| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q1'26 | June 10, 2026 | 9/12 | 1 high, 3 medium, 3 low flags | 2 | 0 | Call sheet → |
| Q4'25 | March 25, 2026 | 10/12 | 3 medium, 5 low flags | 6 | 0 | Call sheet → |
| Q3'25 | 2025-12-10 | 8/12 | 4 medium, 3 low flags | 3 | 0 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q1'26 | Pending | 10-12 new CVC clinic openings in fiscal 2026 Maintained this target even after Modern Animal acquisition |
| Q1'26 | Delivered | SmartPak $80M revenue contribution in 2026 Performance described as 'in line with expectations' |
| Q1'26 | Delivered | 150k-250k net customer additions per quarter Q1 delivered ~200k, but now guiding to low end of range |
| Q1'26 | Pending | 10% adjusted EBITDA margin target over time Still targeting this long-term, currently at 7.5% |
| Q1'26 | Pending | $50 million or more in AI savings by 2027 Reconfirmed the target when directly asked |
| Q1'26 | Pending | AI-driven efficiencies to contribute low tens of millions in fiscal 2026 Confirmed the same target, no update on progress |
| Q4'25 | Exceeded | 80% EBITDA to FCF conversion Generated record $562M FCF on strong working capital management |
| Q4'25 | Delivered | Chewy+ raised pricing to $79 by Q4 Implemented end of October with conversion holding better than expected |
| Q4'25 | Delivered | $18-20M investment in pricing/fresh/inventory Actual spend was 'low to mid-single digit millions' - came in well under budget |
| Q4'25 | Delivered | Continued marketing efficiency improvements 30bps FY leverage driven by app growth and direct traffic improvements |
| Q4'25 | Delivered | SG&A leverage returning in Q4 as Houston scales Achieved 20bps Q4 SG&A leverage as automated facility ramped |
| Q4'25 | Exceeded | 8-10 CVC locations opening in FY2025 Delivered 10 new locations, hitting high-end of range with 18 total |
| Q3'25 | Exceeded | CapEx at low end of 1.5-2% of net sales range Now expecting 1.3%, below the entire prior range |
| Q3'25 | Pending | 60% of EBITDA margin expansion from gross margin improvements Reaffirmed this split between gross margin and OpEx leverage |
| Q3'25 | Delivered | Convert approximately 80% of adjusted EBITDA to free cash flow in 2025 Reaffirmed this target, Q3 FCF performance supports it |
| Q3'25 | Pending | Deliver modest SG&A leverage in fiscal year 2025 Still expecting back-half leverage after first half deleverage |
| Q3'25 | Pending | Get Real national footprint with majority of customers within 1-day transit by end 2025 Reaffirmed this timeline, no update on current coverage |
| Q3'25 | Delivered | Chewy+ to reach mid-single-digit percentage of net sales by exit 2025 Already hit 3% in July, tracking ahead of target |
| Q3'25 | Pending | CVC network to reach approaching 20 locations by year-end 2025 Currently at 14, tracking toward 16-18 range, slightly below original 20 target |
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