | 31.6 | -80.1% |
| Shares Outstanding (Mil) | 429 | 406 | 5.5% |
| Cumulative Contribution | 10.1% |
Market Drivers
10/31/2023 to 10/31/2026| Return | Correlation | |
|---|---|---|
| CHWY | 10.1% | |
| Market (SPY) | 86.9% | 26.8% |
| Sector (XLY) | 55.2% | 31.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CHWY Return | -34% | -37% | -36% | 42% | -1% | -36% | -76% |
| Peers Return | 2% | -36% | 12% | 27% | -5% | 23% | 8% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| CHWY Win Rate | 42% | 33% | 33% | 50% | 42% | 30% | |
| Peers Win Rate | 55% | 32% | 55% | 50% | 45% | 54% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| CHWY Max Drawdown | -56% | -60% | -66% | -37% | -34% | -48% | |
| Peers Max Drawdown | -27% | -48% | -41% | -31% | -37% | -31% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: AMZN, EBAY, NSIT, WOOF, CHWY. See CHWY Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/30/2026 (YTD)
How Low Can It Go
| Event | CHWY | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -17.0% | -18.8% |
| % Gain to Breakeven | 20.4% | 23.1% |
| Time to Breakeven | 27 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -12.5% | -7.8% |
| % Gain to Breakeven | 14.3% | 8.5% |
| Time to Breakeven | 7 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -50.3% | -9.5% |
| % Gain to Breakeven | 101.0% | 10.5% |
| Time to Breakeven | 397 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -36.8% | -6.7% |
| % Gain to Breakeven | 58.3% | 7.1% |
| Time to Breakeven | 733 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -22.3% | -33.7% |
| % Gain to Breakeven | 28.7% | 50.9% |
| Time to Breakeven | 6 days | 140 days |
In The Past
Chewy's stock fell -17.0% during the 2025 US Tariff Shock. Such a loss loss requires a 20.4% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | CHWY | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -50.3% | -9.5% |
| % Gain to Breakeven | 101.0% | 10.5% |
| Time to Breakeven | 397 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -36.8% | -6.7% |
| % Gain to Breakeven | 58.3% | 7.1% |
| Time to Breakeven | 733 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -22.3% | -33.7% |
| % Gain to Breakeven | 28.7% | 50.9% |
| Time to Breakeven | 6 days | 140 days |
In The Past
Chewy's stock fell -17.0% during the 2025 US Tariff Shock. Such a loss loss requires a 20.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Chewy (CHWY)
Chewy, Inc. is a leading pure-play e-commerce business operating exclusively within the United States. The company specializes in selling pet-related products and services directly to consumers online, positioning itself as a comprehensive digital destination for pet owners.
The core offerings include a vast selection of pet food and treats, various pet supplies such as toys, beds, and litter, as well as essential pet medications and other health-related products. Chewy also provides certain pet services. It boasts an extensive catalog of approximately 100,000 products sourced from 3,000 different partner brands, catering to a wide range of pet needs.
Chewy's primary customers are owners of diverse pets, including dogs, cats, fish, birds, small pets, horses, and reptiles. These customers access the company's products and services through its main retail website, www.chewy.com, and its dedicated mobile applications, making it convenient for them to manage their pets' needs from anywhere in the U.S.
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Amazon for pets.
The online equivalent of a Petco or PetSmart.
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- Pet Food and Treats: Chewy sells a wide selection of food and treats tailored for various pet types.
- Pet Supplies: The company offers essential accessories and non-food items for pet care.
- Pet Medications: Chewy provides prescription and over-the-counter medications for pets.
- Other Pet-Health Products: This category includes a range of non-medicinal items focused on pet wellness and health.
- Pet Services: Chewy also offers various services to support pet owners and their animals.
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Chewy (CHWY) sells primarily to individuals, specifically pet owners. Based on the company's offerings, its major customer categories include:
1. Owners of Dogs and Cats: This represents a significant portion of Chewy's customer base, as the company provides a wide array of products and services tailored for the most common household pets.
2. Owners of Other Small, Aquatic, and Exotic Pets: Chewy also caters to individuals owning a diverse range of less common pets, including fish, birds, small pets (like rodents or rabbits), horses, and reptiles, offering specialized food, supplies, and accessories for these animals.
3. Pet Parents Seeking Health & Wellness Products: A distinct category of customers who prioritize their pets' health and well-being, actively purchasing pet medications, health supplements, and utilizing pet-health services offered through Chewy's platform.
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Sumit Singh, Chief Executive Officer
Sumit Singh has served as the CEO of Chewy since March 2018 and has been a member of its board of directors since April 2019. Under his leadership, Chewy has achieved significant growth, including a successful initial public offering in 2019, which raised over $1 billion. Before joining Chewy, Singh held senior leadership positions at Amazon from 2013 to 2017, where he was the Director and General Manager for Amazon Fresh and Worldwide Director of Amazon's Consumables business. He also held various management positions at Dell Technologies Inc. from 2003 to 2013.
Chris Deppe, Chief Financial Officer
Chris Deppe was appointed Chief Financial Officer of Chewy, effective February 23, 2026. He joined Chewy in 2022 as Vice President of Supply Chain and Operations Finance, and most recently served as the Head of all Corporate and Commercial Finance functions. Prior to his time at Chewy, Deppe spent over 16 years in senior finance leadership roles at Amazon, focusing on global transportation, international logistics, and fulfillment operations, where he led large-scale cost optimization and strategic planning initiatives.
Satish Mehta, Chief Technology Officer
Satish Mehta has been the Chief Technology Officer at Chewy, Inc. since June 2018. In this role, he oversees all infrastructure technologies and leads the technology teams supporting Chewy's e-commerce platforms. With nearly 20 years of experience in big data engineering and data sciences, Mehta's background includes leadership positions such as Vice President of Data & Analytics Solutions at UnitedHealth Group, Vice President of Data & Analytics at Staples Inc., and various roles within the Data Platforms and Operations division at Yahoo!
Mark Eamer, Chief Marketing Officer
Mark Eamer is the Chief Marketing Officer at Chewy, responsible for the company's marketing strategies and initiatives. He joined Chewy in 2021. Before joining Chewy, Eamer held several high-profile roles at Amazon, including Vice President of Advertising Product & Media and Vice President of Prime Video, US Business, Marketing & Product.
Aseemita Malhotra, President of Healthcare
Aseemita Malhotra serves as the President of Healthcare at Chewy. No further specific background details are available from the provided search results.
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The key risks to Chewy's business are:
- Intense Competition and Price Pressure: Chewy operates in a highly competitive e-commerce pet supply market, facing significant rivalry from major general retailers like Amazon and Walmart, as well as specialized pet retailers such as Petco and PetSmart. This intense competition often leads to price wars, which can limit Chewy's ability to raise prices, put pressure on its profit margins, and necessitate continuous innovation and substantial marketing efforts to maintain market share and acquire new customers.
- Macroeconomic Headwinds and Impact on Consumer Spending: Economic uncertainties, including recessionary environments and inflationary pressures, pose a significant risk to Chewy. Such conditions can lead consumers to reduce discretionary spending on premium pet products and services, or seek lower-cost alternatives. This could result in slower revenue growth, impact Chewy's profitability targets, and potentially reduce the stickiness of its crucial Autoship subscription program.
- Supply Chain, Logistics, and Operational Efficiency Challenges: As an e-commerce company that ships physical goods, including heavy and low-margin products like pet food, Chewy's business model is highly dependent on efficient and cost-effective supply chain management, inventory control, and logistics. Disruptions in the supply chain, increasing shipping costs, or inefficiencies in its fulfillment operations can significantly impact the company's gross margins, overall profitability, and ability to deliver products to customers reliably.
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The emergence of comprehensive, integrated pet care platforms led by major veterinary service providers or animal health companies. These platforms could bundle veterinary services (in-person and telehealth), health monitoring, pet insurance, and direct-to-consumer product delivery (prescription medications, specialized diets, and general supplies) through a single digital interface. By leveraging their direct access to pet health data, professional trust, and ability to offer highly personalized and bundled solutions, such platforms could significantly divert pet owner spending away from pure-play e-commerce retailers like Chewy.
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The addressable markets for Chewy's main products and services in the United States are as follows:
- Pet Food and Treats: The U.S. pet food and treats market was an estimated $65.8 billion in 2024 and is projected to reach $67.8 billion in 2025. Other estimates place the U.S. pet food market size at approximately USD 43.45 billion in 2024, with a projected compound annual growth rate (CAGR) of 4.3% from 2025 to 2030.
- Pet Medications: The U.S. pet medication market was valued at USD 13.21 billion in 2023 and is projected to reach USD 17.90 billion by 2029, growing at a CAGR of 5.19%. This market was estimated at $12.6 billion in 2024.
- Pet Supplies and Other Pet-Health Products: The "Supplies, Live Animals & OTC Medicine" category in the U.S., which includes pet supplies and over-the-counter pet-health products, was $33.3 billion in 2024 and is projected to be $34.3 billion in 2025. The broader U.S. Pet Products market (excluding food) is estimated at $26.85 billion in 2025 and is expected to grow to $30.09 billion by 2032. Within pet care products, "Pet Healthcare & Supplements" is a segment expected to grow at a CAGR of 7.85%.
- Pet Services: The U.S. market for "Other Services," which encompasses boarding, grooming, insurance, training, pet sitting, and pet walking (excluding veterinary care), was $13.0 billion in 2024 and is projected to reach $13.5 billion in 2025. The U.S. pet services market accounted for USD 33.8 billion in revenue in 2024. Separately, the U.S. pet grooming services market was valued at USD 2.06 billion in 2024 and is projected to reach USD 2.99 billion by 2030.
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Expected Drivers of Future Revenue Growth for Chewy (CHWY)
Chewy (CHWY) is anticipated to drive future revenue growth over the next 2-3 years through several key strategic initiatives:
- Growth in Active Customers and Autoship Program: Chewy continues to focus on expanding its active customer base and increasing the penetration of its Autoship subscription service. The Autoship program is a significant contributor to predictable recurring revenue, and its consistent growth, which has surpassed 80% of net sales, is expected to enhance customer retention and order frequency.
- Expansion into Pet Health and Services: The company is actively diversifying its offerings beyond traditional e-commerce into the pet health sector. This includes the establishment and expansion of Chewy Vet Care clinics, the "Connect with a Vet" telehealth service, medication compounding through its pharmacy, and comprehensive insurance and wellness offerings under the CarePlus suite. These services aim to deepen customer engagement, facilitate cross-selling, and provide new channels for customer acquisition.
- Development and Growth of Private Brands and Differentiated Products: Chewy is investing in and launching its own private-label brands and unique, higher-margin products to cater to evolving consumer preferences. An example of this strategy is the introduction of "Get Real," a line of minimally processed fresh dog food, which capitalizes on the growing demand for premium pet nutrition and expands Chewy's assortment of differentiated products.
- Chewy+ Paid Membership Program: The full rollout and continued expansion of the Chewy+ paid membership program are expected to contribute to revenue growth. This program is designed to enhance customer loyalty, provide additional value to subscribers, and potentially increase net sales per active customer.
- International Expansion: Chewy has initiated its first international expansion, beginning with Canada, which presents an opportunity to tap into new markets and significantly increase its total addressable market (TAM). The company plans to take a gradual and responsible approach to expand its international footprint beyond this initial launch.
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Share Repurchases
- Chewy announced a $500 million share repurchase program on May 24, 2024.
- On June 26, 2024, Chewy repurchased approximately $500 million of Class A common stock from BC Partners, its largest shareholder.
- Annual share buybacks for Chewy were $942.848 million in 2025.
Share Issuance
- Chewy's shares outstanding saw a 0.24% decline in 2025 to 0.431 billion from 0.432 billion in 2024.
- Shares outstanding increased by 1% in 2024 to 0.432 billion from 0.428 billion in 2023.
Capital Expenditures
- Chewy's capital expenditures averaged $168.3 million for the fiscal years ending January 2021 to 2025.
- Capital expenditures peaked at $230.3 million in January 2023.
- The company's capital expenditures were $143.8 million in January 2025 and $143.3 million in 2024, with forecasts for $162.6 million in 2026, $199 million in 2027, and $218.1 million in 2028.
- Chewy has made investments in areas such as health and wellness and veterinary clinics.
Peer Outperformance in Other Specialty Retail
CHWY has trailed 57% of its 23 Other Specialty Retail peers over 5Y. Among the peers that beat it is ULTA. Other Specialty Retail ranks 20th of 22 industries in Consumer Discretionary by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Other Specialty Retail constituents that CHWY has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
20%
of 25 industry peers · -36.9% return
3Y
60%
of 25 industry peers · 11.2% return
5Y
43%
of 23 industry peers · -71.9% return
Other Specialty Retail peers with revenue growth within 4pp of CHWY's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| CHWY | Chewy | 6.5% | 31.6x | -36.9% | 11.2% | -71.9% | — |
| ULTA | Ulta Beauty | 6.5% | 22.7x | 23.2% | 70.6% | 74.3% | +146pp |
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Consumer Discretionary sector, ranked by 5Y. Other Specialty Retail is CHWY's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Education Services | 14 | -2.7% | 41.5% | 73.9% | CVSA 237% · LRN 121% · GHC 109% |
| Homebuilding | 17 | -1.9% | 37.8% | 33.8% | PHM 172% · CVCO 158% · TOL 155% |
| Hotels, Resorts & Cruise Lines | 21 | 18.1% | 47.8% | 24.3% | RCL 276% · MAR 160% · HLT 151% |
| Home Furnishings | 3 | -1.3% | 61.8% | 3.1% | SGI 51% · MHK -21% |
| Automotive Retail | 17 | -3.8% | 18.9% | 1.2% | MUSA 237% · PAG 126% · ORLY 112% |
| Home Improvement Retail | 5 | -10.8% | 16.1% | -1.2% | HD 1% · LOW -1% · FND -65% |
| Footwear | 9 | 84.3% | 72.2% | -6.8% | DECK 24% · SHOO 8% · CROX -7% |
| Restaurants | 36 | 0.3% | 5.8% | -15.6% | EAT 406% · CAKE 212% · TXRH 125% |
| Specialized Consumer Services | 10 | -6.9% | 49.9% | -17.9% | HRB 163% · FTDR 135% · ADT 34% |
| Distributors | 4 | -11.3% | -14.4% | -25.2% | ARMK 117% · GPC 7% · POOL -57% |
| Leisure Products | 14 | -14.6% | -7.3% | -34.0% | GOLF 79% · HAS 51% · BC -10% |
| Household Appliances | 18 | 22.8% | 18.2% | -35.9% | |
| Apparel Retail | 27 | 1.0% | 13.6% | -37.9% | ANF 316% · TJX 130% · ROST 113% |
| Apparel, Accessories & Luxury Goods | 29 | 7.3% | 37.2% | -40.9% | RL 241% · TPR 239% · KTB 67% |
| Leisure Facilities | 12 | -9.1% | 2.6% | -41.5% | OSW 185% · LTH 160% · PLNT -33% |
| Automotive Parts & Equipment | 39 | -12.7% | -4.9% | -45.5% | MOD 1080% · GTX 220% · PATK 65% |
| Computer & Electronics Retail | 3 | 16.8% | 67.8% | -47.2% | BBY -1% · GME -47% |
| Broadline Retail | 13 | -5.9% | 28.0% | -51.7% | EBAY 73% · AMZN 43% · OLLI 33% |
| Casinos & Gaming | 21 | -23.4% | -17.0% | -55.1% | BYD 20% · RRR 14% · LVS 2% |
| Other Specialty Retail ← | 24 | -11.8% | -10.9% | -59.7% | ULTA 74% · ASO 45% · DKS 30% |
| Automobile Manufacturers | 8 | -15.3% | -43.2% | -70.4% | GM 68% · TSLA 8% · F -2% |
| Consumer Electronics | 11 | -32.7% | -32.9% | -79.0% | GRMN 110% |
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Collect 13% A Year On CHWY Stock Now, Own It 30% Cheaper If It Dips | 09/10/2026 | |
| CHWY Stock Falls -15% With A 6-day Losing Spree On Insider Selling | 02/18/2026 | |
| Is 28.0% Fall In Chewy (CHWY) Stock A Buying Opportunity? | 02/13/2026 | |
| Chewy Earnings Notes | 12/25/2025 | |
| Is Chewy Stock Built to Withstand More Downside? | 10/17/2025 | |
| CHWY's 22% Single Month Rise Brings Valuations Into Focus - Is ARHS a Better Deal? | 09/07/2025 | |
| null | 08/13/2025 | |
| Better Bet Than CHWY Stock: Pay Less Than Chewy To Get More From ACAD, CDE | 08/12/2025 | |
| CHWY Dip Buy Analysis | 07/10/2025 | |
| ARTICLES | ||
| Chewy’s Stock Is In The Doghouse. Its Profits Aren’t | 06/12/2026 | |
| Is This Pullback in Chewy Stock a Real Opportunity? | 06/12/2026 | |
| How To Buy Chewy Stock At $15 | 05/20/2026 | |
| Chewy Stock Tumbled 32% – Opportunity or Trap? | 05/20/2026 | |
| Chewy Stock Tumbled 28% – Opportunity or Trap? | 02/13/2026 |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 121.96 |
| Mkt Cap | 8.7 |
| Rev LTM | 12,394 |
| Op Inc LTM | 433 |
| FCF LTM | 397 |
| FCF 3Y Avg | 430 |
| CFO LTM | 717 |
| CFO 3Y Avg | 571 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.9% |
| Rev Chg 3Y Avg | 6.5% |
| Rev Chg Q | 12.1% |
| QoQ Delta Rev Chg LTM | 2.8% |
| Op Inc Chg LTM | 37.0% |
| Op Inc Chg 3Y Avg | 64.1% |
| Op Mgn LTM | 5.1% |
| Op Mgn 3Y Avg | 4.8% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 6.3% |
| CFO/Rev 3Y Avg | 5.3% |
| FCF/Rev LTM | 4.3% |
| FCF/Rev 3Y Avg | 3.5% |
Price Behavior
Price Behavior
| Market Price | $21.29 | |
| Market Cap ($ Bil) | 8.7 | |
| First Trading Date | 06/14/2019 | |
| Distance from 52W High | -39.8% | |
| 50 Days | 200 Days | |
| DMA Price | $20.94 | $23.28 |
| DMA Trend | down | down |
| Distance from DMA | 1.7% | -8.5% |
| 3M | 1YR | |
| Volatility | 46.1% | 47.0% |
| Downside Capture | 95.70 | 110.21 |
| Upside Capture | 27.57 | 36.12 |
| Correlation (S&P 500) | 0.4% | 20.4% |
CHWY Betas & Captures as of 10/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -1.35 | -0.55 | -0.04 | 0.39 | 0.75 | 0.91 |
| Up Beta | 2.35 | -0.39 | 1.80 | 0.27 | 0.93 | 0.86 |
| Down Beta | -0.91 | -2.23 | -2.25 | 0.40 | 1.06 | 0.84 |
| Up Capture | -36% | -41% | -5% | 16% | 17% | 72% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 13 | 17 | 28 | 59 | 118 | 379 |
| Down Capture | -297% | 48% | 32% | 76% | 97% | 103% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 9 | 26 | 36 | 67 | 133 | 370 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CHWY | |
|---|---|---|---|---|
| CHWY | -36.7% | 47.0% | -0.83 | - |
| Sector ETF (XLY) | -2.9% | 19.3% | -0.29 | 28.5% |
| Equity (SPY) | 10.9% | 12.8% | 0.52 | 19.7% |
| Gold (GLD) | -2.0% | 28.6% | -0.08 | 3.2% |
| Commodities (DBC) | 48.2% | 20.6% | 1.79 | -20.1% |
| Real Estate (VNQ) | 10.2% | 13.7% | 0.45 | 24.0% |
| Bitcoin (BTCUSD) | -30.0% | 43.5% | -0.70 | 10.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CHWY | |
|---|---|---|---|---|
| CHWY | -20.2% | 60.9% | -0.13 | - |
| Sector ETF (XLY) | 4.5% | 24.1% | 0.14 | 48.6% |
| Equity (SPY) | 12.2% | 17.1% | 0.53 | 42.7% |
| Gold (GLD) | 16.2% | 19.0% | 0.68 | 6.0% |
| Commodities (DBC) | 9.2% | 19.5% | 0.35 | 0.3% |
| Real Estate (VNQ) | 0.9% | 18.9% | -0.06 | 32.8% |
| Bitcoin (BTCUSD) | 4.9% | 51.6% | 0.28 | 25.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CHWY | |
|---|---|---|---|---|
| CHWY | -4.9% | 60.6% | 0.14 | - |
| Sector ETF (XLY) | 12.4% | 22.2% | 0.51 | 41.5% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 35.8% |
| Gold (GLD) | 11.4% | 16.5% | 0.56 | 8.1% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | 2.5% |
| Real Estate (VNQ) | 5.3% | 20.7% | 0.21 | 25.9% |
| Bitcoin (BTCUSD) | 61.8% | 66.2% | 1.02 | 19.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 10/12/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 9/9/2026 | -10.8% | -8.9% | -21.7% |
| 6/10/2026 | -2.1% | -7.5% | 2.4% |
| 3/25/2026 | 13.3% | 15.1% | 9.4% |
| 12/10/2025 | 1.5% | -4.3% | -7.7% |
| 9/10/2025 | -16.6% | -9.3% | -9.1% |
| 6/11/2025 | -11.0% | -9.3% | -17.4% |
| 3/26/2025 | -1.1% | -0.4% | 7.2% |
| 12/4/2024 | -0.4% | -6.7% | 7.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 8 | 8 | 12 |
| # Negative | 16 | 16 | 12 |
| Median Positive | 12.2% | 15.1% | 8.3% |
| Median Negative | -8.1% | -7.9% | -14.9% |
| Max Positive | 27.1% | 31.5% | 71.8% |
| Max Negative | -16.6% | -13.7% | -36.7% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 9/9/2026 | -10.8% | -8.9% | -21.7% |
| 6/10/2026 | -2.1% | -7.5% | 2.4% |
| 3/25/2026 | 13.3% | 15.1% | 9.4% |
| 12/10/2025 | 1.5% | -4.3% | -7.7% |
| 9/10/2025 | -16.6% | -9.3% | -9.1% |
| 6/11/2025 | -11.0% | -9.3% | -17.4% |
| 3/26/2025 | -1.1% | -0.4% | 7.2% |
| 12/4/2024 | -0.4% | -6.7% | 7.0% |
| 8/28/2024 | 11.1% | 5.0% | 14.6% |
| 5/29/2024 | 27.1% | 31.5% | 71.8% |
| 3/20/2024 | -10.3% | -11.8% | -9.0% |
| 12/6/2023 | -0.6% | 5.7% | 6.9% |
| 8/30/2023 | -12.3% | -13.7% | -33.2% |
| 5/31/2023 | 21.6% | 24.6% | 33.8% |
| 3/22/2023 | -7.5% | -1.2% | -13.0% |
| 12/8/2022 | 4.0% | -2.5% | -2.3% |
| 8/30/2022 | -8.2% | -8.4% | -16.9% |
| 6/1/2022 | 24.2% | 23.4% | 58.3% |
| 3/29/2022 | -16.1% | -13.3% | -36.7% |
| 12/9/2021 | -8.1% | -5.2% | -11.3% |
| 9/1/2021 | -9.3% | -12.4% | -22.9% |
| 6/10/2021 | -5.8% | -2.1% | 6.3% |
| 3/30/2021 | 5.4% | 1.8% | 1.3% |
| 12/8/2020 | -4.5% | 15.1% | 22.4% |
| SUMMARY STATS | |||
| # Positive | 8 | 8 | 12 |
| # Negative | 16 | 16 | 12 |
| Median Positive | 12.2% | 15.1% | 8.3% |
| Median Negative | -8.1% | -7.9% | -14.9% |
| Max Positive | 27.1% | 31.5% | 71.8% |
| Max Negative | -16.6% | -13.7% | -36.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 07/31/2026 | 09/09/2026 | 10-Q |
| 04/30/2026 | 06/10/2026 | 10-Q |
| 01/31/2026 | 03/25/2026 | 10-K |
| 10/31/2025 | 12/10/2025 | 10-Q |
| 07/31/2025 | 09/10/2025 | 10-Q |
| 04/30/2025 | 06/11/2025 | 10-Q |
| 01/31/2025 | 03/26/2025 | 10-K |
| 10/31/2024 | 12/04/2024 | 10-Q |
| 07/31/2024 | 08/28/2024 | 10-Q |
| 04/30/2024 | 05/29/2024 | 10-Q |
| 01/31/2024 | 03/20/2024 | 10-K |
| 10/31/2023 | 12/06/2023 | 10-Q |
| 07/31/2023 | 08/30/2023 | 10-Q |
| 04/30/2023 | 05/31/2023 | 10-Q |
| 01/31/2023 | 03/22/2023 | 10-K |
| 10/31/2022 | 12/08/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 07/31/2026 | 09/09/2026 | 10-Q |
| 04/30/2026 | 06/10/2026 | 10-Q |
| 01/31/2026 | 03/25/2026 | 10-K |
| 10/31/2025 | 12/10/2025 | 10-Q |
| 07/31/2025 | 09/10/2025 | 10-Q |
| 04/30/2025 | 06/11/2025 | 10-Q |
| 01/31/2025 | 03/26/2025 | 10-K |
| 10/31/2024 | 12/04/2024 | 10-Q |
| 07/31/2024 | 08/28/2024 | 10-Q |
| 04/30/2024 | 05/29/2024 | 10-Q |
| 01/31/2024 | 03/20/2024 | 10-K |
| 10/31/2023 | 12/06/2023 | 10-Q |
| 07/31/2023 | 08/30/2023 | 10-Q |
| 04/30/2023 | 05/31/2023 | 10-Q |
| 01/31/2023 | 03/22/2023 | 10-K |
| 10/31/2022 | 12/08/2022 | 10-Q |
| 07/31/2022 | 08/30/2022 | 10-Q |
| 04/30/2022 | 06/01/2022 | 10-Q |
| 01/31/2022 | 03/29/2022 | 10-K |
| 10/31/2021 | 12/09/2021 | 10-Q |
| 07/31/2021 | 09/01/2021 | 10-Q |
| 04/30/2021 | 06/10/2021 | 10-Q |
| 01/31/2021 | 03/30/2021 | 10-K |
| 10/31/2020 | 12/08/2020 | 10-Q |
| 07/31/2020 | 09/10/2020 | 10-Q |
| 04/30/2020 | 06/09/2020 | 10-Q |
| 01/31/2020 | 04/02/2020 | 10-K |
| 10/31/2019 | 12/09/2019 | 10-Q |
Insider Activity
Updated 10/16/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Billings, William G | Chief Accounting Officer | Direct | Sell | 10162026 | 21.00 | 17,283 | 362,943 | 835,212 | Form |
| 2 | Singh, Sumit | Chief Executive Officer | Direct | Sell | 8042026 | 23.01 | 43,244 | 995,044 | 20,401,356 | Form |
| 3 | Singh, Sumit | Chief Executive Officer | Spouse | Sell | 8042026 | 23.01 | 6,233 | 143,421 | 2,885,546 | Form |
| 4 | Hu, Da-Wai | General Counsel & Secretary | Direct | Sell | 6302026 | 19.49 | 4,203 | Form | ||
| 5 | Singh, Sumit | Chief Executive Officer | Direct | Sell | 5052026 | 25.60 | 83,306 | 2,132,634 | 22,375,962 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Billings, William G | Chief Accounting Officer | Direct | Sell | 10162026 | 21.00 | 17,283 | 362,943 | 835,212 | Form |
| 2 | Singh, Sumit | Chief Executive Officer | Direct | Sell | 8042026 | 23.01 | 43,244 | 995,044 | 20,401,356 | Form |
| 3 | Singh, Sumit | Chief Executive Officer | Spouse | Sell | 8042026 | 23.01 | 6,233 | 143,421 | 2,885,546 | Form |
| 4 | Hu, Da-Wai | General Counsel & Secretary | Direct | Sell | 6302026 | 19.49 | 4,203 | Form | ||
| 5 | Singh, Sumit | Chief Executive Officer | Direct | Sell | 5052026 | 25.60 | 83,306 | 2,132,634 | 22,375,962 | Form |
| 6 | Singh, Sumit | Chief Executive Officer | Spouse | Sell | 5052026 | 25.60 | 4,220 | 108,032 | 3,173,248 | Form |
| 7 | Hu, Da-Wai | General Counsel & Secretary | Direct | Sell | 4062026 | 26.91 | 8,149 | Form | ||
| 8 | Deppe, Christopher S | Chief Financial Officer | Direct | Sell | 3032026 | 26.87 | 3,043 | 81,765 | 42,078 | Form |
| 9 | Mehta, Satish | Chief Technology Officer | Direct | Sell | 2032026 | 28.99 | 13,013 | 377,247 | 7,938,477 | Form |
| 10 | Mehta, Satish | Chief Technology Officer | Direct | Sell | 12042025 | 33.53 | 8,872 | 297,478 | 7,701,908 | Form |
| 11 | Mehta, Satish | Chief Technology Officer | Direct | Sell | 12042025 | 33.73 | 6,056 | 204,296 | 8,048,151 | Form |
| 12 | Singh, Sumit | Chief Executive Officer | Direct | Sell | 12042025 | 33.73 | 40,789 | 1,375,992 | 21,022,772 | Form |
| 13 | Singh, Sumit | Chief Executive Officer | Spouse | Sell | 12042025 | 33.73 | 639 | 21,556 | 2,587,766 | Form |
| 14 | Mehta, Satish | Chief Technology Officer | Direct | Sell | 11052025 | 32.65 | 4,642 | 151,561 | 7,499,770 | Form |
| 15 | Billings, William G | Chief Accounting Officer | Direct | Sell | 11052025 | 32.72 | 1,121 | 36,677 | 1,015,733 | Form |
| 16 | Mehta, Satish | Chief Technology Officer | Direct | Sell | 11052025 | 32.72 | 3,288 | 107,577 | 7,667,290 | Form |
| 17 | Singh, Sumit | Chief Executive Officer | Direct | Sell | 11052025 | 32.72 | 16,289 | 532,945 | 18,433,639 | Form |
| 18 | Singh, Sumit | Chief Executive Officer | Spouse | Sell | 11052025 | 32.72 | 2,289 | 74,892 | 2,479,279 | Form |
| 19 | Argos, Holdings GP Llc | See footnotes | Sell | 10142025 | 37.65 | 13,280,212 | Form |
Investor Activity (13F)
Updated Nov 1, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
Chewy — Investor Video Playlist
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Investor / Analyst
Chewy, Inc. (NYSE: CHWY) Q1 2025 Earnings Call | 06/11/2025
Industry Resources
| Consumer Discretionary Resources |
| Retail Dive |
| Business of Fashion (BoF) |
| WWD (Women's Wear Daily) |
| National Retail Federation (NRF) |
| McKinsey & Company - Consumer |
| Mintel Consumer Trends |
| Other Specialty Retail Resources |
| Specialty Retailer |
| Retail Gazette |
| Inside Retail |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 10/31/2026