Wayfair Inc. (W) Balance Sheet

NYSE: WAssets, liabilities, debt and equity over 10 years.

W balance sheet, 2025

December 31, 2025 · U.S. dollars

$3.44B assets = $6.22B liabilities + −$2.78B equity

Liabilities exceed assets: shareholders’ equity is negative (−$2.78B).

Both columns are drawn to the same scale: what W owns equals what it owes plus shareholders’ equity. Hover a block for its value.

W financial health

Current ratio0.94

Tight · current assets cover current liabilities 0.94×

Equity / assets−80.9%

Thin equity · of assets funded by shareholders

Cash / debt37.9%

Low cash cover · cash & short-term investments vs total debt

Goodwill & intangibles0.3%

Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

W balance sheet trends, 2016–2025

Wayfair Inc. balance sheet trends
Metric	Then	Latest	Change
Total assets	$761.7M2016	$3.44B2025	+18.2%/yr
Total liabilities	$682.3M2016	$6.22B2025	+27.8%/yr
Shareholders’ equity	$79.4M2016	−$2.78B2025	—
Cash & short-term investments	$348.6M2016	$1.54B2025	+18.0%/yr
Total debt	$96.7M2016	$4.07B2025	+51.5%/yr
Net cash (debt)	$251.9M2016	−$2.53B2025	−$2.8B
Working capital	−$80.1M2016	−$128.0M2025	−$47.9M
Book value per share	$0.932016	−$21.342025	—
Current ratio	0.862016	0.942025	+0.08
Shares outstanding	85.0M2016	130.3M2025	+4.9%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

W assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

W liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

W debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

W balance sheet

Wayfair Inc. annual balance sheet
	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash & short-term investments	$1.54B	$1.37B	$1.35B	$1.28B	$2.40B	$2.59B	$987.0M	$963.7M	$620.0M	$348.6M
Cash & equivalents	$1.48B	$1.32B	$1.32B	$1.05B	$1.71B	$2.13B	$582.8M	$849.5M	$559.0M	$279.8M
Short-term investments	$66.0M	$56.0M	$29.0M	$228.0M	$693.0M	$462.0M	$404.3M	$114.3M	$61.0M	$68.7M
Receivables	$132.0M	$290.0M	$234.0M	$341.0M	$296.0M	$172.0M	$148.0M	$50.6M	$37.9M	$19.1M
Inventory	$71.0M	$76.0M	$75.0M	$90.0M	$69.0M	$52.0M	$61.7M	$46.2M	$28.0M	$18.6M
Other current assets	$256.0M	$139.0M	$195.0M	$224.0M	$248.0M	$230.0M	$180.4M	$195.4M	$130.8M	$90.8M
Total current assets	$2.00B	$1.88B	$1.85B	$1.93B	$3.01B	$3.05B	$1.38B	$1.26B	$816.8M	$477.1M
Property, plant & equipment (net)	$1.38B	$1.53B	$1.57B	$1.61B	$1.52B	$1.49B	$1.39B	$607.0M	$361.1M	$239.4M
Goodwill & intangible assets	$11.0M	$13.4M	$14.4M	$15.4M	$16.4M	$17.0M	$18.8M	$2.6M	$3.1M	$4.2M
Long-term investments	$20.0M	$15.0M	$14.0M	$11.0M	$8.0M	$0	$155.7M	$6.5M	$21.6M	$31.0M
Other non-current assets	$30.0M	$25.6M	$22.6M	$7.6M	$10.6M	$15.0M	$13.5M	$18.8M	$10.8M	$10.0M
Total assets	$3.44B	$3.46B	$3.47B	$3.58B	$4.57B	$4.57B	$2.95B	$1.89B	$1.21B	$761.7M
Liabilities
Accounts payable	$1.20B	$1.25B	$1.23B	$1.20B	$1.17B	$1.16B	$908.1M	$650.2M	$440.4M	$379.5M
Short-term debt	$39.0M	$410.0M	$250.0M	$125.0M	$110.0M	$97.0M	$91.1M	$50.0M	$120.2M	$67.8M
Deferred revenue	—	$212.0M	$195.0M	$214.0M	$299.0M	$293.0M	$167.6M	$148.1M	$94.1M	$65.9M
Total current liabilities	$2.13B	$2.37B	$2.18B	$2.07B	$2.22B	$2.17B	$1.61B	$1.14B	$739.8M	$557.2M
Long-term debt	$3.23B	$2.88B	$3.09B	$3.14B	$3.05B	$2.66B	$1.46B	$922.0M	$415.5M	$28.9M
Lease obligations	$1.02B	$1.10B	$995.0M	$1.02B	$1.00B	$967.2M	$913.7M	$183.1M	$82.6M	$28.9M
Other long-term liabilities	$860.0M	$962.0M	$906.0M	$921.0M	$920.0M	$936.8M	$829.5M	$160.4M	$106.5M	$96.2M
Total liabilities	$6.22B	$6.21B	$6.18B	$6.13B	$6.19B	$5.76B	$3.90B	$2.22B	$1.26B	$682.3M
Shareholders' equity
Common stock & paid-in capital	$130,330	$125,460	$118,090	$108,590	$105,000	$100,000	$94,000	$91,000	$88,000	$86,000
Retained earnings (deficit)	−$4.82B	−$4.51B	−$4.02B	−$3.28B	−$1.95B	−$1.89B	−$2.07B	−$1.08B	−$583.3M	−$329.9M
Treasury stock	—	—	—	—	—	—	—	—	$0	$0
Accumulated other comprehensive income	−$32.0M	$4.0M	−$5.0M	−$7.0M	−$7.0M	−$5.0M	−$1.4M	−$1.8M	−$2.4M	$13,000
Minority interest	—	—	—	—	—	—	—	—	$0	$0
Total shareholders' equity	−$2.78B	−$2.75B	−$2.71B	−$2.55B	−$1.62B	−$1.19B	−$944.2M	−$330.7M	−$48.3M	$79.4M
Key figures
Total debt	$4.07B	$4.22B	$4.20B	$4.16B	$4.05B	$3.63B	$2.37B	$971.9M	$535.7M	$96.7M
Net cash (debt)	−$2.53B	−$2.85B	−$2.85B	−$2.88B	−$1.66B	−$1.03B	−$1.38B	−$8.2M	$84.3M	$251.9M
Working capital	−$128.0M	−$493.0M	−$328.0M	−$139.0M	$795.0M	$880.0M	−$234.4M	$116.7M	$77.1M	−$80.1M
Tangible book value	−$2.79B	−$2.77B	−$2.72B	−$2.57B	−$1.64B	−$1.21B	−$963.0M	−$333.3M	−$51.4M	$75.2M
Book value per share	−$21.34	−$22.40	−$23.75	−$24.06	−$15.57	−$12.00	−$10.24	−$3.70	−$0.56	$0.93
Shares outstanding	130.3M	123.0M	114.0M	106.0M	104.0M	99.3M	92.2M	89.5M	87.0M	85.0M
Current ratio	0.94	0.79	0.85	0.93	1.36	1.41	0.85	1.10	1.10	0.86
Quick ratio	0.79	0.70	0.73	0.78	1.22	1.28	0.70	0.89	0.89	0.66
Debt / equity	—	—	—	—	—	—	—	—	—	1.22
Equity / assets	−80.9%	−79.6%	−77.9%	−71.2%	−35.4%	−26.1%	−32.0%	−17.5%	−4.0%	10.4%

Wayfair Inc. quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	$1.14B	$1.06B	$1.54B	$1.23B	$1.38B	$1.37B	$1.37B	$1.33B	$1.34B	$1.16B	$1.35B	$1.28B
Cash & equivalents	$1.06B	$1.00B	$1.48B	$1.17B	$1.33B	$1.34B	$1.32B	$1.30B	$1.30B	$1.11B	$1.32B	$1.28B
Short-term investments	$78.0M	$58.0M	$66.0M	$54.0M	$52.0M	$30.0M	$56.0M	$32.0M	$39.0M	$50.0M	$29.0M	$0
Receivables	$184.0M	$158.0M	$132.0M	$129.0M	$110.0M	$140.0M	$290.0M	$155.0M	$161.0M	$113.0M	$234.0M	$132.0M
Inventory	$84.0M	$78.0M	$71.0M	$70.0M	$89.0M	$90.0M	$76.0M	$81.0M	$78.0M	$81.0M	$75.0M	$79.0M
Other current assets	$274.0M	$270.0M	$256.0M	$254.0M	$233.0M	$295.0M	$139.0M	$248.0M	$240.0M	$237.0M	$195.0M	$292.0M
Total current assets	$1.69B	$1.57B	$2.00B	$1.68B	$1.81B	$1.89B	$1.88B	$1.81B	$1.82B	$1.59B	$1.85B	$1.78B
Property, plant & equipment (net)	$1.23B	$1.24B	$1.38B	$1.38B	$1.41B	$1.47B	$1.53B	$1.55B	$1.56B	$1.60B	$1.57B	$1.53B
Goodwill & intangible assets	$0	$0	$11.0M	$0	$0	$0	$13.0M	$0	$0	$0	$14.4M	$0
Long-term investments	$0	$0	$20.0M	$0	$0	$0	$15.0M	$0	$0	$0	$14.0M	$0
Other non-current assets	$59.0M	$59.0M	$30.0M	$61.0M	$60.0M	$58.0M	$26.0M	$56.0M	$54.0M	$51.0M	$22.6M	$47.0M
Total assets	$2.98B	$2.87B	$3.44B	$3.12B	$3.28B	$3.42B	$3.46B	$3.41B	$3.44B	$3.24B	$3.47B	$3.36B
Liabilities
Accounts payable	$1.32B	$1.09B	$1.20B	$1.20B	$1.14B	$1.12B	$1.25B	$1.19B	$1.17B	$1.05B	$1.23B	$1.17B
Short-term debt	—	—	$39.0M	$196.0M	$157.0M	$236.0M	$410.0M	$155.0M	$155.0M	$117.0M	$250.0M	$823.0M
Deferred revenue	$262.0M	—	—	—	$229.0M	—	$212.0M	−$155.0M	$232.0M	−$117.0M	$195.0M	−$823.0M
Total current liabilities	$2.27B	$2.06B	$2.13B	$2.25B	$2.21B	$2.28B	$2.37B	$2.17B	$2.21B	$2.02B	$2.18B	$2.00B
Long-term debt	$2.80B	$2.93B	$3.23B	$2.75B	$2.88B	$3.00B	$2.88B	$3.06B	$3.06B	$3.10B	$3.09B	$3.21B
Lease obligations	$680.0M	$704.0M	$1.02B	$857.0M	$869.0M	$914.0M	$1.10B	$884.0M	$893.0M	$905.0M	$995.0M	$827.0M
Other long-term liabilities	$701.0M	$726.0M	$860.0M	$882.0M	$898.0M	$945.0M	$962.0M	$917.0M	$930.0M	$945.0M	$906.0M	$865.0M
Total liabilities	$5.77B	$5.71B	$6.22B	$5.88B	$6.00B	$6.23B	$6.21B	$6.15B	$6.20B	$6.07B	$6.18B	$6.07B
Shareholders' equity
Common stock & paid-in capital	—	—	$130,330	$129,720	$128,390	$126,990	$125,460	$1.0M	—	—	—	$116,170
Retained earnings (deficit)	−$4.93B	−$4.93B	−$4.82B	−$4.71B	−$4.61B	−$4.62B	−$4.51B	−$4.38B	−$4.31B	−$4.27B	−$4.02B	−$3.84B
Accumulated other comprehensive income	−$25.0M	−$28.0M	−$32.0M	−$32.0M	−$32.0M	−$7.0M	$4.0M	−$8.0M	−$4.0M	−$5.0M	−$5.0M	−$6.0M
Total shareholders' equity	−$2.79B	−$2.84B	−$2.78B	−$2.77B	−$2.72B	−$2.81B	−$2.75B	−$2.73B	−$2.76B	−$2.83B	−$2.71B	−$2.71B
Key figures
Total debt	$3.48B	$3.63B	$4.07B	$3.60B	$3.75B	$3.91B	$4.22B	$3.94B	$3.95B	$4.00B	$4.20B	$4.03B
Net cash (debt)	−$2.33B	−$2.57B	−$2.53B	−$2.38B	−$2.38B	−$2.55B	−$2.85B	−$2.62B	−$2.61B	−$2.84B	−$2.85B	−$2.75B
Working capital	−$583.0M	−$487.0M	−$128.0M	−$576.0M	−$405.0M	−$390.0M	−$493.0M	−$357.0M	−$385.0M	−$437.0M	−$328.0M	−$212.0M
Tangible book value	−$2.79B	−$2.84B	−$2.79B	−$2.77B	−$2.72B	−$2.81B	−$2.77B	−$2.73B	−$2.76B	−$2.83B	−$2.72B	−$2.71B
Book value per share	−$21.12	−$21.69	−$21.40	−$21.29	−$21.08	−$22.12	−$22.04	−$22.22	−$22.62	−$23.54	−$22.94	−$23.34
Shares outstanding	132.0M	131.0M	130.0M	130.0M	129.0M	127.0M	125.0M	123.0M	122.0M	120.0M	118.0M	116.0M
Current ratio	0.74	0.76	0.94	0.74	0.82	0.83	0.79	0.84	0.83	0.78	0.85	0.89
Quick ratio	0.59	0.59	0.79	0.60	0.67	0.66	0.70	0.68	0.68	0.63	0.73	0.71
Equity / assets	−93.6%	−99.0%	−80.9%	−88.8%	−82.9%	−82.2%	−79.6%	−80.1%	−80.3%	−87.2%	−77.9%	−80.6%

Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 19, 2026); data from EODHD.

W financial position

At the end of fiscal 2025 (December 31, 2025), Wayfair had total assets of $3.4 billion (down 0.5% from a year earlier), total liabilities of $6.2 billion and shareholders' equity of -$2.8 billion. It held $1.5 billion in cash and short-term investments against $4.1 billion of debt, net debt of $2.5 billion. Its current ratio was 0.94. In the latest quarter (ended June 30, 2026) total assets were $3.0 billion and equity -$2.8 billion.

Related: W income statement, W cash flow statement, W key metrics. See the W stock overview for the latest quote and news.

W balance sheet FAQ

What are Wayfair's total assets?

Wayfair reported total assets of $3.4 billion at the end of fiscal 2025 (December 31, 2025), compared with $3.5 billion a year earlier.

How much debt does Wayfair have?

Wayfair had $4.1 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was —.

How much cash does Wayfair have?

Wayfair held $1.5 billion in cash and short-term investments at the end of fiscal 2025; with $4.1 billion of debt that is net debt of $2.5 billion.

What is Wayfair's book value?

Wayfair's shareholders' equity (book value) was -$2.8 billion at the end of fiscal 2025, or −$21.34 per share.

What is Wayfair's current ratio?

Wayfair had current assets of $2.0 billion and current liabilities of $2.1 billion, a current ratio of 0.94 (current liabilities exceed current assets).

How much goodwill does Wayfair have?

Wayfair carried $11.0 million of goodwill and intangible assets, 0.3% of total assets, at the end of fiscal 2025.