📈 Price History

Ratio Health

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By Category

📊 Sector Averages

About

Wayfair Inc. engages in the e-commerce business in the United States and internationally. It provides online selections of furniture, décor, housewares, and home improvement products through its sites comprising Wayfair, Joss & Main, AllModern, Birch Lane, Perigold, and Wayfair Professional. The company offers its products under the Three Posts and Mercury Row brands. Wayfair Inc. was founded in 2002 and is headquartered in Boston, Massachusetts.

Key Ratios Snapshot

📈 Growth Pattern

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⭐ Superinvestors Holding W

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Manager	Shares	Value	% of Fund	Period
Jim Simons Renaissance Technologies LLC	4.97M	$374.0M	0.58%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2025

Confident Specific

The tone is resolutely optimistic, with management using phrases like 'resounding success', 'accelerating sales and share gain', and 'strongest free cash flow since 2020'. They repeatedly cite specific metrics (6% revenue growth ex-Germany, 6.3% adjusted EBITDA margin, $230M free cash flow) and attribute performance to structural initiatives, not one-time events.

Q3 2025

Confident Specific

Management used definitive language such as 'great success', 'remarkable achievement', and 'highest level achieved' while providing concrete figures like 9% revenue growth ex-Germany, 70%+ EBITDA growth, and 6.7% adjusted EBITDA margin. They directly addressed tariffs with specific claims of only minor, short-lived pull forwards and repeatedly emphasized structural share gains independent of housing recovery.

Q4 2025

Confident Specific

Management used phrases like 'pleased to talk', 'tremendous year', 'foundational', 'compounding', 'full control of our destiny', and provided numerous specific numbers for revenue growth, margins, EBITDA, guidance ranges, and CapEx. The tone was forward-looking and assertive about share gains and profitability.

Q1 2026 latest

Confident Specific

Management repeatedly used phrases like 'share spread widening', 'outperformed the market by a high single-digit spread', 'EBITDA dollars growing faster than revenue', and 'best Q1 result in five years' to convey conviction in their strategy and execution.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis appears stronger after this call. Management demonstrated that Wayfair can deliver durable share gains and expanding profitability even in a downcycle, with Q1 adjusted EBITDA margin the best in five years and Q2 guided higher. The active customer base turned positive year-over-year, and the balance sheet de-risking through convertible buybacks reduces dilution. Key risks remain macro headwinds (gas prices, consumer sentiment) and whether gross margin investments will continue to pressure the rate, but the focus on EBITDA dollar growth provides a clearer measure. Next quarter, investors should watch whether share gains accelerate as guided, if the category stabilizes, and if the 6-7% EBITDA margin is achieved.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED Wayfair posts 7% revenue growth, 5.2% adjusted EBITDA margin in Q1 2026 despite macro headwinds.

Revenue & Profitability

Q1 2026 net revenue grew 7.4% year-over-year. Adjusted EBITDA was $151 million, or 5.2% of net revenue. Gross margin was 30.1%. The company ended the quarter with $1.1 billion in cash and equivalents. Free cash flow was negative $106 million. For Q2 2026, guidance calls for mid-single-digit revenue growth and adjusted EBITDA margin of 6%-7%.

Outlook

Management estimates the home furnishings category declined in the low-single-digit range in Q1 2026 and is down 25%-30% versus the 2021 peak. The macro environment remains turbulent with elevated energy prices and consumer pullback. However, management believes the category is cyclical and due for mean reversion, while Wayfair continues to gain market share at a high single-digit spread.

Growth Drivers

Key growth levers include international markets (Canada and U.K.), brick-and-mortar stores (Atlanta, upcoming Columbus and Denver), the Wayfair Rewards loyalty program, Wayfair Verified, B2B sales, home improvement categories, and AI-driven customer experience improvements. Management aims to achieve 20%+ organic growth over time through these compounding initiatives.

Balance Sheet & CapEx

Capital expenditures were $54 million in Q1 2026, and guidance for Q2 2026 is $55 million-$65 million. Investments are focused on logistics infrastructure (CastleGate warehouses), store expansion, and technology (AI, platform improvements). The company also repurchased over $300 million of convertible bonds to manage dilution.

Margins

Adjusted EBITDA margin was 5.2% in Q1 2026, up 130 basis points year-over-year, and guidance for Q2 is 6%-7%. Contribution margin was 15%, up 70 basis points. Gross margin was 30.1%, with investments in Wayfair Rewards and customer experience partially offsetting gains from logistics leverage and supplier ads. SOTG&A was $356 million, the lowest since Q2 2019, demonstrating fixed-cost leverage.

Key Risks

Risks flagged include ongoing macro headwinds from elevated energy and fuel prices, consumer sentiment weakness, and the home category's prolonged contraction (low single-digit declines). Weather disruptions and inflation in items like furniture have also impacted demand. Management notes uncertainty in the timing of category recovery but remains confident in Wayfair's ability to gain share regardless.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-08-04

Q2 2026 saw 7.5% revenue growth, led by strong U.S. and luxury segment performance, with EBITDA margin reaching 6.9%. Guidance for Q3 calls for high-single-digit revenue growth and continued margin expansion, supported by disciplined cost control and investments in stores and technology.

Q1 2026 Q1 2026 2026-04-30

Q1 2026 saw 7.4% revenue growth and a 5.2% adjusted EBITDA margin, outperforming a contracting home furnishings market. Share gains accelerated in both U.S. and international segments, with strong progress in loyalty, technology, and capital management.

Q4 2025 Q4 2025 2026-02-19

Q4 2025 saw strong revenue and profit growth, driven by new customers, loyalty programs, and physical retail expansion, with continued share gains despite a contracting home category. Guidance for 2026 points to ongoing EBITDA and free cash flow growth, supported by disciplined capital allocation and technology investments.

Q3 2025 Q3 2025 2025-10-28

Revenue grew 9% year-over-year (excluding Germany), with adjusted EBITDA up over 70% and margin at 6.7%. Share gains were driven by technology investments, new programs, and strong order momentum, while guidance calls for continued mid-single-digit revenue growth and robust margins.

Q2 2025 Q2 2025 2025-08-04

Q2 2025 saw 5% revenue growth (6% ex-Germany), 30.1% gross margin, and $205M adjusted EBITDA, driven by strong U.S. and international performance, logistics expansion, and new initiatives. Guidance for Q3 anticipates continued growth and profitability, with a clean balance sheet through 2027.

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