Chewy Inc. Chief Executive Officer Sumit Singh said the company's next growth phase will be driven by its health business and artificial-intelligence initiatives, according to remarks at the Goldman Sachs Global Consumer and Retail Conference on Monday, Sept. 14, 2026. Goldman Sachs analyst Eric Sheridan opened the session with a caution about forward-looking statements. Chewy shares closed regular trading at $21.36, up 4.48% from the prior close of $20.44, and traded at a price-to-earnings ratio of 33.48 and a price-to-earnings growth ratio of 0.35.
The company, which went public six to seven years before the conference, said it has added about $9 billion in incremental revenue over the past six years. Chewy Health contributed roughly $4 billion, or about 44%, of that incremental revenue. Gross margins have risen from 18% at the initial public offering to about 30% now, with Autoship, health and supply-chain optimization each contributing in roughly equal parts. Chewy entered the health market in 2018 and said it is targeting a scaled health platform over the next five to 10 years.
Singh described the pet health opportunity as a roughly $50 billion total addressable market, with the consumer-products and merchandise segment—pharmacy, diet, supplements and flea-and-tick products—estimated at $12 billion to $15 billion. The company said it captures 70 cents of every dollar moving online in the pet pharmacy and products space. About 25% of Chewy's customer base uses its pharmacy, and converting an existing customer to pharmacy adds about $300 to $500 in net spend per active customer.
Chewy operates 60 veterinary clinics. Average revenue per clinic is about $3.5 million, plus about $800,000 in attach sales back to Chewy.com, for a total of about $4.3 million per clinic. The company said a clinic reaches breakeven in about 20 months, one-year veterinarian retention is in the high 80s to low 90s percent range, and its software platform is used by about 18,000 veterinarians, roughly half of U.S. veterinarians.
On growth, Chewy targeted net customer additions of 150,000 to 250,000 per year and cited a current organic growth rate of 6% to 8%. Revenue over the last twelve months was $13.07 billion, with growth of nearly 6%. The company expects AI-driven savings of $50 million in 2027 and said no pricing recovery is built into its 2027 outlook. U.S. pet insurance penetration remains below 3%, compared with the mid-20s percent range in markets such as the U.K., Australia, New Zealand and Europe.
Singh said the company is seeing consumer normalization begin, with pet adoptions running ahead of relinquishments and pet owners increasing spending. He cited an example in which a breeder's Goldendoodle, previously marketed at $2,200 per puppy, is now selling for $4,500 while the number of litters remains unchanged. He also said rebuilding the supply chain and technical infrastructure, and layering food and medication offerings onto Autoship, has given Chewy the stability to invest in the health market it entered in 2018.
