Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-07-13

Chewy (CHWY)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$25,721,751
Sumit Singh total, FY2025
60th
CEO pay percentile vs peers
579:1
CEO-to-median pay ratio
92.96%
Say-on-pay support, latest vote
Companies that benchmark against CHWY
3 companies name CHWY as a compensation peer

Each company listed discloses CHWY in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named CHWY in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Sumit Singh$1,200,000$0$20,004,002$0$3,183,480$0$1,334,269$25,721,751
Chief Executive Officer
David Reeder263,07709,900,0030001,38510,164,465
Former Chief Financial Officer
Satish Mehta475,00004,037,50200010,5004,523,002
Former Chief Technology Officer
William Billings400,00001,100,0000583,638018,3002,101,938
Chief Accounting Officer and Former interim Principal Financial Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Sumit Singh$25,721,751$29,738,828$35,186,195−4,017,077
David Reeder10,164,46527,845,066−17,680,601
Satish Mehta4,523,0025,869,98811,662,644−1,346,986
William Billings2,101,938

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
William BillingsPSU2025-04-088468,4598,45916,918$275,000
Sumit SinghRSU2025-04-08307,66010,002,001
Satish MehtaRSU2025-04-0862,0972,018,751
David ReederRSU2025-04-08152,2614,950,001
Sumit SinghPSU2025-04-0830,766307,660307,660615,32010,002,001
David ReederPSU2025-04-0815,226152,261152,261304,5224,950,001
William BillingsRSU2025-04-0825,377825,000
Satish MehtaPSU2025-04-086,21062,09762,097124,1942,018,751
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
William Billings$825,000$275,000$025.0%
Sumit Singh10,002,00110,002,001050.0%
Satish Mehta2,018,7512,018,751050.0%
David Reeder4,950,0014,950,001050.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Sumit SinghPSU307,660$8,955,983
Satish MehtaRSU301,2118,768,252
Satish MehtaPSU62,0971,807,644
Sumit SinghRSU1,492,31743,441,348
05

Incentive-plan design — the Compensation Discussion & Analysis

Our executive compensation program is designed to align total compensation with Company performance, while enabling us to attract, retain and motivate individuals who can achieve sustained long-term growth and strong financial performance for our stockholders. Our pay-for-performance compensation philosophy and practices are intended to increase stockholder value. As a result, NEO compensation is heavily weighted towards providing equity awards that incentivize long-term stock price appreciation.

CEO STI target (% of salary)150%
CEO LTI target (% of salary)
Independent consultantSemler Brossy
Clawback policyTrue
Anti-hedgingTrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-07-091,798,089,225136,154,944377,07592.96%Passed
20252025-07-101,916,973,994115,189,5666,112,82894.05%Passed
20242024-07-112,752,091,93564,190,9947,747,01697.45%Passed
20232023-07-143,181,812,2531,988,4025,553,44099.76%Passed
20222022-07-143,176,710,97712,196,545154,19099.61%Passed
20212021-07-143,185,789,5291,947,34898,98999.94%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-07-0992.96%a
20252025-07-1094.05%b
20242024-07-1197.45%c

a. Voting standard not stated in the filing.

b. Approved under the standard stated in the filing — “Abstentions are considered shares present and entitled to vote on this proposal and will have the same effect as a vote "Against" this proposal.”.

c. Approved under the standard stated in the filing — “Abstentions are considered shares present and entitled to vote on this proposal and will have the same effect as a vote "Against" this proposal.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)579 : 1
CEO total compensation
Median employee compensation$44,389
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
James NelsonIndependent$108,750$186,063$0$0$0$294,813
Kristine DicksonIndependent88,750186,063000274,813
James A. StarIndependent88,750186,063000274,813
Martin H. NesbittIndependent68,750186,063000254,813
Deborah EllingerIndependent60,701186,063000246,764
Nat GoldhaberIndependent48,958186,063000235,021
09

Board fee structure and ownership guideline

Annual cash retainer$68,750
Annual equity retainer$206,250
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)20,000 / 20,000
Stock ownership guidelineAll NEOs and independent directors have been subject to the Stock Ownership Guidelines for less than five (5) years and are in the transition period for compliance with the Stock Ownership Guidelines.
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$464,659
Equity awards (grant-date value)$1,116,378
All other compensation$0
Total cost of the board$1,581,037

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Chewy names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Chewy.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Wayfair Inc.2025Niraj Shah$80,000$280,557,500$0$0$280,847,068
2Booking Holdings, Inc.2025Glenn Fogel1,250,00026,202,27904,042,50035,418,102
3Williams-Sonoma, Inc.2025Laura Alber1,600,00018,999,797012,500,00033,297,422
4Tractor Supply Company2025Harry Lawton III1,344,23126,937,3832,311,7401,635,83732,277,194
5Maplebear, Inc. (DBA Instacart)2025Chris Rogers742,04628,432,1830267,80429,847,540
6eBay Inc.2025Jamie Iannone1,000,00023,518,31003,570,00028,463,890
7Chewy2025Sumit Singh1,200,00020,004,00203,183,48025,721,751
8Etsy, Inc.2025Josh Silverman690,13715,814,539737,591729,12018,072,322
9Expedia Group, Inc.2025Ariane Gorin1,254,80815,689,8000017,592,584
10Best Buy Co., Inc.2026Corie Barry1,300,00013,699,94702,185,82017,346,126
11ULTA Beauty, Inc.2025Kecia Steelman1,350,0034,792,8774,792,5564,383,97215,403,663
12Signet Jewelers Limited2026J.k. Symancyk1,400,0007,627,98402,206,02212,016,187
13Carvana Co.2025Ernest C. Garcia, III961,6747,419,121008,382,555
14Bath & Body Works, Inc.2025Daniel Heaf913,8465,043,7710358,9536,587,902
15DoorDash, Inc.2025Tony Xu300,000000431,864
Petco Health and Wellness Company, Inc.not in coverage universe
Spotify Technology S.A.not in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Chewy176.86%RSU 50 · PSU 50NoSemler Brossy
Bath & Body Works, Inc.32.2%PSU 60 · RSU 40Yes — relative TSR assessed against the companies listed in the S&P Composite 1500 Consumer Discretionary Distribution & Retail IndexMeridian Compensation Partners, LLC
Best Buy Co., Inc.84.07%PSU 50 · RSU 50Yes — total shareholder return (TSR) relative to the S&P 500 Index constituentsFrederic W. Cook & Co., Inc. (FW Cook)
Booking Holdings, Inc.162%PSU 60 · RSU 40Yes — Relative Total Stockholder Return (rTSR)Semler Brossy
Carvana Co.not disclosedRSU 100not disclosedKorn Ferry
DoorDash, Inc.not disclosedRSU 100not disclosedSemler Brossy Consulting Group LLC
eBay Inc.179%PSU 60 · RSU 40Yes — Relative total shareholder return (rTSR)Pay Governance
Etsy, Inc.87%PSU 50 · RSU 50Yes — Relative TSRCompensia
Expedia Group, Inc.not disclosedPSU 50 · RSU 50NoCompensia, Inc.
Maplebear, Inc. (DBA Instacart)not disclosedRSU 100not disclosedCompensia
Petco Health and Wellness Company, Inc.not disclosednot disclosednot disclosednot disclosed
Signet Jewelers Limited92.69%PSU 50 · RSU 50NoSemler Brossy
Spotify Technology S.A.not disclosednot disclosednot disclosednot disclosed
Tractor Supply Company80.8%PSU 50 · Options 25 · RSU 25NoPearl Meyer & Partners, LLC
ULTA Beauty, Inc.180.41%Options 50 · RSU 50not disclosedWillis Towers Watson
Wayfair Inc.not disclosednot disclosedNoCompensia
Williams-Sonoma, Inc.157.9%PSU 63 · RSU 37NoPay Governance LLC

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Sumit SinghDEF 14A2026-05-220001140361-26-022529Section “2025 Summary Compensation Table”. As printed: 25,721,751. Filing ↗machine: r2 · c19 · span 771274–771284
2Section 01, David ReederDEF 14A2026-05-220001140361-26-022529Section “2025 Summary Compensation Table”. As printed: 10,164,465. Filing ↗machine: r5 · c19 · span 781803–781813
3Section 01, Satish MehtaDEF 14A2026-05-220001140361-26-022529Section “2025 Summary Compensation Table”. As printed: 4,523,002. Filing ↗machine: r7 · c19 · span 789075–789084
4Section 01, William BillingsDEF 14A2026-05-220001140361-26-022529Section “2025 Summary Compensation Table”. As printed: 2,101,938. Filing ↗machine: r10 · c19 · span 799675–799684
5Section 03, William Billings PSUDEF 14A2026-05-220001140361-26-022529Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t244 · r14 · c25 · span 884921–884928
6Section 03, Sumit Singh RSUDEF 14A2026-05-220001140361-26-022529Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t244 · r4 · c25 · span 835008–835018
7Section 03, Satish Mehta RSUDEF 14A2026-05-220001140361-26-022529Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t244 · r10 · c25 · span 865571–865580
8Section 03, David Reeder RSUDEF 14A2026-05-220001140361-26-022529Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t244 · r7 · c25 · span 849826–849835
9Section 03, Sumit Singh PSUDEF 14A2026-05-220001140361-26-022529Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t244 · r4 · c25 · span 835008–835018
10Section 03, David Reeder PSUDEF 14A2026-05-220001140361-26-022529Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t244 · r7 · c25 · span 849826–849835
11Section 03, William Billings RSUDEF 14A2026-05-220001140361-26-022529Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t244 · r13 · c25 · span 880621–880628
12Section 03, Satish Mehta PSUDEF 14A2026-05-220001140361-26-022529Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t244 · r10 · c25 · span 865571–865580
13Section 07, pay ratioDEF 14ASection “CEO Pay Ratio”. As printed: 579 : 1.machine: span 1021816–1021821
14Section 08, James NelsonDEF 14A2026-05-220001140361-26-022529Section “Director Compensation”. As printed: 294,813. Filing ↗machine: t131 · r3 · c10 · span 376377–376384
15Section 08, Kristine DicksonDEF 14A2026-05-220001140361-26-022529Section “Director Compensation”. As printed: 274,813. Filing ↗machine: t131 · r2 · c10 · span 374483–374490
16Section 08, James A. StarDEF 14A2026-05-220001140361-26-022529Section “Director Compensation”. As printed: 274,813. Filing ↗machine: t131 · r5 · c10 · span 380525–380532
17Section 08, Martin H. NesbittDEF 14A2026-05-220001140361-26-022529Section “Director Compensation”. As printed: 254,813. Filing ↗machine: t131 · r4 · c10 · span 378588–378595
18Section 08, Deborah EllingerDEF 14A2026-05-220001140361-26-022529Section “Director Compensation”. As printed: 246,764. Filing ↗machine: t131 · r6 · c10 · span 382735–382742
19Section 08, Nat GoldhaberDEF 14A2026-05-220001140361-26-022529Section “Director Compensation”. As printed: 235,021. Filing ↗machine: t131 · r7 · c10 · span 384576–384583
20Section 06, 2026 voteForm 8-K2026-07-130001193125-26-302009Item 5.07 · say-on-pay result. As reported: 92.96% (votes for as printed: 1,798,089,225). Filing ↗
21Section 06, 2025 voteForm 8-K2025-07-150001193125-25-159383Item 5.07 · say-on-pay result. As reported: 94.05% (votes for as printed: 1,916,973,994). Filing ↗
22Section 06, 2024 voteForm 8-K2024-07-120001766502-24-000027Item 5.07 · say-on-pay result. As reported: 97.45% (votes for as printed: 2,752,091,935). Filing ↗
23Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
24Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
25Section 09b board cost (computed)ComputedcomputedCash 464,659 + equity 1,116,378 + all other 0 = 1,581,037, summed across the director compensation table rows.machine: formula: Σ = 1,581,037
26Wayfair Inc., Section 10b CEO totalDEF 14A2026-03-310001616707-26-000074CEO total compensation as printed in Wayfair Inc.'s own proxy. As printed: 280,847,068. Filing ↗machine: t137 · r2 · c15 · span 682385–682396
27Booking Holdings, Inc., Section 10b CEO totalDEF 14A2026-04-210001308179-26-000310CEO total compensation as printed in Booking Holdings, Inc.'s own proxy. As printed: 35,418,102. Filing ↗machine: span 2167953–2167963
28Williams-Sonoma, Inc., Section 10b CEO totalDEF 14A2026-05-060000719955-26-000109CEO total compensation as printed in Williams-Sonoma, Inc.'s own proxy. As printed: 33,297,422. Filing ↗machine: r2 · c24 · span 847173–847184
29Tractor Supply Company, Section 10b CEO totalDEF 14A2026-03-260001193125-26-126620CEO total compensation as printed in Tractor Supply Company's own proxy. As printed: 32,277,194. Filing ↗machine: t220 · r2 · c25 · span 849102–849112
30Maplebear, Inc. (DBA Instacart), Section 10b CEO totalDEF 14A2026-04-090001579091-26-000024CEO total compensation as printed in Maplebear, Inc. (DBA Instacart)'s own proxy. As printed: 29,847,540. Filing ↗machine: t48 · r2 · c14 · span 584103–584113
31eBay Inc., Section 10b CEO totalDEF 14A2026-04-300001552781-26-000285CEO total compensation as printed in eBay Inc.'s own proxy. As printed: 28,463,890. Filing ↗machine: t357 · r8 · c9 · span 939586–939596
32Chewy (subject), Section 10b CEO totalDEF 14A2026-05-220001140361-26-022529CEO total compensation as printed in Chewy's own proxy. As printed: 25,721,751. Filing ↗machine: r2 · c19 · span 771274–771284
33Etsy, Inc., Section 10b CEO totalDEF 14A2026-04-170001370637-26-000026CEO total compensation as printed in Etsy, Inc.'s own proxy. As printed: 18,072,322. Filing ↗machine: r2 · c24 · span 1152296–1152306
34Expedia Group, Inc., Section 10b CEO totalDEF 14A2026-04-290001324424-26-000022CEO total compensation as printed in Expedia Group, Inc.'s own proxy. As printed: 17,592,584. Filing ↗machine: t142 · r6 · c10 · span 775351–775361
35Best Buy Co., Inc., Section 10b CEO totalDEF 14A2026-04-300001140361-26-018265CEO total compensation as printed in Best Buy Co., Inc.'s own proxy. As printed: 17,346,126. Filing ↗machine: r2 · c19 · span 1511832–1511842
36ULTA Beauty, Inc., Section 10b CEO totalDEF 14A2026-04-220001104659-26-046308CEO total compensation as printed in ULTA Beauty, Inc.'s own proxy. As printed: 15,403,663. Filing ↗machine: t216 · r7 · c24 · span 1201446–1201456
37Signet Jewelers Limited, Section 10b CEO totalDEF 14A2026-05-140001193125-26-224349CEO total compensation as printed in Signet Jewelers Limited's own proxy. As printed: 12,016,187. Filing ↗machine: t274 · r3 · c34 · span 1137141–1137151
38Carvana Co., Section 10b CEO totalDEF 14A2026-03-250001690820-26-000024CEO total compensation as printed in Carvana Co.'s own proxy. As printed: 8,382,555. Filing ↗machine: t63 · r3 · c17 · span 494349–494358
39Bath & Body Works, Inc., Section 10b CEO totalDEF 14A2026-04-280001140361-26-017465CEO total compensation as printed in Bath & Body Works, Inc.'s own proxy. As printed: 6,587,902. Filing ↗machine: t208 · r2 · c27 · span 1059766–1059775
40DoorDash, Inc., Section 10b CEO totalDEF 14A2026-04-200001792789-26-000018CEO total compensation as printed in DoorDash, Inc.'s own proxy. As printed: 431,864. Filing ↗machine: r3 · c21 · span 677820–677827
41Section 10a, Bath & Body Works, Inc. reciprocityDEF 14A0001140361-26-017465Bath & Body Works, Inc.'s most recent proxy was read; its disclosed peer group does not include Chewy. Filing ↗
42Section 10a, Booking Holdings, Inc. reciprocityDEF 14A0001308179-26-000310Booking Holdings, Inc.'s most recent proxy was read; its disclosed peer group does not include Chewy. Filing ↗
43Section 10a, DoorDash, Inc. reciprocityDEF 14A0001792789-26-000018DoorDash, Inc.'s most recent proxy was read; its disclosed peer group does not include Chewy. Filing ↗
44Section 10a, Etsy, Inc. reciprocityDEF 14A0001370637-26-000026Etsy, Inc.'s most recent proxy was read; its disclosed peer group does not include Chewy. Filing ↗
45Section 10a, Tractor Supply Company reciprocityDEF 14A0001193125-26-126620Tractor Supply Company's most recent proxy was read; its disclosed peer group does not include Chewy. Filing ↗
46Section 10a, ULTA Beauty, Inc. reciprocityDEF 14A0001104659-26-046308ULTA Beauty, Inc.'s most recent proxy was read; its disclosed peer group does not include Chewy. Filing ↗
47Section 10a, Williams-Sonoma, Inc. reciprocityDEF 14A0000719955-26-000109Williams-Sonoma, Inc.'s most recent proxy was read; its disclosed peer group does not include Chewy. Filing ↗
48Section 10a, Best Buy Co., Inc. reciprocityDEF 14A0001140361-26-018265Best Buy Co., Inc.'s most recent proxy was read; its disclosed peer group does not include Chewy. Filing ↗
49Section 10a, Carvana Co. reciprocityDEF 14A0001690820-26-000024Carvana Co. names Chewy in its own disclosed peer group (read from its most recent proxy). Filing ↗
50Section 10a, Expedia Group, Inc. reciprocityDEF 14A0001324424-26-000022Expedia Group, Inc. names Chewy in its own disclosed peer group (read from its most recent proxy). Filing ↗
51Section 10a, Maplebear, Inc. (DBA Instacart) reciprocityDEF 14A0001579091-26-000024Maplebear, Inc. (DBA Instacart)'s most recent proxy was read; its disclosed peer group does not include Chewy. Filing ↗
52Section 10a, Signet Jewelers Limited reciprocityDEF 14A0001193125-26-224349Signet Jewelers Limited's most recent proxy was read; its disclosed peer group does not include Chewy. Filing ↗