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Wayfair Inc.

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Wayfair Inc. • NYSE
$110.80 ▼ -1.55% (-1.75)
Market Cap $14.44 B
52w High $114.92
52w Low $20.41
Dividend Yield 0%
P/E -43.11
Volume 850.48K
Outstanding Shares 130.33M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $3.117B ▼ $896M ▼ $-99M ▼ -3.176% ▼ $-0.76 ▼ $9M ▼
Q2-2025 $3.273B ▲ $967M ▲ $15M ▲ 0.458% ▲ $0.12 ▲ $124M ▲
Q1-2025 $2.73B ▼ $959M ▼ $-113M ▲ -4.139% ▼ $-0.89 ▲ $-6M ▲
Q4-2024 $3.121B ▲ $1.058B ▲ $-128M ▼ -4.101% ▼ $-1.02 ▼ $-22M ▼
Q3-2024 $2.884B $947M $-74M -2.566% $-0.6 $28M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.225B ▼ $3.116B ▼ $5.884B ▼ $-2.768B ▼
Q2-2025 $1.378B ▲ $3.278B ▼ $5.997B ▼ $-2.719B ▲
Q1-2025 $1.368B ▼ $3.419B ▼ $6.228B ▲ $-2.809B ▼
Q4-2024 $1.372B ▲ $3.459B ▲ $6.214B ▲ $-2.755B ▼
Q3-2024 $1.328B $3.414B $6.147B $-2.733B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-99M ▼ $155M ▼ $-67M ▼ $-243M ▼ $-314M ▼ $128M ▼
Q2-2025 $15M ▲ $273M ▲ $-66M ▼ $-200M ▼ $-12M ▼ $260M ▲
Q1-2025 $-113M ▲ $-96M ▼ $-17M ▲ $140M ▲ $18M ▼ $-101M ▼
Q4-2024 $-128M ▼ $162M ▲ $-84M ▼ $-72M ▼ $20M ▲ $102M ▲
Q3-2024 $-74M $49M $-51M $0 $-8M $-9M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
International Segment
International Segment
 $380.00M ▲$300.00M ▼$400.00M ▲$390.00M ▼
US Segment
US Segment
 $2.74Bn ▲$2.43Bn ▼$2.87Bn ▲$2.73Bn ▼

Five-Year Company Overview

Income Statement

Income Statement Wayfair’s sales have been broadly flat over the last several years, drifting down a bit from the pandemic peak rather than growing meaningfully. The company has held onto a reasonable gross margin, but spending on marketing, operations, and overhead has kept it in the red. Losses widened sharply in the middle of this period and have since been narrowing, with operating and EBITDA results moving closer to break-even more recently. In simple terms, the business is still unprofitable, but the direction of travel in profitability is improving as cost controls and efficiency efforts take hold.

Balance Sheet

Balance Sheet The balance sheet shows a business with modest overall assets, a solid cash balance, but a heavy debt load and negative equity. Negative equity reflects accumulated past losses and a capital structure that leans on debt rather than retained profits. Cash on hand provides some flexibility in the near term, but the combination of sizeable debt and ongoing losses leaves the company financially stretched and more sensitive to credit conditions and investor confidence than a typical retailer with a stronger equity base.

Cash Flow

Cash Flow Cash flow tells a more nuanced story than the income statement. Wayfair generated strong cash flow in the early pandemic boom, then slipped into cash burn as growth-related costs overshot. Since then, operating cash flow has turned positive again, helped by tighter cost management and more disciplined working capital. After modest investment spending, free cash flow has recently hovered around break-even to slightly positive. That suggests the core business model can now roughly fund itself, but with only a thin margin for error and limited room for large new cash demands without external financing.

Competitive Edge

Competitive Edge Wayfair holds a strong position in online home goods, with a very broad product range, an asset-light marketplace model, and its own logistics network for bulky items. Its brand is well known in its category, and its data-driven approach to merchandising and personalization helps it stand out from smaller rivals. However, it faces intense competition from giants like Amazon and big-box chains that are deepening their online offerings, as well as from changing housing and remodeling trends. Its scale and logistics capabilities are clear advantages, but pricing pressure and the discretionary nature of home goods keep margins thin and competition fierce.

Innovation and R&D

Innovation and R&D Wayfair behaves much more like a technology company than a traditional retailer. It has rebuilt its systems on modern cloud architecture and uses artificial intelligence across search, recommendations, supplier tools, and advertising optimization. It was early in augmented reality and is now layering on generative AI features like virtual room redesign and AI-created inspirational images. On top of that, it is building tools for professional buyers, experimenting with physical stores as testing labs, and using machine learning to spot promising new products quickly. These efforts aim to deepen customer engagement, improve supplier performance, and strengthen its moat without relying solely on ad spending or discounting.

Summary

Wayfair is transitioning from a high-growth, high-spend phase into a more disciplined model that seeks to pair its technological strengths and logistics network with tighter cost control. Revenue has plateaued rather than continued its earlier surge, and the company remains loss-making, but profitability and cash generation have clearly moved in a better direction. Financial leverage and negative equity represent notable risks, making consistent execution and stable cash flow especially important. At the same time, Wayfair’s heavy investment in technology, data, and logistics, plus its focus on both consumers and professional buyers, gives it a differentiated position in a competitive, cyclical category. The key questions ahead are whether it can convert its innovation and scale advantages into durable profitability while managing its balance sheet risk through varying economic conditions.

NEWS

November 7, 2025 · 7:00 AM UTC

Wayfair Appoints Retail Industry Leader Hal Lawton to Board of Directors

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November 6, 2025 · 7:00 AM UTC

Wayfair to Open New Store in Columbus, Ohio, Testing Smaller Format

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November 4, 2025 · 6:13 PM UTC

Wayfair Prices Offering of $700 Million Senior Secured Notes

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November 4, 2025 · 9:28 AM UTC

Wayfair Announces Proposed Offering of $700 Million Senior Secured Notes

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October 28, 2025 · 7:00 AM UTC

Wayfair Announces Third Quarter 2025 Results, Reports Substantial Growth in Orders Delivered and Profitability

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