We re-derived a published figure from the public record.
Chewy publishes net sales per active customer: $591, and publishes both raw inputs. The report divides them: $12,600M ÷ 21.327M customers = $590.8. Match. It also computes what Chewy doesn't publish: a customer-acquisition-cost proxy of about $1,015 per net addition, and labels it a modeled estimate in the report body, stating exactly why it understates true acquisition cost. A sample that shows a modeled estimate clearly marked is better evidence than one that pretends none exist.
The situation
A published metric with published inputs, and honest modeling where there are none.
A board and investor relations group wants unit economics for a recurring-revenue retailer. The company publishes its per-customer metric with a stated definition; it does not publish CAC, LTV, churn, or retention.
We entered the FY2025 figures and had the report re-derive the published metric, flag the 52-vs-53-week comparison caveat the company itself footnotes, and model only what can be labeled, declining to compute LTV at all rather than invent a retention rate.
What we supplied
Only public inputs, each one sourced.
All inputs come from the company's FY2025 results exhibit (fiscal 2025 = 52 weeks ended Feb 1, 2026; fiscal 2024 = 53 weeks).
| Input | Value | Source |
|---|---|---|
| Net sales | $12.60B (+6.2%; +8.3% normalized) | Exhibit 99.1 |
| Active customers | 21.327M (from 20.514M) | Exhibit 99.1 |
| NSPAC, published | $591 | Exhibit 99.1 |
| Autoship sales | $10.5B = 83.3% of net sales | Exhibit 99.1 |
| Gross margin / net income | 29.8% / $222.8M | Exhibit 99.1 |
| Advertising & marketing | $824.9M | Exhibit 99.1 |
| Adjusted EBITDA / FCF | $719.2M (non-GAAP) / $562.4M | Exhibit 99.1 |
Source: Chewy Q4 + FY2025 results, Exhibit 99.1 · download the source document we used.
The report
The finished, decision-ready output.
This is the actual rendered report, interactive charts and all. Nothing was edited after generation.
Reconcile
Our output vs. the published figures.
| Metric | Published | Ours (computed) | Match | Note |
|---|---|---|---|---|
| Net sales per active customer | $591 (company metric) | $12,600M ÷ 21.327M = $590.8 | ✓ exact | The company publishes the metric, the inputs, and the definition: the division lands on their number |
| Autoship share | 83.3% | $10.5B ÷ $12.60B = 83.3% | ✓ exact | Re-derived from the two dollar figures |
| CAC proxy | Not published by the company | $824.9M ÷ 813K net adds ≈ $1,015: modeled | ≈ explained | Labeled a modeled estimate; net additions understate true acquisition cost, and the report says so |
LTV, LTV:CAC, and payback are not computed at all: the company publishes no churn or retention rate, and any LTV would rest on an invented assumption. During generation, a final read of the draft caught a sentence that presented the prior year's free cash flow ($452.5M) as the year-over-year improvement, and the repair pass corrected it to the $109.9M increase: the checks exist for exactly this.
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