Chewy, Inc. (CHWY) Morgan Stanley Technology, Media & Telecom Conference 2026 March 2, 2026 7:50 PM EST
Company Participants
Sumit Singh – CEO & Director
Conference Call Participants
Nathaniel Feather – Morgan Stanley, Research Division
Presentation
Nathaniel Feather
Morgan Stanley, Research Division
Okay. Great. Good afternoon, everyone. Thank you so much for joining us. My name is Nathan Feather, I’m Morgan Stanley’s small and mid-cap Internet analyst. I’m pleased to be joined today by Sumit Singh, CEO of Chewy. Thanks so much for having me here.
Sumit Singh
CEO & Director
Nice to be here. Thank you.
Nathaniel Feather
Morgan Stanley, Research Division
Now before we get in a quick housekeeping item for important disclosures, please see the Morgan Stanley research disclosure website at www.morganstanley.com/researchdisclosure. If you have any questions, please reach out to your Morgan Stanley sales representative.
Question-and-Answer Session
Nathaniel Feather
Morgan Stanley, Research Division
And with that, let’s kick it off. We’re now about 2 years since your Investor Day, where you outlined your strategic plans along with long-term financial targets of high single-digit revenue CAGR and 10% or higher adjusted EBITDA margins. How are you progressing towards those long-term targets you outlined?
Sumit Singh
CEO & Director
We believe we are ahead of targets and expectations. It was the first Capital Markets Day that we’d hosted. We had a lot of fun doing it. It really gave us a view into what had worked from 2018 or ’19 onwards since we’d come to the market with an IPO and then what our focus should be over the next 3, 5, 7 years per se. And from all sense of the word, in our opinion, we’ve exceeded our own internal targets and expectations. So let me break that down.
From a top line point of view, back in ’23, it was
