Chewy, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data Chewy, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2019	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	2,104	3,533	4,847	7,146	8,967	10,119	11,148	11,861	12,602
Cost of revenue	1,737	2,818	3,703	5,325	6,582	7,285	7,986	8,394	8,848
Gross profit	368	715	1,144	1,821	2,385	2,834	3,162	3,468	3,754
Selling, general and administrative	452	590	970	1,398	1,840	2,129	2,443	2,551	2,675
Selling and marketing	254	393	427	513	619	649	742	804	825
Operating expenses	705	983	1,397	1,911	2,459	2,778	3,185	3,355	3,500
Operating income	-338	-268	-253	-90.5	-73.6	56.4	-23.6	113	254
Interest expense				2.17	2.16	2.58	3.58	5.52	4.6
Interest income				0.15	0.52	11.9	62.1	40.6	19.8
Other non-operating income				0	0	-13.2	13.4	4	-6.2
Pre-tax income	-338	-268	-252	-92.5	-75.2	52.5	48.3	152	263
Income tax	0	0	0	0	0	2.65	8.7	-241	40.5
Net income	-338	-268	-252	-92.5	-75.2	49.9	39.6	393	223
EBITDA	-325	-245	-222	-54.8	-18.2	140	86.1	227	384
EPS, basic	-2.67	-0.68	-0.63	-0.23	-0.18	0.12	0.09	0.93	0.54
EPS, diluted	-2.67	-0.68	-0.63	-0.23	-0.18	0.12	0.09	0.91	0.52
Shares, basic (weighted)	262	393	398	407	417	422	429	421	414
Shares, diluted (weighted)	262	393	398	407	417	428	432	431	426

Balance sheet

	FY2019	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	68.8	88.3	212	563	603	332	602	596	860
Short-term investments					0	347	532	0.9	18.7
Receivables		48.7	80.5	101	124	127	154	169	222
Inventory		221	318	513	560	678	719	837	865
Other current assets		11.9	18.8	49.4	36.5	41.2	97	60	70
Total current assets		449	630	1,227	1,324	1,525	2,104	1,662	2,036
Property, plant and equipment		91.7	119	210	367	479	521	562	552
Lease right-of-use assets			179	297	373	424	475	450	468
Goodwill					0	39.4	39.4	39.4	39.4
Intangible assets						7.83	3.96	0.38	0.3
Other non-current assets		1.35	4.75	6.9	22.9	53.2	47.1	42.6	38.5
Total assets		542	932	1,741	2,086	2,520	3,187	3,015	3,366
Accounts payable		503	683	778	883	1,033	1,105	1,176	1,221
Accrued liabilities		311	417	602	762	795	1,006	1,031	1,080
Deferred revenue							41.8	49.5	60.9
Short-term debt									0
Total current liabilities		814	1,101	1,381	1,645	1,828	2,111	2,207	2,302
Long-term debt									0
Lease liabilities			200	328	410	472	528	502	519
Other non-current liabilities		63.5	35.3	33.8	16.5	60	37.9	43.9	48.2
Total liabilities		878	1,336	1,743	2,072	2,360	2,677	2,753	2,869
Total debt									0
Paid-in capital		1,256	1,436	1,931	2,021	2,171	2,482	1,840	1,853
Retained earnings		-1,592	-1,844	-1,937	-2,011	-2,015	-1,976	-1,583	-1,360
Other comprehensive income						0	-0.41	0.1	0.9
Shareholders' equity	-83.7	-336	-404	-55	-39.6	160	510	262	498
Total equity	-83.7	-336	-404	-55	-39.6	160	510	262	498
Total liabilities and equity		542	932	1,741	2,086	2,520	3,187	3,015	3,366
Shares outstanding		0

Cash flow statement

	FY2019	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-338	-268	-252	-92.5	-75.2	49.9	39.6	393	223
Depreciation and amortization	12.5	23.2	30.6	35.7	55.3	83.4	110	115	129
Stock-based compensation	11.2	14.4	135	121	77.8	158	239	306	298
Deferred income tax	0	0	0	0	0	0	0	-258	28.6
Change in receivables	-19.8	-12.2	-31.7	-20.2	-20.9	-2.57	-27.1	-15.1	-53.1
Change in inventory	-68.9	-54.9	-97	-195	-41.7	-115	-41.2	-118	-27.7
Cash from operations	-79.7	-13.4	46.6	133	192	350	486	596	692
Capital expenditures	-40.3	-44.2	-48.6	-131	-183	-230	-143	-144	-129
Acquisitions				0	0	-40	-0.37	0
Purchases of investments				0	0	-544	-3,222	0	-41.4
Cash from investing	-196	31.8	-49.9	-124	-193	-616	-287	395	-152
Stock issued	0	0	0	318	0	0
Share buybacks						0	0	-943	-263
Cash from financing	188	1.14	127	342	41.3	-6.73	71.6	-997	-276
Exchange rate effect					0	0	0.2	-0.6	0.5
Net change in cash	-87.7	19.6	124	351	39.7	-272	271	-6.4	264
Free cash flow	-120	-57.6	-2.06	2.01	8.56	119	343	453	562
Interest paid	0.06	0.03	0.38	1.9	2.05	2.1	2.9	2.7	2.4
Income taxes paid					0	0	1,800	118	23.3

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to August 2, 2026; growth uses fiscal years. Valuation uses the share price of $18.27 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	29.9%	Gross profit / revenue.
Operating margin	2.5%	Operating income / revenue.
EBITDA margin	3.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	2.7%	Pre-tax income / revenue.
Net margin	2.1%	Net income / revenue.
FCF margin	4.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	5.5%	Cash from operations / revenue.
Effective tax rate	22.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	73.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	7.3%	Net income / average total assets.
Return on invested capital (ROIC)	72.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	20.9%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	2.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.1%	Capital expenditures / revenue.
D&A / revenue	0.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	6.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	7.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	12.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	8.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	9.8%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	15.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	125.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	65.2%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	68.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	40.0%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	-43.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	64.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	-42.9%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	63.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	16.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	25.5%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	39.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	24.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	67.6%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	208.5%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	90.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	45.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	11.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	10.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	14.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.84x	Current assets / current liabilities.
Quick ratio	0.38x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.28x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.60x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	15.8%	Total debt / total assets.
Liabilities / assets	90.1%	Total liabilities / total assets.
Net debt	-$20.5M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.05x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	28.5x	Operating income / interest expense.
Working capital	-$357.1M	Current assets - current liabilities.
Goodwill and intangibles / assets	12.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$113.3M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	3.49x	Revenue / average total assets.
Fixed asset turnover	20.9x	Revenue / average property, plant and equipment.
Inventory turnover	9.90x	Cost of revenue / average inventory.
Days inventory	37 days	365 x average inventory / cost of revenue.
Receivables turnover	56.3x	Revenue / average receivables.
Days sales outstanding	6 days	365 x average receivables / revenue.
Days payables	46 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	-3 days	Days inventory + days sales outstanding - days payables.
FCF conversion	207.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	20.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.67	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$31.87	Revenue / diluted weighted shares.
FCF per share	$1.39	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.75	Cash from operations / diluted weighted shares.
Book value per share	$0.90	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$0.28	Tangible book value / shares outstanding.
Cash per share	$1.49	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	89.8%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$7.48B	Share price x shares outstanding.
Enterprise value	$7.46B	Market cap + total debt - cash - short-term investments.
P/E	27.3x	Market cap / net income. Only when net income is positive.
P/S	0.57x	Market cap / revenue.
P/B	20.2x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	13.2x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	10.4x	Market cap / cash from operations, when positive.
EV/Sales	0.57x	Enterprise value / revenue.
EV/EBIT	22.7x	Enterprise value / operating income, when both are positive.
EV/EBITDA	16.7x	Enterprise value / EBITDA, when both are positive.
EV/FCF	13.1x	Enterprise value / free cash flow, when both are positive.
FCF yield	7.6%	Free cash flow / market cap.
Earnings yield	3.7%	Net income / market cap (the inverse of P/E).
Shareholder yield	6.8%	(Dividends paid + share buybacks) / market cap.
PEG	0.43x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Chewy, Inc.'s revenue in fiscal 2025?

Chewy, Inc. reported revenue of $12.60B for fiscal 2025, 6.2% higher than the year before.

Was Chewy, Inc. profitable in fiscal 2025?

Yes. Net income was $222.8M, a net margin of 1.8%.

How much free cash flow did Chewy, Inc. generate in fiscal 2025?

Cash from operations of $691.6M minus capital expenditures of $129.2M left free cash flow of $562.4M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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