Companies · W
Wayfair
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Latest analysis
Updated Nov 4, 2026
Wayfair Q3 2026: Revenue accelerates to 9.7% growth with GAAP operating income of $106M as advertising leverage and order volume drive margin expansion
Wayfair delivered Q3 2026 net revenue of $3.42 billion, up 9.7% year-over-year, with U.S. revenue growing 11.4% while international declined 2.3% in reported terms. Operating income reached $106 million versus $38 million in Q3 2025, driven by advertising leverage (9.9% of revenue vs. 10.6% prior year) and lower restructuring charges, while gross margin compressed 40 basis points to 29.6% due to customer experience investments. Active customers grew to 22.2 million and orders delivered rose to 11.0 million, with 80% of orders from repeat buyers, confirming the platform's retention dynamic is intact.
Tone: bullishRevenue
$12.5B
W 10-K · FY 2025
Employees
12,800
Revenue FY2024
$11.9B
Headquarters
Boston, MA
Profile
W 10-K Item 1 · Feb 19, 2026Wayfair is a U.S.-based e-commerce retailer operating across a family of brands — including Wayfair, AllModern, Birch Lane, Joss & Main, Perigold and Wayfair Professional — focused exclusively on the home goods category. The company serves both consumers and business customers with over 40 million products from approximately 20 thousand suppliers, fulfilling orders through a proprietary logistics network. It operates across the U.S., Canada, the United Kingdom and Ireland, complementing its digital presence with 12 physical retail stores.
Read filing description ↓ Collapse description ↑
Wayfair is the destination for all things home. Through our e-commerce platform, we offer customers visually inspired browsing, compelling merchandising, easy product discovery and attractive prices. We are focused on bringing our customers an experience that is at the forefront of shopping for the home online. Our customers span a wide range of demographics, with annual household incomes typically ranging from $25,000 to over $250,000, and also include businesses, from small startups to global enterprises. Our selections of furniture, décor, housewares and home improvement products appeal to our customers' different tastes, styles, purchasing goals and budgets when shopping for their homes and businesses. To meet our customers where they are, we offer a family of brands, both online and through physical retail stores, each with a unique identity that offers a tailored shopping experience and rich product selection to a different target audience. Our Wayfair brand represents a significant majority of our net revenue and is currently the only one of our sites that also operates internationally, operating as Wayfair.ca in Canada, Wayfair.co.uk in the United Kingdom and Wayfair.ie in Ireland. We complement our e-commerce experience with a growing physical retail presence. Our physical retail stores allow customers to experience our products in person, benefit from in-store services, and shop across product categories that reflect our online breadth. As of December 31, 2025, we operated 12 physical retail stores, excluding outlet locations, across 4 states in the United States. The delivery experience and overall customer service we offer our shoppers are central to our business. The majority of our products are shipped to customers directly from our suppliers with an increasing proportion flowing through our own logistics network.
Primary products
- Wayfair
- AllModern
- Birch Lane
- Joss & Main
- Perigold
- Wayfair Professional
Business segments
End markets
Geographies
Named competitors
“We believe that the primary competitive factors in the mass market are vast selection, visually inspiring browsing, compelling merchandising, ease of product discovery, price, convenience, reliability, speed of fulfillment and customer service.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Net revenue increased by 5.1% for the year ended December 31, 2025 compared to the same period in 2024, reflecting ongoing execution of business initiatives amid persistent macroeconomic pressures.
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