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Wayfair W Unwind of capped calls

Unwind of capped calls at other companies

SoFi Technologies, Inc. logo
SoFi Technologies, Inc.SOFI
$0
Insulet logo
InsuletPODD
$0-100%
Okta, Inc. logo
Okta, Inc.OKTA
$500K
Southwest Airlines logo
Southwest AirlinesLUV
$0
CoreWeave, Inc.
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CoreWeave, Inc. CRWV
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Rivian Automotive, Inc. logo
Rivian Automotive, Inc.RIVN
$0

Other financials

Income statement

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Revenue$2.9B+7.4%
Gross profit$880.0M+5.1%
Operating income-$11.0M+91.0%
Net income-$105.0M+7.1%
EPS (diluted)-$0.80+10.1%

Balance sheet

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Cash & equivalents$1.0B-25.0%
Total debt$3.6B-7.1%
Total equity-$2.8B-1.2%
Total assets$2.9B-16.1%

Cash flow

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Operating cash flow-$52.0M+45.8%
CapEx$25.0M+400%
Free cash flow-$77.0M+23.8%

Valuation

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Market cap$11.68B+142%
Enterprise value$14.32B+87.7%
P/S0.9×+0.5×

Profitability

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Gross margin30.1%-0.2pp
Operating margin1%+0.6pp
Net margin-2.4%-0.4pp
FCF margin3.9%+1.4pp

Returns & leverage

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Return on equity-380.2%
Debt / equity135.6×
Current ratio0.8×-0.1×

Where this comes from

Reported directly by Wayfair in its filing.

Tagged under the XBRL concept w:ProceedsFromCappedCalls.

The official record: Wayfair’s 10-K, filed February 19, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Wayfair's unwind of capped calls?
Wayfair (W) reported unwind of capped calls of $12.25M in Q4 2025.
How has Wayfair's unwind of capped calls changed year-over-year?
Wayfair's unwind of capped calls increased by 1533.3% year-over-year, from $750K to $12.25M.
What does unwind of capped calls mean?
Cash received from closing out derivative contracts used to hedge convertible debt.
How do you interpret unwind of capped calls?
An increase signals the successful conclusion or restructuring of a hedging strategy, providing a one-time cash inflow.
How does unwind of capped calls compare across companies?
Specific to companies with complex capital structures; peers will report this under financing or investing cash flows depending on accounting treatment.