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Chewy vs Coupang: revenue, profit, margins and growth compared

Chewy brought in $12.6B of revenue in fiscal 2025, Coupang $34.5B in fiscal 2025. Revenue changed by +6.2% at Chewy and +14.1% at Coupang on the year before, so Coupang grew faster. Chewy kept 1.8% of its revenue as net profit, Coupang 0.6%. Free cash flow was $562.4M at Chewy and $522M at Coupang.

Side by side, latest fiscal year

CHWYCPNG
Fiscal year endedFY2025 (February 1, 2026)FY2025 (December 31, 2025)
Revenue$12.6B$34.5B
Revenue growth+6.2%+14.1%
Net income$222.8M$208M
Net margin1.8%0.6%
Free cash flow$562.4M$522M
Free cash flow margin4.5%1.5%
Earnings per share (diluted)$0.52$0.11
Cash$860.1M$6.3B
Debt$0$648M
Price to earnings35.1126.2
Market value$7.5B$24.9B
Dividend yieldn/an/a
Rank by revenue in sector#102 of 778 · Consumer discretionary#28 of 778 · Consumer discretionary

Over the years

Revenue
CHWY FY2019: $3.5BCHWY FY2019: $4.8BCHWY FY2020: $7.1BCHWY FY2021: $9BCHWY FY2022: $10.1BCHWY FY2023: $11.1BCHWY FY2024: $11.9BCHWY FY2025: $12.6BCPNG FY2019: $6.3BCPNG FY2021: $12BCPNG FY2021: $18.4BCPNG FY2022: $20.6BCPNG FY2023: $24.4BCPNG FY2024: $30.3BCPNG FY2025: $34.5BFY19FY20FY21FY22FY23FY24FY25
CHWY $12.6BCPNG $34.5B
Net income
CHWY FY2019: -$267.9MCHWY FY2019: -$252.4MCHWY FY2020: -$92.5MCHWY FY2021: -$75.2MCHWY FY2022: $49.9MCHWY FY2023: $39.6MCHWY FY2024: $392.7MCHWY FY2025: $222.8MCPNG FY2019: -$696.9MCPNG FY2021: -$463.2MCPNG FY2021: -$1.5BCPNG FY2022: -$92MCPNG FY2023: $1.4BCPNG FY2024: $154MCPNG FY2025: $208MFY19FY20FY21FY22FY23FY24FY25
CHWY $222.8MCPNG $208M
Net margin
CHWY FY2019: -7.6%CHWY FY2019: -5.2%CHWY FY2020: -1.3%CHWY FY2021: -0.8%CHWY FY2022: 0.5%CHWY FY2023: 0.4%CHWY FY2024: 3.3%CHWY FY2025: 1.8%CPNG FY2019: -11.1%CPNG FY2021: -3.9%CPNG FY2021: -8.4%CPNG FY2022: -0.4%CPNG FY2023: 5.6%CPNG FY2024: 0.5%CPNG FY2025: 0.6%FY19FY20FY21FY22FY23FY24FY25
CHWY 1.8%CPNG 0.6%
Revenue growth
CHWY FY2019: +37.2%CHWY FY2020: +47.4%CHWY FY2021: +25.5%CHWY FY2022: +12.8%CHWY FY2023: +10.2%CHWY FY2024: +6.4%CHWY FY2025: +6.2%CPNG FY2021: +90.8%CPNG FY2021: +53.8%CPNG FY2022: +11.8%CPNG FY2023: +18.5%CPNG FY2024: +24.1%CPNG FY2025: +14.1%FY19FY20FY21FY22FY23FY24FY25
CHWY +6.2%CPNG +14.1%
Free cash flow
CHWY FY2019: -$57.6MCHWY FY2019: -$2.1MCHWY FY2020: $2MCHWY FY2021: $8.6MCHWY FY2022: $119.5MCHWY FY2023: $342.9MCHWY FY2024: $452.5MCHWY FY2025: $562.4MCPNG FY2019: -$529.7MCPNG FY2021: -$183.1MCPNG FY2021: -$1.1BCPNG FY2022: -$259MCPNG FY2023: $1.8BCPNG FY2024: $1BCPNG FY2025: $522MFY19FY20FY21FY22FY23FY24FY25
CHWY $562.4MCPNG $522M

Fiscal years as each company reports them; the two may end in different months.

Questions about Chewy and Coupang

Which is bigger by revenue, Chewy or Coupang?

Coupang is bigger by revenue: $34.5B in fiscal 2025, against $12.6B for Chewy in fiscal 2025.

Which keeps more of its revenue as profit, Chewy or Coupang?

Chewy had a net margin of 1.8% in fiscal 2025; Coupang had 0.6% in fiscal 2025.

Which grew revenue faster, Chewy or Coupang?

In their latest fiscal years revenue changed by +6.2% at Chewy and +14.1% at Coupang.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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