Wayfair

W · NYSE · Consumer Discretionary · Financials, fiscal 2016 to 2025

W · Last close · October 26, 2026

$113.05

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%.

Wayfair Inc. Latest fiscal year ended December 31, 2025 10-K filed February 19, 2026 · 0001616707-26-000027 Updated October 11, 2026

Revenue

$12.5B

5.1%

Operating margin

0.1%

4.0 pts

Net income

−$313M

Free cash flow

$464M

90.2%

Return on equity

—

Market cap

$14.9B

Oct 26 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

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.

Its biggest risks, as it describes them

A history of losses, with no guarantee it can reach lasting profit and positive cash flow.
Winning new customers and getting them to buy again at a reasonable marketing cost.
Tariffs and trade rules that raise the cost of products sourced from other countries.
Its reliance on suppliers and on carriers and other third parties to deliver goods.
Its new physical stores may not meet sales or operating targets.

From Wayfair's annual report on Form 10-K, filed February 19, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

Wayfair lost money in fiscal 2025: a net loss of $313 million.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Wayfair yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Wayfair's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Wayfair's fiscal 2025 free cash flow of $464M, net cash of −$1.7B at December 31, 2025 and 128 million diluted shares, from its filings. The scenarios are fitted to Wayfair: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 0.6% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 10%: 9% for a business of moderate risk (Homefurnishing Retail), plus 1 point for unsteady results (a loss in fiscal 2025); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Wayfair's own revenue growth, as above. Cautious: growth of -1.5% then 0% a year, 2% after year 10, a 11% discount rate. Base: growth of 0.5% then 1.5% a year, 2.5% after year 10, a 10% discount rate. Optimistic: growth of 2.5% then 3% a year, 3% after year 10, a 9% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $113.05
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

The P/E method needs positive earnings, and Wayfair's latest diluted earnings per share were negative or zero.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	2,399	1,278	1,351	1,372	1,542
Debt incl. finance leases	3,052	3,137	3,209	3,118	3,272
Net debt (negative means net cash)	653	1,859	1,858	1,746	1,730
Net debt to EBITDA	2.9x	—	—	—	5.4x
Debt to equity	—	—	—	—	—
Interest coverage	−3.5x	−51.3x	−12.9x	−5.5x	0.1x
Current ratio	1.4x	0.9x	0.8x	0.8x	0.9x
Quick ratio	1.3x	0.9x	0.8x	0.8x	0.9x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Wayfair shares on the open market, and 5 insiders sold $236.2 million, all of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Oct 20, 2026	Fiona TanChief Technology Officer	Sold plan	8,000	$115.00	$920,000	Form 4
Oct 15, 2026	Steven ConineDirector	Sold plan	117,000	$111.25	$13.0 million	Form 4
Oct 15, 2026	Niraj ShahChief Executive Officer, Director	Sold plan	117,000	$111.25	$13.0 million	Form 4
Oct 15, 2026	Jon BlotnerPres., Commercial & Operations	Sold plan	546	$110.00	$60,060	Form 4
Oct 12, 2026	Steven ConineDirector	Sold plan	69,000	$105.75	$7.3 million	Form 4
Oct 12, 2026	Niraj ShahChief Executive Officer, Director	Sold plan	69,000	$105.75	$7.3 million	Form 4
Sep 14, 2026	Steven ConineDirector	Sold plan	69,000	$103.36	$7.1 million	Form 4
Sep 14, 2026	Niraj ShahChief Executive Officer, Director	Sold plan	69,000	$103.35	$7.1 million	Form 4
Sep 8, 2026	Jon BlotnerPres., Commercial & Operations	Sold plan	6,968	$100.22	$698,333	Form 4
Aug 12, 2026	Niraj ShahChief Executive Officer, Director	Sold plan	69,000	$103.36	$7.1 million	Form 4
Aug 12, 2026	Steven ConineDirector	Sold plan	69,000	$103.36	$7.1 million	Form 4
Jul 2, 2026	Jon BlotnerPres., Commercial & Operations	Sold plan	5,925	$96.29	$570,518	Form 4

The latest 12 of 44 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Fail	Fail	Fail
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Pass	Fail
Current ratio rose	Fail	Fail	Pass
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Pass	Fail	Pass
Revenue rose relative to assets	Pass	Pass	Pass
F-score	5 of 9	5 of 9	6 of 9
Accruals ratio	−30.8%	−23.3%	−24.6%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Wayfair side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Wayfair	FY25	5.1%	0.1%	3.7%	—	5.4x	6
Williams-Sonoma	FY25	1.2%	18.1%	13.5%	106.5%	−0.6x	5	Compare
RH	FY25	8.1%	11.3%	7.3%	—	—	—	Compare
Ulta Beauty	FY25	9.7%	12.4%	8.6%	55.8%	−0.2x	6	Compare
Chewy	FY25	6.2%	2.0%	4.5%	—	−2.3x	7	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	3,380	4,721	6,779	9,127	14,145	13,708	12,218	12,003	11,851	12,457
Revenue growth	50.2%	39.7%	43.6%	34.6%	55.0%	−3.1%	−10.9%	−1.8%	−1.3%	5.1%
Gross profit	808	1,119	1,587	2,147	4,112	3,895	3,416	3,667	3,574	3,765
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	−196	−236	−473	−930	360	−94	−1,384	−813	−461	17
Net income	−194	−245	−504	−985	185	−131	−1,331	−738	−492	−313
Diluted EPS (US$)	−2.29	−2.81	−5.63	−10.68	1.86	−1.26	−12.54	−6.47	−4.01	−2.44
Diluted shares (millions)	85	87	90	92	99	104	106	114	123	128
Cash flow
Cash from operations	63	34	85	−197	1,417	410	−674	349	317	534
Capital expenditure	97	100	159	272	186	101	186	148	73	70
Free cash flow	−34	−67	−74	−469	1,231	309	−860	201	244	464
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	0	0	0	0	380	300	75	0	0	0
Acquisitions	0	0	0	0	0	0	0	0	0	0
Stock-based compensation	49	68	128	227	276	344	513	605	395	335
Balance sheet at fiscal year end
Cash and short-term investments	349	620	964	987	2,592	2,399	1,278	1,351	1,372	1,542
Debt incl. finance leases	0	333	739	1,456	2,659	3,052	3,137	3,209	3,118	3,272
Total assets	762	1,213	1,891	2,953	4,570	4,570	3,580	3,474	3,459	3,440
Total liabilities	682	1,262	2,222	3,897	5,762	6,189	6,130	6,181	6,214	6,222
Shareholders' equity	79	−48	−331	−944	−1,192	−1,619	−2,550	−2,707	−2,755	−2,782
Margins and ratios
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%	2.5%	−0.7%	−11.3%	−6.8%	−3.9%	0.1%
Net margin	−5.8%	−5.2%	−7.4%	−10.8%	1.3%	−1.0%	−10.9%	−6.2%	−4.2%	−2.5%
Free cash flow margin	−1.0%	−1.4%	−1.1%	−5.1%	8.7%	2.2%	−7.0%	1.7%	2.1%	3.7%
Return on capital	—	—	—	—	—	—	—	—	—	—
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%
Net debt to EBITDA	—	—	—	—	0.1x	2.9x	—	—	—	5.4x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Wayfair's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Wayfair.