Wayfair Inc. · NYSE:W
Wayfair — Investor Presentation (February 2026)
53 slides from Wayfair's investor presentation, Feb 19, 2026
Slide 1: Investor Presentation 2026
Investor Presentation 2026 February 2026 1
Slide 2: Safe Harbor
Safe Harbor This presentation contains “forward-looking statements” within the meaning of federal and state securities laws. All statements other than statements of historical fact contained in this presentation—including statements regarding our future results of operations and financial position,
Slide 3: Contents
1. The Home Category 2. Competitive Advantages 3. Growth Initiatives 4. Financials 5. Appendix Contents 3
Slide 4: The Home Category
The Home Category 4
Slide 5: Shopping for the Home Is Different
Shopping for the Home Is Different Home shopping is a customer Customers value individuality and have journey and not a commodity an emotional connection to their homes purchase The Home category is largely Bulky and damage-prone products unbranded and very fragmented require tailored delivery and c
Slide 6: Our Market Opportunity Remains Vast across the US, Canada and the UK
Our Market Opportunity Remains Vast across the US, Canada and the UK >50% The home category exceeds $500B in North America and the UK today, and is Higher expected to show a ~25% Penetrated US Home Retail considerable step up in Category Categories B2C Online online penetration over Penetration Toda
Slide 7: Who We Are
Who We Are We are an e-commerce platform exclusively focused on the home Supplier Customer Services Service Suppliers: Customers: ~20K Technology >21M active Wayfair partners with our and Wayfair offers its customers suppliers to drive growth Infrastructure a 1P experience that via our platform enha
Slide 8: Competitive Advantages
Competitive Advantages 8
Slide 9: We have enormous reach across our >100M customer file
We have enormous reach across our >100M customer file We have a household brand across the US, Canada and the UK, with broad customer awareness We drove ~3B visits across site/app in 2025 9
Slide 10: To Be the Trusted Destination for All Things Home
our brand purpose To Be the Trusted Destination for All Things Home 10
Slide 11: Portfolio of brands with broad reach
This positioning is enabled by the broad reach of our portfolio of brands Est. 2006 All of modern, made simple. Est. 2017 Luxury An undiscovered world ($175K+ household income) of luxury design. Est. 2014 A fresh take on the classics. Mass ($60K – $175K household income) Est. 2011 Every Style. Every
Slide 12: We can tell a brand story everywhere
We can tell a brand story everywhere, meeting the customer where they are Physical Retail Influencers & Social Media Homepage Placement Throughout the Funnel Catalogs, Circulars & Mailers Prominent Features on Category Pages 12
Slide 13: End-to-end logistics capabilities for a best-in-class customer experience
Wayfair logistics services offer door-to-door coverage across the supply chain We offer a suite of end-to-end logistics capabilities to create a best-in-class customer experience with faster speed and lower cost INBOUND FULFILLMENT DELIVERY RETURNS CastleGate CastleGate Wayfair Delivery Wayfair Mana
Slide 14: Wayfair Services enable better performance across the board
Wayfair Services enable better performance across the board US only, small parcel Dropship CastleGate Order-to-delivery 5.2 2.8 time1, in calendar days Speed Badging share1, in % 49% 90% Return rate1, in % 4.8% 3.9% Cost Incident rate1, in % 3.8% 3.1% 14 1 Q1-Q3 2025 data
Slide 15: Customers love speed: Faster speed = higher conversion
Customers love speed: Faster speed = higher conversion Speed gets rewarded on our website Sales significantly increase ● Different speed badges for ● Faster badge = higher 1, 2, 3, 5 days conversion ● More exposure on site ● ‘No’ to ‘1 day’ badge with a >60% 1 conversion lift No badge >20% 5-day bad
Slide 16: Forward positioning is key
1 Faster speed to customers Forward-positioned product and quick order-to-ship capabilities enable speed, which increases exposure on site and drives customer conversion Forward positioning is 2 key Lower retail prices More Leveraging CastleGate’s Forward-positioned exposure competitive ocean contai
Slide 17: Items in CastleGate achieve faster ship speed, driving up conversion
Items in CastleGate achieve faster ship speed, driving up conversion Faster ship times… …drive higher customer conversion and NPS1 Small Parcel Large Parcel Order CastleGate Conversion uplift Fast lead times Pick & Pack Dropship CastleGate Dropship CastleGate Ship Order-to- delivery days ~5 ~3 ~14 ~
Slide 18: Wayfair operates a cost markup model
Differentiated products: Wayfair operates a cost markup model Costs included in pricing Product Outbound Shipping Wayfair’s Wayfair Retail Incidence Variable Margin Price Cost Merchant Fees Customer Service 18
Slide 19: Extensive offering across everything Home: core categories
At Wayfair, we have an extensive offering across everything Home Consumers broadly know us CORE CATEGORIES ● for our core categories - Sofas, Casegoods, Bedroom furniture and more Sofas & Rugs Bedroom Outdoor Decor ● These are areas of the Sectionals Furniture business where we have high awareness a
Slide 20: Strong and growing businesses in several emerging categories
We also have strong and growing businesses in several emerging categories EMERGING CATEGORIES Large Appliances Outdoor structures & Spa Cabinetry Plumbing Small Electrics Storage & Org Kitchen and Tabletop Recreation Pet Bedding Decor Wall Accents We are focused on driving share gains in frequency p
Slide 21: Emerging categories growth outpacing Wayfair US
Emerging categories have seen exciting growth over the last 7 years, outpacing Wayfair US Emerging Category Growth (CAGR 2018 - 2025) Hardware Outdoor structures & Spa Recreation Appliances Pet Flooring Core Plumbing Storage & Organization Vanities U.S. Net Revenue CAGR % 21 Emerging category growth
Slide 22: Curation is our differentiator
Curation is our differentiator, helping consumers cut through the noise Provide Celebrate Reinforce Instill Confidence inspiration the season trust Collaborations A shortcut Cohesive looks Trend-forward, with influencers to the best items and ideas to seasonally relevant our customers enhance the ro
Slide 23: Wayfair Verified
“Wayfair Verified” is how we signal premium items that have been audited by our merchant team
Slide 24: Wayfair Verified items dramatically outperform all other products
Wayfair Verified items dramatically outperform all other products More visits, increased conversion, and higher NPS lead to higher revenue and higher repeat activity for customers who purchased a Verified SKU ~20% ~20% >4x Higher Higher Verified NPS1 Conversion1 SKUs YoY1 24 1 Dec 2025 Data. Growth
Slide 25: Wayfair Rewards membership benefits
provides exclusive access to elevated experiences. $29 annual membership fee 5% back in Member- Free shipping1 Special offers Member rewards1 exclusive sales From plates to sofas, it’s & perks support line on every item every day. Steals that’ll get the on us. We’ll treat you on your Call for fast,
Slide 26: Wayfair Rewards members represent a sizable & growing population
Wayfair Rewards members represent a sizable & growing population >1 million >15% Members Wayfair U.S. Revenue Penetration >3 orders >50% Average annual orders by Sign-ups in recent cohorts members were not active customers 26 As of Q4’25
Slide 27: Award-winning customer service
Our award-winning customer service ensures every customer has an exceptional experience >90% of customers give us a 5 star rating after talking to us “Every customer service interaction I’ve had with Wayfair has been top-notch. 10/10! Highly recommended Wayfair to everyone I know!” High availability
Slide 28: Wayfair's AI investments are structured around three pillars
Wayfair’s AI investments are structured around three pillars Supercharging our Powering the Reinventing the Internal Operations Platform and Customer Journey and Teams Ecosystem Leveraging Gen AI to Streamlining internal Automating day-to-day create a more workflows, automating workflows, allowing p
Slide 29: The Flywheel effect
The Flywheel effect Inspire Engage AI-driven visual experiences Customers explore AI-driven to drive inspiration experiences and interact more Reinforce Loyalty Personalize Learn Enable 100% context-aware Capture rich customer insights personalization tailored to and scale personalized each individu
Slide 30: Generative AI powers a suite of customer shopping experiences
Generative AI powers a suite of customer shopping experiences Experiences ranging from the Discover tab on mobile, AI Inspiration page on-site, and AI Design & Product Discovery tools are all designed to help our customers navigate our catalog of more than 40 million products 30
Slide 31: Scaling personalized experiences with advanced modeling and tech
We are scaling personalized experiences with advanced modeling and tech Strong model Updated GenAI foundation architecture acceleration State-of-the-art models Highly flexible schema will GenAI enhances product amplify our understanding enable any strategy to be used understanding and accelerates of
Slide 32: AI enhances our path to 100% context-aware personalization
AI enhances our path to 100% context-aware personalization “Wayfair just gets me” Personalized email Personalized Personalized Personalized PDP & notifications Home Page Search & Browse & Carousels Personalization helps us inspire, engage, build trust, retain customers, and increase share of wallet
Slide 33: Growth Initiatives
Growth Initiatives 33
Slide 34: Wayfair Professional serves an accretive and distinct customer base
Wayfair Professional serves an accretive and distinct customer base We are a multi-billion dollar business with over 1M active customers. ● 2x Avg Visits per Customer vs B2C Shoppers ● 2x Conversion to Purchase vs B2C Shoppers Interior Designers Office 34 Contractor Accommodations Food Service Educa
Slide 35: Driving scale and growth as we take share in the luxury market
We leverage the Wayfair platform to drive scale and growth as we take share in the luxury market 2-3x >60M >200K >20% LTM New YoY Revenue Wayfair AOV Visits in 2025 Customers Growth in 2025 35 35
Slide 36: Approach tailored to the luxury customer
Our approach is driven by and tailored to our customer, building a connection to our brand and the brands we sell Customer-Inspired Focus Tailored to the ● Clarity and consistency in Luxury Customer our marketing experience ● A unique voice with ● Awareness and brand preference distinct messaging an
Slide 37: Specialty Retail Brands grew revenue by more than 20% in 2025
Specialty Retail Brands grew revenue by more than 20% in 2025 Modern made simple. Classic Style for Joyful Living Customer Customer Customer Age: 25-45 years old (avg 35) Age: 30-50 (primary), 50-70 (secondary) Age: 30-55 (avg 45) Gender: 65% female / 35% male Gender: Primarily female Gender: 93% Fe
Slide 38: International efforts across Canada, the UK and Ireland
We’ve focused our international efforts across Canada, the UK and Ireland Optimized supply chain for the best sellers, to ship fast with reduced incidences: Logistics CastleGate warehouses located across regions CA + UK & IE Marketing Dedicated teams to Dedicated serve Canadian and and Extended reac
Slide 39: Flagship Wayfair store driving customer & order lift
Our flagship Wayfair store is driving noteworthy customer & order lift >50% >10% >25% Customers new to Wayfair since Illinois vs National Growth Lift in frequency category growth in opening CAGR since opening Chicago DMA vs comparable DMAs 39 1 Internal analysis work as of Q4’25, based on time from
Slide 40: 12 stores are open and more are on the way
12 stores are open and more are on the way, we are accelerating openings ★ MarketStreet, Lynnfield, MA | 2022 ★ Legacy Place, Dedham, MA | 2022 ★ Arboretum Market, Austin, TX |2023 ★ Mizner Park, Boca Raton, FL | 2024 ★ University Town Center, Sarasota, FL | 2024 ★ International Plaza, Tampa, FL | 2
Slide 41: Supplier Advertising solutions
Our Supplier Advertising solutions are designed to give products a boost on Wayfair Event Sponsorships Transparent ROI and and Brand Spotlights full control on Display Advertising how/what/when to and Offsite Retargeting spend Sponsored Events in Email Wayfair Sponsored Wayfair Sponsored Products Sh
Slide 42: Financials
Financials 42
Slide 43: Scale of Revenue & Orders
Scale of Revenue & Orders Cultivating a customer base that makes Wayfair a part of their shopping habits, with 80% of orders coming from repeat customers in 2025 and a 23% revenue CAGR since IPO Orders (M) Net Revenue ($B) 43
Slide 44: Improving Unit Economics
Improving Unit Economics Expanding contribution margin as we structurally increase unit economics through logistics, supplier services, wholesale economics, advertising efficiency and more Contribution Margin1 Contribution Profit1 ($M) 44 1 Contribution Profit and Contribution Margin are non-GAAP me
Slide 45: Fixed Cost Discipline
Fixed Cost Discipline Demonstrating consistent cost discipline to achieve SOTG&A leverage despite challenging macro environment, with significant flow through as home goods demand normalizes Last 12 Month SOTG&A, excluding stock-based comp 45 Note: USD Millions
Slide 46: Healthy Capital Structure
Healthy Capital Structure Three high-yield offerings since the fall of 2024, using proceeds to clear near-term maturities and reduce dilution risk from remaining convertibles Conversion Price $148 $63 $46 With >$1.5 billion of cash and short-term investments on the balance sheet as of Q4 2025, we ha
Slide 47: Building momentum towards our profitability goals
Building momentum towards our profitability goals Step 1 Step 2 Step 3 Breakeven Mid-Single Digit >10% Adjusted Adjusted Adjusted EBITDA Margin EBITDA Margin & Sustained EBITDA & Positive FCF Strong FCF FY’23 Adjusted EBITDA FY’25 Adjusted EBITDA Ongoing Expansion Via Margin of 2.5%1 Margin of 6.0%1
Slide 48: Appendix
Appendix 48
Slide 49: Non-GAAP Financial Measures
To supplement our consolidated financial statements presented in accordance with generally accepted accounting principles (“GAAP”), this presentation contains certain non-GAAP financial measures, including Contribution Profit, Contribution Margin, Adjusted EBITDA, Adjusted EBITDA Margin Free Cash Fl
Slide 50: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures 50
Slide 51: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures 51
Slide 52: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures 52
Slide 53: Wayfair
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