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Wayfair

W NYSE Homefurnishing Retail Financials FY2016–FY2025

Wayfair's revenue rose 5.1% to $12.5 billion in fiscal 2025. Its operating margin was 0.1%, up from −3.9% a year earlier. Free cash flow was $464 million, up 90.2%. The diluted share count rose 4.1%.

Last close · Oct 23, 2026

$112.49

0.9%
Value it Compare
Revenue Total sales reported in the income statement.
$12.5B
5.1% vs prior year
Operating margin Operating income as a share of revenue.
0.1%
4.0 pts
Net income Profit after all expenses, interest and tax.
−$313M
Free cash flow Cash from operations minus capital spending.
$464M
90.2%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap Last close times the latest diluted share count, so it is approximate.
$14.8B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
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What Wayfair does

Wayfair is an online retailer of furniture, décor, housewares and home improvement products, selling to households and to businesses. Its site offers 40 million products from about 20 thousand suppliers. It runs several brands: Wayfair, AllModern, Birch Lane, Joss & Main, Perigold (luxury) and Wayfair Professional, plus over one hundred house brands. Only the Wayfair brand sells outside the United States, in Canada, the United Kingdom and Ireland.

Wayfair earns money by selling these goods to customers. Most products ship directly from suppliers, and a growing share moves through its own warehouses and delivery network, which handles large parcels. It reports two segments, the U.S. and International. The U.S. segment accounted for 88% of net revenue in 2025. It also offers a rewards program, store credit cards and a small number of physical stores.

At the end of 2025 it operated 12 physical stores in 4 states. The 10-K says it has a history of losses. It lists competition from other online sellers and from traditional home-goods stores as a risk to its business.

Legal name
Wayfair Inc.
Fiscal year ends
December 31, 2025
Latest annual report
10-K · Feb 19, 2026
Accession · CIK
0001616707-26-000027
0001616707

Revenue and margins

Wayfair had $12.5B of revenue in fiscal 2025, up 5.1% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $464M in fiscal 2025, 3.7% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Wayfair returned $0.0M to shareholders in fiscal 2025, 0% of free cash flow. The diluted share count rose 4.1%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Wayfair yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$1.7B and divides by 128.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Balance sheet

Cash, debt and the ratios that show how comfortably Wayfair can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $2.4B$1.3B$1.4B$1.4B$1.5B
Debt incl. finance leases $3.1B$3.1B$3.2B$3.1B$3.3B
Net debt / EBITDA 2.9x———5.4x
Interest coverage −3.5x−51.3x−12.9x−5.6x0.1x
Current ratio 1.4x0.9x0.9x0.8x0.9x
Quick ratio 1.3x0.9x0.8x0.8x0.9x
Total assets $4.6B$3.6B$3.5B$3.5B$3.4B
Total liabilities $6.2B$6.1B$6.2B$6.2B$6.2B
Shareholders' equity −$1.6B−$2.6B−$2.7B−$2.8B−$2.8B
Net debt (− = net cash) $653M$1.9B$1.9B$1.7B$1.7B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$71.4M

4 insiders

Of sales under plans

100%

$71.4M

DateInsiderTradeSharesPriceValueFiling
Oct 20, 2026 Fiona TanChief Technology Officer Sold plan 8,000 $115.00 $0.9M Form 4
Oct 15, 2026 Jon BlotnerPres., Commercial & Operations Sold plan 546 $110.00 $0.1M Form 4
Oct 15, 2026 Niraj ShahChief Executive Officer, Director Sold plan 117,000 $111.25 $13.0M Form 4
Oct 15, 2026 Steven ConineDirector Sold plan 117,000 $111.25 $13.0M Form 4
Oct 12, 2026 Niraj ShahChief Executive Officer, Director Sold plan 69,000 $105.75 $7.3M Form 4
Oct 12, 2026 Steven ConineDirector Sold plan 69,000 $105.75 $7.3M Form 4
Sep 14, 2026 Niraj ShahChief Executive Officer, Director Sold plan 69,000 $103.35 $7.1M Form 4
Sep 14, 2026 Steven ConineDirector Sold plan 69,000 $103.36 $7.1M Form 4
Sep 8, 2026 Jon BlotnerPres., Commercial & Operations Sold plan 6,968 $100.22 $0.7M Form 4
Aug 12, 2026 Niraj ShahChief Executive Officer, Director Sold plan 69,000 $103.36 $7.1M Form 4
Aug 12, 2026 Steven ConineDirector Sold plan 69,000 $103.36 $7.1M Form 4
Jul 2, 2026 Jon BlotnerPres., Commercial & Operations Sold plan 5,925 $96.29 $0.6M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✕ ✕ ✕
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✓ ✕
Current ratio rose ✕ ✕ ✓
Share count didn't rise ✕ ✕ ✕
Gross margin rose ✓ ✕ ✓
Revenue rose relative to assets ✓ ✓ ✓
F-score 5 / 95 / 96 / 9
Accruals ratio −30.8%−23.3%−24.6%
Altman Z'' −6.42−6.55−5.25

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Wayfair W $14.8B 5.1% 0.1% 3.7% — — 6
Williams-Sonoma WSM $30.0B 1.2% 18.1% 13.5% 106.5% 25.9x 5 Compare →
RH RH $2.7B 8.1% 11.3% 7.3% — 24.4x — Compare →
Ulta Beauty ULTA $26.9B 9.7% 12.4% 8.6% 55.8% 22.8x 6 Compare →
Chewy CHWY $9.0B 6.2% 2.0% 4.5% — 33.2x 7 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $3.4B $4.7B $6.8B $9.1B $14.1B $13.7B $12.2B $12.0B $11.9B $12.5B
Gross profit $808M $1.1B $1.6B $2.1B $4.1B $3.9B $3.4B $3.7B $3.6B $3.8B
Operating income −$196M −$236M −$473M −$930M $360M −$94.0M −$1.4B −$813M −$461M $17.0M
Interest expense $0.0M $0.0M $1.6M $8.0M $17.0M $27.0M $27.0M $63.0M $83.0M $165M
Pretax income −$194M −$244M −$502M −$982M $205M −$130M −$1.3B −$729M −$482M −$304M
Income tax $0.6M $0.5M $2.0M $3.0M $20.0M $1.0M $12.0M $9.0M $10.0M $9.0M
Net income −$194M −$245M −$504M −$985M $185M −$131M −$1.3B −$738M −$492M −$313M
Diluted EPS −$2.29 −$2.81 −$5.63 −$10.68 $1.86 −$1.26 −$12.54 −$6.47 −$4.01 −$2.44
Diluted shares 0.09B 0.09B 0.09B 0.09B 0.10B 0.10B 0.11B 0.11B 0.12B 0.13B
Cash flow
Cash from operations $62.8M $33.6M $84.9M −$197M $1.4B $410M −$674M $349M $317M $534M
Capital expenditure $96.7M $101M $159M $272M $186M $101M $186M $148M $73.0M $70.0M
Free cash flow −$33.9M −$66.8M −$74.3M −$469M $1.2B $309M −$860M $201M $244M $464M
Depreciation and amortization $55.6M $87.0M $124M $192M $286M $322M $371M $417M $387M $305M
Stock-based compensation $49.4M $67.8M $128M $227M $276M $344M $513M $605M $395M $335M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $380M $300M $75.0M $0.0M $0.0M $0.0M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.0M $0.0M $0.0M $380M $300M $75.0M $0.0M $0.0M $0.0M
Balance sheet
Cash and short-term investments $349M $620M $964M $987M $2.6B $2.4B $1.3B $1.4B $1.4B $1.5B
Total debt $0.0M $333M $739M $1.5B $2.7B $3.1B $3.1B $3.2B $3.1B $3.3B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $477M $817M $1.3B $1.4B $3.0B $3.0B $1.9B $1.9B $1.9B $2.0B
Current liabilities $557M $740M $1.1B $1.6B $2.2B $2.2B $2.1B $2.2B $2.4B $2.1B
Inventory $18.6M $28.0M $46.2M $61.7M $52.0M $69.0M $90.0M $75.0M $76.0M $71.0M
Property and equipment, net $239M $361M $607M $625M $684M $674M $774M $748M $603M $516M
Total assets $762M $1.2B $1.9B $3.0B $4.6B $4.6B $3.6B $3.5B $3.5B $3.4B
Total liabilities $682M $1.3B $2.2B $3.9B $5.8B $6.2B $6.1B $6.2B $6.2B $6.2B
Shareholders' equity $79.4M −$48.3M −$331M −$944M −$1.2B −$1.6B −$2.6B −$2.7B −$2.8B −$2.8B
Margins
Gross margin 23.9% 23.7% 23.4% 23.5% 29.1% 28.4% 28.0% 30.6% 30.2% 30.2%
Operating margin −5.8% −5.0% −7.0% −10.2% 2.6% −0.7% −11.3% −6.8% −3.9% 0.1%
EBITDA margin −4.2% −3.1% −5.2% −8.1% 4.6% 1.7% −8.3% −3.3% −0.6% 2.6%
Net margin −5.8% −5.2% −7.4% −10.8% 1.3% −1.0% −10.9% −6.2% −4.2% −2.5%
FCF margin −1.0% −1.4% −1.1% −5.1% 8.7% 2.3% −7.0% 1.7% 2.1% 3.7%
Returns
Return on capital employed −78.2% −69.4% −77.3% −88.9% 19.2% −4.0% −71.7% −58.1% −38.7% 1.4%
Return on equity −120.8% — — — — — — — — —
Return on assets −26.7% −24.8% −32.5% −40.7% 4.9% −2.9% −32.7% −20.9% −14.2% −9.1%
Growth
Revenue growth 50.3% 39.7% 43.6% 34.6% 55.0% −3.1% −10.9% −1.8% −1.3% 5.1%
Net income growth — — — — — −170.8% — — — —
EPS growth — — — — — −167.7% — — — —
FCF growth −137.5% — — — — −74.9% −378.3% — 21.4% 90.2%
Share count change 1.5% 2.4% 2.9% 2.8% 7.6% 5.1% 1.9% 7.6% 7.9% 4.1%
Financial health
Net debt / EBITDA — — — — 0.1x 2.9x — — — 5.4x
Debt / equity 0.0x — — — — — — — — —
Interest coverage — — −304.6x −116.3x 21.2x −3.5x −51.3x −12.9x −5.6x 0.1x
Current ratio 0.9x 1.1x 1.1x 0.9x 1.4x 1.4x 0.9x 0.9x 0.8x 0.9x
Quick ratio 0.8x 1.1x 1.1x 0.8x 1.4x 1.3x 0.9x 0.8x 0.8x 0.9x
Capital allocation
Capex / revenue 2.9% 2.1% 2.4% 3.0% 1.3% 0.7% 1.5% 1.2% 0.6% 0.6%
Stock comp / revenue 1.5% 1.4% 1.9% 2.5% 2.0% 2.5% 4.2% 5.0% 3.3% 2.7%
Payouts / FCF — — — — 30.9% 97.1% — 0.0% 0.0% 0.0%
Quality scores
Piotroski F-score — 4.0 2.0 2.0 6.0 3.0 1.0 5.0 5.0 6.0
Altman Z'' −3.7 −2.5 −3.3 −5.2 0.2 −0.7 −6.3 −6.4 −6.6 −5.3
Accruals ratio −35.3% −28.2% −37.9% −32.5% −32.8% −11.8% −16.1% −30.8% −23.3% −24.6%

Source: SEC EDGAR XBRL filings (CIK 0001616707). Data updated October 11, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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