Chewy is the leading U.S. online-only pet retailer, selling pet food, treats, supplies, medications, and health services directly to consumers through its website and mobile app. Chewy offers roughly 190,000 products across ~4,000 brands, with fast delivery capable of reaching over 80% of the U.S. population overnight. The core of Chewy's business model is its Autoship subscription program, through which customers set up recurring orders — Autoship accounts for roughly 84% of net sales and provides highly predictable revenue while improving demand forecasting and fulfillment efficiency. Revenue growth is driven by growing active customers and increasing spend per customer. Beyond core retail, Chewy operates a growing health and pharmacy vertical, which it describes as the #1 U.S. pet pharmacy, offering prescription and compounding medications to consumers and to veterinary practices through its PracticeHub B2B platform (~20,000 enrolled vet practices). Chewy also operates physical veterinary clinics under the Chewy Vet Care brand, plus pet insurance, wellness plans, and telehealth services. Key margin drivers include a sponsored advertising platform (targeting up to 3% of net sales), a mix shift toward higher-margin health, pharmacy, and private label products (Frisco, American Journey, Tylee's, Vibeful), and fulfillment automation. Chewy also offers a paid membership program, Chewy+, designed to drive order frequency and basket expansion into discretionary categories. Chewy targets a long-term adjusted EBITDA margin of 10% and deploys free cash flow toward fulfillment investment, share buybacks, and bolt-on M&A.