Want to see CHWY full AI Analyst Report?
Operating Expense Breakdown
Details core costs like R&D, marketing, and admin, offering insight into how efficiently the company runs and where it’s prioritizing investment.Chewy’s absolute SG&A and sales & marketing costs have climbed steadily—driven by seasonality and heavier investment in acquisitions, vet clinics and customer‑growth initiatives—yet management is squeezing leverage, converting that higher spend into improved margins and cash flow. Management points to AI efficiencies and Autoship momentum to offset ongoing investment and to hit its mid‑single‑digit adjusted‑EBITDA margin target, but near‑term cadence is uneven (Modern Animal and fuel headwinds plus slower NSPAC), so investors should expect continued elevated spend with margin improvement realized gradually.
Date | Sales and Marketing | Selling, General, and Administrative |
|---|---|---|
Jun 30, 2026 | $214.80M | $704.40M |
Mar 31, 2026 | $206.10M | $676.80M |
Dec 31, 2025 | $232.60M | $684.60M |
Sep 30, 2025 | $197.90M | $665.10M |
Jun 30, 2025 | $200.60M | $671.90M |
Mar 31, 2025 | $193.80M | $653.10M |
Dec 31, 2024 | $235.01M | $700.71M |
Sep 30, 2024 | $191.77M | $626.47M |
Jun 30, 2024 | $190.52M | $621.27M |
Mar 31, 2024 | $186.81M | $602.56M |