Wayfair Inc.
For the period ended Dec 31, 2025. Filed Feb 19, 2026.
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FY2025 · Filed Feb 19, 2026
W$112.52-3.7%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| (in millions) | |||
| Cash flows from operating activities | |||
| Net loss | $(313) | $(492) | $(738) |
| Adjustments to reconcile net loss to net cash provided by operating activities: | |||
| Depreciation and amortization | 305 | 387 | 417 |
| Equity-based compensation expense | 335 | 395 | 605 |
| Amortization of debt discount and issuance costs | 9 | 9 | 8 |
| Gain on lease modification | (15) | — | — |
| Impairment and other related net charges | 23 | 37 | 14 |
| Loss (gain) on debt extinguishment | 233 | (29) | (100) |
| Other non-cash adjustments | 6 | (1) | (3) |
| Changes in operating assets and liabilities: | |||
| Accounts receivable, net | 29 | (35) | 132 |
| Inventories | 6 | (2) | 16 |
| Prepaid expenses and other assets | 11 | 10 | 16 |
| Accounts payable and other liabilities | (95) | 38 | (18) |
| Net cash provided by operating activities | 534 | 317 | 349 |
| Cash flows for investing activities | |||
| Purchase of short- and long-term investments | (115) | (67) | (36) |
| Sale and maturities of short- and long-term investments | 101 | 39 | 233 |
| Purchase of property and equipment | (70) | (73) | (148) |
| Site and software development costs | (135) | (161) | (203) |
| Other investing activities, net | — | — | 2 |
| Net cash used in investing activities | (219) | (262) | (152) |
| Cash flows (for) from financing activities: | |||
| Proceeds from issuance of debt, net of issuance costs | 1,383 | 786 | 678 |
| Premiums paid for capped call confirmations | — | — | (87) |
| Payment of principal upon maturity of debt | (157) | (117) | — |
| Payments to extinguish debt | (1,315) | (741) | (514) |
| Payments of taxes related to net share settlement of equity awards | (89) | — | — |
| Unwind of capped calls | 49 | 3 | — |
| Net cash (used in) provided by financing activities | (129) | (69) | 77 |
| Effect of exchange rate changes on cash and cash equivalents | (30) | 8 | 2 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 156 | (6) | 276 |
| Cash, cash equivalents and restricted cash | |||
| Beginning of year | $1,320 | $1,326 | $1,050 |
| End of year | $1,476 | $1,320 | $1,326 |
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| (in millions) | |||
| Supplemental cash flow information: | |||
| Cash paid for interest on long-term debt | $139 | $63 | $53 |
| Purchase of property and equipment included in accounts payable and other liabilities | $10 | $7 | $19 |
| Reconciliation of cash, cash equivalents and restricted cash to consolidated balance sheets | |||
| Cash and cash equivalents | $1,476 | $1,316 | 1,322 |
| Restricted cash included within prepaid expenses and other current assets | — | 4 | 4 |
| Total cash, cash equivalents and restricted cash | $1,476 | $1,320 | $1,326 |
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