Chewy’s upcoming September 9 earnings call for fiscal Q2 2026 will likely center on whether results align with the lowered full-year net sales guidance of $13.40–13.55 billion amid a softer consumer environment and slower premiumization. Recent Q1 results showed 7.7% sales growth to $3.36 billion, active customers rising 3.6% to 21.5 million, and autoship comprising 84% of revenue, while adjusted EBITDA margins expanded to 7.5%. Key discussion points include progress integrating SmartPak and Modern Animal acquisitions for veterinary clinic expansion, AI efficiency initiatives expected to deliver low tens of millions in 2026 savings, and any revised outlook on customer additions or margin targets. Traders are monitoring these metrics against consensus estimates for signs of stabilization or further caution.