Chewy

Marketing spend by year

Bars: advertising and marketing expense, $B (10-K). Line: spend as a share of revenue.

What they told investors

“This cadence reflects attractive opportunities we are seeing to invest in brand awareness ahead of the holiday season.”Christopher S. Deppe · 2026 Q2 · transcript

“So for Q2, we leaned in a bit, and, you know, we did not tolerate any deterioration in marketing efficiency.”Sumit Singh · 2026 Q2 · transcript

“You also heard on the earnings call that we said we expect to lean in a bit and, you know, invest in brand building.”Sumit Singh · 2026 Q2 · transcript

“As we have consistently stated, our marketing strategy remains focused on profitable customer acquisition and long-term lifetime value generation, and we continue to see strong returns across both lower and upper funnel investments.”Chris Deppe · 2026 Q1 · transcript

“What we've seen is the halo of the Chewy brand when a box is dropped in a particular MSA attracts with very little local activation, attracts high-quality set of customers to CVC, therefore, making our overall acquisition costs also highly efficient.”management · 2026 Q1 · transcript

“The Chewy brand awareness is helping a lot.”Sumit Singh · 2026 Q1 · transcript

What the 10-K says about marketing

• investing in brand “• Acquire new customers. We intend to increase brand awareness and reach new customers by investing free cash flow from our existing customer base in advertising and marketing to acquire new customers from existing and new channels. Given the high levels of customer satisfaction…” 10-K, Mar 25, 2026
• investing in brand “We have made significant investments related to customer acquisition and expect to continue to spend significant amounts to acquire additional customers. We cannot assure you that the net sales from the new customers we acquire will ultimately exceed the cost of acquiring those…” 10-K, Mar 25, 2026
• investing in brand “ting successfully with incumbent providers who may have longer operating histories, large customer bases, high brand recognition and greater financial, technical, marketing and other resources than we do. To compete effectively, we have invested and may need to invest additional…” 10-K, Mar 25, 2026
• investing in brand “Advertising and marketing expenses for Fiscal Year 2025 increased by $20.8 million, or 2.6%, to $824.9 million compared to $804.1 million in Fiscal Year 2024. Our marketing expenses increased due to additional investment in our lower and upper funnel marketing channels to new…” 10-K, Mar 25, 2026

Say vs do

Thin/down. In 0 statements from its leaders in interviews, 0 argued for investing in brand and 0 for cutting; the filed spend went down.

Peers