Wayfair is an e-commerce retailer selling furniture, décor, housewares, and home improvement products. Wayfair operates primarily as a marketplace platform, offering over 40 million products from roughly 20,000 suppliers across its family of brands: the flagship Wayfair brand, style-focused specialty brands (AllModern, Birch Lane, Joss & Main), luxury brand Perigold, and a B2B channel called Wayfair Professional. Rather than owning inventory, Wayfair layers a margin on top of supplier wholesale prices and facilitates drop-ship fulfillment directly from supplier to customer. A growing share of orders (~25% of revenue) ship through CastleGate, Wayfair's own fulfillment network, where suppliers forward-position inventory in Wayfair's warehouses to improve delivery speed and reduce damage rates. Wayfair charges suppliers fulfillment fees for CastleGate, and also generates high-margin revenue from supplier advertising on the platform. Wayfair's cost base is largely fixed, so incremental revenue scales into EBITDA at an improving rate. Key growth initiatives include Wayfair Rewards, a paid loyalty program with over 1 million members, large-format physical retail stores serving as customer acquisition tools, and expanding CastleGate as a third-party logistics service. Wayfair operates primarily in the U.S. (~88% of revenue), with international operations in Canada, the UK, and Ireland.