Wayfair Inc.

CIK:0001616707|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Net revenue	$ 3,519	$ 3,273	$ 6,450	$ 6,003
Cost of goods sold	2,465	2,289	4,516	4,182
Gross profit	1,054	984	1,934	1,821
Operating expenses:
Customer service and merchant fees	128	121	242	228
Advertising	392	372	721	716
Selling, operations, technology, general and administrative	428	465	852	894
Impairment and other related net charges	2	0	2	23
Restructuring and other charges, net	0	9	24	65
Total operating expenses	950	967	1,841	1,926
Income (loss) from operations	104	17	93	(105)
Interest expense, net	(39)	(29)	(78)	(52)
Other (expense) income, net	(4)	23	(15)	33
(Loss) gain on debt extinguishment	(59)	6	(102)	31
Income (loss) before income taxes	2	17	(102)	(93)
Provision for income taxes, net	3	2	4	5
Net (loss) income	$ (1)	$ 15	$ (106)	$ (98)
(Loss) earnings per share
Basic (in dollars per share)	$ (0.01)	$ 0.11	$ (0.81)	$ (0.77)
Diluted (in dollars per shares)	$ (0.01)	$ 0.11	$ (0.81)	$ (0.77)
Weighted-average number of shares of common stock outstanding used in computing per share amounts:
Basic (in shares)	132	128	131	127
Diluted (in shares)	132	129	131	127

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (1)	$ 15	$ (106)	$ (98)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	64	78	131	159
Equity-based compensation expense			136	164
Amortization of debt discount and issuance costs			4	5
Impairment and other related net charges	2	0	2	23
Loss (gain) on debt extinguishment	59	(6)	102	(31)
Other non-cash adjustments			(15)	32
Changes in operating assets and liabilities:
Accounts receivable, net			(52)	49
Inventories			(12)	(11)
Prepaid expenses and other assets			(21)	21
Accounts payable and other liabilities			139	(136)
Net cash provided by operating activities			308	177
Cash flows for investing activities:
Purchase of short- and long-term investments			(43)	(55)
Sale and maturities of short- and long-term investments			31	58
Purchase of property and equipment			(51)	(18)
Site and software development costs			(62)	(68)
Net cash used in investing activities			(125)	(83)
Cash flows for financing activities:
Proceeds from issuance of debt, net of issuance costs			395	691
Payments to extinguish debt			(245)	(742)
Settlement of long-term debt			(701)	0
Payments of taxes related to net share settlement of equity awards			(48)	(9)
Net cash used in financing activities			(599)	(60)
Effect of exchange rate changes on cash and cash equivalents			5	(28)
Net (decrease) increase in cash, cash equivalents and restricted cash			(411)	6
Cash, cash equivalents and restricted cash
Beginning of period			1,476	1,320
End of period	1,065	1,326	1,065	1,326
Supplemental cash flow information:
Cash paid for interest on long-term debt			98	59
Purchase of property and equipment included in accounts payable and other liabilities			11	17
Reconciliation of cash, cash equivalents and restricted cash to condensed consolidated balance sheets
Cash and cash equivalents	1,065	1,326	1,065	1,326
Total cash, cash equivalents and restricted cash	$ 1,065	$ 1,326	$ 1,065	$ 1,326

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 1,065	$ 1,476
Short-term investments	78	66
Accounts receivable, net	184	132
Inventories	84	71
Prepaid expenses and other current assets	274	256
Total current assets	1,685	2,001
Operating lease right-of-use assets	722	862
Property and equipment, net	512	516
Other non-current assets	59	61
Total assets	2,978	3,440
Current liabilities
Accounts payable	1,317	1,202
Other current liabilities	951	927
Total current liabilities	2,268	2,129
Long-term debt	2,797	3,233
Operating lease liabilities, net of current	680	835
Other non-current liabilities	21	25
Total liabilities	5,766	6,222
Commitments and contingencies (Note 5)
Stockholders' deficit:
Convertible preferred stock, $0.001 par value per share: 10,000,000 shares authorized and none issued at June 30, 2026 and December 31, 2025	0	0
Additional paid-in capital	2,166	2,073
Accumulated deficit	(4,929)	(4,823)
Accumulated other comprehensive loss	(25)	(32)
Total stockholders' deficit	(2,788)	(2,782)
Total liabilities and stockholders' deficit	2,978	3,440
Class A common stock
Stockholders' deficit:
Common stock	0	0
Class B common stock
Stockholders' deficit:
Common stock	$ 0	$ 0