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Wayfair cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$168M in Q3 2026 · $602M over twelve months

Operating cash flow$198M
Capital spending−$30.0M
Free cash flow+$168M
Cash / net income3.2×
Cash conversion cycle-40 days

Analysis

In Q3 2026, Wayfair generated $198M of operating cash flow and spent $30.0M on capital projects, leaving free cash flow of $168M. That is $40.0M more than in Q3 2025 ($128M).

Over the twelve months to Sep 30, 2026, operating cash flow was $708M; the largest uses were other financing ($1.4B), other investing ($131M), taxes on employees’ shares ($112M); besides operations, cash came from net borrowing (+) / repaid (−) ($891M); the cash balance fell by $133M.

Operating cash flow was $198M against net income of $62.0M — 3.2× profit, cash ran ahead of reported earnings. The largest differences: stock-based pay +$65.0M, depreciation & amortization +$64.0M, payables +$49.0M.

Its cash conversion cycle was -40 days (receivables 5 + inventory 3 − payables 48): suppliers fund its working capital.

Free cash flow

Wayfair: free cash flow by quarterWayfair: free cash flow by quarter$142MQ4 2024−$101MQ1 2025$260MQ2 2025$128MQ3 2025$177MQ4 2025−$77.0MQ1 2026$334MQ2 2026$168MQ3 2026
Operating cash flow less capital spending.
Wayfair: operating cash flow against capital spendingWayfair: operating cash flow against capital spendingOperating cash flowCapital spending$162M$20.0MQ4 2024−$96.0M$5.0MQ1 2025$273M$13.0MQ2 2025$155M$27.0MQ3 2025$202M$25.0MQ4 2025−$52.0M$25.0MQ1 2026$360M$26.0MQ2 2026$198M$30.0MQ3 2026
Latest (Q3 2026): Operating cash flow $198M, Capital spending $30.0M.

Capital allocation, year by year

Wayfair: where the cash came from (up) and went (down), by fiscal yearWayfair: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingBuybacksFY2021: Operating cash flow $410MFY2021: Capital spending −$101MFY2021: Buybacks −$300M$410MFY2021FY2022: Operating cash flow −$674MFY2022: Net borrowing $675MFY2022: Capital spending −$186MFY2022: Buybacks −$75.0M$675MFY2022FY2023: Operating cash flow $349MFY2023: Net borrowing $678MFY2023: Capital spending −$148M$1.0BFY2023FY2024: Operating cash flow $317MFY2024: Net borrowing $669MFY2024: Capital spending −$73.0M$986MFY2024FY2025: Operating cash flow $534MFY2025: Net borrowing $1.2BFY2025: Capital spending −$70.0M$1.8BFY2025
Over these 5 years operating cash flow totalled $936M; the largest uses were operating cash flow ($674M) and capital spending ($578M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.1B
Debt$2.8B
Net debt$1.7B
Due within a year$39.0M

Wayfair funds itself: free cash flow was $602M over the last twelve months, and $1.1B of cash and investments stands against $2.8B of debt ($39.0M due within a year, 28.2× covered by cash).

Where the cash came from and went

Wayfair: sources (+) and uses (−) of cash, Q3 2026Wayfair: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$198MOther financing−$154MCapital spending−$30.0MTaxes on employees’ shares−$29.0MCash drawn (+) / kept (−)$27.0MOther investing−$13.0MExchange rates$1.0M
Wayfair: sources (+) and uses (−) of cash, TTM to Q3 2026Wayfair: sources (+) and uses (−) of cash, TTM to Q3 2026Other financing−$1.4BNet borrowing (+) / repaid (−)$891MOperating cash flow$708MCash drawn (+) / kept (−)$133MOther investing−$131MTaxes on employees’ shares−$112MCapital spending−$106MExchange rates$4.0M

From profit to cash

Wayfair: net income to operating cash flow, Q3 2026Wayfair: net income to operating cash flow, Q3 2026Net income$62.0MDepreciation & amortization$64.0MStock-based pay$65.0MOther non-cash−$5.0MReceivables$16.0MInventory−$6.0MPayables$49.0MPrepaid and other assets−$49.0MOperating cash flow$198M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20265348-40
Q2 20264345-37
Q1 20264350-43
Q4 20254347-41
Q3 20254349-42
Q2 20253445-38
Q1 20255456-48
Q4 20245351-43

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$198M−$30.0M—$27.0M$168M
Q2 2026$360M−$26.0M−$56.0M−$61.0M$334M
Q1 2026−$52.0M−$25.0M−$250M$472M−$77.0M
Q4 2025$202M−$25.0M$535M−$305M$177M
Q3 2025$155M−$27.0M—$155M$128M
Q2 2025$273M−$13.0M—$12.0M$260M
Q1 2025−$96.0M−$5.0M$691M−$18.0M−$101M
Q4 2024$162M−$20.0M$786M−$20.0M$142M

Wayfair: income statement and cash flow

Wayfair, Q3 2026: revenue $3.4B (+10% year over year), operating margin 3.1%. The chart follows the revenue to costs, profit and cash.

Wayfair: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.