Slide 1: Q1 2026 Financial Results
Q1 2026 Financial Results June 10, 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 170K $200 million Net Sequential Active Capital Returned to Customer Adds Shareholders in Q1 261 Financial Metrics $597 84.4% $253.1M Net Sales Per Autoship Customer Sales Q1 26 Adj. EBITDA Active Customer2 as a % of Net Sales3 7.5% Margin4 (+130 bps YoY)5 (1) Represents execut
Slide 4: Net Sales
Net Sales Full Year Quarterly ($ Millions) ($ Millions) $12,602 $12,843 $11,635 $11,148 $3,357 $3,265 $3,116 $3,104 $3,117 2 1 FY 23 FY 24 FY 25 LTM Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 % YoY Growth % YoY Growth 10.2% 4.4% 8.3% 8.2% 8.3% 8.6% 8.3% 8.1% 7.7% (1) (2) "LTM" is defined as Last Twelve Months an
Slide 5: Autoship Customer Sales
Autoship Customer Sales1 Full Year Quarterly ($ Millions) ($ Millions) $10,497 $10,767 $9,208 $8,493 $2,744 $2,833 $2,563 $2,577 $2,614 3 2 FY 23 FY 24 FY 25 LTM Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 % YoY Growth % YoY Growth 14.7% 8.4% 14.0% 12.9% 14.8% 14.9% 13.6% 12.8% 10.5% (1) We define Autoship custom
Slide 6: Net Sales Per Active Customer
Net Sales Per Active Customer (“NSPAC”)1 $591 $583 $597 $555 $567 3 FY 23 FY 24 FY 25 Q1 25 Q1 26 Active Customers2 (Millions) 20.1 20.5 21.3 20.8 21.5 (1) We define net sales per active customer (“NSPAC”) as the aggregate net sales for the preceding four fiscal quarters, divided by the total number
Slide 7: Gross Margin
Gross Margin Full Year Quarterly (%) (%) 29.9% 30.4% 29.8% 29.8% 30.1% 29.2% 29.6% 29.4% 28.4% 1 FY 23 FY 24 FY 25 LTM Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Gross Profit ($ Millions) Gross Profit ($ Millions) $3,162 $3,468 $3,754 $3,842 $924 $942 $928 $960 $1,011 (1) "LTM" is defined as Last Twelve Months a
Slide 8: Adjusted EBITDA
Adjusted EBITDA1 Full Year Quarterly ($ Millions) ($ Millions) $253 $780 $719 $193 $183 $181 $571 $162 $368 FY 23 FY 24 FY 25 LTM 2 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 % Margin1 % Margin1 3.3% 4.8% 5.7% 6.1% 6.2% 5.9% 5.8% 5.0% 7.5% (1) Adjusted ("Adj.") EBITDA and adjusted EBITDA margin are non-GAAP fina
Slide 9: Free Cash Flow
Free Cash Flow1 Full Year Quarterly ($ Millions) ($ Millions) $585 $232 $562 $452 $176 $343 $106 $71 $49 2 FY 23 FY 24 FY 25 LTM Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 3 Q1 FY26 Cash Balance: $520M (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 $13.40 billion - $13.55 billion Adj. EBITDA Margin1 6.6% - 6.8% Fiscal Second Quarter 2026 Net Sales $3.30 billion - $3.33 billion Adj. Diluted EPS1 Approximately $0.36 (1) Adjusted ("Adj.") EBITDA Margin and adjusted ("Adj.") is a non-GAAP financial measures. See
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) Fiscal Quarter Ended LTM (1) Fiscal Year Reconciliation of Net Cash Provided by Operating May 3, Fe
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