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Internet retail · Consumer Cyclical · Fiscal year ends Feb 1
Chewy reported revenue of $12.6B in the fiscal year ended Feb 2026, up 6.2% from the year before. Operating income was $254M, an operating margin of 2.0%, and net income was $223M. Operating cash flow of $692M less capital expenditure of $129M left free cash flow of $562M. It held more cash than debt (net cash $860M).
Ranks among the 14 internet retail companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Jan 2022 | Jan 2023 | Jan 2024 | Feb 2025 | Feb 2026 |
|---|---|---|---|---|---|
| Revenue | 8,967 | 10,119 | 11,148 | 11,861 | 12,602 |
| Cost of revenue | 6,582 | 7,285 | 7,986 | 8,394 | 8,848 |
| Gross profit | 2,385 | 2,834 | 3,162 | 3,468 | 3,754 |
| Selling, general & admin | 1,840 | 2,129 | 2,443 | 2,551 | 2,675 |
| Operating income | −73.6 | 56.4 | −23.6 | 113 | 254 |
| Interest expense | 2.2 | 2.6 | 3.6 | 5.5 | 4.6 |
| Pre-tax income | −75.2 | 52.5 | 48.3 | 152 | 263 |
| Income tax | 0.0 | 2.6 | 8.7 | −241 | 40.5 |
| Net income | −75.2 | 49.9 | 39.6 | 393 | 223 |
| Diluted EPS | −0.18 | 0.12 | 0.09 | 0.91 | 0.52 |
| Diluted shares | 417 | 428 | 432 | 431 | 426 |
| Fiscal year | Jan 2022 | Jan 2023 | Jan 2024 | Feb 2025 | Feb 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | 603 | 332 | 602 | 596 | 860 |
| Receivables | 124 | 127 | 154 | 169 | 222 |
| Inventory | 560 | 678 | 719 | 837 | 865 |
| Current assets | 1,324 | 1,525 | 2,104 | 1,662 | 2,036 |
| Net PP&E | 367 | 479 | 521 | 562 | 552 |
| Goodwill | 0.0 | 39.4 | 39.4 | 39.4 | 39.4 |
| Total assets | 2,086 | 2,520 | 3,187 | 3,015 | 3,366 |
| Payables | 883 | 1,033 | 1,105 | 1,176 | 1,221 |
| Deferred revenue | – | – | 41.8 | 49.5 | 60.9 |
| Current liabilities | 1,645 | 1,828 | 2,111 | 2,207 | 2,302 |
| Short-term debt | – | – | – | – | 0.0 |
| Long-term debt | – | – | – | – | 0.0 |
| Total liabilities | 2,072 | 2,360 | 2,677 | 2,753 | 2,869 |
| Shareholders' equity | −39.6 | 160 | 510 | 262 | 498 |
| Fiscal year | Jan 2022 | Jan 2023 | Jan 2024 | Feb 2025 | Feb 2026 |
|---|---|---|---|---|---|
| Operating cash flow | 192 | 350 | 486 | 596 | 692 |
| Capital expenditure | 183 | 230 | 143 | 144 | 129 |
| Free cash flow | 8.6 | 119 | 343 | 453 | 562 |
| Depreciation & amortisation | 55.3 | 83.4 | 110 | 115 | 129 |
| Stock-based compensation | 77.8 | 158 | 239 | 306 | 298 |
| Acquisitions | 0.0 | 40.0 | 0.4 | 0.0 | – |
| Share buybacks | – | 0.0 | 0.0 | 943 | 263 |
| Fiscal year | Jan 2022 | Jan 2023 | Jan 2024 | Feb 2025 | Feb 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 12.8% | 10.2% | 6.4% | 6.2% |
| Operating income growth (YoY) | – | – | −141.8% | – | 125.8% |
| EPS growth (YoY) | – | – | −25.0% | 911.1% | −42.9% |
| Gross margin | 26.6% | 28.0% | 28.4% | 29.2% | 29.8% |
| Operating margin | −0.8% | 0.6% | −0.2% | 0.9% | 2.0% |
| Net margin | −0.8% | 0.5% | 0.4% | 3.3% | 1.8% |
| Return on equityBlank when equity is negative | – | 31.1% | 7.8% | 150.2% | 44.7% |
| ROCEEBIT ÷ (assets − current liabilities) | −16.7% | 8.2% | −2.2% | 13.9% | 23.9% |
| Free cash flow margin | 0.1% | 1.2% | 3.1% | 3.8% | 4.5% |
| Cash conversion (CFO ÷ net income) | −2.55x | 7.01x | 12.3x | 1.52x | 3.10x |
| Receivable days | 5 | 5 | 5 | 5 | 6 |
| Inventory days | 31 | 34 | 33 | 36 | 36 |
| Payable days | 49 | 52 | 50 | 51 | 50 |
| Interest cover | −34.0x | 21.9x | −6.59x | 20.4x | 55.3x |
| Debt ÷ equity | – | – | – | – | 0.00x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | – | – | – | −860 |
| Current ratio | 0.80x | 0.83x | 1.00x | 0.75x | 0.88x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.