How did Chewy's operating expenses trend in Q3 2025?

Chewy's operating expenses in Q3 2025 are not currently available. However, we can analyze the trends in their operating expenses in the previous quarters to gain insights.

1. **Q4 2024 Earnings**: SG&A expenses rose by 11.9% year-over-year to $700.7 million, and advertising and marketing expenses increased by 8.3% to $804.1 million.
2. **Q3 2024 Earnings**: SG&A expenses were $546 million, representing 19% of net sales. This indicates a slight decrease from the previous quarter's SG&A expenses.
3. **Full Year 2024**: The company reported a 5% increase in Q3 net sales to $2.88 billion, with autoship customer sales reaching $2.3 billion, representing 80% of Q3 net sales and a 9% year-over-year increase. The adjusted EBITDA margin increased by 70 basis points year-over-year to 3.8%.

In conclusion, Chewy's operating expenses have shown a general upward trend, with some fluctuations. The company has been investing in marketing and fulfillment costs, which has led to an increase in SG&A expenses. However, the increase in net sales and the growth of the Autoship program have contributed to the expansion of the gross margin and the adjusted EBITDA margin.