Slide 1: Q4 2025 Financial Results
Q4 2025 Financial Results March 25, 2026 1
Slide 2: Forward-Looking Statements
Forward-Looking Statements This communication contains forward-looking statements about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this communication, including statements regarding our share repurchase
Slide 3: Key Recent Highlights
Key Recent Highlights 813K $257M Capital Returned to FY25 Active Customer Net Adds Shareholders in FY251 Financial Metrics $591 84.0% $719M Net Sales Per Active Q4 25 Autoship Customer FY25 Adj. EBITDA 5.7% Margin4 Customer2 Sales as a % of Net Sales3 (+90 bps YoY)5 (1) Represents executed share rep
Slide 4: Net Sales
Net Sales Full Year Quarterly ($ Millions) ($ Millions) $12,602 $11,635 $3,265 $11,148 $3,116 $3,104 $3,117 $10,119 $3,021 2 2 FY 22 FY 23 FY 24 FY 25 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 % YoY Growth1 % YoY Growth 12.8% 10.2% 4.4% 8.3% 6.9% 8.3% 8.6% 8.3% 8.1% (1) Consistent with the Company's Annual Repo
Slide 5: Autoship Customer Sales
Autoship Customer Sales1 Full Year Quarterly ($ Millions) ($ Millions) $10,497 $9,208 $8,493 $2,744 $7,408 $2,563 $2,577 $2,614 $2,432 3 3 FY 22 FY 23 FY 24 FY 25 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 % YoY Growth2 % YoY Growth 17.1% 14.7% 8.4% 14.0% 12.6% 14.8% 14.9% 13.6% 12.8% (1) We define Autoship cust
Slide 6: Net Sales Per Active Customer
Net Sales Per Active Customer (“NSPAC”)1 $591 $555 $567 $496 3 FY 22 FY 23 FY 24 FY 25 Active Customers2 (Millions) 20.4 20.1 20.5 21.3 (1) We define net sales per active customer (“NSPAC”) as the aggregate net sales for the preceding four fiscal quarters, divided by the total number of active custo
Slide 7: Gross Margin
Gross Margin Full Year Quarterly (%) (%) 30.4% 29.8% 29.8% 29.2% 29.6% 29.4% 28.4% 28.5% 28.0% FY 22 FY 23 FY 24 FY 25 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Gross Profit ($ Millions) Gross Profit ($ Millions) $2,834 $3,162 $3,468 $3,754 $926 $924 $942 $928 $960 6
Slide 8: Adjusted EBITDA
Adjusted EBITDA1 Full Year Quarterly ($ Millions) ($ Millions) $719 $193 $183 $181 $571 $162 $125 $368 $307 FY 22 FY 23 FY 24 FY 25 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 % Margin1 % Margin1 3.0% 3.3% 4.8% 5.7% 3.8% 6.2% 5.9% 5.8% 5.0% (1) Adjusted ("Adj.") EBITDA and adjusted EBITDA margin are non-GAAP fina
Slide 9: Free Cash Flow
Free Cash Flow1 Full Year Quarterly ($ Millions) ($ Millions) $562 $452 $232 $343 $176 $157 $106 $119 $49 FY 22 FY 23 FY 24 FY 25 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q4 FY25 Cash Balance: $879M2 (1) Free cash flow (“FCF”) is a non-GAAP financial measure. See “Non-GAAP Financial Measures” for additional in
Slide 10: Guidance
Guidance Fiscal Year 2026 Net Sales $13.60 billion - $13.75 billion Adj. EBITDA Margin1 6.6% - 6.8% Fiscal First Quarter 2026 Net Sales $3.33 billion - $3.36 billion Adj. Diluted EPS1 $0.40 - $0.45 (1) Adjusted ("Adj.") EBITDA Margin and adjusted ("Adj.") diluted earnings per share ("EPS") are non-G
Slide 11: Non-GAAP Financial Measures
Non-GAAP Financial Measures To supplement our GAAP results, we present certain non-GAAP financial measures that management uses to evaluate operating performance, assess liquidity, and inform capital allocation decisions. These measures include Adjusted EBITDA and Adjusted EBITDA margin, Adjusted ne
Slide 12: Non-GAAP Financial Measures: Adjusted EBITDA
Non-GAAP Financial Measures Adjusted EBITDA and Adjusted EBITDA Margin The following table presents a reconciliation of net income to adjusted EBITDA, as well as the calculation of net margin and adjusted EBITDA margin, for each of the periods indicated: (in millions, except percentages) Fiscal Quar
Slide 13: Non-GAAP Financial Measures: Adjusted Net Income and EPS
Non-GAAP Financial Measures Adjusted Net Income and Adjusted Basic and Diluted Earnings per Share The following table presents a reconciliation of net income to adjusted net income, as well as the calculation of adjusted basic and diluted earnings per share, for each of the periods indicated: (in mi
Slide 14: Non-GAAP Financial Measures: Free Cash Flow
Non-GAAP Financial Measures Free Cash Flow The following table presents a reconciliation of net cash provided by operating activities to free cash flow for each of the periods indicated: (in millions, except percentages) Fiscal Quarter Ended Fiscal Year Reconciliation of Net Cash Provided by Operati
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