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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Wayfair
Wayfair (W) investor relations material
Wayfair Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary4 Nov, 2026
Executive summary
Q3 net revenue rose 9.7% YoY to $3.42B, with U.S. revenue up 11.4% and International revenue down 2.3%.
Net income was $62M versus a $99M loss YoY; Adjusted EBITDA was $236M, with a 6.9% margin.
Orders delivered increased 12.2% to 11.0M, and active customers grew 4.7% to 22.2M.
Financial highlights
Gross profit was $1.012B, with gross margin of 29.6% versus 30.0% YoY; operating income was $106M versus $38M.
Diluted EPS was $0.45 versus a loss of $0.76; Adjusted diluted EPS was $0.93 versus $0.70.
Operating cash flow was $198M and Free Cash Flow was $136M, up from $155M and $93M, respectively, in Q3 2025.
Nine-month revenue grew 8.2% to $9.87B; net loss narrowed to $44M from $197M, and Adjusted EBITDA rose to $629M from $519M.
Nine-month operating cash flow was $506M versus $332M; Free Cash Flow was $331M versus $184M.
Outlook and guidance
Q4 revenue guidance calls for high-single-digit growth; momentum was positive following Way Day.
Q4 gross margin guidance is 29.5%-30.5%, with the lower end targeted; customer service and merchant fees are expected near Q3 levels.
Q4 advertising is guided to 10.5%-11.5% of revenue, reflecting holiday investment; management expects YoY advertising leverage versus Q4 2025.
Q4 SOTG&A is guided to $360M-$370M, Adjusted EBITDA margin to 6%-7%, and Contribution Margin near 15%.
Existing cash, investments, operating cash generation and Revolver availability are expected to cover anticipated cash needs for at least 12 months from filing.
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Latest events from Wayfair
- Technology, omnichannel, and logistics investments drive share gains and profitable growth.W
Goldman Sachs Communacopia + Technology Conference 2026 - Q2 2026 delivered 7.5% revenue growth, record free cash flow, and strong specialty brand gains.WQ2 2026
- Director elections, auditor ratification, and incentive plan amendment were key agenda items.WAGM 2026
- Accelerating share gains and omni-channel growth driven by loyalty, AI, and logistics excellence.WJ.P. Morgan 54th Annual Global Technology, Media and Communications Conference
- Revenue up 7.4% to $2.93B, Adjusted EBITDA margin at 5.2%, and net loss narrowed to $105M.WQ1 2026
- Proxy covers director elections, auditor change, CEO PSU award, and expanded equity plan.WProxy filing
- Key votes include board elections, auditor ratification, and executive pay approval.WProxy filing
- AI-powered innovation and platform modernization drive growth, efficiency, and competitive edge.WBernstein Agentic Commerce Day
- AI-driven innovation and loyalty programs fuel accelerating growth and profitability.WUBS Global Consumer and Retail Conference
Next Wayfair earnings date
Q4 202618 Feb, 2027
Wayfair
Next Wayfair earnings date
Q4 202618 Feb, 2027
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Frequently asked questions
An extensive online marketplace for furniture
Wayfair Inc. is an e-commerce company specializing in home furnishings and decor headquartered in the United States, but with business across several countries. Wayfair operates a robust online platform offering a wide range of furniture, lighting, rugs, bedding, and other home goods. With a vast selection of products from numerous brands and suppliers, Wayfair provides customers with a convenient and accessible way to shop for their home furnishing needs.
An online retailer and marketplace
Wayfair Inc. operates as an online retailer and marketplace and does not produce furniture themselves. Instead, the company partners with various brands, suppliers, and manufacturers to offer a wide selection of furniture and home goods on its platform. Wayfair collaborates with these brands to curate and showcase their products, providing customers with a diverse range of options to choose from. By leveraging their extensive network of partnerships, Wayfair is able to offer furniture and home decor items on a massive scale. This form of online marketplace has proven to be an effective way of doing business, with the most notable examples of this being Amazon and Alibaba. When it comes to direct competitors, Overstock.com and Wayfair wrestle for more or less the same base of customers.
A platform driven by technology
Wayfair Inc. operates a robust e-commerce platform that serves as a one-stop destination for home furnishings. The platform provides a seamless and user-friendly interface, enabling customers to browse an extensive catalog of products, access detailed product information, and make informed purchasing decisions. Wayfair's platform incorporates sophisticated search and recommendation algorithms, allowing customers to discover relevant and personalized product suggestions. The company emphasizes a seamless customer experience by offering easy ordering, secure payment options, and efficient delivery services. With a technology-driven approach, Wayfair's platform and its algorithm are under constant development and improvement.
Expansion abroad
Wayfair expanded internationally to tap into new markets and capitalize on the growing demand for online home furnishings. By establishing a presence outside of the USA, Wayfair aims to reach a wider customer base and cater to global demand. The company operates in countries such as Canada, the United Kingdom, Germany, and Australia, where they offer localized websites and product offerings.
These localized websites ensure that customers in each market have access to relevant product assortments, localized pricing, and convenient shipping options. By adapting to the unique needs and preferences of customers in these countries, Wayfair aims to provide a seamless and personalized shopping experience in each international market it serves.