W (W) financial statements
W reported revenue of $12.5B in fiscal 2025, up 15.6% a year over 9 years.
Net income was -$313M and the operating margin 0.1%, against -5.8% in 2016.
Free cash flow was $464M.
The diluted share count rose 51% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from W's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.4B | $4.7B | $6.8B | $9.1B | $14.1B | $13.7B | $12.2B | $12.0B | $11.9B | $12.5B |
| Cost of revenue | $2.6B | $3.6B | $5.2B | $7.0B | $10.0B | $9.8B | $8.8B | $8.3B | $8.3B | $8.7B |
| Gross profit | $808M | $1.1B | $1.6B | $2.1B | $4.1B | $3.9B | $3.4B | $3.7B | $3.6B | $3.8B |
| Operating income | -$196M | -$235M | -$473M | -$930M | $360M | -$94M | -$1.4B | -$813M | -$461M | $17M |
| Interest expense | — | — | — | — | — | — | — | $63M | $83M | $165M |
| Pre-tax income | -$194M | -$244M | -$502M | -$982M | $205M | -$130M | -$1.3B | -$729M | -$482M | -$304M |
| Income tax | $608,000 | $486,000 | $2M | $3M | $20M | $1M | $12M | $9M | $10M | $9M |
| Net income | -$194M | -$245M | -$504M | -$985M | $185M | -$131M | -$1.3B | -$738M | -$492M | -$313M |
| EPS (diluted) | -$2.29 | -$2.81 | -$5.63 | -$10.68 | $1.86 | -$1.26 | -$12.54 | -$6.47 | -$4.01 | -$2.44 |
| Diluted shares | 85M | 87M | 89M | 92M | 99M | 104M | 106M | 114M | 123M | 128M |
| Gross margin | 23.9% | 23.7% | 23.4% | 23.5% | 29.1% | 28.4% | 28.0% | 30.6% | 30.2% | 30.2% |
| Operating margin | -5.8% | -5.0% | -7.0% | -10.2% | 2.5% | -0.7% | -11.3% | -6.8% | -3.9% | 0.1% |
| Net margin | -5.8% | -5.2% | -7.4% | -10.8% | 1.3% | -1.0% | -10.9% | -6.1% | -4.2% | -2.5% |
Balance sheet
Fiscal years, from W's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $349M | $620M | $964M | $987M | $2.6B | $2.4B | $1.3B | $1.4B | $1.4B | $1.5B |
| Receivables | $19M | $38M | $51M | $100M | $110M | $226M | $272M | $140M | $155M | $132M |
| Inventory | $19M | $28M | $46M | $62M | $52M | $69M | $90M | $75M | $76M | $71M |
| Total current assets | $477M | $817M | $1.3B | $1.4B | $3.0B | $3.0B | $1.9B | $1.9B | $1.9B | $2.0B |
| Property, plant and equipment | $239M | $361M | $607M | $625M | $684M | $674M | $774M | $748M | $603M | $516M |
| Goodwill | $2M | $2M | $2M | $400,000 | $400,000 | $400,000 | $400,000 | $400,000 | $400,000 | $400,000 |
| Total assets | $762M | $1.2B | $1.9B | $3.0B | $4.6B | $4.6B | $3.6B | $3.5B | $3.5B | $3.4B |
| Total current liabilities | $557M | $740M | $1.1B | $1.6B | $2.2B | $2.2B | $2.1B | $2.2B | $2.4B | $2.1B |
| Long-term debt | — | — | — | — | — | — | $3.1B | $3.1B | $2.9B | $3.2B |
| Total liabilities | $682M | $1.3B | $2.2B | $3.9B | $5.8B | $6.2B | $6.1B | $6.2B | $6.2B | $6.2B |
| Shareholders' equity | $79M | -$48M | -$331M | -$944M | -$1.2B | -$1.6B | -$2.5B | -$2.7B | -$2.8B | -$2.8B |
| Net debt | -$280M | -$559M | -$849M | -$583M | -$2.1B | -$1.7B | $2.1B | $1.9B | $1.8B | $1.8B |
Cash flow
Fiscal years, from W's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $63M | $34M | $85M | -$197M | $1.4B | $410M | -$674M | $349M | $317M | $534M |
| Capital spending | $97M | $100M | $159M | $272M | $186M | $101M | $186M | $148M | $73M | $70M |
| Free cash flow | -$34M | -$67M | -$74M | -$469M | $1.2B | $309M | -$860M | $201M | $244M | $464M |
| Stock-based compensation | $49M | $68M | $128M | $227M | $276M | $344M | $513M | $605M | $395M | $335M |
| Dividends paid | $0 | — | — | — | — | — | — | — | — | — |
| Share buybacks (net) | $0 | — | $0 | $0 | -$380M | -$300M | -$75M | $0 | $0 | — |
| Free cash flow margin | -1.0% | -1.4% | -1.1% | -5.1% | 8.7% | 2.3% | -7.0% | 1.7% | 2.1% | 3.7% |
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Open W in InvestinglyQuestions
What was W's revenue in 2025?
$12.5B in fiscal 2025, from its 10-K filing.
How much free cash flow does W generate?
$464M in fiscal 2025 (operating cash flow minus capital spending).
From W's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.