At a glance
Chewy Inc is worth $8.30B, about 40 times its fiscal 2026 earnings. Revenue grew 6.2% to $12.60B in fiscal 2026, with 1.8% kept as profit; over 5 years it has grown 12.0% a year. It pays no dividend; it spent $1.21B buying back its shares over FY2022–FY2026. The stock returned −39.6% over the past year with dividends reinvested and −22.2% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 26.2% in the 2020 crash (S&P 500: 33.7%) and 59.4% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Chewy is an online store for pet products. It began as Chewy.com in 2011 and sold shares to the public in June 2019. Through its websites and mobile apps, it offers about 190,000 products and services from roughly 4,000 brands, along with its own private brands. The range covers pet food and treats, supplies and medications. Its customers are pet owners, whom it calls "pet parents." It serves them from fulfillment centers (warehouses that pack and ship orders) in the U.S. and Canada that can reach over 80% of the U.S. population overnight.
Chewy earns money by selling these goods for more than it pays for them. In the fiscal year ended February 1, 2026, revenue was $12.60 billion, up 6.2%. Gross margin (the share of sales left after the cost of goods) was 29.8%. Its Autoship subscription program reorders items automatically, which encourages steady repeat orders.
Chewy has also added health services: what it calls America's No. 1 pet pharmacy, an online vet service called "Connect with a Vet," CarePlus insurance and wellness plans, and 18 Chewy Vet Care clinics. It also sells sponsored ads to the brands on its site. Its PracticeHub service links veterinarians' software to Chewy's fulfillment and customer service.
Price history
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CHWY -39.6% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2027 (ended Aug 2, 2026), revenue was $3.33B, up 7.3% from a year earlier, and net income was $80.5M (+29.8%).
- For fiscal 2026, revenue was $12.60B (+6.2% year over year; +12.0% a year from FY2021 to FY2026) with a 1.8% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +12.0% good |
|---|---|
| Operating margin | 2% weak |
| Free cash flow margin | 4.5% watch |
| Return on equity (FY2026) | 44.7% good |
| Return on assets (FY2026) | 6.6% watch |
| Net cash (cash minus debt) | $20.5M good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $7.15B | $-92.5M | $2.0M |
| FY2022 | $8.97B | $-75.2M | $8.6M |
| FY2023 | $10.12B | $49.9M | $119.5M |
| FY2024 | $11.15B | $39.6M | $342.9M |
| FY2025 | $11.86B | $392.7M | $452.5M |
| FY2026 | $12.60B | $222.8M | $562.4M |
Valuation snapshot
| Market value | $8.30B |
|---|---|
| P/E ratio | 39.7 |
| Dividend yield | None |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| CHWY price data to Oct 28, 2026 | -37.5% | -39.6% | +4.6% | -22.2% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -37.5% |
| 2025 | -1.3% |
| 2024 | +41.7% |
| 2023 | -36.3% |
| 2022 | -37.1% |
| 2021 | -34.4% |
| 2020 | +210.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Gained 9.7% over that stretch · deepest drop along the way 26.2%, back to its old high 0.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 39.3% over that stretch · deepest drop along the way 59.4%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 5 sales ($1.6M), 3 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 3, 2026 | Sumit Singh Chief Executive Officer, Director | sell (plan) | $995K |
| Oct 15, 2026 | William G. Billings Chief Accounting Officer | sell (plan) | $363K |
| Aug 3, 2026 | Sumit Singh Chief Executive Officer, Director | sell (plan) | $143K |
| Jun 29, 2026 | Da-Wai Hu General Counsel & Secretary | sell | $80K |
| Jun 29, 2026 | Da-Wai Hu General Counsel & Secretary | sell | $2K |
Who owns it
Large shareholders (13G filings)
| BC Partners Holdings Limited | 42.56% | Sep 30, 2025 |
| BlackRock, Inc. | 9.9% | Sep 30, 2026 |
| Canada Pension Plan Investment Board | 8.7% | Jun 30, 2026 |
| AQR Capital Management, LLC | 5.55% | Jun 30, 2026 |
| Voya Financial, Inc. | 5.5% | Dec 29, 2023 |
| Vanguard Capital Management | 5.07% | Mar 31, 2026 |
| Holocene Advisors, LP | 3.55% | Jun 30, 2025 |
| BAILLIE GIFFORD & CO | 3.1% | Mar 31, 2025 |
| Wellington Management Group LLP | 2.3% | Dec 31, 2025 |
ETFs with the most weight in CHWY
| PAWZ ProShares Pet Care ETF | 10% |
| ONLN ProShares Online Retail ETF | 4.61% |
| IBUY Amplify Online Retail ETF | 3.24% |
| PEZ Invesco Dorsey Wright Consumer Cyclicals Momentum ETF | 3.06% |
| CNAV Mohr Company Nav ETF | 2.65% |
| XVOL Acruence Active Hedge U.S. Equity ETF | 1.89% |
| PINK Simplify Health Care ETF | 1.87% |
| QMID WisdomTree U.S. MidCap Quality Growth Fund | 1.41% |
What could go wrong
- BC Partners affiliates control the company. Affiliates of BC Partners control Chewy's direction, so other shareholders cannot sway major decisions. Chewy uses NYSE exemptions from some governance rules, and large share sales by these holders could depress the stock.
- Vets could steer prescriptions elsewhere. Chewy's pharmacy relies on veterinarians to authorize prescriptions. If vets refuse, or discourage pet owners from ordering through Chewy, pharmacy sales could fall.
- Strict rules for pet health and insurance. Its pharmacy and vet businesses depend on licenses, and even accidental rule breaks could bring fines, suspensions or lost licenses. New rules on selling pet insurance could hurt its CarePlus plans.
- Thin margins leave little room for error. Operating profit was about 2% of sales in the fiscal year ended February 1, 2026. Higher expenses or costlier customer acquisition could erase it. Chewy warns it may post operating losses as it expands.
- Shipping and warehouse problems. Fast home delivery is central to Chewy. Changes to its shipping arrangements, or trouble running and expanding its fulfillment centers, could delay orders and raise costs.
- Fierce competition, especially online. Chewy calls competition in pet products and services strong and an ongoing threat, especially from other internet sellers. Rivals could force lower prices or win away customers Chewy paid to attract.
Recent events
- Quarterly results released
- Shareholder vote results
- Major agreement signed; New debt or financial obligation
- Quarterly results released
- Investor presentation or announcement
- Other company announcement
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Executive or board change
- Quarterly results released
For income and retirement investors
Chewy pays no dividend and paid none in the five fiscal years through February 1, 2026, and the terms of its credit line may restrict dividends. Instead, it repurchased about $1.2 billion of its shares over that span, including $262.5 million in the latest year. Free cash flow (cash left after running and investing in the business) was $562.4 million that year. An investor looking for income from this stock would have to sell shares to raise cash.
The share price has swung sharply. Chewy was not public during the 2008 crisis. In the 2020 COVID crash it fell 26.2% but regained its prior high by March 18, 2020. In the 2022 bear market (a long, broad market slump) it dropped 59.4% between January 3 and May 24, 2022, and had not regained that peak as of October 28, 2026. Its deepest drop since its 2019 listing was 87.4%. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Chewy make money?
Chewy makes money by selling pet food, treats, supplies and medications online through its websites and apps. A large share of its customers use Autoship, its subscription program that reorders items automatically. It also offers pet health services, including its pharmacy, CarePlus insurance and wellness plans, and Chewy Vet Care clinics, and it sells sponsored ads to brands. Revenue was $12.60 billion in the fiscal year ended February 1, 2026, up 6.2% from the year before.
Does Chewy pay a dividend?
No. Chewy paid no dividends in the five fiscal years through February 1, 2026, and the terms of its revolving credit facility (a bank credit line) may restrict its ability to pay them. It has returned cash through share buybacks (repurchasing its own stock) instead, spending about $1.2 billion over that span: $942.8 million in the prior fiscal year and $262.5 million in the year ended February 1, 2026. Anyone who needs regular income from a holding would get none from this stock.
Is Chewy profitable?
Yes, but only narrowly. In the fiscal year ended February 1, 2026, Chewy earned $222.8 million on $12.60 billion of revenue. That is a net margin (profit kept from each dollar of sales) of 1.8%. Diluted earnings per share were $0.52. Profit fell 43.3% from $392.7 million a year earlier. Chewy lost money in the fiscal years that ended in early 2021 and early 2022. In the quarter ended August 2, 2026, net income rose 29.8% to $80.5 million.
Who controls Chewy?
Affiliates of BC Partners control Chewy. BC Partners Holdings reported a 42.56% stake as of September 30, 2025. Chewy is a "controlled company" under NYSE rules, which exempts it from certain corporate governance requirements. Its annual report says this concentrated ownership prevents other shareholders from influencing significant decisions. Other large holders include BlackRock, with 9.9% as of September 30, 2026, and Canada Pension Plan Investment Board, with 8.7% as of June 30, 2026.
How has Chewy stock performed?
It has swung widely and lost ground over most periods. As of October 28, 2026, the shares were down 37.5% year to date and 39.6% over one year. They gained 15% in total over three years but lost 72% over five. By calendar year, the stock rose 210% in 2020, fell 34.4% in 2021, 37.1% in 2022 and 36.3% in 2023, rose 41.7% in 2024 and fell 1.3% in 2025. On October 28, 2026, the shares traded at about 39.7 times the latest fiscal year's earnings.