Chewy, Inc. (CHWY) Stock Price & How to Invest
Short answer
You can invest in Chewy (CHWY) by buying shares or fractional shares at any major broker, through an ETF that holds it, or as one holding in a thematic basket. Chewy is the leading online retailer of pet food, supplies, medications, and increasingly pet healthcare, built around its Autoship auto-replenishment subscription that drives the large majority of its sales. The thesis is that recurring pet spending is durable and that Chewy can expand margins by layering higher-profit businesses (pharmacy, a retail-media ad network, and a growing chain of vet clinics) on top of its loyal customer base. The biggest risks are thin retail margins, slow customer growth in a maturing US pet market, heavy competition from Amazon and Walmart, and a valuation that already assumes steady margin gains.
CHWY stock price
As of 2026-06-26, Chewy, Inc. (CHWY) last closed at $18.55, down 56.7% over the past year. Over the past 52 weeks it has traded between $17.51 and $42.83.
Prices are daily closing prices from Yahoo Finance and may be delayed. For the live quote, check your broker or Chewy, Inc.'s investor relations page. Walnut is informational, not investment advice.
What does Chewy, Inc. (CHWY) do?
Chewy is the largest pure-play online retailer of pet products in the United States, selling pet food, treats, supplies, prescription medications, and other essentials, plus a growing set of pet-health services. The core of the model is Autoship, an auto-replenishment subscription that schedules recurring deliveries of food and supplies; Autoship accounts for roughly 83% of net sales, which gives Chewy unusually predictable, repeat-purchase revenue for a retailer. The company makes most of its money on product sales at retail-style gross margins, but it is steadily mixing in higher-margin revenue from Chewy Pharmacy, sponsored ads through its Chewy Ads retail-media network, and veterinary care. In fiscal 2025 (the year ended February 1, 2026) Chewy reported net sales of about $12.60 billion, up 6.2% (roughly 8.3% on a comparable 52-week basis), with around 21.3 million active customers and net sales per active customer near $600.
Chewy was founded in 2011, sold to PetSmart in 2017, and went public in 2019; the private-equity firm BC Partners (through its PetSmart ownership) was the longtime majority holder and has been steadily selling down its stake through secondary offerings, often paired with Chewy share buybacks. Profitability has improved markedly: fiscal 2025 net income was about $222.8 million, adjusted EBITDA reached roughly $719 million (up about 26%), and free cash flow hit a record near $562 million. Management has leaned into two growth bets in particular: a fast-scaling retail-media advertising business that executives credit as a main driver of gross-margin gains, and a push into veterinary care, including the 2026 agreement to acquire Modern Animal, which lifted Chewy Vet Care's clinic footprint from 18 toward 47 sites with a target of roughly 60. In the first quarter of fiscal 2026 (ended May 3, 2026), net sales grew 7.7% to about $3.36 billion with net income of $94.8 million.
What's driving Chewy, Inc. (CHWY)?
1. Autoship makes the revenue sticky.
Autoship, Chewy's auto-replenishment subscription, drives roughly 83% of net sales, which is rare predictability for a retailer. Pet food and medications are non-discretionary, repeat purchases, so the base tends to hold up even in weaker consumer environments. With around 21.3 million active customers and net sales per active customer near $600, the model compounds as existing customers buy more categories. The strategic question is less about losing customers and more about how much more Chewy can sell each one.
2. Higher-margin businesses are the profit lever.
Chewy is layering more profitable revenue on top of low-margin product sales. The Chewy Ads retail-media network, launched in 2023, has roughly doubled its advertisers and is the business management credits as a primary driver of gross-margin expansion. Gross margin reached about 29.8% in fiscal 2025 and 30.1% in the first quarter of fiscal 2026. Chewy Pharmacy adds another structurally higher-margin stream, helping adjusted EBITDA margin climb toward the mid-single digits with guidance around 6.6% to 6.8% for fiscal 2026.
3. Vet care extends the ecosystem.
Chewy is building a physical pet-health footprint to capture more of the roughly $40 billion Americans spend on pet healthcare. Its 2026 agreement to acquire Modern Animal lifts Chewy Vet Care from 18 clinics toward 47, with a target of around 60 locations, and is expected to add more than $125 million of annualized run-rate revenue. Management expects clinic customers to spend meaningfully more across Chewy overall. The clinics are an investment that is expected to break even around 2026 and contribute to profit later, so the payoff is multi-year.
4. Cash generation and buybacks.
Chewy is now firmly cash-generative, posting record free cash flow of about $562 million in fiscal 2025. It returns capital through share repurchases rather than a dividend, deploying roughly $200 million on buybacks in the first quarter of fiscal 2026 alone, often alongside secondary offerings as BC Partners sells down its stake. Net income of about $222.8 million in fiscal 2025 and $94.8 million in the latest quarter show the business is profitable on a GAAP basis. The buyback program also helps offset dilution from share-based compensation, which remains a meaningful expense.
What are the risks to Chewy, Inc. (CHWY)?
Chewy operates in a structurally low-margin retail business, so even with mix improvements its net margins sit in the low single digits and small cost or pricing shifts matter a lot. Growth has slowed as the US pet market matures, with net sales up only about 6% in fiscal 2025 and active-customer growth modest after a long stretch of flat-to-declining counts following the pandemic pet boom. Competition is intense and well-capitalized: Amazon, Walmart, big-box pet chains like PetSmart and Petco, and local veterinarians all compete for the same wallet. The vet-clinic expansion carries execution and integration risk and weighs on near-term profit, while share-based compensation and ongoing BC Partners stock sales create dilution and overhang. Finally, the stock often trades at a premium that already bakes in continued margin gains, so disappointing customer growth or margin progress can pressure the shares.
How is Chewy, Inc. (CHWY) valued? (approximate, FY2025 results (year ended February 1, 2026) and Q1 FY2026 (ended May 3, 2026))
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Chewy, Inc.'s investor relations page or your broker.
- FY2025 net sales: About $12.60 billion, up 6.2% (roughly 8.3% on a 52-week basis)
- FY2025 net income: About $222.8 million
- FY2025 adjusted EBITDA: About $719 million, up roughly 26%
- FY2025 free cash flow: Record of about $562 million
- Active customers / Autoship: Around 21.3 million active customers; Autoship roughly 83% of net sales
- Q1 FY2026 quarter: Net sales about $3.36 billion (+7.7%), net income $94.8 million, diluted EPS $0.23, gross margin 30.1%
Chewy is best read as a profitable but low-margin retailer that is trying to mix in higher-margin revenue, so watch the trend in gross margin and adjusted EBITDA margin more than headline sales growth. Because product sales dominate, net margins are thin (low single digits), and free cash flow is often a cleaner gauge of health than GAAP net income, which can be swung by share-based compensation and tax items. Active-customer growth and net sales per active customer show whether the base is expanding or just spending more. Since Chewy pays no dividend and reinvests in pharmacy, ads, and vet care while buying back stock, the valuation hinges on whether those higher-margin businesses scale fast enough to justify a growth multiple.
Who competes with Chewy, Inc. (CHWY)?
Online and mass retailers
Amazon and Walmart sell pet food and supplies at scale with deep logistics and pricing power, and are Chewy's most direct online competition for everyday pet purchases.
Specialty pet retailers and vet care
Petco (WOOF) and PetSmart compete across products, grooming, and in-store veterinary services, while independent and corporate veterinary chains compete with Chewy Vet Care and Chewy Pharmacy for pet-health spending.
ETFs and alternatives
Investors who prefer diversification can get CHWY exposure through broad consumer-discretionary and internet-retail ETFs (for example funds tracking the consumer-discretionary sector or online retail), or by holding it as one constituent in a thematic basket alongside other e-commerce and pet-economy names rather than owning it alone.
How to invest in Chewy, Inc. (CHWY)
There are three common ways to get CHWY exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic basket, so CHWY sits alongside other stocks that express the same thesis.
Walnut takes the basket route. Describe a thesis where CHWY fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.
The bottom line on Chewy, Inc. (CHWY)
If you believe recurring pet spending is recession-resilient and that Chewy can keep widening margins through pharmacy, advertising, and vet care, CHWY is a way to own the category leader in online pet retail. In a portfolio it tends to behave like a consumer-discretionary growth name: more volatile than a staples retailer, sensitive to customer-growth and margin headlines, and reliant on execution rather than a dividend.
More on Chewy, Inc. (CHWY)
Whether CHWY is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is CHWY a buy?, and where the stock could go from here in the CHWY stock forecast.
For income investors, whether CHWY pays a dividend and how the payout looks is covered in does CHWY pay a dividend?
Build a basket around CHWY with Walnut
Use Chewy, Inc. as one constituent in a thematic basket Walnut's AI helps you assemble. Describe a thesis you believe in, the AI proposes the holdings and weights, and you approve before any broker order.
FAQ
What does Chewy do?
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Chewy is the largest online retailer of pet products in the US. It sells pet food, treats, supplies, and prescription medications, mostly through its Autoship auto-replenishment subscription, and is expanding into pet healthcare with Chewy Pharmacy, a retail-media advertising network, and a growing chain of Chewy Vet Care clinics.
Does CHWY pay a dividend?
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No. Chewy does not pay a dividend. It returns capital to shareholders through share repurchases instead, deploying roughly $200 million on buybacks in the first quarter of fiscal 2026, partly to offset dilution from share-based compensation and stock sold by its longtime backer BC Partners.
What is Autoship and why does it matter?
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Autoship is Chewy's subscription that automatically reships food and supplies on a set schedule. It accounts for roughly 83% of net sales, which gives Chewy unusually predictable, recurring revenue for a retailer because pet food and medications are repeat, non-discretionary purchases.
How is Chewy growing beyond selling pet food?
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Chewy is layering higher-margin businesses onto product sales. Chewy Ads, its retail-media network, has roughly doubled its advertisers since launch and is a main driver of gross-margin gains, while Chewy Pharmacy and an expanding vet-clinic network (lifted toward 47 sites by the 2026 Modern Animal acquisition, targeting around 60) aim to capture more of the large pet-healthcare market.
Is CHWY profitable?
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Yes. In fiscal 2025 (year ended February 1, 2026) Chewy reported net income of about $222.8 million, adjusted EBITDA of roughly $719 million, and record free cash flow near $562 million. Margins are still thin because most revenue comes from low-margin product sales, so free cash flow is often a cleaner gauge of its health than GAAP net income.
Is CHWY a good stock?
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This is descriptive, not advice. The bull case is that Chewy is the category leader in online pet retail with sticky Autoship revenue and expanding higher-margin businesses in ads, pharmacy, and vet care. The bear case is thin retail margins, slowing growth in a maturing pet market, fierce competition from Amazon and Walmart, and a premium valuation. Whether it fits depends on your own goals and risk tolerance.
Is CHWY a good stock to buy right now?
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This is informational, not a recommendation. Recent results show steady single-digit sales growth, improving margins, and record free cash flow, but the stock often trades at a premium that already assumes continued margin gains, so timing depends on your view of those trends and your own situation. Walnut provides information, not investment advice.
Which ETFs or baskets include CHWY?
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Chewy is held by broad consumer-discretionary and internet/online-retail ETFs, as well as some growth and mid-cap funds, so you may already own a small slice through index funds. In Walnut you can also hold CHWY as one constituent in a thematic basket (for example an e-commerce or pet-economy theme) rather than owning it on its own.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with Chewy, Inc.'s investor relations page or your broker before making investment decisions.