For the year ending 2025-12-31, W had $156M increase in cash & cash equivalents over the period. $464M in free cash flow.
| Cash Flow | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| USSegment | - | - | 444 | -98 |
| International Segment | - | - | -138 | -318 |
| Adjusted ebitda | 743 | 453 | 306 | -416 |
| Less reconciling items | 1,056 | 945 | 1,044 | 915 |
| Net loss | -313 | -492 | -738 | -1,331 |
| Depreciation and amortization | 305 | 387 | 417 | 371 |
| Equity-based compensation expense | 335 | 395 | 605 | 513 |
| Amortization of debt discount and issuance costs | 9 | 9 | 8 | 8 |
| Gain on lease modification | 15 | - | - | - |
| Impairment and other related net charges | 23 | 37 | 14 | 39 |
| Loss (gain) on debt extinguishment | -233 | 29 | 100 | 96 |
| Other non-cash adjustments | -6 | 1 | 3 | -41 |
| Accounts receivable, net | -29 | 35 | -132 | 48 |
| Inventories | -6 | 2 | -16 | 21 |
| Prepaid expenses and other assets | -11 | -10 | -16 | -26 |
| Other assets | - | - | - | -1 |
| Accounts payable and other liabilities | -95 | 38 | -18 | -177 |
| Other liabilities | - | - | - | 0 |
| Net cash provided by operating activities | 534 | 317 | 349 | -674 |
| Purchase of short- and long-term investments | 115 | 67 | 36 | 430 |
| Sale and maturities of short- and long-term investments | 101 | 39 | 233 | 889 |
| Purchase of property and equipment | 70 | 73 | 148 | 186 |
| Site and software development costs | 135 | 161 | 203 | 272 |
| Other investing activities, net | 0 | 0 | -2 | 0 |
| Net cash used in investing activities | -219 | -262 | -152 | 1 |
| Repurchase of common stock | - | 0 | 0 | 75 |
| Proceeds from issuance of convertible notes, net of issuance costs | - | - | - | 678 |
| Proceeds from issuance of debt, net of issuance costs | 1,383 | 786 | 678 | - |
| Premiums paid for capped call confirmations | 0 | 0 | 87 | 80 |
| Payment of principal upon maturity of debt | 157 | 117 | 0 | 3 |
| Proceeds from borrowings | - | - | - | 0 |
| Repayment of borrowings | - | - | - | 0 |
| Payments to extinguish debt | 1,315 | 741 | 514 | 504 |
| Payments of taxes related to net share settlement of equity awards | 89 | - | - | - |
| Other financing activities, net | - | 3 | 0 | 0 |
| Unwind of capped calls | 49 | - | - | - |
| Net cash (used in) provided by financing activities | -129 | -69 | 77 | 16 |
| Effect of exchange rate changes on cash and cash equivalents | -30 | 8 | 2 | 1 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 156 | -6 | 276 | -656 |
Wayfair Inc. (W)
Wayfair Inc. (W)