Chewy Q2 10-Q: $3.33B Sales, $400M Buybacks, and $575M in Acquisitions
CHWY sits 38% above its 52-week low of $17.4.
Summary
Chewy's Q2 10-Q confirms 7.3% sales growth and raised guidance, while revealing $552.8M in acquisition spending, $400M in buybacks, and a new $600M term loan that cut cash by $249M.
Key Events · Earnings and Guidance · CHWY
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Q2 Sales Up 7.3% to $3.33B
Net sales reached $3.33 billion, up 7.3% year over year, with organic growth of 5.7% excluding SmartPak and Modern Animal. Active customers grew 3.8% to 21.7 million.
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Adjusted EBITDA Up 23.7%
Adjusted EBITDA rose to $226.7 million from $183.3 million a year ago, with margin expanding 90 basis points to 6.8%. Net income was $80.5 million, up 29.8%.
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$552.8M Spent on Acquisitions
Chewy paid $378.0 million net for Modern Animal (veterinary platform) and $174.8 million net for SmartPak (equine health), adding $294.7 million of goodwill and $152.0 million of identified intangibles.
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$400M Buybacks and New $600M Term Loan
Chewy repurchased 17.5 million shares for $400.0 million in H1 2026, with $350.1 million remaining authorized. A new $600 million term loan at 5.41% interest pushed long-term debt to $588.7 million.
Analysis · CHWY · Trade & Services
Chewy's Q2 10-Q confirms the strong results already previewed in this morning's 8-K — net sales up 7.3% to $3.33 billion and adjusted EBITDA up 23.7% to $226.7 million — but adds the full balance sheet and cash flow detail that the earnings release omitted. The company spent $552.8 million on the SmartPak and Modern Animal acquisitions, drew and repaid $220 million on its ABL facility, and repurchased $400 million of stock in the first half. Cash fell from $860.1 million to $611.0 million, while long-term debt rose from zero to $588.7 million after the new $600 million term loan. The balance sheet remains healthy with $783.1 million of ABL availability, but the cash burn from acquisitions and buybacks is the key new data point for investors.
How filings like this one have moved
In the 30 days to Sep 10, 2026, 29.9% of the 1988 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.12%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, CHWY was trading at $24.00 on NYSE in the Trade & Services sector, with a market capitalization of approximately $9.5B. The 52-week trading range was $17.40 to $43.50. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.