TSR driver bridge · · built from SEC filings

That is the trend. The next exhibit is the level.

Normalized SG&A · % of revenue · 21 US-GAAP Specialty Retail peers

What "normalized" means. Reported SG&A less the disclosed advertising and R&D lines (SEC XBRL). Restructuring and stock-based compensation are benchmarked in Exhibit 3 but not stripped. What remains is the residual overhead line, on the same footing for all 21 peers. Every adjustment traceable to the 10-K. Each bar is one peer.

Advertising, R&D, stock comp, restructuring · total filed spend, any P&L line

What the gap is worth · vs FY2027 analyst estimates

On the record · verbatim from the earnings calls

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Chewy, Inc. SG&A versus peers, in text

Chewy, Inc. (CHWY) reports revenue of $12,602 million. On a normalized basis its SG&A runs 21.2% of revenue, against a median of 24.1% across 20 Specialty Retail peers; 15 of the 20 run heavier. Reported SG&A less the disclosed lines that distort comparison: advertising, R&D, pension, stock-based compensation, restructuring and one-time items, plus logistics reclassed where filers park it in SG&A.

Disclosed lines held outside the normalized figure: Advertising 6.5% of revenue (20 of 21 companies disclose it); Stock-based comp 2.4% of revenue (19 of 21 companies disclose it); Restructuring 0.0% of revenue (21 of 21 companies disclose it).

Over 1 year (FY2024 to FY2025), Chewy, Inc.'s total shareholder return was -26% against +8% for the peer composite; SG&A contributed -10.3 points of that return.

Built from SEC filings. Machine-readable copy: https://sgabenchmarking.com/r/CHWY.json. Function-level headcount benchmarks by industry: https://sgabenchmarking.com/catalog.json.