Chewy, Inc. (CHWY): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el paisaje en constante evolución del comercio electrónico de PET, Chewy, Inc. se ha convertido en una potencia digital, transformando cómo los dueños de mascotas compran para sus compañeros peludos. Al combinar a la perfección la tecnología de vanguardia, las estrategias centradas en el cliente y una amplia gama de productos, Chewy ha interrumpido los modelos minoristas tradicionales y ha creado una propuesta de valor única que resuena con los padres modernos de las mascotas. Esta profunda inmersión en el lienzo de modelo de negocio de Chewy revela los intrincados mecanismos detrás de su crecimiento fenomenal y éxito en el mercado, ofreciendo información sobre cómo una plataforma digital puede revolucionar toda una industria.

Chewy, Inc. (CHWY) - Modelo de negocios: asociaciones clave

Fabricantes y marcas de alimentos para mascotas

Chewy mantiene asociaciones con más de 1,500 marcas de alimentos y productos para mascotas a partir de 2023. Los socios clave incluyen:

Marca	Detalles de la asociación
Royal Canin	Acuerdos exclusivos de distribución en línea
Purina	Distribución integral de la alineación de productos
Dieta de ciencias de Hill	Relación directa de proveedores

Proveedores de servicios veterinarios

Chewy colabora con redes veterinarias a través de su programa de farmacia masticable, atendiendo a aproximadamente 15,000 clínicas veterinarias en todo el país.

• Programa de red de farmacia veterinaria
• Distribución de medicamentos recetados
• Plataforma de comunicación veterinaria directa

Empresas de logística y naves

Las asociaciones de envío principal incluyen:

Compañero de envío	Volumen de envío anual
Unión Postal Universal	60% del volumen total de envío
Fedex	35% del volumen total de envío
USPS	5% del volumen total de envío

Proveedores de tecnología y software

Chewy invierte aproximadamente $ 150 millones anuales en asociaciones tecnológicas e infraestructura.

• Amazon Web Services (infraestructura en la nube)
• Salesforce (plataforma CRM)
• Oracle (software empresarial)

Proveedores de productos para el cuidado y bienestar de las mascotas

Asociaciones con marcas de bienestar y accesorios que totalizan 2.300 proveedores únicos en 2023.

Categoría	Número de proveedores
Suplementos para mascotas	450 proveedores
Accesorios para mascotas	850 proveedores
Productos de bienestar de las mascotas	1,000 proveedores

Chewy, Inc. (CHWY) - Modelo de negocio: actividades clave

Plataforma de ventas de productos de mascotas de comercio electrónico

A partir del cuarto trimestre de 2023, Chewy opera una plataforma digital con 20 millones de clientes activos. La Compañía procesó 574.8 millones de pedidos totales en 2022, lo que representa un aumento del 13.5% respecto al año anterior.

Métrica de plataforma	2023 datos
Total de clientes activos	20 millones
Total de pedidos en 2022	574.8 millones
Crecimiento de pedidos anuales	13.5%

Servicio al cliente y soporte

Chewy mantiene un equipo de servicio al cliente 24/7 con tiempos de respuesta con un promedio de 15-20 segundos. La compañía emplea a aproximadamente 3.500 representantes de servicio al cliente.

• Disponibilidad de soporte al cliente 24/7
• Tiempo de respuesta promedio: 15-20 segundos
• Tamaño del equipo de servicio al cliente: 3.500 representantes

Curación y selección del producto

Chewy ofrece más de 80,000 productos para mascotas en múltiples categorías, con el 70% de las ventas derivadas de suscripciones recurrentes de AutoShip.

Métrica de selección de productos	2023 datos
Catálogo de productos totales	Más de 80,000 productos
Ventas de suscripción de AutoShip	70%

Marketing digital y adquisición de clientes

En 2022, Chewy gastó $ 448.1 millones en gastos de marketing, lo que representa el 13.6% de las ventas netas totales.

Cumplimiento y envío de pedidos automatizados

Chewy opera 7 centros de cumplimiento en los Estados Unidos, con una precisión de pedido del 99.5% y tiempos de envío promedio de 1-2 días hábiles.

Métrico de cumplimiento	2023 datos
Centros de cumplimiento total	7
Precisión del pedido	99.5%
Tiempo de envío promedio	1-2 días hábiles

Chewy, Inc. (CHWY) - Modelo de negocio: recursos clave

Infraestructura robusta de tecnología de comercio electrónico

A partir del cuarto trimestre de 2023, Chewy opera un Plataforma de tecnología basada en la nube Con las siguientes especificaciones:

Métrica de tecnología	Especificación
Tráfico del sitio web	50.4 millones de visitantes mensuales únicos
Descargas de aplicaciones móviles	4.5 millones de usuarios activos
Tiempo de actividad del sitio	99.99% Fiabilidad

Inventario de productos extenso

Chewy mantiene una gama de productos integral:

• Más de 80,000 PET PRODUCT SKUS
• 70% del inventario obtenido directamente de los fabricantes
• Asociaciones con más de 2,000 marcas de productos para mascotas

Base de datos de clientes y programa de fidelización

Métrica del cliente	Punto de datos
Total de clientes activos	20.2 millones a partir del cuarto trimestre 2023
Repita la tasa de compra	68% de retención de clientes
Suscriptores de autoship	5.3 millones de suscriptores activos

Capacidades de marketing digital

• Gasto anual de marketing digital: $ 380 millones
• 5.7 millones de seguidores de redes sociales en todas las plataformas
• Algoritmos de recomendación personalizados

Centros de distribución y cumplimiento

Métrica logística	Especificación
Centros de cumplimiento total	9 centros estratégicamente ubicados
Capacidad de envío diario	350,000 pedidos por día
Tiempo de entrega promedio	1-2 días hábiles

Chewy, Inc. (CHWY) - Modelo de negocio: propuestas de valor

Amplia selección de productos para mascotas

Chewy ofrece más de 80,000 productos para mascotas en más de 200 marcas a partir de 2024. Las categorías de productos incluyen:

Categoría	Skus aproximado
Comida para mascotas	35,000
Medicamentos para mascotas	12,500
Accesorios para mascotas	22,000
Juguetes para mascotas	10,500

Experiencia de compra en línea conveniente

Métricas de plataforma digital a partir de 2024:

• Tráfico del sitio web: 55 millones de visitantes mensuales
• Descargas de aplicaciones móviles: 4.2 millones
• Tasa promedio de conversión del sitio: 3.7%
• Tiempo promedio en el sitio: 6.2 minutos

Fijación de precios competitivos

Datos de comparación de precios:

Tipo de producto	Precio promedio masticable	Precio promedio de la competencia	Porcentaje de ahorro
Comida para perros (bolsa de 30 lb)	$52.99	$64.50	17.8%
Limitancia de gatos (20 lb)	$15.49	$19.99	22.5%

Opciones de entrega de autoship y recurrentes

Estadísticas del programa de autoship:

• CLIENTES TOTALES DE AUTOSHIA: 6.3 millones
• Porcentaje de ingresos de AutoShip: 67%
• Valor de pedido promedio de autoship: $ 84.50
• Tasa de retención de clientes a través de AutoShip: 85%

Servicio al cliente personalizado

Métricas de rendimiento del servicio al cliente:

Métrico	2024 rendimiento
Puntuación de satisfacción del cliente	4.8/5
Tiempo de respuesta promedio	12 minutos
Canales de soporte 24/7	Teléfono, chat, correo electrónico
Representantes de atención al cliente	2,100

Chewy, Inc. (CHWY) - Modelo de negocios: relaciones con los clientes

Atención al cliente 24/7

Chewy ofrece un servicio al cliente las 24 horas del día con las siguientes estadísticas:

Canal de soporte	Tiempo de respuesta promedio	Tasa de satisfacción del cliente
Soporte telefónico	2.5 minutos	92%
Chat en línea	1.8 minutos	94%
Soporte por correo electrónico	4.2 horas	88%

Chat en línea y asistencia telefónica

Los canales de atención al cliente de Chewy incluyen:

• Chat en vivo disponible 24/7
• Soporte telefónico sin peaje
• Representantes de servicio al cliente multilingüe

Recomendaciones de productos personalizadas

Métricas de personalización:

Precisión de recomendación	Tasa de participación del cliente	Tasa de conversión
78%	65%	22%

Programa de lealtad y recompensas

Detalles del programa de fidelización de Chewy:

• Programa de Autoship Inscripción: 70% de los clientes activos
• Ahorros promedio por cliente: $ 47 anualmente
• Repita la tasa de compra: 63%

Participación comunitaria a través de plataformas digitales

Estadísticas de compromiso digital:

Seguidores de redes sociales	Participantes del foro comunitario	Contenido generado por el usuario
Instagram: 1.2 millones	45,000 miembros activos	12,500 revisiones de productos semanalmente

Chewy, Inc. (CHWY) - Modelo de negocios: canales

Sitio web de la empresa

Chewy.com sirve como el principal canal de ventas directas, procesando el 100% de las transacciones de productos de mascotas en línea para la empresa. A partir del cuarto trimestre de 2023, el sitio web manejó aproximadamente 20.7 millones de clientes activos con una tasa de compra repetida del 64.3%.

Métrico del sitio web	2023 datos
Visitantes mensuales del sitio web	48.3 millones
Valor de pedido promedio	$93.47
Tasa de conversión	3.8%

Aplicación móvil

La aplicación móvil de Chewy tiene 7.2 millones de usuarios mensuales activos a diciembre de 2023, lo que representa el 34.8% del tráfico digital total.

• Disponibilidad de la plataforma iOS y Android
• Calificación promedio de la tienda de aplicaciones de 4.7/5
• Admite auto-envío, seguimiento de pedidos y servicio al cliente

Plataformas de redes sociales

Chewy mantiene la presencia activa de las redes sociales en múltiples plataformas con una base de seguidores combinados de 2.9 millones.

Plataforma	Recuento de seguidores
Instagram	1.4 millones
Facebook	1.1 millones
Tiktok	400,000

Marketing por correo electrónico

El marketing por correo electrónico genera el 22.6% de los ingresos digitales totales, con 18.3 millones de suscriptores de correo electrónico activos en 2023.

• Tasa de apertura de correo electrónico promedio: 24.7%
• Tasa de clics: 3.9%
• Correos electrónicos de recomendación de productos personalizados

Publicidad digital

Chewy gastó $ 287.4 millones en publicidad digital en 2023, lo que representa el 8.6% de los ingresos totales.

Canal de anuncios digital	Porcentaje de gasto
Ads de Google	42.3%
Anuncios de redes sociales	33.7%
Pantalla programática	24%

Chewy, Inc. (CHWY) - Modelo de negocios: segmentos de clientes

Dueños de mascotas

A partir del cuarto trimestre de 2023, Chewy atiende a aproximadamente 20.8 millones de clientes activos. El mercado total de propietarios de mascotas en los Estados Unidos representa el 70% de los hogares, lo que equivale a aproximadamente 90.5 millones de hogares.

Categoría de clientes	Número total	Porcentaje de mercado
Total de dueños de mascotas en EE. UU.	90.5 millones	70%
Clientes activos masticables	20.8 millones	23%

Dueños de perros y gatos

Los segmentos de enfoque principal de Chewy incluyen:

• Dueños de perros: 69 millones de hogares
• Propietarios de gatos: 45.3 millones de hogares

Tipo de mascota	Número de hogares	Gasto anual promedio
Dueño de perros	69 millones	$ 1,380 por año
Dueños de gatos	45.3 millones	$ 908 por año

Padres Millennial y Gen Z Pet

Información demográfica clave para los segmentos objetivo de Chewy:

• Millennials: 72% propios mascotas
• Gen Z: 52% propias mascotas
• Poder de compra combinado: $ 350 mil millones anualmente

Entusiastas de las compras en línea

Estadísticas del mercado de productos de mascotas de comercio electrónico:

• Ventas de productos de mascotas en línea: $ 29.4 mil millones en 2023
• Tasa de crecimiento proyectada: 15.3% anual
• Cuota de mercado de Chewy: 43% de las ventas de productos de mascotas en línea

Clientes repetidos y basados ​​en suscripción

Rendimiento del modelo de suscripción:

Métrico	Valor
Tarifa de cliente repetida	67%
Suscriptores de autoship	7.2 millones
Valor de suscripción promedio	$ 62 por pedido

Chewy, Inc. (CHWY) - Modelo de negocio: Estructura de costos

Adquisición de inventario

En el año fiscal 2022, Chewy reportó un costo total de bienes vendidos (COGS) de $ 8.19 mil millones. La compañía mantiene un enfoque estratégico para la gestión de inventario con métricas clave:

Métrico de inventario	Valor
Inversión de inventario anual	$ 2.3 mil millones
Relación de rotación de inventario	10.2x
Inventario de días sobresaliente	36 días

Tecnología y mantenimiento de la plataforma

Chewy asigna recursos significativos a la infraestructura tecnológica:

• Gastos de tecnología y desarrollo en 2022: $ 362 millones
• Inversión de infraestructura tecnológica: 4.4% de los ingresos totales
• Costos de computación y alojamiento en la nube: $ 78 millones anuales

Marketing y adquisición de clientes

Desglose de gastos de marketing para 2022:

Categoría de gastos de marketing	Cantidad
Gasto total de marketing	$ 571 millones
Publicidad digital	$ 342 millones
Costo de adquisición de clientes (CAC)	$ 45 por cliente nuevo

Gastos de cumplimiento y envío

Detalles de la estructura de costos de cumplimiento:

• Gastos de cumplimiento total en 2022: $ 687 millones
• Gastos de envío: $ 512 millones
• Costo de cumplimiento por pedido: $ 7.85
• Red de almacenamiento y logística: 9 centros de distribución

Operaciones de servicio al cliente

Asignación de costos de servicio al cliente:

Métrica de servicio al cliente	Valor
Gastos totales de servicio al cliente	$ 276 millones
Número de representantes de servicio al cliente	3,200
Costo promedio por interacción de servicio al cliente	$12.50

Chewy, Inc. (CHWY) - Modelo de negocios: flujos de ingresos

Ventas directas de productos

Chewy generó $ 9.95 mil millones en ventas netas para el año fiscal 2022. Los alimentos y suministros para mascotas representaron aproximadamente el 90% de los ingresos totales.

Categoría de productos	Porcentaje de ingresos
Comida para mascotas	65%
Suministros para mascotas	25%
Otros productos para mascotas	10%

Pedidos de suscripción y recurrentes

Los pedidos recurrentes representaron el 70.3% de las ventas netas de Chewy en el tercer trimestre de 2022. El cliente promedio realiza aproximadamente 5.6 pedidos por año.

• Valor de pedido de suscripción: promedio de $ 75- $ 100 por pedido
• Tasa de retención de clientes: 73% a partir de 2022

Programa de Autoship

El programa AutoShip generó $ 7.02 mil millones en ingresos recurrentes para 2022. Los clientes reciben un descuento del 5-10% en los pedidos de AutoShip.

Autoship Metrics	Valor
Ingresos totales de autoship	$ 7.02 mil millones
Descuento de autoship	5-10%
Tasa de penetración de autoship	65%

Servicios de cuidado de mascotas premium

Chewy's Connect con un servicio de telesalud Vet generó aproximadamente $ 120 millones en ingresos adicionales para 2022.

• Tarifa de consulta de telesalud: $ 49.99 por sesión
• Ingresos de servicios de farmacia: $ 85 millones

Comisión de ventas de productos de terceros

Las ventas de mercado de terceros generaron $ 180 millones en ingresos por comisión para 2022.

Canal de ventas de terceros	Ingresos por comisión
Ventas de mercado	$ 180 millones
Tarifa de comisión	10-15%

Chewy, Inc. (CHWY) - Canvas Business Model: Value Propositions

Ultimate convenience through the Autoship recurring delivery model.

The Autoship program is the bedrock of Chewy, Inc.'s revenue predictability. As of the second quarter of fiscal year 2025, this recurring delivery service accounted for 83% of total net sales. This high penetration rate, up from 66% at the time of its Initial Public Offering, shows deep customer habit formation. The growth in this segment consistently outpaces the overall top line; for instance, Autoship customer sales grew by 15% year-over-year in Q2 2025, while total net sales grew by 8.6% in the same period. This model directly translates to higher customer value, with Net Sales Per Active Customer (NSPAC) reaching $591 in Q2 2025.

Autoship Metric	Q1 Fiscal 2025 Value	Q2 Fiscal 2025 Value
Autoship Penetration of Net Sales	82.2%	83%
Autoship Sales Amount	Approximately $2.56 billion	$2.58 billion
Autoship Sales YoY Growth	+14.8%	+15%
Active Customers	20.8 million	20.9 million

Broad selection of approximately 130,000 products and services.

Chewy, Inc. offers a vast assortment to capture the entire pet parent wallet. The company partners with approximately 3,200 of the most trusted brands in the pet industry, in addition to its own private brands. Through its digital platforms, Chewy, Inc. makes available approximately 130,000 products and services offerings. This breadth supports market share gains, with management implying the company is capturing more than 50 cents of every dollar shifting to online pet retail channels in fiscal 2025.

Exceptional, high-touch, 24/7 customer service.

Customer experience is a key differentiator, consistently outperforming competitors. In the American Customer Satisfaction Index released in January 2025, Chewy, Inc. maintained the highest overall customer satisfaction score among online retailers with a score of 85 on a 100-point scale. This score was up 1% from the previous study, marking the third consecutive year holding the top spot. The company's mission centers on being the most trusted destination, which is supported by this high service level.

Integrated pet health services (Pharmacy, Vet Care, Connect).

The move into health services is designed to capture higher-margin, recurring revenue streams. Chewy, Inc. holds an estimated 7% market share in the U.S. pet pharmacy segment. By February 2, 2025, the company had expanded its Chewy Vet Care clinics to 11 locations, with plans to open an additional 8 to 10 clinics within the fiscal year. Furthermore, approximately 17,000 veterinary practices were enrolled in the PracticeHub platform as of February 2, 2025, representing an estimated 50% of all U.S. vet clinics. The planned acquisition of SmartEquine (formerly SmartPak) was expected to be adjusted EBITDA margin accretive upon closing in Q4 FY2025.

Competitive pricing and promotional offers for pet essentials.

The value proposition is reinforced by competitive pricing and loyalty programs that drive spend per customer. The company offers its selection at competitive prices. The Chewy+ paid membership program is a key promotional lever, exceeding initial expectations and projected to contribute a mid-single-digit percentage of monthly sales by the end of fiscal 2025. From a valuation perspective, as of July 2025, Chewy, Inc. traded at a forward price-to-sales ratio of 1.38X, which was below the industry average of 2.02X.

• Net sales per active customer (NSPAC) grew from $578 in Fiscal Year 2024 to $591 in Q2 Fiscal 2025.
• The company guided for full-year fiscal 2025 net sales between $12.5 billion and $12.6 billion.
• The company executed share repurchases totaling approximately $942.85 million in fiscal 2025.

Chewy, Inc. (CHWY) - Canvas Business Model: Customer Relationships

You're looking at how Chewy, Inc. keeps its pet-parent customers coming back; it's all about making the recurring purchase effortless and the occasional interaction memorable.

Automated, personalized service via the Autoship subscription.

The Autoship program is the backbone of Chewy, Inc.'s customer relationship strategy, driving predictable, high-retention revenue. As of the second quarter of fiscal 2025, Autoship orders accounted for a massive 83% of net sales. That recurring revenue stream saw its own sales increase by nearly 15% year-over-year in Q2 2025, outpacing overall top-line growth. This shows you the depth of customer habit formation. This reliance on subscription fulfillment has grown significantly; Autoship represented 66% of net sales at the time of the Initial Public Offering, so the penetration has climbed over 16 percentage points since then.

Here's a look at the core customer metrics driving this relationship:

Metric	Q1 Fiscal 2025 Value	Q2 Fiscal 2025 Value
Active Customers	20.756 million to 20.8 million	20.9 million to 21 million
Autoship Share of Net Sales	82.2%	83%
Net Sales Per Active Customer (NSPAC)	$583 (a 3.7% increase YoY)	$591 (compared to $565 a year ago)

The growth in NSPAC, reaching $591 in Q2 2025, confirms that these loyal customers are spending more with Chewy, Inc. over the year.

High-touch, empathetic customer support (e.g., hand-written cards).

While the numbers above speak to automation, the qualitative service is what keeps the brand top-of-mind. Chewy, Inc. defied the industry trend where global customer experience quality dropped to an all-time low in 2025, according to Forrester's Global Customer Experience Index, which surveyed 275,000 consumers. Chewy, Inc. maintained its status among the 10 "elite" CX brands. Furthermore, the company has held the top spot for customer satisfaction among online retailers for the past three years. This suggests that the high-touch elements, like personalized outreach, are working to make visitors feel valued.

Digital self-service through the mobile app and website.

The digital experience is crucial for driving adoption of the core subscription service. The company has continuously rolled out enhancements to its on-site and in-app experiences to ensure a convenient shopping journey. Chewy+ members, for example, make greater use of the company's app compared to non-members. The active customer base has been expanding sequentially, adding 150,000 more active customers between Q1 and Q2 of fiscal 2025, moving from 20.756 million to 20.9 million.

Loyalty and membership programs like Chewy+ (exceeding expectations).

The paid Chewy+ membership program is designed to deepen this relationship further. After moving out of its beta phase, the program rapidly strengthened. In July 2025, Chewy+ accounted for 3% of total monthly sales. Management expects this to grow to an approximately mid-single-digit percentage of net sales by the end of fiscal 2025. You see a compelling flywheel effect here, as Chewy+ members are using the Autoship program at higher rates than non-members.

• Chewy+ members buy at a greater frequency.
• Chewy+ members include more items in each order.
• The marginal acquisition cost for new Chewy+ members is near zero, as most conversions come from existing shoppers.

Finance: finalize the Q3 2025 customer acquisition cost breakdown by next Tuesday.

Chewy, Inc. (CHWY) - Canvas Business Model: Channels

You're mapping out Chewy, Inc.'s distribution strategy as of late 2025, focusing on how they get their value proposition to the pet parent. The channels are a mix of established digital dominance and targeted physical expansion.

Chewy.com E-commerce Website remains the core engine. This is where the vast majority of the business happens, driven heavily by recurring revenue programs.

• Fiscal Q2 2025 Net Sales reached $3.10 billion.
• Fiscal Q1 2025 Net Sales were $3.12 billion.
• Full Fiscal Year 2025 Net Sales guidance is set between $12.5 billion and $12.6 billion.
• The active customer base grew to nearly 21 million customers as of Q2 2025.
• Net Sales Per Active Customer (NSPAC) hit $591 in Q2 2025.

The Autoship program is critical to this channel, acting as a primary retention and revenue driver.

Metric	Q2 2025 Data	Q1 2025 Data
Autoship Sales Growth (YoY)	Increased 15%.	Increased 14.8%.
Share of Total Net Sales	Represented 83% of total net sales.	Accounted for 82.2% of net sales.

Mobile Applications for iOS and Android support the primary channel by boosting engagement and order frequency. While specific 2025 active user counts aren't explicitly stated, recent performance shows the channel's effectiveness.

• Unique customers ordering via the app saw an approximate 13% year-over-year increase in Q2 2024.
• Overall mobile app orders increased approximately 15% year-over-year in Q2 2024.
• The updated mobile app experience contributed to a mid-teens boost in average monthly app users compared to Q3 2023.

Chewy Vet Care Physical Clinics represent a newer, integrated physical channel designed to deepen customer relationships and drive cross-channel sales.

Chewy, Inc. is executing on its physical expansion plan for the fiscal year ending January 2026.

• The target for new clinic openings in Fiscal Year 2025 is 8 to 10 new locations.
• As of early 2025, the company operated 8 veterinary clinics.
• By August 2025, Chewy had rights to control 12 locations where operations had not yet commenced.
• Over half of new customers visiting the clinics subsequently bought goods from Chewy.com within 30 days.
• Projected annual revenue per clinic at maturity is approximately $2.4 million.
• Projected EBITDA per clinic at maturity is approximately $500,000.

Direct-to-Consumer Fulfillment Network and Third-Party Carriers handle the physical movement of goods, with a heavy focus on automation to manage costs and speed.

The company's logistics backbone relies on its network of fulfillment centers.

• As of late 2024/early 2025, Chewy operated six automated fulfillment centers.
• Currently, less than half of distribution center volumes move through automated processes.
• The goal is to increase automated fulfillment to over 70% of volumes.
• Average shipping distances have been slashed by 25% compared to the same period in 2021.

Finance: draft 13-week cash view by Friday.

Chewy, Inc. (CHWY) - Canvas Business Model: Customer Segments

You're analyzing the core customer base for Chewy, Inc. as of late 2025. This segment is the engine for their recurring revenue model, built on high-value, engaged pet parents.

Dedicated pet parents seeking convenience and recurring purchases form the foundation. These customers prioritize ease of use for essential, regularly consumed items like food and litter. This preference is heavily captured by the Autoship program, which is central to Chewy, Inc.'s stability.

The commitment of this base is evident in the latest figures:

• Active customers reached nearly 21 million as of the second quarter of fiscal year 2025.
• Net sales per active customer (NSPAC) hit $591 in Q2 2025.
• Chewy, Inc. commands an estimated 41% share of the customer base for online pet supplies.

Pet owners with chronic pet health needs (prescription customers) represent a key area for higher-margin, stickier revenue. While specific 2025 numbers for this segment are less detailed publicly, the focus on pharmacy expansion is a strategic driver for increasing customer lifetime value.

The company is actively working to grow this area, building on prior data that showed medications for chronic conditions made up about 70% of the medications Chewy, Inc. sold.

The high-value, loyal Autoship customers are the most critical group, driving the predictability of the entire business. This segment is the primary focus for revenue stability.

Here's the quick math on Autoship's dominance in Q2 2025:

Metric	Value (Q2 2025)
Autoship Customer Net Sales	$2.577 billion
Percentage of Total Net Sales	83.0%
Year-over-Year Growth in Autoship Sales	15%
Total Net Sales (for context)	$3.104 billion

Also, the paid membership program, Chewy+, is starting to contribute more significantly. In July 2025, it accounted for roughly 3% of total monthly sales, with management expecting it to contribute a mid-single-digit percentage of net sales by the end of the year.

Finally, there are the pet parents willing to spend more on premium and health/wellness products. This group is targeted by initiatives like the new private brand, Get Real, which launched post-Q1 2025 and saw strong early customer reception. These customers are the ones driving the Net Sales Per Active Customer (NSPAC) higher, as they purchase more than just basic consumables.

Finance: draft 13-week cash view by Friday.

Chewy, Inc. (CHWY) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drive Chewy, Inc.'s operational spending as of late 2025. It's all about scale and logistics in this business, so the costs reflect that.

Cost of Goods Sold (COGS), including product and shipping costs.

The Cost of Goods Sold is the single largest cost component for Chewy, Inc. For the full fiscal year 2025, the annual Cost of Goods Sold was reported at $8.394 billion. This represented a 5.1% increase compared to the 2024 fiscal year. Looking at the most recent reported quarter, the COGS for the first quarter of fiscal year 2025 (ended May 4, 2025) was $2.192 billion. The gross margin for the second quarter of fiscal year 2025 (ended August 3, 2025) stood at 30.4%.

Fulfillment and logistics expenses, a major operational cost.

Fulfillment and operational costs are a key driver within the larger Operating Expenses bucket. In the first quarter of fiscal year 2025, Operating Expenses grew 7.3% to $846.9 million, primarily due to increased fulfillment and operational costs. The total annual Operating Expenses for fiscal year 2025 were $11.749 billion, a 5.17% increase from 2024. For the twelve months ending July 31, 2025, total operating expenses reached $12.183 billion.

Technology and platform development investment (e.g., sponsored ads tech).

Specific dollar amounts for pure technology and platform development investment aren't always broken out separately, but the growth in the sponsored ads business is a noted factor impacting margins. The expansion in gross margin during the second quarter of fiscal year 2025 was fueled, in part, by growth in the sponsored ads business.

Selling, General, and Administrative (SG&A) expenses.

SG&A expenses show a steady climb in line with revenue growth. Chewy, Inc.'s annual SG&A expenses for 2025 were $3.355 billion, marking a 5.34% increase from 2024. For the twelve months ending July 31, 2025, this figure was $3.473 billion, an 8.11% year-over-year increase. In the second fiscal quarter of 2025, SG&A expenses were $671.9 million, which represented 21.6% of net sales for that period.

Marketing and customer acquisition costs.

Marketing spend is closely managed, often targeted as a percentage of sales. For the second quarter of fiscal year 2025, advertising and marketing expenses totaled $200.6 million, representing 6.5% of net sales. This was an increase of 5.3% year over year for the quarter. Looking at the full fiscal year 2025 projection, Chewy's selling and marketing expense peaked at $804.1 million.

Here's a quick look at the major annual cost components for fiscal year 2025:

Cost Component	Fiscal Year 2025 Amount (USD)	Year-over-Year Change (vs. 2024)
Cost of Goods Sold (COGS)	$8.394 billion	5.1% increase
Selling, General, and Administrative (SG&A) Expenses	$3.355 billion	5.34% increase
Total Operating Expenses	$11.749 billion	5.17% increase

You can see the Marketing expense is a significant, though smaller, part of the overall cost base. The company is definitely managing its overhead relative to its revenue growth.

For the second quarter of 2025, here are the key expense metrics:

• Q2 2025 Net Sales: $3.104 billion
• Q2 2025 SG&A as % of Net Sales: 21.6%
• Q2 2025 Advertising and Marketing Expense: $200.6 million
• Q2 2025 Advertising and Marketing as % of Net Sales: 6.5%

Finance: draft 13-week cash view by Friday.

Chewy, Inc. (CHWY) - Canvas Business Model: Revenue Streams

You're looking at the core ways Chewy, Inc. brings in money as of late 2025. It's heavily weighted toward predictable, recurring income, which is exactly what sophisticated investors want to see.

The most significant stream is the Autoship subscription sales, which represent the bedrock of the recurring revenue model. This segment is performing exceptionally well, hitting $2.58 billion in Q2 2025. This figure alone shows the power of locking in repeat purchases for essential pet supplies.

To put this into perspective against the total top line for that quarter, here is a breakdown of the Q2 2025 revenue composition based on reported figures:

Revenue Component	Q2 2025 Amount/Percentage
Total Net Sales (Q2 2025)	$3.10 billion
Autoship Customer Net Sales (Q2 2025)	$2.58 billion
Autoship Share of Total Net Sales	83%
Non-Autoship E-commerce Sales (Calculated)	Approximately $0.52 billion (17% of total)

The remaining revenue comes from Non-Autoship e-commerce sales of pet products and supplies. This includes one-time purchases, larger discretionary items, and sales from customers not enrolled in the recurring program. This segment made up the remaining 17% of the Q2 2025 net sales, equating to roughly $0.52 billion for the quarter.

Chewy, Inc. is also building out higher-margin revenue sources. You see this in the growth of the sponsored ads business. Management pointed to this as a key lever for gross margin expansion in Q2 2025, alongside a higher mix of premium products. While a specific dollar amount for ad revenue isn't always broken out, its impact on profitability is noted.

Furthermore, the company is expanding its footprint in the higher-value pet care space through its health offerings. This includes sales from Chewy Pharmacy and pet health/wellness services. CEO Sumit Singh highlighted the strength of growth in the health categories during the Q2 2025 report, signaling this is a strategic area for revenue diversification and increased customer wallet share.

Looking forward, the company's full-year expectations reflect confidence in these revenue streams continuing to compound. The projected full-year 2025 net sales guidance was raised to a range of $12.5 billion to $12.6 billion. This guidance was an increase of $175 million to the midpoint from prior expectations.

Here are the key drivers supporting this revenue outlook:

• Active customer count reached nearly 20.9 million in Q2 2025.
• Net sales per active customer (NSPAC) was reported at $591 for Q2 2025.
• The Chewy Plus paid membership program is accelerating adoption of Autoship.
• The new private brand, Get Real, is a strategic growth driver in the Fresh Frozen segment.