Wayfair Inc. is a Boston-based online retailer of furniture and home goods. Niraj Shah and Steve Conine started it as CSN Stores in 2002, renamed it Wayfair in 2011, and listed it on the New York Stock Exchange in 2014 under the ticker W. Shah remains CEO and co-chairman.
How the business works
Wayfair sells products from about 20,000 suppliers through Wayfair, AllModern, Birch Lane, Joss & Main, Perigold and Wayfair Professional. Many items ship directly from suppliers, and suppliers can store goods in Wayfair's CastleGate network for faster delivery of large items. Revenue is recognized on delivery, and repeat customers place roughly 80% of orders.
Financial picture
Revenue peaked at $14.1 billion in 2020 and declined to $11.85 billion by 2024. In FY2025 net revenue grew 5.1% to $12.457 billion, the first annual gain since 2020. Income from operations was $17 million, the net loss was $313 million and free cash flow was $329 million. In Q2 2026 net revenue rose 7.5% to $3.519 billion, U.S. revenue grew 8.7%, and the net loss narrowed to $1 million.
Stores and markets
Wayfair opened a 150,000-square-foot store in Wilmette, Illinois in 2024 and a second large-format store in Atlanta on March 31, 2026, with Denver announced next. In 2025 it exited Germany, leaving the U.S., Canada, the UK and Ireland as its markets.
What to watch
The main questions are whether Wayfair can keep gaining share in a weak home category, turn adjusted profitability into consistent GAAP net income, and revive its international business.
