Chewy Inc. reported fiscal first-quarter 2025 results that topped Wall Street expectations, posting revenue of $3.12 billion—an 8.3% increase from a year earlier and ahead of the roughly $3.08 billion consensus. Adjusted earnings came in at $0.35 a share versus estimates around $0.32-$0.34, while GAAP earnings were $0.15 a share. The online pet-products retailer said its active-customer base grew 3.8% to 20.75 million. Autoship subscriptions, which provide recurring deliveries, accounted for 82% of sales, underscoring the company’s emphasis on predictable, repeat purchasing. For the current quarter, Chewy projected earnings of $0.30–$0.35 a share on revenue of $3.06–$3.09 billion, broadly in line with analysts’ forecasts. It also reaffirmed its full-year outlook for revenue of $12.3–$12.45 billion and an adjusted EBITDA margin of 5.4%–5.7%. Despite the headline beat and steady guidance, investors focused on profitability pressures, sending the stock down roughly 6–7% in pre-market trading and about 11% lower by midday. Analysts cited margin concerns and an already rich valuation as key reasons for the pull-back.