Wayfair
Financial Performance
Wayfair Revenue & Financials
Revenue
$12.5B (FY2025)
Market Cap
$13.4B
Employees
12,000
What is Wayfair's revenue?
Wayfair had $12.5B in revenue for fiscal year 2025, up 5.1% from 2024. It reported a net loss of $313M.
- Latest revenue
- $12.5B (FY2025)
- Year-over-year
- +5.1%
- Growth rate (CAGR)
- 15.6% over 9 years
- Peak revenue
- $14.1B (FY2020)
- Years of data
- 10
- Employees
- 12,000
Financial Analysis
Wayfair's revenue peaked at $14.1 billion in 2020 and fell each year to $11.85 billion in 2024. In FY2025 net revenue grew 5.1% to $12.457 billion, gross margin was 30.2%, income from operations was $17 million and the net loss was $313 million. Adjusted EBITDA was $743 million and free cash flow was $329 million. Growth continued in 2026: Q2 net revenue rose 7.5% to $3.519 billion, operating income was $104 million, the net loss was $1 million and free cash flow was $301 million, the highest quarterly figure since 2020.
Revenue Trend Analysis
YoY Change
+5.1%
9-Year CAGR
+15.6%
Peak Year
2020
Trend
Mostly Growing
Wayfair has 10 full fiscal year figures on this page, compounding at +15.6% annually over 9 years. The most recent year saw a 5.1% increase versus the prior year. Annual revenue peaked in fiscal year 2020 at $14.1B. Of 9 comparable year-over-year steps, 5 showed growth and 4 showed a decline.
Annual revenue history
| Fiscal Year | Revenue | Operating Income | Net Income | YoY Change | Source |
|---|---|---|---|---|---|
| FY2025 | $12.5B | $17Mfiling | -$313M | +5.1% | Wayfair Inc. Form 10-K for FY2025 (SEC EDGAR) Fiscal year ended 2025-12-31. |
| FY2024 | $11.9B | -$461Mfiling | -$492M | -1.3% | Wayfair Inc. Form 10-K (SEC EDGAR) Fiscal year ended 2024-12-31. |
| FY2023 | $12B | -$813Mfiling | -$738M | -1.8% | Wayfair Inc. Form 10-K (SEC EDGAR) Fiscal year ended 2023-12-31. |
| FY2022 | $12.2B | -$1.4Bfiling | -$1.3B | -10.9% | Wayfair Inc. Form 10-K (SEC EDGAR) Fiscal year ended 2022-12-31. |
| FY2021 | $13.7B | -$94Mfiling | -$131M | -3.1% | Wayfair Inc. Form 10-K (SEC EDGAR) Fiscal year ended 2021-12-31. |
| FY2020 | $14.1B | $360Mfiling | $185M | +55.0% | Wayfair Inc. Form 10-K (SEC EDGAR) Fiscal year ended 2020-12-31. Revenue peak during pandemic demand. |
| FY2019 | $9.1B | -$930Mfiling | -$985M | +34.6% | Wayfair Inc. Form 10-K (SEC EDGAR) Fiscal year ended 2019-12-31. |
| FY2018 | $6.8B | -$473.3Mfiling | -$504.1M | +43.6% | Wayfair Inc. Form 10-K (SEC EDGAR) Fiscal year ended 2018-12-31. |
| FY2017 | $4.7B | -$235.5Mfiling | -$244.6M | +39.7% | Wayfair Inc. Form 10-K (SEC EDGAR) Fiscal year ended 2017-12-31. |
| FY2016 | $3.4B | -$196.2Mfiling | -$194.4M | — | Wayfair Inc. Form 10-K (SEC EDGAR) Fiscal year ended 2016-12-31. |
Click any row to see year details.
Wayfair balance sheet and cash flow
Balance-sheet figures are as of each fiscal year end; cash-flow figures cover the fiscal year. Taken from the company's annual report on Form 10-K, linked on each row. Free cash flow here is operating cash flow less capital expenditures, calculated by CorpDigest.
| Fiscal Year | Operating cash flow | Capital expenditures | Total assets | Total liabilities | Shareholders' equity | Free cash flow | Source |
|---|---|---|---|---|---|---|---|
| FY2025ended Dec 31, 2025 | $534M | $70M | $3.4B | $6.2B | -$2.8B | $464M | Form 10-K |
| FY2024ended Dec 31, 2024 | $317M | $73M | $3.5B | $6.2B | -$2.8B | $244M | Form 10-K |
| FY2023ended Dec 31, 2023 | $349M | $148M | $3.5B | $6.2B | -$2.7B | $201M | Form 10-K |
| FY2022ended Dec 31, 2022 | -$674M | $186M | $3.6B | $6.1B | -$2.5B | -$860M | Form 10-K |
| FY2021ended Dec 31, 2021 | $410M | $101M | $4.6B | $6.2B | -$1.6B | $309M | Form 10-K |
| FY2020ended Dec 31, 2020 | $1.4B | $186M | $4.6B | $5.8B | -$1.2B | $1.2B | Form 10-K |
| FY2019ended Dec 31, 2019 | -$197M | $272M | $3B | $3.9B | -$944M | -$469M | Form 10-K |
| FY2018ended Dec 31, 2018 | $84.9M | $159.2M | $1.9B | $2.2B | -$331M | -$74.3M | Form 10-K |
| FY2017ended Dec 31, 2017 | $33.6M | $100.5M | $1.2B | $1.3B | -$48.3M | -$66.8M | Form 10-K |
| FY2016ended Dec 31, 2016 | $62.8M | $96.7M | $761.7M | $682.3M | $79.4M | -$33.9M | Form 10-K |
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Wayfair Revenue and Financial FAQ
What was Wayfair's total net revenue in FY2025?
For full-year 2025, Wayfair generated $12.457 billion in net revenue, representing a 5.1% year-over-year increase and marking the company's first annual revenue expansion since 2020.
What was Wayfair's Adjusted EBITDA and free cash flow in FY2025?
Wayfair delivered $743 million in Adjusted EBITDA and generated $329 million in positive free cash flow in FY2025, reflecting strict cost discipline and supply chain efficiencies.
Why did Wayfair report a GAAP net loss of $313 million in FY2025 despite positive adjusted EBITDA?
The GAAP net loss of $313 million was primarily driven by non-cash stock-based compensation ($350M+), depreciation and amortization, and interest expense on convertible debt notes.
What were Wayfair's financial results in Q2 2026?
In Q2 2026, net revenue grew 7.5% year-over-year to $3.519 billion, operating income reached $104 million, the GAAP net loss narrowed to just $1 million, and quarterly free cash flow hit $301 million.
What is Wayfair's gross profit margin?
Wayfair achieved a 30.2% gross margin in FY2025, maintaining its target gross margin range of 30%–31% through logistics optimization and higher-margin retail media advertising.
How many active customers does Wayfair have and what is their average order value (AOV)?
Wayfair serves approximately 21.5 to 22 million active customers, with an average order value (AOV) of roughly $300 to $315 per order across its consumer platforms.
How much does Wayfair spend on advertising as a percentage of revenue?
Wayfair spends approximately 11% to 12% of net revenue on customer acquisition advertising (television, search, social media, and catalog mailers), down from historical highs of 13%–15%.
What is Wayfair's corporate debt and convertible note structure?
Wayfair carries approximately $3.1 billion in convertible senior notes maturing between 2027 and 2030, which the company actively manages through opportunistic cash repurchases and refinancing.
What is the geographic revenue breakdown between the US and international markets?
The United States accounts for roughly 86%–88% of total net revenue, while international operations (Canada, the United Kingdom, and Germany) generate the remaining 12%–14%.
How does Wayfair's negative working capital cycle benefit its cash flow?
Because Wayfair collects cash immediately from credit card checkouts while paying suppliers on standard 30-to-60-day terms, revenue growth organically generates substantial positive working capital cash flow.
Does Wayfair pay a cash dividend on its common stock?
No, Wayfair does not pay a dividend and has never paid one; free cash flow is reinvested into retail expansion, technological development, and debt reduction.
What is Wayfair's long-term adjusted EBITDA margin target?
Wayfair management targets long-term adjusted EBITDA margins of 8% to 10%, driven by supplier advertising revenue, CastleGate logistics scale, and corporate operating leverage.
Cite or embed this data
Using these figures? Please credit CorpDigest with a link.
CorpDigest. "Wayfair Revenue & Financials." CorpDigest, https://corpdigest.com/company/wayfair/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Wayfair reported $12.5B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/wayfair/financials" target="_blank" rel="noopener">CorpDigest — Wayfair financials</a></div>Related Financial Audits
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