Chewy Inc. shares fell 10.27% to $20.88 on Wednesday after the online pet-products retailer reported fiscal second-quarter adjusted earnings of 36 cents a share, matching consensus and its own guidance, while revenue of $3.33 billion rose 7.3% year over year. The revenue result was at the top end of Chewy's guidance range but below a $3.361 billion consensus estimate cited in the latest report; an earlier FactSet consensus had put estimates at $3.32 billion. Chewy raised its fiscal 2026 sales forecast to $13.46 billion-$13.57 billion and increased the lower end of its adjusted EBITDA margin outlook to 6.7%. Autoship sales rose 9.3% to $2.82 billion, representing 84.6% of net sales, while active customers increased 3.8% to 21.705 million. Chief Executive Officer Sumit Singh said financially pressured pet consumers showed no meaningful recovery during the quarter, with treat sales slowing more sharply than core food sales. Chewy expects artificial-intelligence initiatives to yield savings in the low tens of millions of dollars during fiscal 2026 and about $50 million on an annualized basis in fiscal 2027, with some gains earmarked for reinvestment.