1Q Print Strong While Macro Weighs on FY26 Revenue Outlook

研报英文原文证据摘录

1Q Print Strong While Macro Weighs on FY26 Revenue Outlook

eCommerce Platforms

Chewy

TD SECURITIES (USA) LLC EARNINGS UPDATE

June 11, 2026

Price: $19.98 (06/10/2026) 1Q Print Strong While Macro Weighs on FY26

Price Target: $34.00 (Prior $42.00) Revenue Outlook

BUY (1)

ESG SCORE: 61/100

William Kerr THE TD COWEN INSIGHT

646 562 1349

Chewy 1Q26 revenue was in line with expectations, while EBITDA beat consensus by

bill.kerr@tdsecurities.com

~5%. Mgmt. lowered FY26 revenue guide ~1.5% amid a weaker macro environment while

John Blackledge maintaining their EBITDA margin forecasts. We trimmed both our FY26 revenue and EBITDA

646 562 1359 outlooks by ~2% while making some more substantial cuts long term. Shares were down ~2%.

john.blackledge@tdsecurities.com

PT to $34, maintain Buy rating.

James Kopelman

646 562 1320 1Q26 Revenue In Line With Consensus: Chewy reported 1Q26 revenue of $3.36BN, up 7.7% y/

james.kopelman@tdsecurities.com y, and in line with both our/consensus estimates of $3.36BN, and at the high end of guidance

Logan Whalley, CFA of $3.33BN to $3.36BN. Revenue was driven by Active Customers of 21.5M, +3.6% y/y, in line

646 562 1392 with consensus estimates and up y/y for the 6th consecutive qtr., driven by improvements

logan.whalley@tdsecurities.com across the active customer funnel. NSPAC rose 2.4% y/y. Autoship customer sales were

$2.83BN up 10.5% y/y and 1.3% below with our estimate, offset by better than expected non-

Key Data

Autoship customer revenue of $524.2MM.

Symbol NYSE: CHWY

Beta: 1.44 1Q26 EBITDA Slightly Ahead of Estimates: CHWY 1Q26 gross margins were up 50bps y/y vs

52-Week Range: $43.43-$19.66 our estimate of +70bps. 1Q26 margins were driven by ads growth, category mix and operating

Market Cap: $4.6B discipline.