Chewy Inc. (CHWY) Global Consumer and Retail Conference 2026 — Key Takeaways

Equity Research 14 September 2026 | 5:13PM EDT

Chewy Inc. (CHWY): Global Consumer and Retail Conference 2026 — Key Takeaways

Eric Sheridan | Goldman Sachs & Co. LLC

Sarah Boulos | Goldman Sachs & Co. LLC

Emma Huang | Goldman Sachs & Co. LLC

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Goldman Sachs Chewy Inc. (CHWY)

Presenters: We hosted Sumit Singh, CEO of Chewy at the 33rd Annual Global Consumer and Retail Conference.

Bottom Line: Key takeaways from our conversation: 1) management expressed confidence in Chewy’s ability to continue gaining share and grow faster than the broader pet category despite a stable but still pressured industry backdrop; 2) Chewy’s evolution into a broader pet care ecosystem continues to gain momentum, with investments across Chewy Health, Chewy Vet Care, Modern Animal, pharmacy, and services creating new avenues for customer acquisition, engagement, and long-term NSPAC growth; and 3) management highlighted AI, automation, and health as large long-term opportunities, believing they can simultaneously improve customer outcomes, expand addressable market opportunities, and drive meaningful operating leverage over time.

Macro: Management described the consumer environment as stable but still pressured, particularly within dog-related categories where lower adoption activity and reduced discretionary spend have weighed on growth. While premium attach rates and non-essential purchases have faced pressure, recurring consumables and health-related categories remain strong, supporting continued market share gains. Additionally, management views these headwinds as cyclical rather than structural and remains confident that Chewy’s value proposition, convenience, and recurring revenue model position the company to outperform the broader pet market.

NSPAC: NSPAC is a key pillar of Chewy’s long-term growth strategy, with management focused on driving greater wallet share and loyalty through Health, Autoship, and Chewy+. Chewy is focused on increasing engagement and spend from its existing customer base, with initiatives such as clinics, pharmacy, and membership benefits designed to improve retention, purchase frequency, and customer lifetime value, while supporting durable NSPAC growth over time.

Health: Health remains a key growth vector for CHWY (across pharmacy, Chewy Vet Care, care services, and veterinary offerings) and continues to drive higher wallet share and increase NSPAC. Chewy’s tech stack positions them well for the growing telehealth opportunity (which will broaden the health TAM and lower cost to serve), as the company sees the combination of physical care, digital health, pharmacy, and commerce as a differentiated customer proposition.

Autoship and Chewy+: Now representing +84.6% of sales, autoship remains the foundation of customer retention, engagement, and lifetime value expansion. Management discussed opportunities to further enhance Autoship through better personalization, greater category penetration, health integration, and loyalty initiatives. Management also noted a potential an enhanced version of Chewy+ which will be