Wayfair Inc Financials
Wayfair Inc (W) reported $12.5B in revenue for fiscal year 2025, up 5.1% from the prior fiscal year. This page shows its 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).
Cash generation has recovered faster than earnings, revealing an asset-light model constrained more by financing than operations.
From FY2023 to FY2025, operating cash flow rose from$349M to$534M . With capex only$70M , that recovery translated into free cash flow of$464M despite a net loss, which says the cash engine has healed faster than reported earnings.
FY2025 reached slight operating profitability at
The balance sheet is still liability-funded: total liabilities of
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Wayfair Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Wayfair Inc has an operating margin of 0.1%, meaning the company retains less than $1 of operating profit per $100 of revenue. This results in a moderate score of 34/100, indicating healthy but not exceptional operating efficiency. This is up from -3.9% the prior year.
Wayfair Inc's revenue grew 5.1% year-over-year to $12.5B, a solid pace of expansion. This earns a growth score of 38/100.
Wayfair Inc's current ratio of 0.94 is below the typical benchmark, resulting in a score of 16/100. However, the company holds substantial cash reserves (69% of current liabilities), which buffers actual liquidity risk. Large mature operators often run tight current ratios by design.
Wayfair Inc has a free cash flow margin of 3.7%, earning a moderate score of 39/100. The company generates positive cash flow after capital investments, but with room for improvement.
Wayfair Inc scores 3.01, well above the 2.99 safe threshold. This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Wayfair Inc passes 6 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
Wayfair Inc reported a net loss of $313.0M while generating $534.0M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Wayfair Inc earns $0.10 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
Earnings & Revenue
Wayfair Inc generated $12.5B in revenue in fiscal year 2025. This represents an increase of 5.1% from the prior year.
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.
Wayfair Inc reported -$313.0M in net income in fiscal year 2025. This represents an increase of 36.4% from the prior year.
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
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.
Wayfair Inc held $1.5B in cash against $3.2B in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
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.
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.
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.
Not reported for fiscal year 2025.
Capital Allocation
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.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
W Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $12.9B | $12.5B+5.1% | $11.9B-1.3% | $12.0B-1.8% | $12.2B-10.9% | $13.7B-3.1% | $14.1B+55.0% | $9.1B+34.6% | $6.8B+43.6% | $4.7B+39.7% | $3.4B+50.2% | $2.2B+70.6% | $1.3B+44.0% | $915.8M+52.4% | $601.0M |
| Cost of Revenue | $9.0B | $8.7B+5.0% | $8.3B-0.7% | $8.3B-5.3% | $8.8B-10.3% | $9.8B-2.2% | $10.0B+43.7% | $7.0B+34.4% | $5.2B+44.2% | $3.6B+40.0% | $2.6B+50.5% | $1.7B+69.6% | $1.0B+45.7% | $691.6M+51.7% | $455.9M |
| Gross Profit | $3.9B | $3.8B+5.3% | $3.6B-2.5% | $3.7B+7.3% | $3.4B-12.3% | $3.9B-5.3% | $4.1B+91.5% | $2.1B+35.3% | $1.6B+41.8% | $1.1B+38.5% | $807.8M+49.4% | $540.7M+73.8% | $311.1M+38.7% | $224.2M+54.5% | $145.1M |
| Operating Income | $215.0M | $17.0M+103.7% | -$461.0M+43.3% | -$813.0M+41.3% | -$1.4B-1372.3% | -$94.0M-126.1% | $360.0M+138.7% | -$930.0M-96.5% | -$473.3M-101.0% | -$235.5M-20.0% | -$196.2M-141.2% | -$81.3M+45.0% | -$147.8M-822.6% | -$16.0M+25.1% | -$21.4M |
| Interest Expense | N/A | $165.0M+98.8% | $83.0M+31.7% | $63.0M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $8.0M | $9.0M-10.0% | $10.0M+11.1% | $9.0M-25.0% | $12.0M+1100.0% | $1.0M-95.0% | $20.0M+566.7% | $3.0M+47.3% | $2.0M+319.1% | $486K-20.1% | $608K+540.0% | $95K-45.7% | $175K+280.4% | $46K-8.0% | $50K |
| Net Income | -$321.0M | -$313.0M+36.4% | -$492.0M+33.3% | -$738.0M+44.6% | -$1.3B-916.0% | -$131.0M-170.8% | $185.0M+118.8% | -$985.0M-95.4% | -$504.1M-106.1% | -$244.6M-25.8% | -$194.4M-151.0% | -$77.4M+47.7% | -$148.1M-853.9% | -$15.5M+26.3% | -$21.1M |
| EPS (Diluted) | — | -$2.44+39.2% | -$4.01+38.0% | -$6.47+48.4% | -$12.54-895.2% | -$1.26-167.7% | $1.86+117.4% | -$10.68-89.7% | -$5.63 | N/A | N/A | N/A | N/A | N/A | N/A |
Not reported in any period shown, so not listed: R&D Expenses, SG&A Expenses.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
W Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $3.4B-0.5% | $3.5B-0.4% | $3.5B-3.0% | $3.6B-21.7% | $4.6B0.0% | $4.6B+54.8% | $3.0B+56.2% | $1.9B+55.8% | $1.2B+59.3% | $761.7M+9.7% | $694.6M+25.0% | $555.5M+183.0% | $196.3M | N/A |
| Current Assets | $2.0B+6.6% | $1.9B+1.2% | $1.9B-4.0% | $1.9B-35.8% | $3.0B-1.1% | $3.0B+121.2% | $1.4B+9.7% | $1.3B+53.8% | $816.8M+71.2% | $477.1M-3.1% | $492.3M+1.1% | $486.9M+198.5% | $163.1M | N/A |
| Cash & Equivalents | $1.5B+12.2% | $1.3B-0.5% | $1.3B+25.9% | $1.1B-38.5% | $1.7B-19.9% | $2.1B+265.3% | $583.0M-31.4% | $849.5M+52.0% | $559.0M+99.7% | $279.8M-16.3% | $334.2M-6.1% | $355.9M+445.1% | $65.3M-16.1% | $77.9M |
| Inventory | $71.0M-6.6% | $76.0M+1.3% | $75.0M-16.7% | $90.0M+30.4% | $69.0M+32.7% | $52.0M-15.7% | $61.7M+33.6% | $46.2M+64.6% | $28.0M+51.2% | $18.6M-6.8% | $19.9M+0.5% | $19.8M+32.3% | $15.0M | N/A |
| Accounts Receivable | $132.0M-14.8% | $155.0M+10.7% | $140.0M-48.5% | $272.0M+20.4% | $226.0M+105.5% | $110.0M+10.3% | $99.7M+97.1% | $50.6M+33.3% | $37.9M+98.5% | $19.1M+92.9% | $9.9M+66.5% | $5.9M-22.6% | $7.7M | N/A |
| Goodwill | $400K0.0% | $400K0.0% | $400K0.0% | $400K0.0% | $400K0.0% | $400K0.0% | $400K-81.0% | $2.1M+10.5% | $1.9M0.0% | $1.9M0.0% | $1.9M-47.6% | $3.6M-29.8% | $5.2M | N/A |
| Total Liabilities | $6.2B+0.1% | $6.2B+0.5% | $6.2B+0.8% | $6.1B-1.0% | $6.2B+7.4% | $5.8B+47.8% | $3.9B+75.4% | $2.2B+76.1% | $1.3B+84.9% | $682.3M+50.9% | $452.0M+80.8% | $250.0M-35.5% | $387.5M | N/A |
| Current Liabilities | $2.1B-10.2% | $2.4B+8.6% | $2.2B+5.4% | $2.1B-6.5% | $2.2B+2.4% | $2.2B+34.4% | $1.6B+41.5% | $1.1B+54.0% | $739.8M+32.8% | $557.2M+40.3% | $397.0M+70.7% | $232.6M+60.1% | $145.3M | N/A |
| 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+82.6% | $1.5B+97.1% | $738.9M+122.0% | $332.9M | $0 | N/A | N/A | N/A | N/A |
| Total Equity | -$2.8B-1.0% | -$2.8B-1.8% | -$2.7B-6.2% | -$2.5B-57.5% | -$1.6B-35.8% | -$1.2B-26.3% | -$944.0M-185.2% | -$331.0M-584.9% | -$48.3M-160.9% | $79.4M-67.3% | $242.5M-20.6% | $305.5M+259.8% | -$191.2M-26.5% | -$151.1M |
| Retained Earnings | -$4.8B-6.9% | -$4.5B-12.2% | -$4.0B-22.5% | -$3.3B-68.3% | -$1.9B-3.3% | -$1.9B+8.7% | -$2.1B-90.8% | -$1.1B-85.6% | -$583.3M-76.8% | -$329.9M-143.4% | -$135.6M-133.2% | -$58.1M+69.5% | -$190.8M | N/A |
W Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $665.0M | $534.0M+68.5% | $317.0M-9.2% | $349.0M+151.8% | -$674.0M-264.4% | $410.0M-71.1% | $1.4B+819.3% | -$197.0M-332.1% | $84.9M+152.3% | $33.6M-46.5% | $62.8M-53.5% | $135.1M+3175.7% | $4.1M-88.0% | $34.4M+772.3% | $3.9M |
| Capital Expenditures | $103.0M | $70.0M-4.1% | $73.0M-50.7% | $148.0M-20.4% | $186.0M+84.2% | $101.0M-45.7% | $186.0M-31.6% | $272.0M+70.8% | $159.2M+58.5% | $100.5M+3.9% | $96.7M+116.6% | $44.6M+40.2% | $31.9M+372.7% | $6.7M-16.1% | $8.0M |
| Free Cash Flow | $562.0M | $464.0M+90.2% | $244.0M+21.4% | $201.0M+123.4% | -$860.0M-378.3% | $309.0M-74.9% | $1.2B+362.5% | -$469.0M-530.9% | -$74.3M-11.3% | -$66.8M-97.1% | -$33.9M-137.5% | $90.5M+426.3% | -$27.7M-200.2% | $27.7M+777.3% | -$4.1M |
| Investing Cash Flow | -$261.0M | -$219.0M+16.4% | -$262.0M-72.4% | -$152.0M-15300.0% | $1.0M+100.2% | -$515.0M-118.2% | -$236.0M+72.4% | -$855.0M-228.5% | -$260.3M-99.7% | -$130.3M-35.9% | -$95.9M+30.4% | -$137.7M | N/A | N/A | N/A |
| Financing Cash Flow | -$668.0M | -$129.0M-87.0% | -$69.0M-189.6% | $77.0M+381.3% | $16.0M+105.3% | -$303.0M-185.8% | $353.0M-55.1% | $787.0M+68.4% | $467.5M+24.7% | $375.0M+1895.6% | -$20.9M-12.2% | -$18.6M | N/A | N/A | N/A |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $0 | $0-100.0% | $39.5M | $0 | N/A |
| Share Buybacks | N/A | N/A | $0 | $0-100.0% | $75.0M-75.0% | $300.0M-21.1% | $380.0M | $0 | $0 | N/A | $0 | $0-100.0% | $23.5M | $0 | N/A |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
W Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 30.2%+0.1pp | 30.2%-0.4pp | 30.6%+2.6pp | 28.0%-0.5pp | 28.4%-0.7pp | 29.1%+5.6pp | 23.5%+0.1pp | 23.4%-0.3pp | 23.7%-0.2pp | 23.9%-0.1pp | 24.0%+0.4pp | 23.6%-0.9pp | 24.5%+0.3pp | 24.1% |
| Operating Margin | 0.1%+4.0pp | -3.9%+2.9pp | -6.8%+4.6pp | -11.3%-10.6pp | -0.7%-3.2pp | 2.5%+12.7pp | -10.2%-3.2pp | -7.0%-2.0pp | -5.0%+0.8pp | -5.8%-2.2pp | -3.6%+7.6pp | -11.2%-9.4pp | -1.8%+1.8pp | -3.6% |
| Net Margin | -2.5%+1.6pp | -4.2%+2.0pp | -6.2%+4.7pp | -10.9%-9.9pp | -1.0%-2.3pp | 1.3%+12.1pp | -10.8%-3.4pp | -7.4%-2.3pp | -5.2%+0.6pp | -5.8%-2.3pp | -3.4%+7.8pp | -11.2%-9.5pp | -1.7%+1.8pp | -3.5% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -244.9%-212.9pp | -31.9%+16.5pp | -48.5% | 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%+37.4pp | -33.4%-6.7pp | -26.7%-6.5pp | -20.2%+5.4pp | -25.5%-14.4pp | -11.2%+15.5pp | -26.7%-18.8pp | -7.9% | N/A |
| Current Ratio | 0.94+0.1x | 0.79-0.1x | 0.85-0.1x | 0.93-0.4x | 1.360.0x | 1.41+0.6x | 0.85-0.2x | 1.100.0x | 1.10+0.2x | 0.86-0.4x | 1.24-0.9x | 2.09+1.0x | 1.12 | N/A |
| Debt-to-Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00-1.9x | 1.86+1.0x | 0.82 | N/A | N/A |
| FCF Margin | 3.7%+1.7pp | 2.1%+0.4pp | 1.7%+8.7pp | -7.0%-9.3pp | 2.3%-6.5pp | 8.7%+13.8pp | -5.1%-4.0pp | -1.1%+0.3pp | -1.4%-0.4pp | -1.0%-5.0pp | 4.0%+6.1pp | -2.1%-5.1pp | 3.0%+3.7pp | -0.7% |
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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Where Wayfair Inc Ranks
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 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 not reported?
Wayfair Inc (W) has negative shareholder equity of -$2.8B as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. 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 3.01, placing it in the Safe Zone (low bankruptcy 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 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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) reported a net loss of $313.0M while generating $534.0M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. 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 0.10x, 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 26 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.