Wayfair Inc

wayfair.com

What Do They Do?

Sells furniture, décor, housewares and home improvement products through e-commerce sites and physical stores to consumers and businesses.

How Do They Make Money?

Customers pay for products bought through Wayfair's sites before delivery; product-sale revenue is counted when orders are delivered. Wayfair also earns credit-card program revenue tied to spending activity and portfolio profitability.

revenue

Segment	Share	Revenue	How money arrives
U.S. Sold outright	88% FY2022: 86%		Sold outright
International Sold outright	12% FY2022: 14%		Sold outright

Who Are Their Customers?

Consumers and businesses shop directly through Wayfair's e-commerce sites and stores; products are generally shipped to them by suppliers, with some moving through Wayfair's logistics network.

Do Revenues Turn Into Profits?

Not on paper. It lost $313M in FY2025, but brought in more cash than it spent: $464M of free cash flow.

Operating income, FY2025

0% of revenue

▲ Now profitable vs FY2024 (−$461M, −4%)

Net income, FY2025

−3% of revenue

▼ −36% (Loss) vs FY2024 (−$492M, −4%)

Free cash flow, FY2025

4% of revenue

▲ +90% vs FY2024 ($244M, 2%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +8%; vs $3.3B in Q2 FY2025
Net income: ▼ Now a loss; vs $15M in Q2 FY2025

U.S. share of revenue vs 87.8% in Q2 FY2025

Shrinking. Revenue fell 9% in 4 years, from $13.7B in FY2021 to $12.5B in FY2025, about 2% a year.

Germany exit Wayfair’s international segment included Germany in the older report; the latest report says it decided to exit the German market.

Physical retail The older report framed physical retail store launches as part of its strategy; the latest report describes an operating physical retail channel alongside e-commerce.

Revenue over time

U.S. International

$20B$10B$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Ashley Furniture, Bob's Discount Furniture, Havertys, Nebraska Furniture Mart, Raymour & Flanigan, Rooms To Go, Home Depot, IKEA, Lowe's, Costco, Target, Walmart, JCPenney, Macy's, Neiman Marcus, Arhaus, At Home, Container Store, Crate and Barrel, and Design Within Reach

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