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If you own a dog or a cat, you almost certainly have a Chewy box somewhere in your house.
Chewy has spent years building a loyal, subscription-driven customer base of pet owners who buy food, medicine, and supplies automatically, month after month.
You might be that loyal customer. But the problem right now is that even loyal pet owners are watching their budgets.
Morgan Stanley reviewed Chewy's Q2 fiscal 2026 results in a note titled Managing Through the Treat-cession, which it shared with TheStreet on Sept. 9.