Recurring autoship drove 8 out of 10 Chewy sales in FY2025

Chewy closed the fiscal year (FY) 2025, ending 1 February 2026, with net sales rising 6.2% year- over-year (YoY) to $12.6 billion (€11.6B).

The US online pet retailer says that these numbers were driven by continued strength in its autoship segment. The sales in the category grew 11.8% YoY to $10.5 billion (€9.7B), representing 83.3% of total revenue.

Net income declined 43.3% YoY to $222.8 million (€205M), resulting in basic earnings per share (EPS) of $0.54 (€0.46) and diluted EPS of $0.52 (€0.45).

Increased expenditure

Net sales per active customer (NSPAC), measuring the average revenue generated by each customer, also grew 2.2% to $591 (€545), with a customer base of 21.3 million.

The number of active customers increased 4% YoY, with net additions of more than 810,000 in fiscal 2025, according to the company’s CFO, Christopher Deppe.

Chewy Vet Care (CVC), the company’s network of personalized veterinary clinics, also contributed to full-year growth. According to CEO Sumit Singh, this “is the fastest NSPAC compounder in the business.”

“CVC is driving compelling ecosystem-wide value, serving as both a customer acquisition engine and an engagement flywheel that deepens relationships with high-value health customers,” Singh told investors, as transcribed by Yahoo Finance.

In 2025, Chewy Vet Care opened 10 new practices, reaching the high end of the group’s guidance range and bringing its footprint to 18 locations across 5 states.

The CEO notes that the performance of this business segment is supported by strong utilization and consistently high customer and veterinarian satisfaction scores.

Q4 2025

For the fourth quarter, Chewy reported net sales of $3.26 billion (€3B), up 0.5% YoY. Net income surged 72% YoY to $39.2 million (€36M), with both basic and diluted EPS at $0.09.

Gross margin increased 90 basis points to 29.4%, while adjusted EBITDA margin improved to 5%, reflecting a 120 basis-point expansion YoY.

Guidance

For the first quarter of FY2026, Chewy expects net sales to range between $3.33 billion (€2.8B) and $3.36 billion (€2.9B), with adjusted diluted EPS of $0.40 (€0.34) to $0.45 (€0.39).

CFO Christopher Deppe notes that this quarterly guidance is expected to mark the year’s low point in growth, largely due to timing and lapping dynamics.

For FY2026, the company forecasts net sales of $13.60 billion (€12.5B) to $13.75 billion (€12.7B) and an adjusted EBITDA margin of 6.6% to 6.8%.

Chewy’s recently closed SmartEquine acquisition is expected to contribute approximately $80 million (€74M) in net sales in 2026.

“Overall net sales growth will continue to be driven by a combination of active customer growth and NSPAC expansion. Our forecast assumes no price inflation in 2026, and we remain confident in delivering low single-digit active customer growth with net additions broadly consistent throughout the year,” concludes Deppe.