Key Takeaways Looking ahead, private label growth is expected to remain a core pillar of Chewy's profitability framework. Management projects an adjusted EBITDA margin of 6.6-6.8% in 2026, implying around 100 basis points of year-over-year expansion, supported in part by mix improvement. With increasing penetration and favorable unit economics, private labels position Chewy for sustained margin and earnings upside. CENT & BARK's Margin Picture vs. CHWY Central Garden & Pet Company (CENT) delivered a solid g ...