Chewy CEO Outlines Autoship Growth and Vet Care Push at Goldman Conference

Chewy's investor presentation signals that the company is betting recurring subscription revenue and expanded veterinary services will drive margin improvement as pet industry growth moderates.

Chewy, Inc. (NYSE: CHWY) Chief Executive Officer Sumit Singh presented at the Goldman Sachs Global Consumer and Retail Conference on September 14, 2026, at 2:50 PM EDT, according to a conference transcript published by Seeking Alpha. The presentation took the form of a fireside chat with Goldman Sachs U.S. Internet and E-Commerce analyst Eric Sheridan.

Chewy reported net sales of approximately $11.9 billion for its fiscal year ended February 2, 2025, according to the company's most recent annual report filed with the Securities and Exchange Commission. The company serves more than 20 million active customers, a figure it has cited in multiple SEC filings and earnings releases.

Autoship, Chewy's subscription fulfillment program, has been the company's primary revenue driver. In its fiscal fourth-quarter 2025 earnings release, Chewy reported that Autoship customer sales reached $2.64 billion for the quarter, representing approximately 79 percent of total net sales. The company has described Autoship as central to its strategy for reducing customer acquisition costs and improving revenue predictability.

Singh has emphasized veterinary services as a second growth vector. Chewy operates a telehealth offering called Connect with a Vet and has expanded its Vet Care clinic footprint, which provides in-person veterinary services. The company disclosed in prior earnings calls that its Vet Care clinics operate inside PetSmart locations, a relationship that stems from PetSmart's ownership stake in Chewy, which dates to PetSmart's acquisition of the company in 2017 and the subsequent partial IPO in 2019.

The pet industry context is relevant for investors assessing Chewy's growth runway. The American Pet Products Association estimated in its 2025 to 2026 industry report that total U.S. Pet industry expenditures reached $157 billion in 2024, up from $147 billion in 2023. Veterinary care and products accounted for approximately $38 billion of that total, making it the second-largest spending category after pet food and treats.

Chewy competes directly with Amazon and Walmart in the online pet supply segment. Amazon does not break out pet category revenue separately in its SEC filings, making direct market-share comparisons difficult with publicly available data. What would clarify Chewy's competitive positioning is a category-level revenue disclosure from one of its larger rivals, which neither Amazon nor Walmart currently provides.

The company's profitability trajectory has been a focal point for analysts. Chewy reported its first full fiscal year of GAAP net income in fiscal 2025, recording net income of $76.1 million on the $11.9 billion in net sales cited above, according to its annual report. That represents a net margin of approximately 0.6 percent. The company's adjusted EBITDA margin for the same period was approximately 4.5 percent, as reported in its earnings release.

Shares of CHWY closed at $38.47 on September 12, 2026, the last trading session before the conference, according to public market data. The stock has traded between $17.05 and $42.10 over the prior 52-week period, based on data available through major financial data providers.

Investor attention at conferences of this type typically centers on forward guidance and capital allocation. Chewy's most recent formal guidance, issued with its fiscal first-quarter 2026 earnings on June 11, 2026, projected net sales of $11.8 billion to $12.0 billion for the full fiscal year 2026, with adjusted EBITDA margin of approximately 4.6 to 4.8 percent. The company did not revise that guidance at the Goldman Sachs conference, based on the transcript record available at time of publication.

What the Goldman conference presentation does not resolve is whether Chewy's veterinary clinic expansion will reach a scale sufficient to move consolidated margins materially within the next two fiscal years. The company has not disclosed per-clinic revenue or per-clinic profitability in any public filing reviewed for this article. Disclosure of those figures in future earnings reports would be the clearest indicator of whether the vet care strategy is contributing to or diluting group-level returns.