0001616707-25-000127
SEC filingWayfair's U.S. segment generated $209M Adjusted EBITDA on $2.728B revenue, while International breakeven; total debt net carrying $2.944B.
Cash and cash equivalents totaled $1.171B at September 30, 2025, down from $1.316B at year-end 2024. Short-term investments were $54M. Total debt net carrying amount was $2.944B, compared to $3.118B at December 31, 2024. Contract liabilities (deferred revenue) stood at $236M, up from $224M.
No material purchase commitments were disclosed in the Notes. The only commitments mentioned relate to legal contingencies and a Canada Border Services Agency review, with uncertain outcomes.
Wayfair did not repurchase any shares during the nine months ended September 30, 2025. No dividends were paid. Debt activity included issuance of $700M in 2030 Secured Notes and repurchases of $877M in aggregate principal of convertible notes (2025, 2026, and 2028 notes), resulting in a net debt reduction of $177M. Capital expenditures are not detailed in the Notes but are reported in the cash flow statement.
Wayfair reports two segments: U.S. and International. For Q3 2025, U.S. net revenue was $2.728B (87.5% of total), up 8.6% YoY, with Adjusted EBITDA of $209M (7.7% margin). International revenue was $389M (12.5% of total), up 4.6% YoY, with near-breakeven Adjusted EBITDA of -$1M. Segment performance is evaluated based on Adjusted EBITDA, excluding depreciation, equity-based compensation, and other items.
Operating cash flow of $332M far exceeded the net loss of $(197)M, indicating strong cash conversion as non-cash charges (depreciation, equity compensation, impairment, and debt extinguishment loss) added back $385M. Working capital was a net use of $76M, primarily from a $134M decrease in accounts payable and other liabilities. Capital expenditures totaled $148M (capex intensity of 44.6% of CFO), down from $174M in the prior period. The company issued $691M in debt and used $940M to extinguish existing debt, plus $54M for share withholding taxes, leading to a net financing outflow of $303M. Free cash flow is not explicitly stated but can be approximated as CFO minus capex: $184M. Overall, the cash flow statement reflects improved operational efficiency and significant balance sheet restructuring.