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Chewy cash flow, quarter by quarter

Latest: Q2 FY27 · from the cash-flow statements filed with the SEC

Free cash flow$89.5M in Q2 FY27 · $568M over twelve months

Operating cash flow$137M
Capital spending−$47.9M
Free cash flow+$89.5M
Cash / net income1.7×
Cash conversion cycle-4 days

Analysis

In Q2 FY27, Chewy generated $137M of operating cash flow and spent $47.9M on capital projects, leaving free cash flow of $89.5M.

Over the twelve months to Aug 2, 2026, operating cash flow was $717M; the largest uses were other investing ($552M), buybacks ($510M), capital spending ($149M); besides operations, cash came from other financing ($514M); the cash balance rose by $19.2M.

Operating cash flow was $137M against net income of $80.5M — 1.7× profit, cash ran ahead of reported earnings. The largest differences: payables −$149M, stock-based pay +$83.5M, inventory +$83.1M.

Its cash conversion cycle was -4 days (receivables 6 + inventory 38 − payables 49): suppliers fund its working capital.

Free cash flow

Chewy: free cash flow by quarterChewy: free cash flow by quarter$152MQ3 FY25$157MQ4 FY25$48.7MQ1 FY26$106MQ2 FY26$176MQ3 FY26$232MQ4 FY26$70.8MQ1 FY27$89.5MQ2 FY27
Operating cash flow less capital spending.
Chewy: operating cash flow against capital spendingChewy: operating cash flow against capital spendingOperating cash flowCapital spending$184M$31.7MQ3 FY25$208M$50.9MQ4 FY25$86.4M$37.7MQ1 FY26$134M$28.0MQ2 FY26$208M$32.1MQ3 FY26$263M$31.4MQ4 FY26$108M$37.7MQ1 FY27$137M$47.9MQ2 FY27
Latest (Q2 FY27): Operating cash flow $137M, Capital spending $47.9M.

Capital allocation, year by year

Chewy: where the cash came from (up) and went (down), by fiscal yearChewy: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingAcquisitionsBuybacksFY22: Operating cash flow $192MFY22: Net borrowing −$869KFY22: Capital spending −$183M$192MFY22FY23: Operating cash flow $350MFY23: Net borrowing −$681KFY23: Capital spending −$230MFY23: Acquisitions −$40.0M$350MFY23FY24: Operating cash flow $486MFY24: Net borrowing −$500KFY24: Capital spending −$143MFY24: Acquisitions −$367K$486MFY24FY25: Operating cash flow $596MFY25: Net borrowing −$900KFY25: Capital spending −$144MFY25: Buybacks −$943M$596MFY25FY26: Operating cash flow $692MFY26: Net borrowing −$200KFY26: Capital spending −$129MFY26: Buybacks −$262M$692MFY26
Over these 5 years operating cash flow totalled $2.3B; the largest uses were buybacks ($1.2B) and capital spending ($830M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$612M
Debt$592M
Net cash$20.5M
Due within a year$3.0M

Chewy funds itself: free cash flow was $568M over the last twelve months, and $612M of cash and investments stands against $592M of debt ($3.0M due within a year, 204.1× covered by cash).

Where the cash came from and went

Chewy: sources (+) and uses (−) of cash, Q2 FY27Chewy: sources (+) and uses (−) of cash, Q2 FY27Other financing$596MAcquisitions−$378MBuybacks−$200MOperating cash flow$137MCash drawn (+) / kept (−)−$126MCapital spending−$47.9MOther investing$33.9MTaxes on employees’ shares−$15.4MExchange rates−$300K
Chewy: sources (+) and uses (−) of cash, TTM to Q2 FY27Chewy: sources (+) and uses (−) of cash, TTM to Q2 FY27Operating cash flow$717MOther investing−$552MOther financing$514MBuybacks−$510MCapital spending−$149MCash drawn (+) / kept (−)−$19.2MExchange rates−$400K

From profit to cash

Chewy: net income to operating cash flow, Q2 FY27Chewy: net income to operating cash flow, Q2 FY27Net income$80.5MDepreciation & amortization$39.7MStock-based pay$83.5MOther non-cash$4.7MReceivables$200KInventory$83.1MPayables−$149MAccrued liabilities−$15.9MPrepaid and other assets$3.9MOther liabilities$3.7MOperating cash flow$137M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 FY2763849-4
Q1 FY2763649-7
Q4 FY2663649-8
Q3 FY2663852-8
Q2 FY2663551-9
Q1 FY2653449-9
Q4 FY2553651-10
Q3 FY2563754-10

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q2 FY27$137M−$47.9M−$378M−$200M—−$126M$89.5M
Q1 FY27$108M−$37.7M−$175M−$200M—$375M$70.8M
Q4 FY26$263M−$31.4M—−$55.0M—−$185M$232M
Q3 FY26$208M−$32.1M—−$54.9M−$100K−$83.6M$176M
Q2 FY26$134M−$28.0M—−$130M—$24.6M$106M
Q1 FY26$86.4M−$37.7M—−$23.1M—−$20.6M$48.7M
Q4 FY25$208M−$50.9M—−$67.6M−$200K−$89.2M$157M
Q3 FY25$184M−$31.7M—−$343M−$200K$188M$152M

Chewy: income statement and cash flow

Chewy, Q2 FY27: revenue $3.3B (+7% year over year), operating margin 2.8%. The chart follows the revenue to costs, profit and cash.

Chewy: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.