PLANTATION, Fla.--(BUSINESS WIRE)--March 25, 2026--
Chewy, Inc. $(CHWY)$ ("Chewy"), a trusted destination for pet parents and partners everywhere, has released its financial results for the fiscal fourth quarter and full year 2025 ended February 1, 2026.
Fiscal quarter and year ended February 1, 2026 had 13 and 52 weeks, respectively. Fiscal quarter and year ended February 2, 2025 had 14 and 53 weeks, respectively. Year over year results for Fiscal Q4 2025 and Fiscal Year 2025 below compares US GAAP basis results, unless otherwise normalized for 13-weeks or 52-weeks pro-rata.
Fiscal 2025 Results:
-- Net sales of $12.60 billion improved 6.2 percent year over year or 8.3
percent on a normalized 52-week basis
-- Gross margin of 29.8 percent expanded 60 basis points year over year
-- Net income of $222.8 million, including share-based compensation
expense and related taxes of $311.2 million
-- Net margin of 1.8 percent contracted 150 basis points year over
year(2)
-- Basic earnings per share of $0.54, a decrease of $0.39 year over
year(2)
-- Diluted earnings per share of $0.52, a decrease of $0.39 year over
year(2)
-- Adjusted EBITDA (1) of $719.2 million, an increase of $148.7 million
year over year
-- Adjusted EBITDA margin (1) of 5.7 percent expanded 90 basis points year
over year
-- Adjusted net income (1) of $540.5 million, an increase of $93.7 million
year over year
-- Adjusted basic earnings per share (1) of $1.31, an increase of $0.25
year over year
-- Adjusted diluted earnings per share (1) of $1.27, an increase of $0.23
year over year
Fiscal Q4 2025 Results:
-- Net sales of $3.26 billion improved 0.5 percent year over year or 8.1
percent on a normalized 13-week basis
-- Gross margin of 29.4 percent expanded 90 basis points year over year
-- Net income of $39.2 million, including share-based compensation expense
and related taxes of $77.6 million
-- Net margin of 1.2 percent expanded 50 basis points year over year
-- Basic earnings per share of $0.09, an increase of $0.03 year over year
-- Diluted earnings per share of $0.09, an increase of $0.04 year over
year
-- Adjusted EBITDA (1) of $162.3 million, an increase of $37.8 million
year over year
-- Adjusted EBITDA margin (1) of 5.0 percent expanded 120 basis points
year over year
-- Adjusted net income (1) of $114.8 million, a decrease of $5.2 million
year over year
-- Adjusted basic earnings per share (1) of $0.28, a decrease of $0.01
year over year
-- Adjusted diluted earnings per share (1) of $0.27, a decrease of $0.01
year over year
"We exited 2025 from a position of real strength: $12.6 billion in net sales or 8.3% growth(3) , $719 million of adjusted EBITDA or 26% growth, record free cash flow of $562 million, and 21.3 million active customers, " said Sumit Singh, Chief Executive Officer of Chewy. "That performance underscores the durability of the Chewy model and gives us confidence in our ability to deliver continued profitable growth, expanding margins, and strong cash generation in 2026 and beyond."
Management will host a conference call and webcast to discuss Chewy's financial results today at 8:00 am ET.
Chewy Fiscal Fourth Quarter and Full Year 2025 Financial Results Conference Call
When: Wednesday, March 25, 2026
Time: 8:00 am ET
Live webcast and replay: https://investor.chewy.com
Conference call registration: https://events.q4inc.com/analyst/578549296?pwd=LM0KiW7X
(1) Adjusted EBITDA, adjusted EBITDA margin, adjusted net income, and
adjusted basic and diluted earnings per share are non-GAAP financial
measures. See "Non-GAAP Financial Measures" for additional information
on non-GAAP financial measures and a reconciliation to the most
comparable GAAP measures.
(2) Year over year decrease primarily related to the release of the
valuation allowance on the Company's U.S. federal and certain state
deferred tax assets during Fiscal Year 2024, resulting in a $275.7
million tax benefit.
(3) Excludes the impact of net sales during the 53rd week in Fiscal Year
2024.
About Chewy
Our mission is to be the most trusted and convenient destination for pet parents and partners everywhere. We believe that we are the preeminent online source for pet products, supplies and prescriptions as a result of our broad selection of high-quality products and services, which we offer at competitive prices and deliver with an exceptional level of care and a personal touch to build brand loyalty and drive repeat purchasing. We seek to continually develop innovative ways for our customers to engage with us, as our websites and mobile applications allow our pet parents to manage their pets' health, wellness, and merchandise needs, while enabling them to conveniently shop for our products. We partner with approximately 4,000 of the best and most trusted brands in the pet industry, and we create and offer our own private brands. Through our websites and mobile applications, we offer our customers approximately 190,000 products and services offerings, to bring what we believe is a high-bar, customer-centric experience to our customers.
Forward-Looking Statements
This communication contains forward-looking statements about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this communication, including statements regarding our share repurchase program, our future results of operations or financial condition, business strategy and plans and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "forecast," "intend," "may," "plan," "potential," "predict," "project," "seek," "should," "target," "will" or "would" or the negative of these words or other similar terms or expressions, although not all forward-looking statements contain these identifying words.
Although we believe that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could cause actual results to differ materially from those in such forward-looking statements, including but not limited to, our ability to: sustain our recent growth rates and successfully manage challenges to our future growth, including introducing new products or services, improving existing products and services, and expanding into new jurisdictions and offerings; successfully respond to business disruptions; successfully manage risks related to the macroeconomic environment, including any adverse impacts on our business operations, financial performance, supply chain, workforce, facilities, customer services and operations; acquire and retain new customers in a cost-effective manner and increase our net sales, improve margins and maintain profitability; manage our growth effectively; maintain positive perceptions of the Company and preserve, grow, and leverage the value of our reputation and our brand; limit operating losses as we continue to expand our business; forecast net sales and appropriately plan our expenses in the future; estimate our market share; strengthen our current supplier relationships, retain key suppliers, and source additional suppliers; negotiate acceptable pricing and other terms with third-party service providers, suppliers and outsourcing partners and maintain our relationships with such parties; mitigate changes in, or disruptions to, our shipping arrangements and operations; optimize, operate and manage the expansion of the capacity of our fulfillment centers; provide our customers with a cost-effective platform that is able to respond and adapt to rapid changes in technology; limit our losses related to online payment methods; maintain and scale our technology, the reliability of our websites, mobile applications, and network infrastructure, including through the use of artificial intelligence; maintain adequate cybersecurity with respect to our systems and retain third-party service providers that do the same with respect to their systems; maintain consumer confidence in the safety, quality and health of our products; limit risks associated with our suppliers and our outsourcing partners; comply with existing or future laws and regulations in a cost-efficient manner; utilize net operating loss and tax credit carryforwards, and other tax attributes; adequately protect our intellectual property rights; successfully defend ourselves against any allegations or claims that we may be subject to; attract, develop, motivate and retain highly-qualified and skilled employees; respond to economic conditions, industry trends, and market conditions, and their impact on the pet products market; reduce merchandise returns or refunds; respond to severe weather and limit disruption to normal business operations; manage new acquisitions, investments or alliances, and integrate them into our existing business; successfully compete in new offerings; manage challenges presented by international markets; successfully compete in the pet products and services health and retail industry, especially in the e-commerce sector; comply with the terms of our credit facility; raise capital as needed; and maintain effective internal control over financial reporting.
You should not rely on forward-looking statements as predictions of future events, and you should understand that these statements are not guarantees of performance or results, and our actual results could differ materially from those expressed in the forward-looking statements due to a variety of factors. We have based the forward-looking statements contained in this communication primarily on our current assumptions, expectations, and projections about future events and trends that we believe may affect our business, financial condition, and results of operations. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors described in the section titled "Risk Factors" included in Part I, Item 1A of our Annual Report on Form 10-K and in our other filings with the Securities and Exchange Commission, and elsewhere in this communication. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this communication. The results, events and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements. In addition, statements that "we believe" and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date of this communication. While we believe that such information provides a reasonable basis for these statements, this information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements. The forward-looking statements made in this communication relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this communication to reflect events or circumstances after the date of this communication or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments.
CHEWY, INC.
CONSOLIDATED BALANCE SHEETS
(in millions, except share and per share data)
As of
--------------------------------
February 1, February 2,
2026 2025
-------------- ----------------
Assets
Current assets:
Cash and cash equivalents $ 860.1 $ 595.8
Marketable securities 18.7 0.9
Accounts receivable 222.2 169.0
Inventories 864.8 836.7
Prepaid expenses and other
current assets 70.0 60.0
--------- ---------
Total current assets 2,035.8 1,662.4
Property and equipment, net 552.3 562.2
Operating lease right-of-use assets 467.9 450.4
Goodwill 39.4 39.4
Deferred tax assets 232.2 257.5
Other non-current assets 38.8 42.6
--------- ---------
Total assets $ 3,366.4 $ 3,014.5
========= =========
Liabilities and stockholders' equity
Current liabilities:
Trade accounts payable $ 1,221.4 $ 1,175.9
Accrued expenses and other
current liabilities 1,080.2 1,030.8
--------- ---------
Total current liabilities 2,301.6 2,206.7
Operating lease liabilities 518.7 502.4
Other long-term liabilities 48.2 43.9
--------- ---------
Total liabilities 2,868.5 2,753.0
--------- ---------
Stockholders' equity:
Preferred stock, $0.01 par
value per share, 5,000,000
shares authorized, no shares
issued and outstanding as of
February 1, 2026 and February
2, 2025 -- --
Class A common stock, $0.01 par
value per share, 1,500,000,000
shares authorized, 238,647,144
and 193,892,875 shares issued
and outstanding as of February
1, 2026 and February 2, 2025,
respectively 2.4 1.9
Class B common stock, $0.01 par
value per share, 395,000,000
shares authorized, 176,478,229
and 219,698,561 shares issued
and outstanding as of February
1, 2026 and February 2, 2025,
respectively 1.8 2.2
Additional paid-in capital 1,852.9 1,840.2
Accumulated deficit (1,360.1) (1,582.9)
Accumulated other comprehensive
income 0.9 0.1
--------- ---------
Total stockholders' equity 497.9 261.5
--------- ---------
Total liabilities and
stockholders' equity $ 3,366.4 $ 3,014.5
========= =========
CHEWY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(in millions, except per share data)
13 Weeks 14 Weeks 52 Weeks 53 Weeks
Ended Ended Ended Ended
--------- --------- --------- ------------
February February February February 2,
1, 2026 2, 2025 1, 2026 2025
--------- --------- --------- ------------
Net sales $3,264.7 $3,247.4 $12,601.5 $11,861.3
Cost of goods sold 2,305.0 2,321.4 8,847.6 8,393.6
------- ------- -------- --------
Gross profit 959.7 926.0 3,753.9 3,467.7
Operating
expenses:
Selling, general
and
administrative 684.6 700.7 2,674.7 2,551.0
Advertising and
marketing 232.6 235.0 824.9 804.1
------- ------- -------- --------
Total
operating
expenses 917.2 935.7 3,499.6 3,355.1
------- ------- -------- --------
Income (loss) from
operations 42.5 (9.7) 254.3 112.6
Interest and other
(expense) income,
net (0.4) 7.0 9.0 39.1
Income (loss)
before income tax
provision
(benefit) 42.1 (2.7) 263.3 151.7
Income tax
provision
(benefit) 2.9 (25.5) 40.5 (241.0)
------- ------- -------- --------
Net income $ 39.2 $ 22.8 $ 222.8 $ 392.7
======= ======= ======== ========
Other
comprehensive
income
Net income $ 39.2 $ 22.8 $ 222.8 $ 392.7
Foreign currency
translation
adjustments 0.4 (0.6) 0.8 0.5
------- ------- -------- --------
Comprehensive
income $ 39.6 $ 22.2 $ 223.6 $ 393.2
======= ======= ======== ========
Earnings per share
attributable to
common Class A and
Class B
stockholders:
Basic $ 0.09 $ 0.06 $ 0.54 $ 0.93
======= ======= ======== ========
Diluted $ 0.09 $ 0.05 $ 0.52 $ 0.91
======= ======= ======== ========
Weighted-average
common shares used
in computing
earnings per
share:
Basic 414.4 407.8 414.1 421.4
======= ======= ======== ========
Diluted 424.1 424.1 425.8 431.0
======= ======= ======== ========
CHEWY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
52 Weeks 53 Weeks
Ended Ended
-------------- ----------------
February 1, February 2,
2026 2025
-------------- ----------------
Cash flows from operating activities
Net income $ 222.8 $ 392.7
--------- ---------
Adjustments to reconcile net
income to net cash provided by
operating activities:
Depreciation and amortization 129.3 114.6
Share-based compensation
expense 297.9 306.4
Non-cash lease expense 37.3 33.0
Change in fair value of
equity warrants and
investments 3.0 (1.5)
Provision for deferred taxes 28.6 (257.5)
Unrealized foreign currency
(gains) losses, net (0.2) 1.1
Other adjustments 8.0 1.0
Net change in operating assets and
liabilities:
Accounts receivable (53.1) (15.1)
Inventories (27.7) (117.8)
Prepaid expenses and other
current assets (21.8) (14.0)
Other non-current assets (3.5) 3.5
Trade accounts payable 45.4 71.1
Accrued expenses and other
current liabilities 53.0 109.7
Operating lease liabilities (34.0) (32.0)
Other long-term liabilities 6.6 1.1
--------- ---------
Net cash provided by
operating activities 691.6 596.3
--------- ---------
Cash flows from investing activities
Capital expenditures (129.2) (143.8)
Proceeds from sales and
maturities of marketable
securities 24.0 538.4
Purchases of marketable
securities (41.4) --
Other investing activities (5.2) --
--------- ---------
Net cash (used in)
provided by investing
activities (151.8) 394.6
--------- ---------
Cash flows from financing activities
Repurchases of common stock (262.5) (942.8)
Income taxes paid for, net of
proceeds from, parent
reorganization transaction (9.2) (51.9)
Payments of secondary
offering costs (1.2) (1.1)
Principal repayments of
finance lease obligations (0.2) (0.9)
Other financing activities (2.9) --
--------- ---------
Net cash (used in)
provided by financing
activities (276.0) (996.7)
--------- ---------
Effect of exchange rate
changes on cash and cash
equivalents 0.5 (0.6)
--------- ---------
Net increase (decrease) in cash
and cash equivalents 264.3 (6.4)
--------- ---------
Cash and cash equivalents, as of
beginning of period 595.8 602.2
--------- ---------
Cash and cash equivalents, as of end
of period $ 860.1 $ 595.8
========= =========
Non-GAAP Financial Measures
To supplement our GAAP results, we present certain non-GAAP financial measures that management uses to evaluate operating performance, assess liquidity, and inform capital allocation decisions. These measures include Adjusted EBITDA and Adjusted EBITDA margin, Adjusted net income and Adjusted earnings per share, and Free cash flow.
Adjusted EBITDA excludes depreciation and amortization, share-based compensation and related taxes, income tax provision (benefit), interest income (expense), transaction-related costs, changes in the fair value of equity warrants, severance and exit costs, and other items not considered indicative of our core operations. Adjusted EBITDA margin represents Adjusted EBITDA as a percentage of net sales.
Adjusted net income and Adjusted earnings per share exclude certain non-cash and non-recurring items, including share-based compensation and related taxes, releases of valuation allowances associated with deferred tax assets, changes in the fair value of equity warrants, and severance and exit costs.
Free cash flow represents net cash provided by operating activities less capital expenditures.
We believe these measures provide additional insight into the underlying trends in our business and facilitate comparisons across reporting periods. Reconciliations to the most directly comparable GAAP measures are provided below.
These non-GAAP measures have limitations and should not be considered in isolation or as a substitute for GAAP results. For example, Adjusted EBITDA does not reflect capital expenditures, working capital requirements, interest income (expense), income taxes, or share-based compensation, which remains a recurring component of our compensation structure. In addition, other companies may calculate non-GAAP measures differently, which may limit their comparability. Accordingly, these measures should be considered together with our GAAP financial statements and related disclosures.
Key Financial and Operating Data
We measure our business using both financial and operating data and use the following metrics and measures to assess the near-term and long-term performance of our overall business, including identifying trends, formulating financial projections, making strategic decisions, assessing operational efficiencies, and monitoring our business.
13 Weeks 14 Weeks 52 Weeks 53 Weeks
Ended Ended(1) Ended Ended(1)
------------ ------------ ------------- -------------
(in thousands,
except net
sales per
active
customer, per
share data, and February 1, February 2, % February 1, February 2, %
percentages) 2026 2025 Change 2026 2025 Change
------------ ------------ -------- ------------- ------------- ---------
Financial and
Operating Data
Net sales $3,264.7 $3,247.4 0.5% $12,601.5 $11,861.3 6.2%
Net income
(2) $ 39.2 $ 22.8 71.9% $ 222.8 $ 392.7 (43.3)%
Net margin
(2) 1.2% 0.7% 1.8% 3.3%
Adjusted
EBITDA (3) $ 162.3 $ 124.5 30.4% $ 719.2 $ 570.5 26.1%
Adjusted
EBITDA
margin
(3) 5.0% 3.8% 5.7% 4.8%
Adjusted net
income (3) $ 114.8 $ 120.0 (4.3)% $ 540.5 $ 446.8 21.0%
Earnings per
share, basic
(2) $ 0.09 $ 0.06 50.0% $ 0.54 $ 0.93 (41.9)%
Earnings per
share,
diluted (2) $ 0.09 $ 0.05 80.0% $ 0.52 $ 0.91 (42.9)%
Adjusted
earnings per
share, basic
(3) $ 0.28 $ 0.29 (3.4)% $ 1.31 $ 1.06 23.6%
Adjusted
earnings per
share,
diluted (3) $ 0.27 $ 0.28 (3.6)% $ 1.27 $ 1.04 22.1%
Net cash
provided by
operating
activities $ 263.4 $ 207.5 26.9% $ 691.6 $ 596.3 16.0%
Free cash
flow (3) $ 232.0 $ 156.6 48.1% $ 562.4 $ 452.5 24.3%
Active
customers
(4) 21.327 20.514 4.0% 21.327 20.514 4.0%
Net sales per
active
customer
(5) $ 591 $ 578 2.2% $ 591 $ 578 2.2%
Autoship
customer
sales (6) $2,743.7 $2,617.3 4.8% $10,497.1 $ 9,393.3 11.8%
Autoship
customer
sales as a
percentage
of net sales
(6) 84.0% 80.6% 83.3% 79.2%
n/m - not meaningful
(1) Includes the impact of the 14th and 53rd week for Q4 and Fiscal Year
2024, respectively.
(2) Includes share-based compensation expense, including related taxes, of
$77.6 million and $311.2 million for the thirteen and fifty-two weeks
ended February 1, 2026, compared to $99.7 million and $332.1 million
for the fourteen and fifty-three weeks ended February 2, 2025.
(3) Adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted
basic and diluted earnings per share, and free cash flow are non-GAAP
financial measures. See "Non-GAAP Financial Measures" below.
(4) We define active customers as the total number of individual customers
who have ordered a product or service, and for whom a product has
shipped or for whom a service has been provided, at least once during
the preceding 364-day period.
(5) We define net sales per active customer as the aggregate net sales for
the preceding four fiscal quarters, divided by the total number of
active customers at the end of that period.
(6) We define Autoship customers as customers in a given fiscal quarter for
whom an order has shipped through our Autoship subscription program
during the preceding 364-day period. We define Autoship customer sales
as a percentage of net sales as the Autoship customer sales in a given
reporting period divided by the net sales from all orders in that
period.
We define net margin as net income divided by net sales and adjusted EBITDA margin as adjusted EBITDA divided by net sales.
Adjusted EBITDA and Adjusted EBITDA Margin
The following table presents a reconciliation of net income to adjusted EBITDA, as well as the calculation of net margin and adjusted EBITDA margin, for each of the periods indicated:
(in thousands,
except 13 Weeks 14 Weeks 52 Weeks 53 Weeks
percentages) Ended Ended Ended Ended
------------ ------------ ------------- -------------
Reconciliation
of Net Income to February 1, February 2, February 1, February 2,
Adjusted EBITDA 2026 2025 2026 2025
------------ ------------ ------------- -------------
Net income $ 39.2 $ 22.8 $ 222.8 $ 392.7
Add (deduct):
Depreciation
and
amortization 34.4 29.2 129.3 114.6
Share-based
compensation
expense and
related
taxes 77.6 99.7 311.2 332.1
Interest
income, net (4.6) (3.8) (15.2) (35.1)
Change in fair
value of
equity
warrants -- (2.5) 2.6 (2.3)
Income tax
provision
(benefit) 2.9 (25.5) 40.5 (241.0)
Severance
costs 0.4 -- 6.3 --
Transaction
related
costs 9.8 0.7 13.2 1.6
Other 2.6 3.9 8.5 7.9
------- ------- -------- --------
Adjusted EBITDA $ 162.3 $ 124.5 $ 719.2 $ 570.5
======= ======= ======== ========
Net sales $3,264.7 $3,247.4 $12,601.5 $11,861.3
Net margin 1.2% 0.7% 1.8% 3.3%
Adjusted EBITDA
margin 5.0% 3.8% 5.7% 4.8%
Adjusted Net Income and Adjusted Basic and Diluted Earnings per Share
The following table presents a reconciliation of net income to adjusted net income, as well as the calculation of adjusted basic and diluted earnings per share, for each of the periods indicated:
(in thousands,
except per share 13 Weeks 14 Weeks 52 Weeks 53 Weeks
data) Ended Ended Ended Ended
---------- ---------- ---------- ----------
Reconciliation of
Net Income to
Adjusted Net February February February February
Income 1, 2026 2, 2025 1, 2026 2, 2025
---------- ---------- ---------- ----------
Net income $ 39.2 $ 22.8 $ 222.8 $ 392.7
Add (deduct):
Share-based
compensation
expense and
related
taxes 77.6 99.7 311.2 332.1
Change in fair
value of
equity
warrants -- (2.5) 2.6 (2.3)
Deferred tax
asset
valuation
allowance
release (2.4) -- (2.4) (275.7)
Severance
costs 0.4 -- 6.3 --
----- ----- ----- ------
Adjusted net income $ 114.8 $ 120.0 $ 540.5 $ 446.8
===== ===== ===== ======
Weighted-average
common shares used
in computing
adjusted earnings
per share:
Basic 414.4 407.8 414.1 421.4
Effect of
dilutive
share-based
awards 9.7 16.3 11.7 9.6
----- ----- ----- ------
Diluted 424.1 424.1 425.8 431.0
===== ===== ===== ======
Earnings per share
attributable to
common Class A and
Class B
stockholders
Basic $ 0.09 $ 0.06 $ 0.54 $ 0.93
===== ===== ===== ======
Diluted $ 0.09 $ 0.05 $ 0.52 $ 0.91
===== ===== ===== ======
Adjusted basic $ 0.28 $ 0.29 $ 1.31 $ 1.06
===== ===== ===== ======
Adjusted diluted $ 0.27 $ 0.28 $ 1.27 $ 1.04
===== ===== ===== ======
Free Cash Flow
The following table presents a reconciliation of net cash provided by operating activities to free cash flow for each of the periods indicated:
13 Weeks 14 Weeks 52 Weeks 53 Weeks
(in millions) Ended Ended Ended Ended
----------- ----------- ----------- ------------
Reconciliation
of Net Cash
Provided by
Operating
Activities to February 1, February 2, February 1, February 2,
Free Cash Flow 2026 2025 2026 2025
----------- ----------- ----------- ------------
Net cash provided
by operating
activities $ 263.4 $ 207.5 $ 691.6 $ 596.3
Deduct:
Capital
expenditures (31.4) (50.9) (129.2) (143.8)
----------- ----------- ----------- ------------
Free Cash Flow $ 232.0 $ 156.6 $ 562.4 $ 452.5
=========== =========== =========== ============
Free cash flow may be affected in the near to medium term by the timing of capital investments (such as the launch of new fulfillment centers, pharmacy facilities, veterinary clinics, customer service infrastructure, and corporate offices and purchases of IT and other equipment), fluctuations in our growth and the effect of such fluctuations on working capital, and changes in our cash conversion cycle due to increases or decreases of vendor payment terms as well as inventory turnover.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260325770300/en/
CONTACT: Investor Contact:
ir@chewy.com
Media Contact:
Diane Pelkey
dpelkey@chewy.com
(END) Dow Jones Newswires
March 25, 2026 07:05 ET (11:05 GMT)
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