Chewy's upcoming Q2 2026 earnings call on September 9 follows a June update where management lowered full-year net sales guidance to $13.40–13.55 billion amid softer consumer spending and reduced premiumization and attachment rates, while holding adjusted EBITDA margin targets at 6.6–6.8%. Traders are focused on whether active customer additions stay near the lower end of prior ranges, Autoship subscription strength persists above 84% of sales, and veterinary clinic expansion via Modern Animal reaches the 60-location target by year-end. AI-driven operational efficiencies and sponsored ad contributions remain key margin levers, though any further macro commentary could shift sentiment on share gains versus category growth.