Slide 1: Q2 2025 Financial Results
Q2 2025 Financial Results September 10, 2025 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 150K $123.6M Net Sequential Active Capital Returned to Customer Adds Shareholders in Q2 251 Financial Metrics $591 83.0% $183.3M Net Sales Per Autoship Customer Sales Q2 25 Adj. EBITDA Active Customer2 as a % of Net Sales3 (5.9% Margin)4 (1) Represents executed share repurchase
Slide 4: Net Sales
Net Sales Full Year Quarterly ($ Millions) ($ Millions) $12,345 $11,861 $11,148 $3,247 $3,116 $3,104 $10,119 $2,859 $2,878 1 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 FY 22 FY 23 FY 24 LTM % YoY Growth % YoY Growth 12.8% 10.2% 6.4% 9.2% 2.6% 4.8% 14.9% 8.3% 8.6% (1) "LTM" is defined as Last Twelve Months and re
Slide 5: Autoship Customer Sales
Autoship Customer Sales1 Full Year Quarterly ($ Millions) ($ Millions) $10,058 $9,393 $8,493 $7,408 $2,617 $2,563 $2,577 $2,242 $2,301 2 FY 22 FY 23 FY 24 LTM Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 % YoY Growth % YoY Growth 17.1% 14.7% 10.6% 14.9% 5.8% 8.7% 21.2% 14.8% 14.9% (1) We define Autoship customers
Slide 6: Net Sales Per Active Customer (NSPAC)
Net Sales Per Active Customer (“NSPAC”)1 $579 $591 $555 $565 $496 FY 22 FY 23 FY 24 Q2 24 Q2 25 Active Customers2 (Millions) 20.4 20.1 20.5 20.0 20.9 (1) We define net sales per active customer (“NSPAC”) as the aggregate net sales for the preceding four fiscal quarters, divided by the total number o
Slide 7: Gross Margin
Gross Margin Full Year Quarterly (%) (%) 30.4% 29.2% 29.5% 29.5% 29.6% 29.3% 28.4% 28.5% 28.0% 1 FY 22 FY 23 FY 24 LTM Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Gross Profit ($ Millions) Gross Profit ($ Millions) $2,834 $3,162 $3,468 $3,636 $844 $844 $926 $924 $942 (1) "LTM" is defined as Last Twelve Months and
Slide 8: Adjusted EBITDA
Adjusted EBITDA1 Full Year Quarterly ($ Millions) $639 ($ Millions) $571 $193 $183 $145 $138 $368 $125 $307 2 FY 22 FY 23 FY 24 LTM Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 % Margin1 % Margin1 3.0% 3.3% 4.8% 5.2% 5.1% 4.8% 3.8% 6.2% 5.9% (1) Adjusted ("Adj.") EBITDA and adjusted EBITDA margin are non-GAAP fina
Slide 9: Free Cash Flow
Free Cash Flow1 Full Year Quarterly ($ Millions) ($ Millions) $463 $452 $157 $152 $343 $106 $91 $49 $119 2 FY 22 FY 23 FY 24 LTM Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q2 FY25 Cash Balance: $592M (1) Free cash flow (“FCF”) is a non-GAAP financial measure. See “Non-GAAP Financial Measures” for additional info
Slide 10: Guidance
Guidance Fiscal Third Quarter 2025 $3.07 billion - $3.10 billion Net Sales Approximately 7 to 8% YoY growth Adj. Diluted EPS1 $0.28 - $0.33 Fiscal Year 2025 Net Sales $12.5 billion - $12.6 billion Adj. EBITDA Margin1 5.4% - 5.7% (1) Adjusted ("Adj.") EBITDA Margin and adjusted ("Adj.") diluted earni
Slide 11: Non-GAAP Financial Measures
Non-GAAP Financial Measures To provide investors with additional information regarding our financial results, we have disclosed the following non-GAAP financial measures: • Adjusted EBITDA: defined as net income (the most comparable GAAP financial measure) excluding depreciation and amortization; sh
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) Fiscal Quarter Ended LTM (1) Fiscal Year Reconciliation of Net Cash Provided by Operating August 3,
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