Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Chewy, Inc. reported second quarter fiscal 2026 results showing continued growth amid a stable but pressured consumer environment in the pet market.</li><li>The company achieved total enterprise net sales of $3.33 billion, representing 7.3% year-over-year growth and hitting the high end of guidance.</li><li>Organic growth, excluding acquisitions SmartPak and Modern Animal, was 5.7%, driven by increases in active customers, net sales per active customer (NSPAC), and market share gains.</li></ul>

Chewy, Inc. reported second quarter fiscal 2026 results showing continued growth amid a stable but pressured consumer environment in the pet market.The company achieved total enterprise net sales of $3.33 billion, representing 7.3% year-over-year growth and hitting the high end of guidance.Organic growth, excluding acquisitions SmartPak and Modern Animal, was 5.7%, driven by increases in active customers, net sales per active customer (NSPAC), and market share gains.

Chewy’s $13.57 Billion Sales Outlook — Can Share Gains Offset A Weak Pet Market?

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Research Reinvented

<ul>
  <li>
<a href="https://smartkarma.com/entities/chewy-inc">Chewy </a>is a dominant pure-play online retailer in the resilient U.S. pet care market, differentiated by its high-touch customer service and a powerful recurring revenue model.</li>
  <li>The 'Autoship' subscription program is the company's core strength, accounting for the vast majority of sales, which provides significant revenue visibility, enhances customer lifetime value, and creates a sticky customer base.</li>
  <li>Future growth is predicated on expanding high-margin verticals, particularly pet healthcare (pharmacy, telehealth, and vet clinics) and private label brands, while navigating intense competition and a challenging consumer spending environment.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
Chewy is a dominant pure-play online retailer in the resilient U.S. pet care market, differentiated by its high-touch customer service and a powerful recurring revenue model.
  The 'Autoship' subscription program is the company's core strength, accounting for the vast majority of sales, which provides significant revenue visibility, enhances customer lifetime value, and creates a sticky customer base.
  Future growth is predicated on expanding high-margin verticals, particularly pet healthcare (pharmacy, telehealth, and vet clinics) and private label brands, while navigating intense competition and a challenging consumer spending environment.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

<ul><li>Chewy, Inc. reported its first quarter results for fiscal year 2026, showing moderate revenue growth amid a challenging consumer environment.</li><li>Net sales increased 7.7% year-over-year to about $3.36 billion, supported by the addition of nearly 200,000 net active customers, bringing the total to 21.5 million—a 3.6% increase year-over-year.</li><li>Net sales per active customer (NSPAC) improved to $597, driven by recurring purchases through the Autoship program, which accounted for 84.4% of net sales and grew over 10% year-over-year.</li></ul>

Chewy, Inc. reported its first quarter results for fiscal year 2026, showing moderate revenue growth amid a challenging consumer environment.Net sales increased 7.7% year-over-year to about $3.36 billion, supported by the addition of nearly 200,000 net active customers, bringing the total to 21.5 million—a 3.6% increase year-over-year.Net sales per active customer (NSPAC) improved to $597, driven by recurring purchases through the Autoship program, which accounted for 84.4% of net sales and grew over 10% year-over-year.

Chewy’s 84.4% Autoship Machine: A Recurring Revenue Powerhouse In A Weak Consumer Market?

<ul><li>Chewy, Inc. reported its fiscal year 2025 results with revenue growth, margin expansion, and record free cash flow generation.</li><li>Net sales for the full year increased by 8.3% to over $12.6 billion, driven by stable category demand, share gains, and balanced growth between active customers and net sales per active customer (NSPAC).</li><li>Active customers reached 21.3 million, growing approximately 4% year-over-year, with Autoship sales comprising over 83% of net sales, underscoring a strong recurring revenue model.</li></ul>

Chewy, Inc. reported its fiscal year 2025 results with revenue growth, margin expansion, and record free cash flow generation.Net sales for the full year increased by 8.3% to over $12.6 billion, driven by stable category demand, share gains, and balanced growth between active customers and net sales per active customer (NSPAC).Active customers reached 21.3 million, growing approximately 4% year-over-year, with Autoship sales comprising over 83% of net sales, underscoring a strong recurring revenue model.

Chewy: Health Services, App Ecosystem & Subscription Growth—A Platform Evolution Underway!

<ul><li>Chewy's latest financial results reflect a balance of growth and challenges.</li><li>The company reported an 8.3% increase in net sales, reaching $3.12 billion.</li><li>This growth was largely driven by unit volume increases rather than price adjustments, a significant achievement in a stable pricing environment within the pet industry.</li></ul>

Chewy's latest financial results reflect a balance of growth and challenges.The company reported an 8.3% increase in net sales, reaching $3.12 billion.This growth was largely driven by unit volume increases rather than price adjustments, a significant achievement in a stable pricing environment within the pet industry.

Chewy Inc.: Expanding Beyond E-Commerce Into a Massive Pet Healthcare Opportunity!

United States

Chewy, Inc. is an online retailer of pet food and other pet-related products. The Company through its retail website and mobile application offers pet food, treats, supplies, and healthcare products for dogs, cats, fish, birds, horses, and reptiles, as well as provides a range of pet clothing and medications. Chewy serves customers in the United States.

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Chewy (CHWY US)

Primer: Chewy (CHWY US) - Aug 2026

Chewy is a dominant pure-play online retailer in the resilient U.S. pet care market, differentiated by its high-touch customer service and a...

αSK Primers

Chewy’s 84.4% Autoship Machine: A Recurring Revenue Powerhouse In A Weak Consumer Market?

Chewy, Inc. reported its first quarter results for fiscal year 2026, showing moderate revenue growth amid a challenging consumer environment. Net...

Baptista Research

Chewy: Health Services, App Ecosystem & Subscription Growth—A Platform Evolution Underway!

Chewy, Inc. reported its fiscal year 2025 results with revenue growth, margin expansion, and record free cash flow generation. Net sales for the...

Baptista Research

Chewy Inc.: Expanding Beyond E-Commerce Into a Massive Pet Healthcare Opportunity!

Chewy's latest financial results reflect a balance of growth and challenges. The company reported an 8.3% increase in net sales, reaching $3.12...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Chewy’s $13.57 Billion Sales Outlook — Can Share Gains Offset A Weak Pet Market?

Chewy, Inc. reported second quarter fiscal 2026 results showing continued growth amid a stable but pressured consumer environment in the pet...

Baptista Research

Primer: Chewy (CHWY US) - Aug 2026

Chewy is a dominant pure-play online retailer in the resilient U.S. pet care market, differentiated by its high-touch customer service and a...

αSK Primers

Chewy’s 84.4% Autoship Machine: A Recurring Revenue Powerhouse In A Weak Consumer Market?

Chewy, Inc. reported its first quarter results for fiscal year 2026, showing moderate revenue growth amid a challenging consumer environment. Net...

Baptista Research

Chewy: Health Services, App Ecosystem & Subscription Growth—A Platform Evolution Underway!

Chewy, Inc. reported its fiscal year 2025 results with revenue growth, margin expansion, and record free cash flow generation. Net sales for the...

Baptista Research

Chewy Inc.: Expanding Beyond E-Commerce Into a Massive Pet Healthcare Opportunity!

Chewy's latest financial results reflect a balance of growth and challenges. The company reported an 8.3% increase in net sales, reaching $3.12...

Baptista Research