Chewy, Inc. Revenue in 2025

Chewy, Inc. reported $12.6B in revenue for fiscal year 2025. This represents a growth of 6.2% compared to the 2024 figure of $11.9B.

$12.60 billion in FY2025 net sales against $222.8 million in GAAP net income tells an incomplete story. The non-cash charges buried in Chewy's income statement — $297.9 million in stock-based compensation, $129.3 million in depreciation, $32.8 million in non-cash lease expense — totaled $460 million, more than twice the reported net income. Strip those out and the underlying cash generation looks considerably stronger. The Autoship revenue concentration is the number that matters most for forecasting. $10.50 billion in recurring subscription-style revenue, growing 11.8% year-over-year, behaves more like a SaaS business than a retailer. Customers who establish Autoship schedules have materially lower churn than transactional buyers. The average Autoship customer spends more, returns less product, and contacts customer service about deliveries rather than complaints. Active customer count reached 21.3 million in FY2025. The growth rate on that number — 4% — is slower than revenue growth, which means the company is getting more money from each existing customer rather than primarily adding new ones. That's a maturing cohort dynamic, not a distress signal. Chewy Vet Care economics change the long-term model. A clinic-converted customer at ~$900 NSPAC in year one versus a typical customer at perhaps $300-400 NSPAC represents a 2x-3x revenue lift per customer who engages with veterinary services. The clinic network is still small, but the unit economics justify continued expansion.