Chewy, Inc. Q4 2026 Earnings Call Summary

Management attributes strong 2025 performance to a 'flywheel' model where over 80% of net sales originate from Autoship, providing a resilient, nondiscretionary revenue base. The pet industry is characterized as stable but non-accelerating, with growth currently driven by volume rather than pricing as pet household formation remains flat. Strategic focus has shifted toward high-margin health and wellness verticals, with Chewy Vet Care (CVC) identified as the company's fastest spending-per-customer (NS ...