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Chewy (CHWY) earnings and revenue breakdown

Latest: Q2 FY27 · 10-Q filed Sep 9, 2026 · Chewy (CHWY) Q2 FY27 earnings results →

Q2 FY27 Revenue up 7% year over year to $3.3B · 2¢ of every $1 of revenue kept as net profit · operating margin 2.8%

Chewy made $3.3B in Q2 FY27 (+7% Y/Y). Operating margin 2.8%, net earnings $80.5M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Sep 9, 2026.

Revenue$3.3B
Year over year+7%
Operating margin2.8%
Net earnings$80.5M
Operating cash flow$137M

Drawing the Sankey…

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Chewy Q2 FY27 revenue breakdown: Sankey diagram of revenue, costs, profit and cash flow
Chewy Q2 FY27 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $3.3B in Q2 FY27, up 7% year over year and down 1% from the previous quarter.

Gross margin was 30.4%, unchanged from Q2 FY26. Operating profit was $0.09B, a 2.8% margin (up 0.5 points year over year). Of the extra revenue versus Q2 FY26, 10% reached operating profit, above the 2% margin then. Operating expenses grew 5% against revenue growth of 7%. Net earnings were $0.08B, up 30% year over year. The effective tax rate was 28.1%.

Operating cash flow was $0.14B (up 3% year over year), 171% of net earnings. Non-cash charges added back $0.04B of depreciation and amortization and $0.08B of share-based compensation. Working capital and other items used $0.07B. After capital expenditures ($0.05B), free cash flow as the company reports it was $0.09B.

Quarterly history

Chewy revenue by quarterChewy revenue by quarter$3.2BQ4 FY25$3.1BQ1 FY26$3.1BQ2 FY26$3.1BQ3 FY26$3.3BQ4 FY26$3.4BQ1 FY27$3.3BQ2 FY27
Chewy net earnings by quarterChewy net earnings by quarter$22.8MQ4 FY25$62.4MQ1 FY26$62.0MQ2 FY26$59.2MQ3 FY26$39.2MQ4 FY26$94.8MQ1 FY27$80.5MQ2 FY27
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 FY2710-QSep 9, 2026$3.3B+7%2.8%$80.5M$137M
Q1 FY2710-QJun 10, 2026$3.4B+8%3.8%$94.8M$108M
Q4 FY2610-KMar 25, 2026$3.3B+0.5%1.3%$39.2M$263M
Q3 FY2610-QDec 10, 2025$3.1B+8%2.1%$59.2M$208M
Q2 FY2610-QSep 10, 2025$3.1B+9%2.2%$62.0M$134M
Q1 FY2610-QJun 11, 2025$3.1B+8%2.5%$62.4M$86.4M
Q4 FY2510-KMar 26, 2025$3.2B+15%-0.3%$22.8M$208M

Charts

Chewy: revenue growth, year over year and quarter over quarterChewy: revenue growth, year over year and quarter over quarterY/YQ/Q+15%Q4 FY25+8%-4%Q1 FY26+9%0%Q2 FY26+8%+0%Q3 FY26+0%+5%Q4 FY26+8%+3%Q1 FY27+7%-1%Q2 FY27
Latest (Q2 FY27): Y/Y +7%, Q/Q -1%.
Chewy: where the cash came from (+) and went (−), TTM to Q2 FY27Chewy: where the cash came from (+) and went (−), TTM to Q2 FY27Operating cash flow$717MOther investing−$552MOther financing$514MBuybacks−$510MCapital spending−$149MCash drawn (+) / kept (−)−$19.2MExchange rates−$400K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Chewy: profit against cash, quarter by quarterChewy: profit against cash, quarter by quarterNet incomeOperating cash flow$3.9M$184MQ3 FY25$22.8M$208MQ4 FY25$62.4M$86.4MQ1 FY26$62.0M$134MQ2 FY26$59.2M$208MQ3 FY26$39.2M$263MQ4 FY26$94.8M$108MQ1 FY27$80.5M$137MQ2 FY27
Latest (Q2 FY27): Net income $80.5M, Operating cash flow $137M.
Chewy: diluted shares by fiscal yearChewy: diluted shares by fiscal year407MFY21417MFY22428MFY23432MFY24431MFY25426MFY26
+4.6% since FY21: more shares outstanding (issuance, stock pay).
Chewy in its industry: growth against margin (23 companies, SIC 5961)Chewy in its industry: growth against margin (23 companies, SIC 5961)revenue growth, year over year →↑ operating marginmedian +8%median 1%AMZNCPNGCDWWNSITOld QVC Group, Inc.QVCGPTRNNXHGCTRVLVSFIXAKATDUPHNSTLVLUGROVHOURDIBSGIFTAMZECAHOCHWY (+7%, 3%)
Retail-Catalog & Mail-Order Houses; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Chewy

Chewy, Inc. began operating as Chewy.com in 2011 and Chewy.com, LLC was formed as a Delaware limited liability company in October 2013. On March 16, 2016, Chewy.com, LLC converted from a Delaware limited liability company to a Delaware corporation and changed its name to Chewy, Inc. Chewy, Inc. completed the initial public offering of its Class A common stock, par value $0.01 per share (the “Class A common stock”), on June 18, 2019. Unless the context requires otherwise, references in this Annual Report on Form 10-K to “Chewy,” the “Company,” “we,” “our,” or “us” refer to Chewy, Inc. and its consolidated subsidiaries.

In its own words, from its 10-K, filed Mar 25, 2026.

Chewy against its Retail-Catalog & Mail-Order Houses peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +7% against the peers' median +10%. Operating margin: 2.8% against the peers' median 3.1%.

CompanyQuarterRevenueY/YOp. margin
CHWY ChewyQ2 FY27$3.3B+7%2.8%
AMZN Amazon.comQ3 2026$201.9B+12%13.9%
CPNG CoupangQ3 2026$10.0B+8%-4.5%
CDW CDWQ3 2026$6.8B+18%7.2%
W WayfairQ3 2026$3.4B+10%3.1%
NSIT Insight EnterprisesQ3 2026$2.4B+22%2.8%
Old QVC GroupQ2 2026$2.0B-11%2.6%
QVCG QVC GroupQ2 2026$1.8B-11%3.5%
PTRN Pattern GroupQ3 2026$886M+38%4.2%

Source: Chewy 10-Q on SEC EDGAR · CIK 1766502 · Retail-Catalog & Mail-Order Houses

13F: who owns CHWY and who is buying

Largest holders of CHWY (13F)Largest holders of CHWY (13F)BC Partners Advisors L.P.$7.6BBC Partners PE LP$3.5BVanguard Group$658MBlackRock$446MCanada Pension Plan Investment Bo…$396MAQR Capital Management LLC$250MMorgan Stanley$217MVanguard Capital Management LLC$194MVanguard Portfolio Management LLC$191MState Street$149M
Funds' net buying of CHWY by quarter (13F)Funds' net buying of CHWY by quarter (13F)−$825M2024-09−$696M2024-12$572M2025-03$309M2025-06$168M2025-09−$176M2025-12−$83.0M2026-03−$162M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on CHWY

History

Every quarter: Q2 FY27 results · Q1 FY27 results · Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results

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中文版：Chewy（CHWY）财报

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