Chewy and DoorDash finished 2025 with stronger financial results, but their growth strategies are diverging as consumers weigh recurring essentials against convenience spending.
Chewy’s model remains anchored in repeat purchases of pet food, medication and supplies.
The company is expanding beyond online retail into veterinary care. In April, Chewy agreed to acquire Modern Animal, which operates 29 clinics, offers 24/7 virtual care and serves more than 100,000 member families. The transaction was completed May 21 and expanded Chewy’s clinic footprint from 18 to 47 locations. Modern Animal was expected to add more than $125 million in annualized revenue, remain neutral to 2026 EBITDA on a pro forma basis and begin contributing EBITDA at the clinic level from 2027, subject to the companies’ integration plans.
DoorDash operates a broader local-commerce network spanning more than 40 countries, connecting merchants, consumers and delivery workers. Revenue comes from merchant commissions, consumer fees, subscriptions, advertising and delivery services provided through merchants’ own channels.
The company’s expansion has also increased its investment burden. DoorDash is consolidating its international businesses on a single technology platform after acquisitions including Wolt and Deliveroo, and it is spending on robotics, drones and other delivery technology.
Both businesses face risks that could alter the investment case. Chewy must integrate Modern Animal while complying with rules governing veterinary and pharmacy operations. DoorDash identifies intense competition from companies including Uber Eats, Delivery Hero and Amazon, as well as pressure from merchants with their own ordering and delivery systems. Its model also depends heavily on Dashers who are generally independent contractors, leaving labor classification and related regulation as continuing operating risks.
The comparison therefore turns on the type of growth investors prefer. Chewy offers slower expansion, a large recurring-sales base and a growing health-care operation, while DoorDash delivers faster revenue growth through a wider but more operationally complex marketplace. The verified results show momentum for both companies, but neither set of results removes the execution, regulatory and competitive pressures attached to its next phase of growth.