What is Wayfair Inc's earnings per share (EPS)?

Wayfair Inc (W) reported diluted earnings per share of $-2.44 for fiscal year 2025. This represents a 39.2% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Wayfair Inc Financials

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Wayfair Inc (W) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 14 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 28/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Wayfair Inc has an operating margin of 0.1%, meaning the company retains $0 of operating profit per $100 of revenue. This below-average margin results in a low score of 23/100, suggesting thin profitability after operating expenses. This is up from -3.9% the prior year.

Growth

Wayfair Inc's revenue grew 5.1% year-over-year to $12.5B, a solid pace of expansion. This earns a growth score of 42/100.

Liquidity

Wayfair Inc's current ratio of 0.94 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 14/100, which could limit financial flexibility.

Cash Flow

Wayfair Inc has a free cash flow margin of 3.7%, earning a moderate score of 34/100. The company generates positive cash flow after capital investments, but with room for improvement.

Altman Z-Score Grey Zone

2.55

Wayfair Inc scores 2.55, placing it in the grey zone between 1.81 and 2.99. This signals moderate financial risk that warrants monitoring.

Piotroski F-Score Neutral

6/9

Wayfair Inc passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Mixed

-1.71x

For every $1 of reported earnings, Wayfair Inc generates $-1.71 in operating cash flow ($534.0M OCF vs -$313.0M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk

0.1x

Wayfair Inc earns $0.1 in operating income for every $1 of interest expense ($17.0M vs $165.0M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

$12.5B

YoY+5.1%

5Y CAGR-2.5%

10Y CAGR+18.7%

Wayfair Inc generated $12.5B in revenue in fiscal year 2025. This represents an increase of 5.1% from the prior year.

EBITDA

$322.0M

YoY+535.1%

5Y CAGR-13.0%

Wayfair Inc's EBITDA was $322.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 535.1% from the prior year.

Net Income

-$313.0M

YoY+36.4%

Wayfair Inc reported -$313.0M in net income in fiscal year 2025. This represents an increase of 36.4% from the prior year.

EPS (Diluted)

$-2.44

YoY+39.2%

Wayfair Inc earned $-2.44 per diluted share (EPS) in fiscal year 2025. This represents an increase of 39.2% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$464.0M

YoY+90.2%

5Y CAGR-17.7%

10Y CAGR+17.8%

Wayfair Inc generated $464.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 90.2% from the prior year.

Cash & Debt

$1.5B

YoY+12.2%

5Y CAGR-7.1%

10Y CAGR+16.0%

Wayfair Inc held $1.5B in cash against $3.2B in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

30.2%

YoY+0.1pp

5Y CAGR+1.2pp

10Y CAGR+6.2pp

Wayfair Inc's gross margin was 30.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.1 percentage points from the prior year.

Operating Margin

0.1%

YoY+4.0pp

5Y CAGR-2.4pp

10Y CAGR+3.8pp

Wayfair Inc's operating margin was 0.1% in fiscal year 2025, reflecting core business profitability. This is up 4.0 percentage points from the prior year.

Net Margin

-2.5%

YoY+1.6pp

5Y CAGR-3.8pp

10Y CAGR+0.9pp

Wayfair Inc's net profit margin was -2.5% in fiscal year 2025, showing the share of revenue converted to profit. This is up 1.6 percentage points from the prior year.

Return on Equity

N/A

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$70.0M

YoY-4.1%

5Y CAGR-17.8%

10Y CAGR+4.6%

Wayfair Inc invested $70.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 4.1% from the prior year.

W Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$12.5B+5.1%	$11.9B-1.3%	$12.0B-1.8%	$12.2B-10.9%	$13.7B-3.1%	$14.1B
Cost of Revenue	$8.7B+5.0%	$8.3B-0.7%	$8.3B-5.3%	$8.8B-10.3%	$9.8B-2.2%	$10.0B
Gross Profit	$3.8B+5.3%	$3.6B-2.5%	$3.7B+7.3%	$3.4B-12.3%	$3.9B-5.3%	$4.1B
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	$17.0M+103.7%	-$461.0M+43.3%	-$813.0M+41.3%	-$1.4B-1372.3%	-$94.0M-126.1%	$360.0M
Interest Expense	$165.0M+98.8%	$83.0M+31.7%	$63.0M	N/A	N/A	N/A
Income Tax	$9.0M-10.0%	$10.0M+11.1%	$9.0M-25.0%	$12.0M+1100.0%	$1.0M-95.0%	$20.0M
Net Income	-$313.0M+36.4%	-$492.0M+33.3%	-$738.0M+44.6%	-$1.3B-916.0%	-$131.0M-170.8%	$185.0M
EPS (Diluted)	$-2.44+39.2%	$-4.01+38.0%	$-6.47+48.4%	$-12.54-895.2%	$-1.26-167.7%	$1.86

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$3.3B+7.1%	$3.1B-4.8%	$3.3B+19.9%	$2.7B-12.5%	$3.1B+8.2%	$2.9B-7.5%	$3.1B+14.2%	$2.7B
Cost of Revenue	$2.3B+6.6%	$2.2B-4.6%	$2.3B+20.9%	$1.9B-13.2%	$2.2B+8.4%	$2.0B-7.6%	$2.2B+13.9%	$1.9B
Gross Profit	$1.0B+8.1%	$934.0M-5.1%	$984.0M+17.6%	$837.0M-11.1%	$941.0M+7.8%	$873.0M-7.2%	$941.0M+14.9%	$819.0M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	$84.0M+121.1%	$38.0M+123.5%	$17.0M+113.9%	-$122.0M-4.3%	-$117.0M-58.1%	-$74.0M-111.4%	-$35.0M+85.1%	-$235.0M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$2.0M0.0%	$2.0M0.0%	$2.0M-33.3%	$3.0M+50.0%	$2.0M-33.3%	$3.0M+50.0%	$2.0M-33.3%	$3.0M
Net Income	-$116.0M-17.2%	-$99.0M-760.0%	$15.0M+113.3%	-$113.0M+11.7%	-$128.0M-73.0%	-$74.0M-76.2%	-$42.0M+83.1%	-$248.0M
EPS (Diluted)	N/A	$-0.76-790.9%	$0.11+112.4%	$-0.89	N/A	$-0.60-76.5%	$-0.34+83.5%	$-2.06

W Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$3.4B-0.5%	$3.5B-0.4%	$3.5B-3.0%	$3.6B-21.7%	$4.6B0.0%	$4.6B
Current Assets	$2.0B+6.6%	$1.9B+1.2%	$1.9B-4.0%	$1.9B-35.8%	$3.0B-1.1%	$3.0B
Cash & Equivalents	$1.5B+12.2%	$1.3B-0.5%	$1.3B+25.9%	$1.1B-38.5%	$1.7B-19.9%	$2.1B
Inventory	$71.0M-6.6%	$76.0M+1.3%	$75.0M-16.7%	$90.0M+30.4%	$69.0M+32.7%	$52.0M
Accounts Receivable	$132.0M-14.8%	$155.0M+10.7%	$140.0M-48.5%	$272.0M+20.4%	$226.0M+105.5%	$110.0M
Goodwill	$400K0.0%	$400K0.0%	$400K0.0%	$400K0.0%	$400K0.0%	$400K
Total Liabilities	$6.2B+0.1%	$6.2B+0.5%	$6.2B+0.8%	$6.1B-1.0%	$6.2B+7.4%	$5.8B
Current Liabilities	$2.1B-10.2%	$2.4B+8.6%	$2.2B+5.4%	$2.1B-6.5%	$2.2B+2.4%	$2.2B
Long-Term Debt	$3.2B+12.2%	$2.9B-6.8%	$3.1B-1.4%	$3.1B+2.8%	$3.1B+14.8%	$2.7B
Total Equity	-$2.8B-1.0%	-$2.8B-1.8%	-$2.7B-6.2%	-$2.5B-57.5%	-$1.6B-35.8%	-$1.2B
Retained Earnings	-$4.8B-6.9%	-$4.5B-12.2%	-$4.0B-22.5%	-$3.3B-68.3%	-$1.9B-3.3%	-$1.9B

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$3.4B+10.4%	$3.1B-4.9%	$3.3B-4.1%	$3.4B-1.2%	$3.5B+1.3%	$3.4B-0.6%	$3.4B+6.0%	$3.2B
Current Assets	$2.0B+19.2%	$1.7B-7.3%	$1.8B-4.4%	$1.9B+0.9%	$1.9B+3.6%	$1.8B-0.5%	$1.8B+14.7%	$1.6B
Cash & Equivalents	$1.5B+26.0%	$1.2B-11.7%	$1.3B-0.9%	$1.3B+1.7%	$1.3B+1.5%	$1.3B-0.6%	$1.3B+17.8%	$1.1B
Inventory	$71.0M+1.4%	$70.0M-21.3%	$89.0M-1.1%	$90.0M+18.4%	$76.0M-6.2%	$81.0M+3.8%	$78.0M-3.7%	$81.0M
Accounts Receivable	$132.0M+2.3%	$129.0M+17.3%	$110.0M-21.4%	$140.0M-9.7%	$155.0M0.0%	$155.0M-3.7%	$161.0M+42.5%	$113.0M
Goodwill	$400K	N/A	N/A	N/A	$400K	N/A	N/A	N/A
Total Liabilities	$6.2B+5.7%	$5.9B-1.9%	$6.0B-3.7%	$6.2B+0.2%	$6.2B+1.1%	$6.1B-0.8%	$6.2B+2.2%	$6.1B
Current Liabilities	$2.1B-5.5%	$2.3B+1.8%	$2.2B-3.0%	$2.3B-3.7%	$2.4B+9.3%	$2.2B-1.7%	$2.2B+9.0%	$2.0B
Long-Term Debt	$3.2B+17.6%	$2.7B-4.7%	$2.9B-3.9%	$3.0B+4.1%	$2.9B-5.8%	$3.1B+0.1%	$3.1B-1.2%	$3.1B
Total Equity	-$2.8B-0.5%	-$2.8B-1.8%	-$2.7B+3.2%	-$2.8B-2.0%	-$2.8B-0.8%	-$2.7B+1.0%	-$2.8B+2.3%	-$2.8B
Retained Earnings	-$4.8B-2.5%	-$4.7B-2.1%	-$4.6B+0.3%	-$4.6B-2.5%	-$4.5B-2.9%	-$4.4B-1.7%	-$4.3B-1.0%	-$4.3B

W Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$534.0M+68.5%	$317.0M-9.2%	$349.0M+151.8%	-$674.0M-264.4%	$410.0M-71.1%	$1.4B
Capital Expenditures	$70.0M-4.1%	$73.0M-50.7%	$148.0M-20.4%	$186.0M+84.2%	$101.0M-45.7%	$186.0M
Free Cash Flow	$464.0M+90.2%	$244.0M+21.4%	$201.0M+123.4%	-$860.0M-378.3%	$309.0M-74.9%	$1.2B
Investing Cash Flow	-$219.0M+16.4%	-$262.0M-72.4%	-$152.0M-15300.0%	$1.0M+100.2%	-$515.0M-118.2%	-$236.0M
Financing Cash Flow	-$129.0M-87.0%	-$69.0M-189.6%	$77.0M+381.3%	$16.0M+105.3%	-$303.0M-185.8%	$353.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	$0	$0-100.0%	$75.0M-75.0%	$300.0M-21.1%	$380.0M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$202.0M+30.3%	$155.0M-43.2%	$273.0M+384.4%	-$96.0M-159.3%	$162.0M+230.6%	$49.0M-80.0%	$245.0M+276.3%	-$139.0M
Capital Expenditures	$25.0M-7.4%	$27.0M+107.7%	$13.0M+160.0%	$5.0M-75.0%	$20.0M+17.6%	$17.0M-26.1%	$23.0M+76.9%	$13.0M
Free Cash Flow	$177.0M+38.3%	$128.0M-50.8%	$260.0M+357.4%	-$101.0M-171.1%	$142.0M+343.8%	$32.0M-85.6%	$222.0M+246.1%	-$152.0M
Investing Cash Flow	-$69.0M-3.0%	-$67.0M-1.5%	-$66.0M-288.2%	-$17.0M+79.8%	-$84.0M-64.7%	-$51.0M+1.9%	-$52.0M+30.7%	-$75.0M
Financing Cash Flow	$174.0M+171.6%	-$243.0M-21.5%	-$200.0M-242.9%	$140.0M+294.4%	-$72.0M	$0-100.0%	$3.0M	$0
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

W Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	30.2%+0.1pp	30.2%-0.4pp	30.6%+2.6pp	28.0%-0.5pp	28.4%-0.7pp	29.1%
Operating Margin	0.1%+4.0pp	-3.9%+2.9pp	-6.8%+4.6pp	-11.3%-10.6pp	-0.7%-3.2pp	2.5%
Net Margin	-2.5%+1.6pp	-4.2%+2.0pp	-6.2%+4.7pp	-10.9%-9.9pp	-1.0%-2.3pp	1.3%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-9.1%+5.1pp	-14.2%+7.0pp	-21.2%+15.9pp	-37.2%-34.3pp	-2.9%-6.9pp	4.0%
Current Ratio	0.94+0.1	0.79-0.1	0.85-0.1	0.93-0.4	1.36-0.0	1.41
Debt-to-Equity	-1.16-0.1	-1.05+0.1	-1.14+0.1	-1.23+0.7	-1.89+0.3	-2.23
FCF Margin	3.7%+1.7pp	2.1%+0.4pp	1.7%+8.7pp	-7.0%-9.3pp	2.3%-6.5pp	8.7%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	30.3%+0.3pp	30.0%-0.1pp	30.1%-0.6pp	30.7%+0.5pp	30.1%-0.1pp	30.3%+0.1pp	30.2%+0.2pp	30.0%
Operating Margin	2.5%+1.3pp	1.2%+0.7pp	0.5%+5.0pp	-4.5%-0.7pp	-3.8%-1.2pp	-2.6%-1.5pp	-1.1%+7.5pp	-8.6%
Net Margin	-3.5%-0.3pp	-3.2%-3.6pp	0.5%+4.6pp	-4.1%-0.0pp	-4.1%-1.5pp	-2.6%-1.2pp	-1.4%+7.7pp	-9.1%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-3.4%-0.2pp	-3.2%-3.6pp	0.5%+3.8pp	-3.3%+0.4pp	-3.7%-1.5pp	-2.2%-0.9pp	-1.2%+6.4pp	-7.6%
Current Ratio	0.94+0.2	0.74-0.1	0.82-0.0	0.83+0.0	0.79-0.0	0.840.0	0.83+0.0	0.78
Debt-to-Equity	-1.16-0.2	-0.99+0.1	-1.060.0	-1.07-0.0	-1.05+0.1	-1.12-0.0	-1.11-0.0	-1.10
FCF Margin	5.3%+1.2pp	4.1%-3.8pp	7.9%+11.6pp	-3.7%-8.2pp	4.5%+3.4pp	1.1%-6.0pp	7.1%+12.7pp	-5.6%

Note: Shareholder equity is negative (-$2.8B), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

Note: The current ratio is below 1.0 (0.94), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

What is Wayfair Inc's annual revenue?

Wayfair Inc (W) reported $12.5B in total revenue for fiscal year 2025. This represents a 5.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Wayfair Inc's revenue growing?

Wayfair Inc (W) revenue grew by 5.1% year-over-year, from $11.9B to $12.5B in fiscal year 2025.

Is Wayfair Inc profitable?

No, Wayfair Inc (W) reported a net income of -$313.0M in fiscal year 2025, with a net profit margin of -2.5%.

What is Wayfair Inc's EBITDA?

Wayfair Inc (W) had EBITDA of $322.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Wayfair Inc have?

As of fiscal year 2025, Wayfair Inc (W) had $1.5B in cash and equivalents against $3.2B in long-term debt.

What is Wayfair Inc's gross margin?

Wayfair Inc (W) had a gross margin of 30.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Wayfair Inc's operating margin?

Wayfair Inc (W) had an operating margin of 0.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Wayfair Inc's net profit margin?

Wayfair Inc (W) had a net profit margin of -2.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Wayfair Inc's free cash flow?

Wayfair Inc (W) generated $464.0M in free cash flow during fiscal year 2025. This represents a 90.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Wayfair Inc's operating cash flow?

Wayfair Inc (W) generated $534.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Wayfair Inc's total assets?

Wayfair Inc (W) had $3.4B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Wayfair Inc's capital expenditures?

Wayfair Inc (W) invested $70.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

What is Wayfair Inc's current ratio?

Wayfair Inc (W) had a current ratio of 0.94 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is Wayfair Inc's debt-to-equity ratio?

Wayfair Inc (W) had a debt-to-equity ratio of -1.16 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Wayfair Inc's return on assets (ROA)?

Wayfair Inc (W) had a return on assets of -9.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Why is Wayfair Inc's debt-to-equity ratio negative or unusual?

Wayfair Inc (W) has negative shareholder equity of -$2.8B as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.

What is Wayfair Inc's Altman Z-Score?

Wayfair Inc (W) has an Altman Z-Score of 2.55, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Wayfair Inc's Piotroski F-Score?

Wayfair Inc (W) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Wayfair Inc's earnings high quality?

Wayfair Inc (W) has an earnings quality ratio of -1.71x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Wayfair Inc cover its interest payments?

Wayfair Inc (W) has an interest coverage ratio of 0.1x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Wayfair Inc?

Wayfair Inc (W) scores 28 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.