Chewy (CHWY) Q3 FY2023 earnings: revenue $2.7 billion, up 8.4% on the year

Chewy, Inc. (CHWY) reported revenue of $2.7 billion for Q3 FY2023, the quarter ended 29 October 2023, up 8.4% on the same quarter a year earlier. Net income was -$35 million, and diluted earnings per share $-0.08. The figures are the company's own, from the 10-Q it filed with the SEC on 6 December 2023.

Revenue$2.7 billionup 8.4%

Net income-$35 million

Diluted EPS$-0.08

QuarterQ3 FY2023ended 29 October 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	2,746	n/a	n/a	n/a
Cost of revenue	1,964	n/a	n/a	n/a
Gross profit	781	n/a	n/a	n/a
Gross margin	28.4%	n/a	n/a
Selling, general and administrative	612	n/a	n/a	n/a
Operating income	-9.7	n/a	n/a	n/a
Operating margin	-0.4%	n/a	n/a
Interest expense	0.9	n/a	n/a	n/a
Pre-tax income	-33.7	n/a	n/a	n/a
Income tax	1.7	n/a	n/a	n/a
Net income	-35.4	n/a	n/a	n/a
Net margin	-1.3%	n/a	n/a
Diluted EPS	-$0.08	n/a	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed.

Cash flow and capital returned

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	80.2	n/a	n/a	n/a
Capital expenditure	31.7	n/a	n/a	n/a
Free cash flow	48.5	n/a	n/a	n/a
Free cash flow margin	1.8%	n/a	n/a
Cash from investing	-65.1	n/a	n/a	n/a
Cash from financing	-2.8	n/a	n/a	n/a
Depreciation and amortisation	25.5	n/a	n/a	n/a
Share-based compensation	64.3	n/a	n/a	n/a
Buybacks	0.0	n/a	n/a	n/a
Diluted shares, weighted	431m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Shareholders' equity	393	n/a	n/a	n/a
Operating lease liabilities	527	n/a	n/a	n/a
Other liabilities	2,016	n/a	n/a	n/a
Total liabilities and equity	2,936	n/a	n/a	n/a
Goodwill	39.4	n/a	n/a	n/a
Investments	488	n/a	n/a	n/a
Cash and equivalents	469	n/a	n/a	n/a
Receivables	161	n/a	n/a	n/a
Inventory	712	n/a	n/a	n/a
Other assets	1,067	n/a	n/a	n/a
Total assets	2,936	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023 †	Q4 FY2023 * †	Q1 FY2024	Q2 FY2024	Q3 FY2024 †	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	2,746	2,847	2,878	2,859	2,878	3,247	3,116	3,104	3,117	3,265	3,357	3,330
Cost of revenue	1,964	2,028	2,024	2,015	2,034	2,321	2,192	2,162	2,188	2,305	2,346	2,319
Gross profit	781	803	854	844	844	926	924	942	928	960	1,011	1,011
Gross margin	28%	28%	30%	30%	29%	29%	30%	30%	30%	29%	30%	30%
SG&A	612	628	603	621	626	701	653	672	665	685	677	704
Operating income	-9.7	-22.0	64.6	32.1	25.6	-9.7	76.9	69.7	65.2	42.5	128	92.0
Operating margin	-0%	-1%	2%	1%	1%	-0%	2%	2%	2%	1%	4%	3%
Interest expense	0.9	0.9	1.3	1.5	1.4	1.3	1.3	1.4	1.4	0.5	1.2	8.3
Pre-tax income	-33.7	36.6	78.4	46.5	29.5	-2.7	77.9	74.0	69.3	42.1	131	112
Tax rate	n/a	13%	15%	-543%	87%	n/a	20%	16%	15%	7%	28%	28%
Net income	-35.4	31.9	66.9	299	3.9	22.8	62.4	62.0	59.2	39.2	94.8	80.5
Net margin	-1%	1%	2%	10%	0%	1%	2%	2%	2%	1%	3%	2%
Diluted EPS	-$0.08	$0.08	$0.15	$0.68	$0.01	$0.05	$0.15	$0.14	$0.14	$0.09	$0.23	$0.20
Operating cash flow	80.2	98.9	81.9	123	183	208	86.4	134	208	263	108	137
Capital expenditure	31.7	32.4	29.3	31.9	31.7	50.9	37.7	28.0	32.1	31.4	37.7	47.9
Free cash flow	48.5	66.5	52.6	91.5	152	157	48.7	106	176	232	70.8	89.5
Buybacks	0.0	n/a	0.0	532	343	67.7	23.1	130	54.9	55.0	200	200
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 29 October 2023, filed 6 December 2023, accession 0001766502-23-000043: the filing on EDGAR. All of Chewy, Inc.'s filings: EDGAR company page.

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