Wayfair
W · NYSERetail-Catalog & Mail-Order Houses · Fiscal year ends Dec 31
Wayfair reported revenue of $12.5B in the fiscal year ended Dec 2025, up 5.1% from the year before. Operating income was $17M, an operating margin of 0.1%, and net income was −$313M. Operating cash flow of $534M less capital expenditure of $70M left free cash flow of $464M. Net debt was $1.8B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $13.7B | $12.2B | $12B | $11.9B | $12.5B |
| Cost of revenue | $9.8B | $8.8B | $8.3B | $8.3B | $8.7B |
| Gross profit | $3.9B | $3.4B | $3.7B | $3.6B | $3.8B |
| Operating income | −$94M | −$1.4B | −$813M | −$461M | $17M |
| Interest expense | – | – | $63M | $83M | $165M |
| Pre-tax income | −$130M | −$1.3B | −$729M | −$482M | −$304M |
| Income tax | $1M | $12M | $9M | $10M | $9M |
| Net income | −$131M | −$1.3B | −$738M | −$492M | −$313M |
| Diluted EPS | −1.26 | −12.54 | −6.47 | −4.01 | −2.44 |
| Diluted shares | 104M | 106M | 114M | 123M | 128M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $1.7B | $1.1B | $1.3B | $1.3B | $1.5B |
| Receivables | $226M | $272M | $140M | $155M | $132M |
| Inventory | $69M | $90M | $75M | $76M | $71M |
| Current assets | $3B | $1.9B | $1.9B | $1.9B | $2B |
| Net PP&E | $674M | $774M | $748M | $603M | $516M |
| Goodwill | $400,000 | $400,000 | $400,000 | $400,000 | $400,000 |
| Total assets | $4.6B | $3.6B | $3.5B | $3.5B | $3.4B |
| Payables | $1.2B | $1.2B | $1.2B | $1.2B | $1.2B |
| Deferred revenue | $299M | $214M | $195M | $212M | $277M |
| Current liabilities | $2.2B | $2.1B | $2.2B | $2.4B | $2.1B |
| Short-term debt | $0 | $0 | $117M | $236M | $39M |
| Long-term debt | $3.1B | $3.1B | $3.1B | $2.9B | $3.2B |
| Total liabilities | $6.2B | $6.1B | $6.2B | $6.2B | $6.2B |
| Shareholders' equity | −$1.6B | −$2.6B | −$2.7B | −$2.8B | −$2.8B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $410M | −$674M | $349M | $317M | $534M |
| Capital expenditure | $101M | $186M | $148M | $73M | $70M |
| Free cash flow | $309M | −$860M | $201M | $244M | $464M |
| Depreciation & amortisation | $322M | $371M | $417M | $387M | $305M |
| Stock-based compensation | $344M | $513M | $605M | $395M | $335M |
| Share buybacks | $300M | $75M | $0 | $0 | – |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −10.9% | −1.8% | −1.3% | 5.1% |
| Gross margin | 28.4% | 28.0% | 30.6% | 30.2% | 30.2% |
| Operating margin | −0.7% | −11.3% | −6.8% | −3.9% | 0.1% |
| Net margin | −1.0% | −10.9% | −6.1% | −4.2% | −2.5% |
| ROCEEBIT ÷ (assets − current liabilities) | −4.0% | −91.8% | −63.0% | −42.3% | 1.3% |
| Free cash flow margin | 2.3% | −7.0% | 1.7% | 2.1% | 3.7% |
| Cash conversion (CFO ÷ net income) | −3.13x | 0.51x | −0.47x | −0.64x | −1.71x |
| Receivable days | 6 | 8 | 4 | 5 | 4 |
| Inventory days | 3 | 4 | 3 | 3 | 3 |
| Payable days | 43 | 50 | 54 | 55 | 50 |
| Interest cover | – | – | −12.9x | −5.55x | 0.10x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $1.3B | $2.1B | $1.9B | $1.8B | $1.8B |
| Current ratio | 1.36x | 0.93x | 0.85x | 0.79x | 0.94x |
Recent filings
More in Retail-Catalog & Mail-Order Houses
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.