Chewy (CHWY) financial statements
Chewy reported revenue of $12.6B in fiscal 2026, up 25.1% a year over 8 years.
Net income was $223M and the operating margin 2.0%, against -16.1% in 2018.
Free cash flow was $562M, and the company returned $262M in net buybacks.
The diluted share count rose 62% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Chewy's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.1B | $3.5B | $4.8B | $7.1B | $9.0B | $10.1B | $11.1B | $11.9B | $12.6B |
| Cost of revenue | $1.7B | $2.8B | $3.7B | $5.3B | $6.6B | $7.3B | $8.0B | $8.4B | $8.8B |
| Gross profit | $368M | $715M | $1.1B | $1.8B | $2.4B | $2.8B | $3.2B | $3.5B | $3.8B |
| Selling, general and admin | $452M | $590M | $970M | $1.4B | $1.8B | $2.1B | $2.4B | $2.6B | $2.7B |
| Operating income | -$338M | -$268M | -$253M | -$90M | -$74M | $56M | -$24M | $113M | $254M |
| Interest expense | — | — | — | $2M | $2M | $3M | $4M | $6M | $5M |
| Pre-tax income | -$338M | -$268M | -$252M | -$92M | -$75M | $53M | $48M | $152M | $263M |
| Income tax | $0 | $0 | $0 | $0 | $0 | $3M | $9M | -$241M | $40M |
| Net income | -$338M | -$268M | -$252M | -$92M | -$75M | $50M | $40M | $393M | $223M |
| EPS (diluted) | -$2.67 | -$0.68 | -$0.63 | -$0.23 | -$0.18 | $0.12 | $0.09 | $0.91 | $0.52 |
| Diluted shares | 262M | 393M | 398M | 407M | 417M | 428M | 432M | 431M | 426M |
| Gross margin | 17.5% | 20.2% | 23.6% | 25.5% | 26.6% | 28.0% | 28.4% | 29.2% | 29.8% |
| Operating margin | -16.1% | -7.6% | -5.2% | -1.3% | -0.8% | 0.6% | -0.2% | 0.9% | 2.0% |
| Net margin | -16.1% | -7.6% | -5.2% | -1.3% | -0.8% | 0.5% | 0.4% | 3.3% | 1.8% |
Balance sheet
Fiscal years, from Chewy's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $69M | $88M | $212M | $563M | $603M | $679M | $1.1B | $597M | $879M |
| Receivables | — | $49M | $80M | $101M | $124M | $127M | $154M | $169M | $222M |
| Inventory | — | $221M | $318M | $513M | $560M | $678M | $719M | $837M | $865M |
| Total current assets | — | $449M | $630M | $1.2B | $1.3B | $1.5B | $2.1B | $1.7B | $2.0B |
| Property, plant and equipment | — | $92M | $119M | $210M | $367M | $479M | $521M | $562M | $552M |
| Goodwill | — | — | — | — | $0 | $39M | $39M | $39M | $39M |
| Total assets | — | $542M | $932M | $1.7B | $2.1B | $2.5B | $3.2B | $3.0B | $3.4B |
| Total current liabilities | — | $814M | $1.1B | $1.4B | $1.6B | $1.8B | $2.1B | $2.2B | $2.3B |
| Long-term debt | — | — | — | — | — | — | — | — | $0 |
| Total liabilities | — | $878M | $1.3B | $1.7B | $2.1B | $2.4B | $2.7B | $2.8B | $2.9B |
| Shareholders' equity | -$84M | -$336M | -$404M | -$55M | -$40M | $160M | $510M | $262M | $498M |
| Net debt | -$69M | -$88M | -$212M | -$563M | -$603M | -$332M | -$602M | -$596M | -$860M |
Cash flow
Fiscal years, from Chewy's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$80M | -$13M | $47M | $133M | $192M | $350M | $486M | $596M | $692M |
| Capital spending | $40M | $44M | $49M | $131M | $183M | $230M | $143M | $144M | $129M |
| Free cash flow | -$120M | -$58M | -$2M | $2M | $9M | $119M | $343M | $452M | $562M |
| Stock-based compensation | $11M | $14M | $135M | $121M | $78M | $158M | $239M | $306M | $298M |
| Share buybacks (net) | — | — | — | — | — | $0 | $0 | -$943M | -$262M |
| Free cash flow margin | -5.7% | -1.6% | -0.0% | 0.0% | 0.1% | 1.2% | 3.1% | 3.8% | 4.5% |
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Open CHWY in InvestinglyQuestions
What was Chewy's revenue in 2026?
$12.6B in fiscal 2026, from its 10-K filing.
How much free cash flow does Chewy generate?
$562M in fiscal 2026 (operating cash flow minus capital spending).
From Chewy's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.