Chewy, Inc. ( CHWY ) will report its second-quarter fiscal 2025 results on September 10, with Wall Street closely watching the online pet retailer’s ability to sustain growth in a resilient but increasingly competitive category.

According to Benzinga Pro data, analysts expect Chewy to deliver adjusted earnings of $1.41 per share on revenue of $3.08 billion.

The company serves more than 20 million active customers and continues to hold a strong position in a market still transitioning to digital.

Also Read: Chewy Stock Showing Strength: A Pawsible Breakout?

JPMorgan notes that online penetration of the U.S. pet category was roughly 38% in fiscal 2024, leaving ample runway for growth. Chewy commands an estimated 33% share of that online segment.

“We remain bullish on CHWY’s product improvements, execution, and marketing, along with stable industry trends,” wrote analyst Doug Anmuth in an investor note on Friday.

Analyst Anmuth said investors anticipate Chewy will top its $3.06 billion–$3.09 billion second-quarter sales outlook and raise fiscal 2025 guidance, with net sales trending toward the high end of $12.30 billion–$12.45 billion and adjusted EBITDA margins of 5.4%–5.7%.

Chewy is viewed as defensive, as ~85% of net sales are in non-discretionary goods and around 80%+ come from Autoship, and Chewy is not seeing tariff-driven inflation within hard goods.

JP Morgan maintains the Overweight rating and a price forecast of $47 is based on ~24x 2026E Adj. EBITDA of $787 million, which equates to ~29x 2026E FCF of $640 million.

Chewy is showing solid momentum across its customer funnel, with active customer growth tracking at the high end of the low-single-digit range year over year.

The analyst expects net customer adds of about 126 thousand in the second quarter and 656 thousand for fiscal 2025.

Net sales are projected to rise 8% year over year in the second quarter and 7% in fiscal 2025 (excluding the 53rd week), leaving room for upside.

Price Action: CHWY stock is trading higher by 1.70% to $41.86 at last check Friday.

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