What is Chewy's net debt?

Chewy (CHWY) reported net debt of $38.2M in Q1 2026.

How has Chewy's net debt changed year-over-year?

Chewy's net debt increased by 147.1% year-over-year, from -$81.1M to $38.2M.

What is the long-term trend for Chewy's net debt?

Over 5 years (2020 to 2025), Chewy's net debt has grown at a 7.0% compound annual growth rate (CAGR), from -$215.97M to -$303.3M.

What does net debt mean?

Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.

Chewy CHWY Net debt

Discontinued — last reported Q1 '26

Net debt at other companies

Cleveland-CliffsCLF

40×—

Armstrong World IndustriesAWI

0.9×-0.1×

LAD

Lithia MotorsLAD

0.4×0.0×

Albertsons CompaniesACI

4.1×+0.4×

Pilgrim's Pride CorporationPPC

1.5×+0.9×

ESABESAB

2.3×+0.7×

Other financials

Income statement

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Revenue$3.4B+7.7%

Gross profit$1.0B+9.5%

Operating income$128.5M+67.1%

Net income$94.8M+51.9%

EPS (diluted)$0.23+53.3%

Balance sheet

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Cash & equivalents$485.2M-21.3%

Total debt$523.4M-2.2%

Total equity$424.2M+12.9%

Total assets$3.3B+8.0%

Cash flow

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Operating cash flow$108.5M+25.6%

CapEx$37.7M0.0%

Free cash flow$70.8M+45.4%

Valuation

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Market cap$7.46B-50.3%

Enterprise value$7.49B-49.8%

P/E29.2×-9.4×

P/S0.6×-0.7×

Profitability

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Gross margin29.9%+0.7pp

Operating margin2.4%+1.3pp

Net margin2%-1.2pp

FCF margin4.6%+0.8pp

Returns & leverage

See full

Return on equity63.8%-12.4pp

Debt / equity1.2×-0.2×

Current ratio0.8×0.0×

Where this comes from

Calculated from Chewy’s reported figures.

$523.4Mtotal debt−$485.2Mcash and equivalents=$38.2M

The official record: Chewy’s 10-Q, filed June 10, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Chewy's net debt?: Chewy (CHWY) reported net debt of $38.2M in Q1 2026.
How has Chewy's net debt changed year-over-year?: Chewy's net debt increased by 147.1% year-over-year, from -$81.1M to $38.2M.
What is the long-term trend for Chewy's net debt?: Over 5 years (2020 to 2025), Chewy's net debt has grown at a 7.0% compound annual growth rate (CAGR), from -$215.97M to -$303.3M.
What does net debt mean?: Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.