<div id="readability-page-1">12:12 PM EST, 12/11/2025 (MT Newswires) -- Chewy (CHWY) delivered largely in-line results in fiscal Q3, supported by strong active customer growth and encouraging early comments on the 2026 outlook, RBC Capital said Wednesday in a report.Management's Q4 guidance met expectations and includes a $10 million one-time charge tied to the SmartEquine acquisition, the report said. Adjusted earnings before interest, taxes, depreciation, and amortization margins are forecast to expand 120 basis points to 5.1% from the implied 4.7% at the midpoint of guidance, RBC said.For 2026, Chewy expects trends similar to 2025, with flat pet household growth offset by pricing gains and margin improvement driven by lower operating costs and increased automation in fulfillment centers, the report said.RBC raised its net sales growth forecasts to 6.2% in 2025 and 7.9% in 2026, while keeping the 2026 adjusted EBITDA margin estimate unchanged at 6.2%.RBC maintained its outperform rating on Chewy stock with a price target of $43.Price: 34.42, Change: -0.95, Percent Change: -2.68 MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.</div>

CHWY

RBC Capital 报告称，Chewy 第三季度的业绩符合预期，主要受活跃客户增长的推动。第四季度的指引包括来自 SmartEquine 收购的 1000 万美元费用。2026 年的展望显示宠物家庭增长持平，价格上涨和利润率改善。RBC 预测 2025 年净销售增长 6.2%，2026 年增长 7.9%，维持 6.2% 的 EBITDA 利润率预期。Chewy 的股票评级维持 “跑赢大盘”，目标价为 43 美元

RBC 表示，Chewy 凭借客户增长势头和利润率提升，展现出 2026 年稳健的前景