Description

Chewy’s $13.57 Billion Sales Outlook — Can Share Gains Offset A Weak Pet Market?

Chewy, Inc. reported second quarter fiscal 2026 results showing continued growth amid a stable but pressured consumer environment in the pet market. The company achieved total enterprise net sales of $3.33 billion, representing 7.3% year-over-year growth and hitting the high end of guidance. Organic growth, excluding acquisitions SmartPak and Modern Animal, was 5.7%, driven by increases in active customers, net sales per active customer (NSPAC), and market share gains. The active customer base grew 3.8% to 21.7 million, with Autoship sales—the recurring revenue engine of the business—growing 9.3% and making up 84.6% of total sales. NSPAC rose to $602, benefitting from customer cohort maturation and greater cross-category adoption, despite ongoing pressure on discretionary spending and premiumization. While the broader pet market remains under pressure, Chewy outperformed by roughly 2x to 3x across categories.