Inventory Turnover › Chewy
Chewy Inventory Turnover: Online Pure-Play Case Study
Chewy, Inc. (CHWY) turned its inventory 10.4x in fiscal 2025 (52 weeks ended February 1, 2026), the fastest of any large US pet retailer. But the ratio has eased every year since fiscal 2022, when it was 11.8x. That drift tells you more about Chewy's strategy than any single-year figure. All numbers from the company 10-K filings on SEC EDGAR.
Quick answer: Chewy's fiscal 2025 and 2024 10-K inventory turnover ratio
Fiscal 2025 (10-K)
10.4x for the 52 weeks ended February 1, 2026. $8,847.6M cost of goods sold over roughly $850.75M average inventory ($836.7M opening, $864.8M closing). Fastest among US public pet retailers.
Fiscal 2024 (10-K)
10.8x for the 52 weeks ended February 2, 2025. $8,394M cost of goods sold over roughly $778.0M average inventory.
Turnover = COGS / average inventory (mean of opening and closing balance-sheet inventory). Figures taken from Chewy's 10-K filings on SEC EDGAR (CIK 0001766502), verified 24 August 2026.
FY22 - FY25 turnover history
| Fiscal Year | COGS | Inv (start) | Inv (end) | Turnover |
|---|---|---|---|---|
| FY22 (ended Jan 29 2023) | $7,268M | $560.4M | $675.5M | 11.8x |
| FY23 (ended Jan 28 2024) | $7,986M | $675.5M | $719.3M | 11.5x |
| FY24 (ended Feb 2 2025) | $8,394M | $719.3M | $836.7M | 10.8x |
| FY25 (ended Feb 1 2026) | $8,848M | $836.7M | $864.8M | 10.4x |
Notes column summarises the driver of each year's move. Inventory (start) equals the prior year's inventory (end); the small differences to a strict average reflect rounding of the balance-sheet figures.
11.8x · Coming out of the pandemic demand surge with a lean distribution-center footprint.
11.5x · Inventory grew alongside sales as hard-goods and private-brand assortment expanded.
10.8x · Inventory rose faster than merchandise costs, pulling turnover below 11x.
10.4x · Inventory kept building for Chewy-brand hard goods and pharmacy while COGS growth slowed, easing turnover to 10.4x.
Why a falling ratio is not a warning sign here
On most retailers, four straight years of declining turnover would flag a demand or forecasting problem. At Chewy it reflects a deliberate mix shift. Cost of goods sold grew every year (from $7.27B to $8.85B), but inventory grew slightly faster, so the ratio eased from 11.8x to 10.4x.
The extra inventory is buying growth in slower categories: Chewy-brand private-label hard goods (crates, beds, gear), a wider assortment, and the pharmacy and Chewy Health businesses, which carry regulated stock that does not cycle as fast as a bag of dog food on Autoship. A retailer trading some velocity for higher-margin, stickier categories is making a margin decision, not losing control of its supply chain.
Three structural advantages
1. No store-level safety stock
Chewy holds inventory in a network of fulfilment and distribution centers, not in hundreds of stores. A store fleet has to duplicate safety stock across every location to keep shelves full; a distribution-center model pools that demand and holds far less buffer for the same fill rate. That pooling is the single biggest reason an online pet retailer turns faster than a store-based one.
2. Autoship demand predictability
A large share of Chewy's net sales runs through Autoship, its recurring subscription program for food, litter and medication. Subscriptions convert lumpy, hard-to-forecast retail demand into a scheduled, high-frequency order stream. Better forecast accuracy means lower required safety stock, which directly lifts turnover for the same service level.
3. Consumables-weighted basket
Pet food and supplies are consumed and replaced on a predictable cycle, unlike discretionary hard goods bought once every few years. A basket weighted toward fast-moving consumables cycles inventory quickly by nature. The categories dragging turnover down (hard goods, pharmacy) are exactly the ones Chewy is deliberately adding for margin and customer lock-in.
Chewy vs Petco: format, not management
Chewy and Petco are the only two large US pet retailers with public 10-Ks. They bracket the sector. Chewy, an online pure-play, turns 10.4x; Petco, an omnichannel operator with roughly 1,400 stores plus veterinary and grooming services, turns its merchandise near 4.9x. The gap is structural, not a scorecard on management: a store fleet holds duplicated safety stock, slower hard goods, and live animals, all of which sit longer than a distribution-center bag of kibble.
For benchmarking, that means a specialty pet store should compare itself to Petco's store economics, and a subscription-led online seller to Chewy's. Comparing a single-store pet shop directly to Chewy's 10.4x is informational only. See the pet supplies sector page for the full Chewy-versus-Petco breakdown.
Frequently asked questions
What is Chewy's inventory turnover ratio in fiscal 2025?
Chewy turned its inventory 10.4x in fiscal 2025, the 52 weeks ended February 1, 2026. That is $8,847.6M of cost of goods sold divided by roughly $850.75M average inventory (the mean of the $836.7M opening and $864.8M closing balances) from its 10-K. It is the fastest turnover of any large US pet retailer, well above omnichannel Petco.
Why has Chewy's inventory turnover been falling?
Turnover has drifted down from 11.8x in fiscal 2022 to 10.4x in fiscal 2025, not because operations got worse but because the mix changed. Chewy has expanded into slower-moving categories, deeper private-brand hard goods (crates, beds, aquariums), and pharmacy (Chewy Health), all of which require holding more stock per dollar of sales than fast-cycling Autoship consumables. Inventory has grown a little faster than cost of goods sold each year, which mechanically lowers the ratio.
How is Chewy's inventory turnover calculated from the 10-K?
Divide cost of goods sold by average inventory, where average inventory is the mean of the opening and closing inventory balances for the fiscal year. Both figures come straight from Chewy's 10-K on SEC EDGAR (CIK 0001766502); Chewy tags COGS as Cost of Goods and Services Sold and inventory as Inventory, Net in its XBRL data. For fiscal 2025: $8,847.6M / (($836.7M + $864.8M) / 2) = 10.4x.
Why does Chewy turn inventory faster than store-based pet retailers?
Chewy is an online pure-play with no store-level safety stock. It fulfils from a network of distribution centers, and its Autoship subscription program gives it unusually predictable, high-frequency demand for consumables (food, litter, medication). Predictable demand plus centralised stock means it can run lean without stocking out. Omnichannel operators such as Petco carry the same consumables but also hold slower hard goods and live animals across roughly 1,400 stores, which dilutes velocity; Petco's merchandise turnover runs near 4.9x.