Revenue growth re-accelerated to 9.7% year-over-year in 2026Q3 to roughly $3.4B, yet gross margin held in a narrow 29.6% to 30.7% band and operating margin of just 3.1% suggests that SG&A of about $779M per quarter is absorbing most of the scaling benefit.
Wayfair Inc. (W) annual income statement — 14-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Sales/Revenue | 13.21B | 12.46B | 11.85B | 12B | 12.22B | 13.71B | 14.15B | 9.13B | 6.78B | 4.72B | 3.38B | 2.25B | 1.32B | 915.84M | 601.03M |
| Revenue Growth % | 7.89% | 5.11% | -1.27% | -1.76% | -10.87% | -3.09% | 54.98% | 34.63% | 43.6% | 39.66% | 50.25% | 70.58% | 44.02% | 52.38% | - |
| Cost of Goods Sold | 9.25B | 8.69B | 8.28B | 8.34B | 8.8B | 9.81B | 10.03B | 6.98B | 5.19B | 3.6B | 2.57B | 1.71B | 1.01B | 691.6M | 455.88M |
| COGS % of Revenue | - | 69.78% | 69.84% | 69.45% | 72.04% | 71.59% | 70.93% | 76.47% | 76.59% | 76.3% | 76.1% | 75.97% | 76.41% | 75.52% | 75.85% |
| Gross Profit | 3.96B | 3.77B | 3.57B | 3.67B | 3.42B | 3.9B | 4.11B | 2.15B | 1.59B | 1.12B | 807.81M | 540.72M | 311.1M | 224.24M | 145.15M |
| Gross Margin % | 29.95% | 30.22% | 30.16% | 30.55% | 27.96% | 28.41% | 29.07% | 23.53% | 23.41% | 23.7% | 23.9% | 24.03% | 23.59% | 24.48% | 24.15% |
| Gross Profit Growth % | - | 5.34% | -2.54% | 7.35% | -12.3% | -5.28% | 91.5% | 35.33% | 41.82% | 38.5% | 49.39% | 73.81% | 38.73% | 54.49% | - |
| Operating Expenses | 3.66B | 3.75B | 4.04B | 4.48B | 4.8B | 3.98B | 3.75B | 3.08B | 2.06B | 1.35B | 1B | 622.07M | 458.88M | 240.26M | 166.54M |
| OpEx % of Revenue | - | 30.09% | 34.05% | 37.32% | 39.29% | 29.01% | 26.52% | 33.72% | 30.39% | 28.69% | 29.7% | 27.65% | 34.79% | 26.23% | 27.71% |
| Selling, General & Admin | 3.3B | 3.42B | 3.92B | 4.4B | 4.73B | 3.98B | 3.24B | 3.08B | 2.06B | 1.34B | 1B | 622.07M | 458.88M | 239.72M | 166.33M |
| SG&A % of Revenue | - | 27.44% | 33.07% | 36.67% | 38.71% | 29.01% | 22.92% | 33.71% | 30.41% | 28.48% | 29.7% | 27.65% | 34.79% | 26.17% | 27.67% |
| Research & Development | 0 | 0 | 257M | 0 | 224M | 171M | 132M | 82M | 51.3M | 34.5M | 21.6M | 15.3M | 9.9M | 7M | 4.8M |
| R&D % of Revenue | - | - | 2.17% | - | 1.83% | 1.25% | 0.93% | 0.9% | 0.76% | 0.73% | 0.64% | 0.68% | 0.75% | 0.76% | 0.8% |
| Other Operating Expenses | 4M | 330M | -141M | 79M | -154M | -171M | 377.82M | -81.73M | -52.96M | -24.93M | -21.6M | -15.3M | -9.9M | -6.46M | -4.59M |
| Operating Income | 292M | 17M | -461M | -813M | -1.38B | -94M | 360.35M | -929.94M | -473.28M | -235.45M | -196.22M | -81.35M | -147.78M | -16.02M | -21.39M |
| Operating Margin % | 2.21% | 0.14% | -3.89% | -6.77% | -11.33% | -0.69% | 2.55% | -10.19% | -6.98% | -4.99% | -5.8% | -3.62% | -11.2% | -1.75% | -3.56% |
| Operating Income Growth % | - | 103.69% | 43.3% | 41.26% | -1372.34% | -126.09% | 138.75% | -96.49% | -101.01% | -20% | -141.2% | 44.95% | -822.55% | 25.12% | - |
| EBITDA | 558M | 322M | -74M | -396M | -1.01B | 228M | 646.06M | -737.52M | -349.74M | -148.43M | -140.65M | -48.9M | -125.78M | -2.93M | -12.06M |
| EBITDA Margin % | 4.23% | 2.58% | -0.62% | -3.3% | -8.29% | 1.66% | 4.57% | -8.08% | -5.16% | -3.14% | -4.16% | -2.17% | -9.54% | -0.32% | -2.01% |
| EBITDA Growth % | 298.57% | 535.14% | 81.31% | 60.91% | -544.3% | -64.71% | 187.6% | -110.88% | -135.62% | -5.54% | -187.59% | 61.12% | -4195.8% | 75.72% | - |
| D&A (Non-Cash Add-back) | 266M | 305M | 387M | 417M | 371M | 322M | 285.71M | 192.42M | 123.54M | 87.02M | 55.57M | 32.45M | 22M | 13.09M | 9.34M |
| EBIT | 5M | -223M | -453M | -712M | -1.29B | -98M | 351.72M | -927M | -473.48M | -234.69M | -196.22M | -81.35M | -147.78M | -16.02M | -21.39M |
| Net Interest Income | -156M | -83M | -29M | -17M | -27M | -32M | -146M | -55M | -28.56M | -9.43M | 694K | 1.28M | 350K | 245K | 234K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 694K | 1.28M | 350K | 245K | 234K |
| Interest Expense | 156M | 83M | 29M | 17M | 27M | 32M | 146M | 55M | 28.56M | 9.43M | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -443M | -323M | -21M | 84M | 65M | -36M | -155.03M | -51.63M | -28.76M | -8.68M | 2.45M | 4M | -139K | 539K | 389K |
| Pretax Income | -151M | -306M | -482M | -729M | -1.32B | -130M | 205.32M | -981.57M | -502.04M | -244.13M | -193.77M | -77.35M | -147.92M | -15.48M | -21M |
| Pretax Margin % | -1.14% | -2.46% | -4.07% | -6.07% | -10.8% | -0.95% | 1.45% | -10.75% | -7.41% | -5.17% | -5.73% | -3.44% | -11.22% | -1.69% | -3.49% |
| Income Tax | 9M | 7M | 10M | 9M | 12M | 1M | 20.32M | 3.01M | 2.04M | 486K | 608K | 95K | 175K | 46K | 50K |
| Effective Tax Rate % | -5.96% | -2.29% | -2.07% | -1.23% | -0.91% | -0.77% | 9.9% | -0.31% | -0.41% | -0.2% | -0.31% | -0.12% | -0.12% | -0.3% | -0.24% |
| Net Income | -160M | -313M | -492M | -738M | -1.33B | -131M | 185M | -984.58M | -504.08M | -244.61M | -194.38M | -77.44M | -148.1M | -15.53M | -21.05M |
| Net Margin % | -1.21% | -2.51% | -4.15% | -6.15% | -10.89% | -0.96% | 1.31% | -10.79% | -7.44% | -5.18% | -5.75% | -3.44% | -11.23% | -1.7% | -3.5% |
| Net Income Growth % | 50.77% | 36.38% | 33.33% | 44.55% | -916.03% | -170.81% | 118.79% | -95.32% | -106.07% | -25.85% | -150.99% | 47.71% | -853.87% | 26.26% | - |
| Net Income (Continuing) | -160M | -313M | -492M | -738M | -1.33B | -131M | 185M | -984.58M | -504.08M | -244.61M | -194.38M | -77.44M | -148.1M | -15.53M | -21.05M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.16 | -2.42 | -4.00 | -6.47 | -12.56 | -1.26 | 1.86 | -10.68 | -5.63 | -2.81 | -2.29 | -0.92 | -1.81 | -0.58 | -0.80 |
| EPS Growth % | 51.07% | 39.5% | 38.18% | 48.49% | -896.83% | -167.74% | 117.42% | -89.7% | -100.36% | -22.71% | -148.91% | 49.17% | -212.07% | 27.5% | - |
| EPS (Basic) | - | -2.42 | -4.00 | -6.47 | -12.56 | -1.26 | 1.93 | -10.68 | -5.63 | -2.81 | -2.29 | -0.92 | -1.81 | -0.58 | -0.80 |
| Diluted Shares Outstanding | 138M | 130.34M | 123M | 114M | 106M | 104M | 99.34M | 92.2M | 89.47M | 86.98M | 84.98M | 83.73M | 81.64M | 70.35M | 41.27M |
| Basic Shares Outstanding | 137M | 130.34M | 123M | 114M | 106M | 104M | 95.83M | 92.2M | 89.47M | 86.98M | 84.98M | 83.73M | 81.64M | 70.35M | 41.27M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying W stock.
For fiscal year 2025, Wayfair Inc. (W) reported total revenue of $12.46B. This represents a 1972.6% increase compared to $601.0M in 2012.
Wayfair Inc. (W) reported a net loss of $313.0M for the fiscal year ending 2025.
Wayfair Inc. (W) reported an operating income of $17.0M, resulting in an operating profit margin of 0.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Wayfair Inc. (W) generated $3.77B in gross profit for the year, representing a gross profit margin of 30.2%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Thin margins amid cyclical demand
Metrics are mathematically derived from official filings.
Revenue Re-Accelerating Into Q3 Strength
According to reported quarterly figures, Wayfair's revenue grew 9.7% year-over-year in 2026Q3 to roughly $3.4B, up from 7.5% in Q2 and a trough near zero in early 2025, suggesting a genuine re-acceleration after a prolonged stall.
The shift from near-flat growth in 2025 to high-single-digit expansion across the last three quarters suggests demand recovery or share gains rather than a single promotional spike. Whether this growth is volume-driven or pricing-driven cannot be determined from the income statement alone, and investors should watch whether the 5.1% trailing growth rate converges upward. Durability remains unproven given the cyclical housing linkage.
Gross Margin Anchored Near Thirty Percent
Reported gross margins have held in a tight 29.6% to 30.7% band across the ten quarters shown, indicating that the drop-ship spread is structurally stable but offers little room for pricing expansion.
The consistency of gross margin across both growth and contraction periods suggests the take-rate on third-party goods is largely fixed rather than pricing-power driven. This stability is analytically useful but implies that any improvement in profitability must come from operating expense leverage rather than gross spread expansion. Peers such as WSM and RH earn gross margins above 44%, highlighting the structural gap.
Operating Leverage Only Just Emerging
Operating margin improved from a loss of 4.5% in 2025Q1 to 3.1% in 2026Q3, based on reported figures, yet SG&A remains near $779M per quarter, leaving the scaling benefit thin.
The move toward positive operating income while gross profit grew modestly suggests overhead discipline is beginning to contribute. However, the margin of roughly 3% in the best recent quarter still sits near break-even on a trailing basis, so the leverage thesis remains early. Investors should monitor whether SG&A growth stays below revenue growth over several consecutive quarters.
Net Income Lags Operating Improvement
Reported net margin of 1.8% in 2026Q3 versus operating margin of 3.1% suggests a meaningful gap from interest and other items, while stock-based compensation of $65M per quarter adds further scrutiny to reported earnings.
Net income has been negative or near zero for most of the period, and the gap between operating and net results points to financing costs absorbing a portion of operating gains. Stock-based compensation remains a large non-cash charge relative to operating income, which may flatter cash-based views of profitability. The reported EPS swing from losses to positive values warrants careful review of one-time items.
Growth Narrative Outpaces Profit Evidence
Based on the reported figures, a 9.7% revenue growth rate coexists with trailing net margins of roughly -2.5% and a P/E framework that depends on sustained profitability not yet visible in the income statement.
The bear case centers on whether recent top-line acceleration is bought with marketing and logistics spend that prevents margin expansion, consistent with the operating margin hovering near break-even. The Q3 EPS miss against consensus further suggests the market has not been fully convinced by revenue strength. If revenue growth normalizes with housing softness, the thin cost structure could revert quickly to losses.