10-K · June 2, 2026
PetMed Express, Inc. experienced a significant 21.1% decline in revenue in FY 2026, resulting in a net loss of $57.3 million, compared to a loss of $6.3 million the previous fiscal year. Factors behind the downturn…
Earnings analysis · 10-Q
PETS earnings analysis
Filed August 13, 2026 · Our reading of the company's report
The latest report
PetMed Express reported $41.015 million of revenue and $(0.28) of EPS; revenue declined 19.9% year over year and EPS missed the provided $0.12 estimate. The GAAP net loss improved to $6.145 million from $34.152 million,…
Read full summary
PetMed Express reported $41.015 million of revenue and $(0.28) of EPS; revenue declined 19.9% year over year and EPS missed the provided $0.12 estimate. The GAAP net loss improved to $6.145 million from $34.152 million, but gross margin fell to 23.3%, adjusted EBITDA was negative $3.448 million, and free cash flow was negative $9 million. Liquidity is constrained by $13.1 million of cash, while four previously disclosed material weaknesses remain unremediated. No quantitative guidance or material risk-factor changes were provided.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.28
What stood out
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Revenue beat estimates but declined year over year
Revenue was $41.015 million, down 19.9% from the prior-year period, although it exceeded the provided $10.336 million estimate.
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GAAP loss narrowed materially
GAAP net loss narrowed to $6.145 million from $34.152 million, primarily because the prior-year period included a $27.258 million impairment charge.
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Gross margin contracted sharply
Gross margin was 23.3%, down from 37.5% in the prior listed period, a 14.2 percentage-point contraction.
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Free cash flow remained negative
Free cash flow was negative $9 million, following negative $5 million in the prior listed period, indicating continued cash consumption.
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Debt-free balance sheet
The company reported $13.1 million of cash and cash equivalents and no debt obligations as of June 30, 2026.
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SAP ERP implementation progressed
Management continued implementing SAP ERP modules during the quarter, modifying financial reporting processes and related controls.
What to watch
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Underlying profitability remains negative
Adjusted EBITDA deteriorated to negative $3.448 million despite the narrower $6.145 million GAAP net loss, signaling continued operating pressure.
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Cash burn threatens liquidity
Cash and cash equivalents were $13.1 million at June 30, 2026, while free cash flow was negative $9 million, creating a material liquidity risk despite the absence of debt.
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Material control weaknesses persist
Four material weaknesses—sales taxes, information technology general controls, revenue recognition, and cooperative advertising and vendor reimbursements—had not been fully remediated as of June 30, 2026.
Management's outlook
The 10-Q does not provide quantitative revenue or EPS guidance; no forward outlook was disclosed in the supplied MD&A/extract.
Earlier filings 4
10-K · October 14, 2025
The 10-K discloses a strategic shift from a digital-only model to an omnichannel roadmap (Amazon entry, private label and retail licensing) while flagging a material restatement and control failures. Business metrics…
10-Q · November 7, 2024
PetMed Express reported quarterly revenue of $59.57M, down 16.1% YoY (from $70.999M), but delivered GAAP diluted EPS of $0.11 versus $0.03 a year ago. Gross margin improved to 29.1% (from 28.3%), while operating margin…
10-K · June 14, 2024
PetMed Express positions itself as a digital-first pet wellness company after the April 2023 acquisition of PetCareRx, aiming to consolidate brands, expand product assortment beyond prescriptions, and invest in…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.