Chewy, Inc. is an online leader in pet products, supplies, and prescriptions in the United States, generating over $12 billion in annual revenues. The company offers pet consumables (70% of FY26 sales), health and specialty products (16%), hard goods (11%), and pet services including telehealth ("Connect with a Vet"), CarePlus insurance/wellness plans, and physical veterinary clinics ("Chewy Vet Care"). In 2023, Chewy initiated its international expansion by entering the Canadian market.

Chewy commands a strong customer loyalty ecosystem anchored by its Autoship subscription model (providing high revenue visibility and free telehealth access) and high customer lifetime value (oldest customer cohorts spend >$1,000/year vs. overall net sales per active customer under $600/year). Its proprietary technology platform powers automated fulfillment centers and custom practice management software across its growing Chewy Vet Care network.

• Chewy Vet Care & Modern Animal Acquisition: In April 2026, Chewy announced an agreement to acquire Modern Animal, a technology-forward veterinary platform with 29 clinics, expanding Chewy Vet Care's footprint from 18 to 47 locations and adding >$125M in annualized run-rate revenue. Management guides to ~60 total clinics by end of FY26.
• Pet Health & Specialty Expansion: Pet health and specialty now accounts for 16% of annual revenues (up from 13% in FY24), supported by medication compounding, telehealth, CarePlus insurance, and new private label offerings like "Get Real" fresh dog food.
• AI Efficiency & Profitability: Chewy achieved a record 7.5% adjusted EBITDA margin in recent quarter and targets >$50M in AI-driven cost savings in FY28.

• Intensifying promotional environment and price competition from major omnichannel retailers (Amazon, Walmart, Costco, Target).
• Execution and integration risks tied to physical vet clinic expansion (Modern Animal), Chewy+ loyalty program, and international scaling in Canada.
• Potential tariff impact on imported hard goods, although 85% of sales are in domestic consumables and health care.