The RSUs and PSUs were granted under the Company's 2025 Employment Inducement Equity Incentive Plan (the "Inducement Plan†) and vest annually in three equal installments, subject to continued employment with the Company through each vesting date and, in the case of the PSUs, the applicable performance targets being achieved. MURRAY, Utah--(BUSINESS WIRE)--Bed Bath & Beyond, Inc. (NYSE: BBBY) (the "Company†), owner of Bed Bath & Beyond, Overstock, buybuy BABY, and a blockchain asset portfolio, today anno ...

Core Thesis - Wayfair Inc. has transitioned from a volatile e-commerce recovery story to a structurally profitable, technology-driven retail operator, achieving meaningful operating discipline and sustainable free cash flow [2][4]. Financial Performance - In Q3 2025, Wayfair reported revenue of $3.12 billion, an increase of 8.1% year-over-year, with adjusted EBITDA reaching $208 million, marking the highest margin since before the pandemic [2][3]. - Free cash flow turned positive at $93 million, supported by a robust liquidity position of $1.7 billion, indicating a shift from cash burn to cash generation [3]. Strategic Focus - The company's strategy emphasizes technology-led growth, particularly through its AI engine "Muse," which enhances user engagement, conversion, and advertising efficiency [3]. - Wayfair is focusing on high-value segments such as Wayfair Professional (B2B) and Perigold (luxury), which has increased the average order value to $317 and repeat purchase rates above 80% [3]. Future Projections - Analysts project mid-single-digit revenue growth through 2026, with EBITDA margins approaching 7% by 2027, potentially translating to approximately $1 billion in adjusted EBITDA and consistent free cash flow [3]. - The bull case anticipates stronger housing and operational leverage pushing EBITDA to $1.2 billion and shares to $185, while base and bear scenarios imply share prices of $130 and $95, respectively [4]. Market Position - Wayfair has matured into a disciplined, data-driven retailer positioned for steady compounding, with current volatility reflecting earnings sensitivity rather than existential risk, indicating a marked evolution toward sustainable profitability [4].