Company profile
SEC EDGAR ↗- Industry
- Retail-Catalog & Mail-Order Houses
- Listed
- NYSE: W
- Headquarters
- Boston, MA
- Fiscal year end
- Dec 31
Financials
FY2025- Revenue
- $12.5B
- Net income
- −$313.0M
- Total assets
- $3.44B
| Fiscal year | Revenue | Net income | Total assets |
|---|---|---|---|
| FY2025 | $12.5B | −$313.0M | $3.44B |
| FY2024 | $11.9B | −$492.0M | $3.46B |
| FY2023 | $12.0B | −$738.0M | $3.47B |
| FY2022 | $12.2B | −$1.33B | $3.58B |
| FY2021 | $13.7B | −$131.0M | $4.57B |
| FY2020 | $14.1B | $185.0M | $4.57B |
Reported fiscal years from SEC filings (10-K) — SEC EDGAR ↗. Stratrix is a strategy publication, not a real-time financial data service.
The analyses
The Asset-Light Myth · Business Model
Wayfair Calls Itself Asset-Light. It Spent a Decade Quietly Building a Warehouse Empire.
The story is that Wayfair holds no inventory and just routes your sofa from a supplier's dock. But its own warehouses now ship roughly a quarter of revenue, and the company has lost money every year since its 2014 IPO - $492 million in 2024 alone.
7 min
The Money Machine · Business Model
Wayfair's Drop-Ship Model Works Fine — the $3.2B Debt and $1.425B Ad Bill on Top Don't
Wayfair runs a 30% gross margin on $12.5B in revenue without holding a stick of inventory. So why a $313M loss in 2025? The drop-ship model works fine — it's the $3.2B of long-term debt and $1.425B of ads bolted on top that don't.
8 min
The Margin Trap · Business Model
Wayfair Sells $12 Billion of Furniture a Year and Can't Keep a Dime of It
Wayfair has turned a full-year profit exactly once in its public life — $185M in 2020. The other years are losses. The reason isn't bad management; it's a 30% gross margin trying to swallow a 10-12% ad bill that never goes away.
8 min