
Chewy Signals Solid 2026 Outlook on Customer Momentum, Margin Gains, RBC Says

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RBC Capital reports Chewy's Q3 results align with expectations, driven by active customer growth. Q4 guidance includes a $10M charge from SmartEquine acquisition. 2026 outlook shows flat pet household growth, pricing gains, and margin improvements. RBC forecasts net sales growth of 6.2% in 2025 and 7.9% in 2026, maintaining a 6.2% EBITDA margin estimate. Chewy's stock rating remains outperform with a $43 price target.

