Wayfair Inc. (W) Cash Flow Statement
Where W’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $534.0M +68.5% vs 2024
- Capital expenditures
- $205.0M 1.6% of revenue
- Free cash flow
- $329.0M 2.6% margin
- Returned to shareholders
- —
- Change in cash
- $156.0M cash at year-end $1.48B
Cash from operations
$534.0M
Capital expenditures
−$205.0M
Investments (net)
−$14.0M
Net borrowing (repayment)
+$1.23B
Other financing
−$1.35B
Currency & other
−$30.0M
Change in cash
$156.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
W operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
W cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $62.8M2016 | $534.0M2025 | +26.8%/yr | |
| Capital expenditures | $128.1M2016 | $205.0M2025 | +5.4%/yr | |
| Free cash flow | −$65.3M2016 | $329.0M2025 | — | |
| Free cash flow margin | −1.9%2016 | 2.6%2025 | +4.6 pts | |
| Stock-based compensation | $49.4M2016 | $335.0M2025 | +23.7%/yr | |
| Dividends paid | $02016 | $02017 | — | |
| Share buybacks (net) | $21.1M2016 | $02024 | −100.0% | |
| Capex / revenue | 3.8%2016 | 1.6%2025 | −2.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
W cash flow by activity
OperatingInvestingFinancingChange in cash
W net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
W cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$313.0M | −$492.0M | −$738.0M | −$1.33B | −$131.0M | $185.0M | −$984.6M | −$504.1M | −$244.6M | −$194.4M |
| Depreciation & amortization | $305.0M | $387.0M | $417.0M | $371.0M | $322.0M | $285.7M | $192.4M | $123.5M | $87.0M | $55.6M |
| Stock-based compensation | $335.0M | $395.0M | $605.0M | $513.0M | $344.0M | $276.0M | $227.5M | $127.6M | $67.8M | $49.4M |
| Change in working capital | −$49.0M | $11.0M | $146.0M | −$219.0M | −$150.0M | $522.9M | $307.5M | $315.3M | $116.4M | $151.9M |
| Other non-cash items | $256.0M | $16.0M | −$81.0M | −$8.0M | $25.0M | $147.1M | $60.4M | $22.5M | $7.0M | $331,000 |
| Cash from operating activities | $534.0M | $317.0M | $349.0M | −$674.0M | $410.0M | $1.42B | −$196.8M | $84.9M | $33.6M | $62.8M |
| Investing activities | ||||||||||
| Capital expenditures | −$205.0M | −$234.0M | −$351.0M | −$458.0M | −$280.0M | −$334.4M | −$400.9M | −$222.0M | −$146.9M | −$128.1M |
| Investments (net) | −$14.0M | −$262.0M | $182.0M | $1.0M | −$240.0M | $98.5M | −$438.4M | −$37.9M | $16.5M | $31.7M |
| Acquisitions & other investing | $0 | $234.0M | $17.0M | $458.0M | $5.0M | −$124,000 | −$15.6M | −$398,000 | $0 | $508,000 |
| Cash from investing activities | −$219.0M | −$262.0M | −$152.0M | $1.0M | −$515.0M | −$236.1M | −$854.8M | −$260.3M | −$130.3M | −$95.9M |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | — | — | — | — | — | $0 | $0 |
| Share repurchases & issuance (net) | — | $0 | $0 | −$75.0M | −$300.0M | −$380.2M | $113,000 | $138,000 | −$1.6M | −$21.1M |
| Net borrowing (repayment) | $1.23B | −$72.0M | $164.0M | $171.0M | $171.0M | $987.4M | $934.4M | $562.0M | $420.4M | $420.4M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$1.35B | $3.0M | −$87.0M | −$80.0M | −$174.0M | −$254.6M | −$148.0M | −$94.7M | −$43.9M | −$420.2M |
| Cash from financing activities | −$129.0M | −$69.0M | $77.0M | $16.0M | −$303.0M | $352.6M | $786.5M | $467.5M | $375.0M | −$20.9M |
| Summary | ||||||||||
| Net change in cash | $156.0M | −$6.0M | $276.0M | −$656.0M | −$424.0M | $1.55B | −$266.7M | $290.5M | $279.1M | −$54.3M |
| Cash at end of period | $1.48B | $1.32B | $1.33B | $1.05B | $1.71B | $2.13B | $582.8M | $849.5M | $559.0M | $279.8M |
| Free cash flow | $329.0M | $83.0M | −$2.0M | −$1.13B | $130.0M | $1.08B | −$597.7M | −$137.1M | −$113.2M | −$65.3M |
| Free cash flow margin | 2.6% | 0.7% | −0.0% | −9.3% | 0.9% | 7.7% | −6.5% | −2.0% | −2.4% | −1.9% |
| Capex / revenue | 1.6% | 2.0% | 2.9% | 3.7% | 2.0% | 2.4% | 4.4% | 3.3% | 3.1% | 3.8% |
| Operating cash flow / net income | — | — | — | — | — | 7.66 | — | — | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$1.0M | −$105.0M | −$116.0M | −$99.0M | $15.0M | −$113.0M | −$128.0M | −$74.0M | −$42.0M | −$248.0M | −$174.0M | −$163.0M |
| Depreciation & amortization | $64.0M | $67.0M | $71.0M | $75.0M | $78.0M | $81.0M | $90.0M | $94.0M | $99.0M | $104.0M | $105.0M | $106.0M |
| Stock-based compensation | $69.0M | $67.0M | $83.0M | $88.0M | $100.0M | $64.0M | $86.0M | $95.0M | $95.0M | $119.0M | $158.0M | $139.0M |
| Change in working capital | $170.0M | −$116.0M | $27.0M | $1.0M | $64.0M | −$141.0M | $102.0M | −$72.0M | $97.0M | −$116.0M | $70.0M | $33.0M |
| Other non-cash items | $58.0M | $35.0M | $137.0M | $90.0M | $16.0M | $13.0M | $12.0M | $6.0M | −$4.0M | $2.0M | −$1.0M | $6.0M |
| Cash from operating activities | $360.0M | −$52.0M | $202.0M | $155.0M | $273.0M | −$96.0M | $162.0M | $49.0M | $245.0M | −$139.0M | $158.0M | $121.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$3.0M | −$54.0M | −$57.0M | −$62.0M | −$43.0M | −$43.0M | −$60.0M | −$58.0M | −$62.0M | −$54.0M | −$96.0M | −$79.0M |
| Investments (net) | −$20.0M | $8.0M | −$12.0M | −$67.0M | −$66.0M | −$17.0M | −$84.0M | −$51.0M | −$52.0M | −$75.0M | −$122.0M | −$79.0M |
| Acquisitions & other investing | −$56.0M | $0 | $0 | $62.0M | $43.0M | $43.0M | $60.0M | $58.0M | $62.0M | $54.0M | $96.0M | $79.0M |
| Cash from investing activities | −$79.0M | −$46.0M | −$69.0M | −$67.0M | −$66.0M | −$17.0M | −$84.0M | −$51.0M | −$52.0M | −$75.0M | −$122.0M | −$79.0M |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | — | — | — | $9.0M | −$9.0M | — | $0 | — | — | — | $0 | $0 |
| Net borrowing (repayment) | $43.0M | −$349.0M | $535.0M | $742.0M | −$191.0M | $140.0M | −$72.0M | $0 | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$264.0M | −$29.0M | −$361.0M | −$994.0M | $0 | $0 | $0 | $3.0M | $3.0M | $0 | $77.0M | $77.0M |
| Cash from financing activities | −$221.0M | −$378.0M | $174.0M | −$243.0M | −$200.0M | $140.0M | −$72.0M | $3.0M | $3.0M | $0 | $77.0M | $77.0M |
| Summary | ||||||||||||
| Net change in cash | $61.0M | −$472.0M | $305.0M | −$155.0M | −$12.0M | $18.0M | $20.0M | −$8.0M | $197.0M | −$215.0M | $35.0M | $32.0M |
| Cash at end of period | $1.06B | $1.00B | $1.48B | $1.17B | $1.33B | $1.34B | $1.32B | $1.30B | $1.31B | $1.11B | $1.32B | $1.28B |
| Free cash flow | $357.0M | −$106.0M | $145.0M | $93.0M | $230.0M | −$139.0M | $102.0M | −$9.0M | $183.0M | −$193.0M | $62.0M | $42.0M |
| Free cash flow margin | 10.1% | −3.6% | 4.3% | 3.0% | 7.0% | −5.1% | 3.3% | −0.3% | 5.9% | −7.1% | 2.0% | 1.4% |
| Capex / revenue | 0.1% | 1.8% | 1.7% | 2.0% | 1.3% | 1.6% | 1.9% | 2.0% | 2.0% | 2.0% | 3.1% | 2.7% |
| Operating cash flow / net income | — | — | — | — | 18.20 | — | — | — | — | — | — | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
W cash generation
In fiscal 2025 (ended December 31, 2025), Wayfair generated $534.0 million of cash from operations (up 68.5%) and spent $205.0 million on capital expenditures, leaving free cash flow of $329.0 million, 2.6% of revenue. Cash and equivalents rose by $156.0 million over the year.
Related: W income statement, W balance sheet. See the W stock overview for the latest quote and news.
W cash flow FAQ
What is Wayfair's free cash flow?
Wayfair's free cash flow was $329.0 million in fiscal 2025: $534.0 million of operating cash flow minus $205.0 million of capital expenditures It was $83.0 million a year earlier..
How much cash does Wayfair generate from operations?
Wayfair generated $534.0 million of cash from operating activities in fiscal 2025.
How much does Wayfair spend on capital expenditures?
Wayfair spent $205.0 million on capital expenditures in fiscal 2025, 1.6% of revenue, compared with $234.0 million the year before.