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

Chewy brought in $12.6B of revenue in fiscal 2025, QVC $9.2B in fiscal 2025. Revenue changed by +6.2% at Chewy and -8.0% at QVC on the year before, so Chewy grew faster. Chewy kept 1.8% of its revenue as net profit, QVC -26.4%. Free cash flow was $562.4M at Chewy and $118M at QVC.

Side by side, latest fiscal year

CHWYQVCAQ
Fiscal year endedFY2025 (February 1, 2026)FY2025 (December 31, 2025)
Revenue$12.6B$9.2B
Revenue growth+6.2%-8.0%
Net income$222.8M-$2.4B
Net margin1.8%-26.4%
Free cash flow$562.4M$118M
Free cash flow margin4.5%1.3%
Earnings per share (diluted)$0.52-$302.97
Cash$860.1M$2B
Debt$0$5.9B
Price to earnings35.8n/a
Market value$7.6Bn/a
Dividend yieldn/an/a
Rank by revenue in sector#106 of 1065 · Consumer discretionary#129 of 1065 · 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: $12.6BQVCAQ FY2018: $14.1BQVCAQ FY2019: $13.5BQVCAQ FY2020: $14.2BQVCAQ FY2021: $14BQVCAQ FY2022: $12.1BQVCAQ FY2023: $10.9BQVCAQ FY2024: $10BQVCAQ FY2025: $9.2BFY18FY19FY20FY21FY22FY23FY24FY25
CHWY $12.6BQVCAQ $9.2B
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: $222.8MQVCAQ FY2018: $916MQVCAQ FY2019: -$456MQVCAQ FY2020: $1.2BQVCAQ FY2021: $340MQVCAQ FY2022: -$2.6BQVCAQ FY2023: -$145MQVCAQ FY2024: -$1.3BQVCAQ FY2025: -$2.4BFY18FY19FY20FY21FY22FY23FY24FY25
CHWY $222.8MQVCAQ -$2.4B
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%QVCAQ FY2018: 6.5%QVCAQ FY2019: -3.4%QVCAQ FY2020: 8.4%QVCAQ FY2021: 2.4%QVCAQ FY2022: -21.4%QVCAQ FY2023: -1.3%QVCAQ FY2024: -12.9%QVCAQ FY2025: -26.4%FY18FY19FY20FY21FY22FY23FY24FY25
CHWY 1.8%QVCAQ -26.4%
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%QVCAQ FY2019: -4.3%QVCAQ FY2020: +5.3%QVCAQ FY2021: -0.9%QVCAQ FY2022: -13.8%QVCAQ FY2023: -9.8%QVCAQ FY2024: -8.0%QVCAQ FY2025: -8.0%FY19FY20FY21FY22FY23FY24FY25
CHWY +6.2%QVCAQ -8.0%
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: $562.4MQVCAQ FY2018: $998MQVCAQ FY2019: $959MQVCAQ FY2020: $2.2BQVCAQ FY2021: $981MQVCAQ FY2022: -$74MQVCAQ FY2023: $689MQVCAQ FY2024: $326MQVCAQ FY2025: $118MFY18FY19FY20FY21FY22FY23FY24FY25
CHWY $562.4MQVCAQ $118M

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

Questions about Chewy and QVC

Which is bigger by revenue, Chewy or QVC?

Chewy is bigger by revenue: $12.6B in fiscal 2025, against $9.2B for QVC in fiscal 2025.

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

Chewy had a net margin of 1.8% in fiscal 2025; QVC had -26.4% in fiscal 2025.

Which grew revenue faster, Chewy or QVC?

In their latest fiscal years revenue changed by +6.2% at Chewy and -8.0% at QVC.

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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