Track market-moving stories before they get noisy

Wayfair Inc. (W) Goldman Sachs Communacopia + Technology Conference 2026 September 9, 2026 11:50 AM EDT

Company Participants

Niraj Shah - Co-Founder, Co-Chairman & CEO
Kate Gulliver - CFO & Chief Administrative Officer

Presentation

Unknown Analyst

I'll stick with precedent, I know everyone is moving around. And unfortunately, we only have 5 minutes between sessions. So there will be people that are trickling in. But I think in the interest of time, we should kick off. Our next fireside chat is with the team from Wayfair.

I've never had the opportunity to interview them here at Communacopia in the 5 years I've been at Goldman. We've always talked more at our New York-based conference. So it's great to see you guys here out in San Francisco. Thanks for coming to the show out here.

Niraj Shah
Co-Founder, Co-Chairman & CEO

It's great, great to be here.

Question-and-Answer Session

Unknown Analyst

Okay. So look, I think why don't we kick it off taking a step back before we take a step forward. As you look back over the last several years, this business has evolved a lot. When you think about the journey you've been on from even going pre-COVID, through COVID, post-COVID and where we are today, maybe set the stage for the evolution the business has been on, and then we'll use that as a jumping off point to talk about all the exciting forward initiatives you guys have in place.

Niraj Shah
Co-Founder, Co-Chairman & CEO

Absolutely. So I guess the quick summary I would give is pre-COVID, we went public in 2014, and we were doing $1 billion in sales that year and pre-COVID 2019. So 6 years later, we're doing $9 billion. So we grew a lot in that period.

Even at that time, pre-COVID, we sort of

Orlando area is the location of Wayfair's 10th store as the company continues to expand its footprint

, /PRNewswire/ -- Wayfair Inc. (NYSE: W), the destination for all things home, today announced a major milestone in the expansion of its stores, with plans to open its 10th Wayfair store in Altamonte Springs, Florida in 2028. The 85,000-square-foot, single level store at Marketplace at Altamonte will bring Wayfair's immersive, curated shopping experience to customers across the Central Florida region while marking the latest step in the company's growing omnichannel strategy.

Wayfair Orlando Store Rendering This new location brings Wayfair's store portfolio to 10 locations across the U.S., reflecting the company's continued investment in giving customers more ways to discover, shop and experience Wayfair. Each store serves as an entryway into Wayfair's expansive online catalog, combining a curated, in-person shopping experience with the convenience of ecommerce. Customers can explore Wayfair Verified products organized by room and style, work with on-site design experts on projects of all sizes, take many items home the same day and access Wayfair's broader assortment through its logistics network.

"Reaching our 10th store is an exciting milestone for Wayfair and a testament to the momentum we're seeing as we bring our brand to life," said Liza Lefkowski, vice president of merchandising and stores at Wayfair. "With each new store, we're learning more about how customers want to shop for their homes and how our physical and digital experiences can work together. Orlando is a great market for this next chapter, and we're excited to introduce the Wayfair store experience to the community."

Wayfair's growing store portfolio has demonstrated the opportunity for physical retail to introduce new customers to the brand while strengthening engagement across channels. In Chicago, for example, Wayfair has seen a strong halo effect, with more than 50% of customers who visit the store being new to the brand. Insights from Wayfair's stores continue to inform everything from assortment and merchandising to services and the overall customer experience as the company scales its physical retail presence.

The 10th location will bring that evolving experience to Marketplace at Altamonte, a retail destination undergoing a significant revitalization in Altamonte Springs, just north of Orlando.

The Orlando store joins existing locations in Wilmette, IL, Atlanta, GA and Columbus, OH as well as upcoming stores in Denver, CO; Westchester, NY; Fort Lauderdale, FL; Cincinnati, OH; Princeton, NJ and Pittsburgh, PA.

About Wayfair

Wayfair is the destination for all things home, and we make it easy to create a home that is just right for you. Whether you're looking for that perfect piece or redesigning your entire space, Wayfair offers quality finds for every style and budget, and a seamless experience from inspiration to installation.

Wayfair Media Relations:
Karoline Etter
[email protected] 

Wayfair Investor Relations:
Ryan Barney
[email protected] 

SOURCE Wayfair Inc.

Key Takeaways: Consumers remain resilient, but spending is increasingly shifting toward value, convenience, and frequent everyday purchases. Retail ETFs can bridge staples and discretionary exposure. E-commerce is evolving from discretionary shopping toward an everyday retail channel spanning groceries, essentials, and services. The consumer remains resilient, but spending is becoming increasingly selective. Bank of America’s August Consumer Checkpoint showed total card spending per household increased 5.0% year-over-year in July, with spending excluding gasoline up 4.3%. Although growth moderated from June, Bank of America attributed much of that slowdown to the fading of temporary boosts, including the timing of major online sales and World Cup related spending, rather than a broad deterioration in underlying demand.

Still, households have less room for discretionary purchases. The personal saving rate was just 2.7% in June, according to the Bureau of Economic Analysis, likely due to higher inflationary costs. This points to a consumer that is still willing and able to spend, but is becoming more deliberate about where those dollars go.

For investors, that makes the retail opportunity less about whether consumers are spending and more about which companies are capturing their spending. Value, convenience, and frequent purchases remain important themes, benefiting warehouse clubs, discount retailers, and companies tied to everyday necessities. At the same time, e-commerce is becoming more integrated into routine purchases such as groceries and household goods. Memberships, advertising, marketplaces, and fulfillment are also giving some of the largest retailers additional ways to monetize customer relationships beyond traditional merchandise sales. We’ll take a look at these trends — and a few ETFs that follow them — in this note.

A Closer Look at Discretionary vs. Staples Recent earnings illustrate how uneven the consumer discretionary environment has become. In its second quarter, Amazon’s North America segment sales rose 16% year over year, while the company said grocery and everyday essentials continued to grow meaningfully faster than the rest of its stores business. Amazon also delivered more than 40% more items same-day or overnight during the first half of the year.

Other areas of discretionary spending tell a more mixed story. eBay reported 15% year over year growth in both revenue and gross merchandise volume in the second quarter, and completed its acquisition of resale marketplace Depop on July 30, expanding its exposure to resale and value-oriented fashion. Nike, by comparison, reported a 7% decline in Nike Direct revenue in its latest quarter, including a 12% decline in Nike Brand Digital sales. Together, these results reinforce the idea that consumers are still spending, but company and brand trends matter more as households become selective.

For investors seeking broad exposure to the sector, the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) is the largest consumer discretionary sector ETF. However, its performance is heavily influenced by its two largest holdings, Amazon.com Inc. (AMZN) and Tesla Inc. (TSLA), which together account for 40% of the portfolio. While both companies have contributed significantly to the sector’s long-term performance, they also behave differently from many traditional consumer businesses and align closely with the technology sector.

Beyond these two names, XLY provides exposure to a wider range of consumer activity through retailers, restaurants, home improvement companies, and other discretionary businesses such as Home Depot (HD), TJX Companies (TJX), and McDonald’s (MCD). That difference is particularly relevant in the current environment, where opportunities within consumer discretionary may depend less on broad sector strength and more on which companies are best positioned around value, convenience, and resilient consumer demand.

Consumer staples offer a different mix of exposures. Recent earnings continue to show relatively resilient demand for everyday products, although performance is not uniform across the board. Coca-Cola reported 5% global unit case volume growth in its latest quarter. P&G, however, reported flat organic sales in its fiscal fourth quarter, while Colgate-Palmolive experienced weaker volume in North America despite positive organic sales growth globally.

This points to a significant distinction for staples investors: Necessity does not always guarantee demand. As with discretionary purchases, brand strength, pricing, value, and the ability to maintain volumes all matter when households are paying closer attention to price.

For investors seeking broad exposure to the sector, the State Street Consumer Staples Select Sector SPDR ETF (XLP) also highlights another important theme: the growing strength of value-oriented, membership-based retailers. Walmart (WMT) and Costco (COST), which together account for more than 20% of XLP, have increasingly used scale, low prices, and recurring membership revenue to deepen customer loyalty and capture a larger share of household spending.

Those retailers are particularly relevant to the current value and convenience theme. For instance, Costco’s July sales update showed net sales rising 10.7% year over year, while digitally enabled comparable sales increased 17.7%. Costco’s membership model also provides a recurring source of revenue: Membership fees reached $1.37 billion in its latest reported quarter, up from $1.24 billion a year earlier. Walmart is pursuing a similar diversification of its business model through e-commerce, advertising, marketplaces, and membership programs. In its latest reported quarter, global e-commerce grew 26%, global advertising grew 37%, and membership fee income increased 17.4%.

These companies illustrate why staples exposure today can extend beyond traditional defensive characteristics. Scale, low prices, digital convenience, and recurring customer relationships can help large retailers compete for a greater share of the consumer wallet, even when shoppers become more selective. (Read more about the staples sector in this research note.)

Retail ETFs Can Help Bridge the Sector Divide The line between consumer discretionary and staples is increasingly blurred, as many major retailers sell a mix of necessities and discretionary goods while competing on the same themes of value, convenience, and e-commerce. Investors looking to capture these broader retail trends rather than make a sector-specific bet may instead consider retail-focused ETFs such as the SPDR S&P Retail ETF (XRT) or VanEck Retail ETF (RTH).

XRT holds about 75 stocks (80% are consumer discretionary) and tracks a modified equal-weighted index, so more weight is given to smaller and midcap retailers. RTH is much more concentrated in the dominant retail companies. It has only about 26 holdings, with Amazon at roughly 22% of its weight, as of August 10. It also has meaningfully less discretionary exposure: around 55% discretionary, 27% staples, and 15% health care.

E-commerce Is Embedded in Retail — But Still Investable as a Standalone Theme E-commerce remains one of the strongest growth drivers in retail. According to the U.S. Census Bureau, U.S. retail e-commerce sales reached an estimated $326.7 billion in 1Q26, up 2.7% from 4Q25 and 9.8% from 1Q25. That compares with total retail sales growth of 1.5% quarter over quarter and 3.9% year over year. E-commerce also accounted for 16.9% of total retail sales in the quarter, showing that online sales continue to gain share even as the broader consumer environment remains uneven. Based on my estimates, I expect e-commerce sales to continue its increase — potentially reaching 17.1% of total retail sales. (Read more about e-commerce trends in my earlier research note.)

The growth of e-commerce is becoming increasingly significant because it is no longer driven primarily by discretionary purchases. Instead, digital retail is becoming more closely tied to convenience, value, and frequent purchases across categories such as grocery, household essentials, health, and beauty.

These trends are bringing the e-commerce theme closer to the consumer staples story, in addition to its traditional connection with consumer discretionary. Consumers may be more cautious, but they are still buying necessities and increasingly using digital platforms to compare prices, access discounts, replenish everyday goods, and choose between pickup and delivery.

Dedicated E-commerce ETFs Offer Different Versions of the Theme E-commerce is now embedded across the retail ecosystem, including broad retail ETFs, consumer discretionary ETFs, and even staples-oriented funds with exposure to companies like Walmart and Costco. But for investors who want a more focused look at e-commerce, including exposure to internet companies (technology), financials (payment systems), and industrials (logistics and delivery companies), several ETFs exist that specifically follow that theme. A few options are listed below:

Amplify Online Retail ETF (IBUY): This ETF is the largest global e-commerce ETF, with around $130 million in assets. It holds companies in online retail, online travel, online marketplace, and omnichannel retail that have at least 70% of revenues or a minimum of $100 billion in annual retail sales in online transactions. For omnichannel retailers, online sales must be at least 10% of total annual retail sales and more than $2 billion in revenue, or in the top five of global online retail market share. Equally-weighted, these stocks have a 10% aggregate cap on omnichannel. While a global ETF, IBUY holds mostly U.S. stocks, with non-U.S. domiciled stocks capped at a 25% total weight. Holdings include Wayfair (W), Etsy Inc (ETSY), DoorDash (DASH), Paypal Holdings (PYPL), and Booking Holdings (BKNG). ProShares Online Retail ETF (ONLN): Holdings include online retailers, e-commerce retailers, or internet retailers. Unlike IBUY, ONLN excludes online travel companies. Holdings are weighted based on market capitalization, with non-U.S. companies limited to a total of 25%. While its peers have smaller exposure to Amazon, ONLN has a 23% weight to this stock. Amazon, Alibaba Group (BABA), and eBay (EBAY) make up around 40% of the ETF’s weight. First Trust S-Network E-Commerce ETF (ISHP): ISHP invests in the top 15 companies by market cap in four business segments: content navigation, online retail, online marketplace, and e-commerce infrastructure. These companies are then equal-weighted. This ETF holds some unique stocks not included by many of its peers, including internet stocks like Reddit Inc (RDDT)and Meta Platforms (META), in addition to logistics/delivery companies like FedEx Corp (FDX) and United Parcel Service (UPS).

For more news, information, and analysis visit the Thematic Investing Content Hub.

VettaFi LLC (“VettaFi”) is the index provider for IBUY and ISHP, for which it receives an index licensing fee. However, IBUY and ISHP are not issued, sponsored, endorsed, or sold by VettaFi, and VettaFi has no obligation or liability in connection with the issuance, administration, marketing, or trading of IBUY or ISHP.

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The Style Scores are broken down into four categories:

Value ScoreFinding good stocks at good prices, and discovering which companies are trading under their true value, are what value investors like to focus on. So, the Value Style Score takes into account ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to highlight the most attractive and discounted stocks.

Growth ScoreGrowth investors, on the other hand, are more concerned with a company's financial strength and health, and its future outlook. The Growth Style Score examines things like projected and historic earnings, sales, and cash flow to find stocks that will experience sustainable growth over time.

Momentum ScoreMomentum investors, who live by the saying "the trend is your friend," are most interested in taking advantage of upward or downward trends in a stock's price or earnings outlook. Utilizing one-week price change and the monthly percentage change in earnings estimates, among other factors, the Momentum Style Score can help determine favorable times to buy high-momentum stocks.

VGM ScoreIf you like to use all three kinds of investing, then the VGM Score is for you. It's a combination of all Style Scores, and is an important indicator to use with the Zacks Rank. The VGM Score rates each stock on their shared weighted styles, narrowing down the companies with the most attractive value, best growth forecast, and most promising momentum.

How Style Scores Work with the Zacks Rank The Zacks Rank is a proprietary stock-rating model that harnesses the power of earnings estimate revisions, or changes to a company's earnings expectations, to help investors build a successful portfolio.

It's highly successful, with #1 (Strong Buy) stocks producing an unmatched +23.94% average annual return since 1988. That's more than double the S&P 500. But because of the large number of stocks we rate, there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.

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You want to make sure you're buying stocks with the highest likelihood of success, and to do that, you'll need to pick stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you like a stock that only has a #3 (Hold) rank, it should also have Scores of A or B to guarantee as much upside potential as possible.

The direction of a stock's earnings estimate revisions should always be a key factor when choosing which stocks to buy, since the Scores were created to work together with the Zacks Rank.

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Stock to Watch: Wayfair (W - Free Report) Wayfair Inc. is headquartered in Boston, Massachusetts. The company is one of the world's leading online sellers of home goods products, consisting of furniture and home decor.

W is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.

Momentum investors should take note of this Retail-Wholesale stock. W has a Momentum Style Score of B, and shares are up 24% over the past four weeks.

Four analysts revised their earnings estimate higher in the last 60 days for fiscal 2026, while the Zacks Consensus Estimate has increased $0.17 to $2.97 per share. W also boasts an average earnings surprise of +21.5%.

With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, W should be on investors' short list.

Wayfair Inc (NYSE:W) on Tuesday reported better-than-expected second-quarter financial results.

Wayfair reported quarterly earnings of 95 cents per share which beat the analyst consensus estimate of 90 cents per share. The company reported quarterly sales of $3.519 billion which beat the analyst consensus estimate of $3.465 billion.

Wayfair shares fell 0.5% to $115.49 in pre-market trading.

These analysts made changes to their price targets on Wayfair following earnings announcement.

Needham analyst Bernie McTernan maintained the stock with a Buy and raised the price target from $83 to $133.

BMO Capital analyst Brian Pitz maintained the stock with a Market Perform and raised the price target from $105 to $115.

Considering buying W stock? Here’s what analysts think:

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Shares of Wayfair (W +29.97%) soared on Tuesday after the online marketplace for furniture and other home goods delivered its fastest pace of growth since the early stages of the pandemic.

Image source: Getty Images.

Winning more market share Wayfair's active customers grew 3.3% year over year to 21.7 million as of June 30.

These shoppers also spent more on its e-commerce platform. Average order value increased to $332 from $328 in the year-ago quarter, while trailing-12-month revenue per active customer climbed 4.2% to $596.

In all, Wayfair's total net revenue rose 7.5% to $3.5 billion in the second quarter.

"Revenue growth in the U.S. was the best we've seen in the entire post-COVID period, with nearly 9% year-over-year revenue growth, continuing the high-single-digit share spread we've held since last fall," CEO Niraj Shah said.

Today's Change

(

29.97

%) $

26.77

Current Price

$

116.08

Shah went on to state that the company's luxury home furnishings and decor brand, Perigold, and other specialty brands were helping to drive its market share gains.

"We saw noteworthy outperformance from our specialty retail brands, which grew by nearly 20% in the second quarter, and Perigold, which grew by more than 35%," Shah said.

All told, Wayfair's adjusted earnings jumped 9% to $0.95 per share. That bested Wall Street's estimates, which had called for per-share profits of $0.92.

Wayfair also generated an impressive $301 million in free cash flow.

Management sees more gains ahead During a conference call with analysts, chief financial officer Kate Gulliver said she expects Wayfair to deliver high-single-digit revenue growth in the third quarter, with continued margin expansion and robust free cash flow.

"We are operating from a position of strength, expanding our competitive moats and driving durable, highly profitable growth, which can compound for the long term," Gulliver said.

Wayfair Inc. (W) Q2 2026 Earnings Call Transcript

For the quarter ended June 2026, Wayfair (W - Free Report) reported revenue of $3.52 billion, up 7.5% over the same period last year. EPS came in at $0.95, compared to $0.87 in the year-ago quarter.

The reported revenue represents a surprise of +1.52% over the Zacks Consensus Estimate of $3.47 billion. With the consensus EPS estimate being $0.94, the EPS surprise was +1.06%.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how Wayfair performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Orders Delivered: 10.6 million versus 10.18 million estimated by six analysts on average.Average Order Value: $332.00 versus the six-analyst average estimate of $339.60.Active Customers: 21.7 million versus the four-analyst average estimate of 21.42 million.LTM Net Revenue per Active Customer: $596.00 versus the three-analyst average estimate of $599.57.LTM Orders Per Customers: $1.89 versus the three-analyst average estimate of $1.88.Geographic Net Revenue- International: $394 million versus the four-analyst average estimate of $404.4 million. The reported number represents a year-over-year change of -1.3%.Geographic Net Revenue- United States: $3.13 billion versus the four-analyst average estimate of $3.05 billion. The reported number represents a year-over-year change of +8.7%.View all Key Company Metrics for Wayfair here>>>

Shares of Wayfair have returned -4.2% over the past month versus the Zacks S&P 500 composite's +1.7% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

Wayfair stock rises sharply after reporting better-than-expected second-quarter earnings.

Q2 Net Revenue of $3.5 billion with 21.7 million Active Customers

, /PRNewswire/ -- Wayfair Inc. ("Wayfair," "we," or "our") (NYSE: W), the destination for all things home, today reported financial results for its second quarter ended June 30, 2026.

Second Quarter 2026 Financial Highlights

Total net revenue of $3.5 billion, increased $246 million, up 7.5% year over year U.S. net revenue of $3.1 billion, increased $251 million, up 8.7% year over year International net revenue of $394 million, decreased $5 million, down 1.3% year over year. International Net Revenue Constant Currency Growth was (2.0)% Gross profit was $1,054 million, or 30.0% of total net revenue. Non-GAAP Contribution Profit was $539 million, or 15.3% of net revenue Net loss was $1 million and Non-GAAP Adjusted EBITDA was $242 million Diluted loss per share was $0.01 and Non-GAAP Adjusted Diluted Earnings Per Share was $0.95 Net cash provided by operating activities was $360 million and Non-GAAP Free Cash Flow was $301 million Cash, cash equivalents and short-term investments totaled $1.1 billion and total liquidity was $1.6 billion, including availability under our revolving credit facility "Q2 marked another strong quarter of share capture and top line momentum, with 7.5% net revenue growth fueled by momentum in orders, which were up by 6% for the period. We saw the best sequential growth we've seen in a Q2 since the second quarter of 2020. In fact, revenue growth in the US was the best we've seen in the entire post-COVID period, with nearly 9% year-over-year revenue growth, continuing the high single digit share spread we've held since last fall," said Niraj Shah, CEO, co-founder and co-chairman, Wayfair.

"We saw noteworthy outperformance from our specialty retail brands, which grew by nearly 20% in the second quarter, and Perigold, which grew by more than 35%. We are excited to see ramping growth in the Wayfair business and complementing that with outsized growth from our specialty and luxury brands, all building to why we expect to see even further acceleration as our numerous initiatives play out."

Other Second Quarter Highlights 

Active customers totaled 21.7 million as of June 30, 2026, an increase of 3.3% year over year LTM net revenue per active customer was $596 as of June 30, 2026, an increase of 4.2% year over year Orders per customer, measured as LTM orders delivered divided by active customers, was 1.89 for the second quarter of 2026, compared to 1.86 for the second quarter of 2025 Orders delivered in the second quarter of 2026 were 10.6 million, an increase of 6.0% year over year Repeat customers placed 80.2% of total orders delivered in the second quarter of 2026, compared to 80.7% in the second quarter of 2025 Repeat customers placed 8.5 million orders in the second quarter of 2026, an increase of 4.9% year over year Average order value was $332 in the second quarter of 2026, compared to $328 in the second quarter of 2025 64.1% of total orders delivered were placed via a mobile device in the second quarter of 2026, compared to 62.9% in the second quarter of 2025 Key Financial Statement and Operating Metrics

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

(in millions, except LTM net revenue per active customer, average order
value and per share data)

Key Financial Statement Metrics:

Net revenue

$          3,519

$          3,273

$          6,450

$          6,003

Gross profit

$          1,054

$             984

$          1,934

$          1,821

Income (loss) from operations

$             104

$               17

$               93

$           (105)

Net (loss) income

$                (1)

$               15

$            (106)

$             (98)

(Loss) earnings per share

Basic

$          (0.01)

$            0.11

$           (0.81)

$          (0.77)

Diluted

$          (0.01)

$            0.11

$           (0.81)

$          (0.77)

Net cash provided by operating activities

$            360

$             273

$             308

$            177

Key Operating Metrics:

Active customers (1)

21.7

21.0

21.7

21.0

LTM net revenue per active customer (2)

$            596

$             572

$            596

$            572

Orders delivered (3)

10.6

10.0

20.0

19.1

Average order value (4)

$            332

$             328

$            322

$            315

Non-GAAP Financial Measures:

Adjusted Gross Profit

$         1,056

$            986

$         1,937

$         1,825

Contribution Profit

$            539

$            497

$            979

$            888

Adjusted EBITDA

$            242

$            205

$            393

$            311

Free Cash Flow

$            301

$            230

$            195

$              91

Adjusted Diluted Earnings per Share

$           0.95

$           0.87

$           1.22

$           1.02

(1)

The number of active customers represents the total number of individual customers who have purchased at least once directly from our sites during the preceding twelve-month period. The change in active customers in a reported period captures both the inflow of new customers as well as the outflow of existing customers who have not made a purchase in the last twelve months. We view the number of active customers as a key indicator of our growth.

(2)

Last twelve months ("LTM") net revenue per active customer represents our total net revenue in the last twelve months divided by our total number of active customers for the same preceding twelve-month period. We view LTM net revenue per active customer as a key indicator of our customers' purchasing patterns, including their initial and repeat purchase behavior.

(3)

Orders delivered represent the total orders delivered in any period, inclusive of orders that may eventually be returned. As we ship a large volume of packages through multiple carriers, actual delivery dates may not always be available; in those cases, we estimate delivery dates using historical data. We recognize net revenue when an order is delivered, and therefore orders delivered, together with average order value, is an indicator of the net revenue we expect to recognize in a given period. We view orders delivered as a key indicator of our growth.

(4)

We define average order value as total net revenue in a given period divided by the orders delivered in that period. We view average order value as a key indicator of the mix of products on our sites, the mix of offers and promotions and the purchasing behavior of our customers.

Webcast and Conference Call

Wayfair will host a conference call and webcast to discuss its second quarter 2026 financial results today at 8 a.m. (ET). Investors and participants should register for the call in advance by visiting https://events.q4inc.com/analyst/622572405?pwd=UaY8U308. After registering, instructions will be shared on how to join the call. The call will also be available via live webcast at https://events.q4inc.com/attendee/622572405. An archive of the webcast conference call will be available shortly after the call ends on Wayfair's Investor website at investor.wayfair.com. Important information may be disseminated initially or exclusively via the Investor website; investors should consult the site to access this information.

About Wayfair

Wayfair is the destination for all things home, and we make it easy to create a home that is just right for you. Whether you're looking for that perfect piece or redesigning your entire space, Wayfair offers quality finds for every style and budget, and a seamless experience from inspiration to installation.

The Wayfair family of brands includes:

Wayfair: Every style. Every home. AllModern: Modern made simple. Birch Lane: Classic style for joyful living. Joss & Main: The ultimate style edit for home.  Perigold: The destination for luxury home. Wayfair Professional: A one-stop Pro shop. Media Relations Contact:
Tara Lambropoulos
[email protected] 

Investor Relations Contact
Ryan Barney
[email protected] 

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of federal and state securities laws. All statements other than statements of historical fact contained in this press release are forward-looking statements, including statements regarding our investment plans and anticipated returns on those investments; our plans for growth, including customer and revenue growth and growth rates; our future results of operations and financial position; available liquidity and access to financing sources; performance across our brands and segments; anticipated cost-cutting and liability and dilution management exercises and the expected results of such exercises; our business strategy; anticipated benefits of our strategic initiatives; plans and objectives of management for future operations, including regarding our physical retail stores and omni-channel strategy; investment in our logistics network; consumer activity and behaviors; developments in our technology and systems, including our use of artificial intelligence and machine learning technologies and the anticipated results of those developments; and the impact of macroeconomic events, including interest rates, tariffs and inflation, and our response to such events. In some cases, you can identify forward-looking statements by terms such as "aim," "may," "will," "should," "expects," "plans," "anticipates," "continues," "could," "intends," "goals," "target," "projects," "contemplates," "believes," "estimates," "predicts" or "potential" or the negative of these terms or other similar expressions.

Forward-looking statements are based on current expectations of future events. We cannot guarantee that any forward-looking statement will be accurate, although we believe that we have been reasonable in our expectations and assumptions. Investors should realize that if underlying assumptions prove inaccurate or that known or unknown risks or uncertainties materialize, actual results could vary materially from our expectations and projections. Investors are therefore cautioned not to place undue reliance on any forward-looking statements. We believe that these risks and uncertainties include, but are not limited to, adverse macroeconomic conditions, including economic instability, changes in laws and regulations and other governmental actions or policies, including those related to taxes and new or increased tariffs, and the uncertainty surrounding potential changes in such laws and regulations or other potential governmental actions or policies; export controls, sustained higher interest rates and inflation, slower growth or the potential for recession, disruptions in the global supply chain and other conditions affecting the retail environment for products we sell, geopolitical disturbances and conflicts, or threats of such actions and related uncertainty, which could exacerbate other risks such as shipment disruptions or fuel shortages, and other matters that influence consumer spending and preferences, as well as our ability to plan for and respond to the impact of these conditions; risks relating to our liability and dilution management exercises; our ability to manage the impacts of our restructurings and workforce reductions; our ability to acquire and retain customers in a cost-effective manner; our ability to increase our net revenue; our ability to curate, market, grow and maintain strong brands; our ability to grow our customer base; and our ability to expand our business and compete successfully, including risks relating to achieving the anticipated benefits of strategic initiatives and investments in our technology and systems, including generative AI. A further list and description of risks, uncertainties and other factors that could cause or contribute to differences in our future results include the cautionary statements herein and in our most recent Annual Report on Form 10-K and in our other filings and reports with the Securities and Exchange Commission. We qualify all of our forward-looking statements by these cautionary statements.

These forward-looking statements speak only as of the date of this press release and, except as required by applicable law, we undertake no obligation to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events or otherwise.

WAYFAIR INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited) 

June 30,

December 31,

2026

2025

(in millions, except share and per
share data)

Assets:

Current assets

Cash and cash equivalents

$          1,065

$             1,476

Short-term investments

78

66

Accounts receivable, net

184

132

Inventories

84

71

Prepaid expenses and other current assets

274

256

Total current assets

1,685

2,001

Operating lease right-of-use assets

722

862

Property and equipment, net

512

516

Other non-current assets

59

61

Total assets

$          2,978

$             3,440

Liabilities and Stockholders' Deficit:

Current liabilities

Accounts payable

$          1,317

$             1,202

Other current liabilities

951

927

Total current liabilities

2,268

2,129

Long-term debt

2,797

3,233

Operating lease liabilities, net of current

680

835

Other non-current liabilities

21

25

Total liabilities

5,766

6,222

Commitments and contingencies (Note 5)

Stockholders' deficit:

Convertible preferred stock, $0.001 par value per share: 10,000,000 shares authorized
and none issued at June 30, 2026 and December 31, 2025.

—

—

Class A common stock, par value $0.001 per share, 500,000,000 shares authorized,
115,500,539 and 108,365,428 shares issued and outstanding at June 30, 2026 and
December 31, 2025, respectively.

—

—

Class B common stock, par value $0.001 per share, 164,000,000 shares authorized,
20,977,914 and 21,978,295 shares issued and outstanding at June 30, 2026 and
December 31, 2025, respectively.

—

—

Additional paid-in capital

2,166

2,073

Accumulated deficit

(4,929)

(4,823)

Accumulated other comprehensive loss

(25)

(32)

Total stockholders' deficit

(2,788)

(2,782)

Total liabilities and stockholders' deficit

$          2,978

$             3,440

WAYFAIR INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

(in millions, except per share data)

Net revenue (1) 

$          3,519

$          3,273

$          6,450

$          6,003

Cost of goods sold (2)

2,465

2,289

4,516

4,182

Gross profit

1,054

984

1,934

1,821

Operating expenses:

Customer service and merchant fees (2)

128

121

242

228

Advertising

392

372

721

716

Selling, operations, technology, general and administrative (2)

428

465

852

894

Impairment and other related net charges

2

—

2

23

Restructuring and other charges, net

—

9

24

65

Total operating expenses

950

967

1,841

1,926

Income (loss) from operations

104

17

93

(105)

Interest expense, net

(39)

(29)

(78)

(52)

Other (expense) income, net

(4)

23

(15)

33

(Loss) gain on debt extinguishment

(59)

6

(102)

31

Income (loss) before income taxes

2

17

(102)

(93)

Provision for income taxes, net

3

2

4

5

Net (loss) income

$               (1)

$               15

$           (106)

$             (98)

(Loss) earnings per share

Basic

$          (0.01)

$            0.11

$          (0.81)

$          (0.77)

Diluted

$          (0.01)

$            0.11

$          (0.81)

$          (0.77)

Weighted-average number of shares of common stock
outstanding used in computing per share amounts:

Basic

132

128

131

127

Diluted

132

129

131

127

(1) The following tables present net revenue attributable to our reportable segments for the periods indicated:

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

(in millions)

U.S. net revenue

$          3,125

$          2,874

$          5,737

$          5,303

International net revenue

394

399

713

700

Net revenue

$          3,519

$          3,273

$          6,450

$          6,003

(2) Includes equity-based compensation and related taxes as follows:

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

(in millions)

Cost of goods sold

$               2

$                2

$                3

$                4

Customer service and merchant fees

3

4

5

7

Selling, operations, technology, general and administrative

67

95

135

158

Total equity-based compensation and related taxes

$             72

$            101

$            143

$            169

WAYFAIR INC. 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

Six Months Ended June 30,

2026

2025

(in millions)

Cash flows from operating activities:

Net loss

$             (106)

$              (98)

Adjustments to reconcile net loss to net cash provided by operating activities:

Depreciation and amortization

131

159

Equity-based compensation expense

136

164

Amortization of debt discount and issuance costs

4

5

Impairment and other related net charges

2

23

Loss (gain) on debt extinguishment

102

(31)

Other non-cash adjustments

(15)

32

Changes in operating assets and liabilities:

Accounts receivable, net

(52)

49

Inventories

(12)

(11)

Prepaid expenses and other assets

(21)

21

Accounts payable and other liabilities

139

(136)

Net cash provided by operating activities

308

177

Cash flows for investing activities:

Purchase of short- and long-term investments

(43)

(55)

Sale and maturities of short- and long-term investments

31

58

Purchase of property and equipment

(51)

(18)

Site and software development costs

(62)

(68)

Net cash used in investing activities

(125)

(83)

Cash flows for financing activities:

Proceeds from issuance of debt, net of issuance costs

395

691

Payments to extinguish debt

(245)

(742)

Settlement of long-term debt

(701)

—

Payments of taxes related to net share settlement of equity awards

(48)

(9)

Net cash used in financing activities

(599)

(60)

Effect of exchange rate changes on cash and cash equivalents

5

(28)

Net (decrease) increase in cash, cash equivalents and restricted cash

(411)

6

Cash, cash equivalents and restricted cash

Beginning of period

$            1,476

$            1,320

End of period

$            1,065

$            1,326

Non-GAAP Financial Measures

To supplement our unaudited condensed consolidated financial statements presented in accordance with generally accepted accounting principles ("GAAP"), this earnings release and the accompanying tables and the related earnings conference call contain certain non-GAAP financial measures, including Adjusted Gross Profit, Adjusted Gross Margin, Contribution Profit, Contribution Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Adjusted Diluted Earnings or Loss per Share and Net Revenue Constant Currency Growth. We use these non-GAAP financial measures internally in analyzing our financial results and believe they are useful to investors, as a supplement to GAAP measures, in evaluating our core operational performance. We have provided a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measure in this earnings release.

We calculate Adjusted Gross Profit as gross profit plus equity-based compensation and related taxes included in cost of goods sold. Gross margin is defined as gross profit as a percentage of net revenue for the same period. Adjusted Gross Margin is calculated as Adjusted Gross Profit as a percentage of revenue for the same period. We disclose Adjusted Gross Profit and Adjusted Gross Margin because they are important indicators of our business performance, as they provide visibility into our underlying gross profitability by excluding the impact of non-cash equity-based compensation expense and related taxes. Accordingly, we believe these metrics provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and the board of directors.

We calculate Contribution Profit as Adjusted Gross Profit less customer service and merchant fees and less advertising expense, plus equity-based compensation and related taxes included in customer service and merchant fees. Contribution Margin is calculated as Contribution Profit as a percentage of revenue for the same period. We believe that these adjustments to gross profitability provide a more meaningful understanding of the economic impact of orders fulfilled through our platform, as they incorporate the direct expenses associated with generating and servicing customer demand and isolate key cost drivers. Accordingly, we believe that Contribution Profit and Contribution Margin offer useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and the board of directors.

We calculate Adjusted EBITDA as net income or loss before depreciation and amortization, equity-based compensation and related taxes, interest income or expense, net, other income or expense, net, provision or benefit for income taxes, net, non-recurring items and other items not indicative of our core operating performance. Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by Net Revenue. We disclose Adjusted EBITDA because it is a key measure used by our management and board of directors to evaluate our operating performance, generate future operating plans and make strategic decisions regarding the allocation of capital. In particular, management uses Adjusted EBITDA as a measure of profitability, and our references in this earnings release and the related earnings conference call to profitability (other than references to GAAP gross profit) are references to Adjusted EBITDA. We believe the exclusion of certain expenses in calculating Adjusted EBITDA facilitates operating performance comparisons on a period-to-period basis as these costs may vary independent of business performance. For instance, we exclude the impact of equity-based compensation and related taxes as we do not consider this item to be indicative of our core operating performance. Investors should, however, understand that equity-based compensation and related taxes will be a significant recurring expense in our business and an important part of the compensation provided to our employees. Accordingly, we believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors.

We calculate Free Cash Flow as net cash provided by or used in operating activities less net cash used to purchase property and equipment and site and software development costs (collectively, "Capital Expenditures"). We disclose Free Cash Flow because it is an important indicator of our business performance as it measures the amount of cash we generate. Accordingly, we believe that Free Cash Flow provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management.

We calculate Adjusted Diluted Earnings or Loss per Share as net income or loss plus equity-based compensation and related taxes, provision or benefit for income taxes, net, non-recurring items, other items not indicative of our core operating performance, and, if dilutive, interest expense associated with convertible debt instruments under the if-converted method divided by the weighted-average number of shares of common stock used in the computation of diluted earnings or loss per share. Accordingly, we believe that these adjustments to our adjusted diluted net income or loss before calculating per share amounts for all periods presented provide a more meaningful comparison between our operating results from period to period.

We calculate Net Revenue Constant Currency Growth by translating the current period local currency net revenue by the currency exchange rates used to translate the financial statements in the comparable prior-year period. We disclose Net Revenue Constant Currency Growth because it is an important indicator of our operating results. Accordingly, we believe that Net Revenue Constant Currency Growth provides useful information to investors and others in understanding and evaluating trends in our operating results in the same manner as our management.

We calculate forward-looking non-GAAP financial measures based on internal forecasts that omit certain amounts that would be included in forward-looking GAAP financial measures. We do not attempt to provide a reconciliation of forward-looking non-GAAP financial measures to forward looking GAAP financial measures because forecasting the timing or amount of items that have not yet occurred and are out of our control is inherently uncertain and unavailable without unreasonable efforts. Further, we believe that such reconciliations would imply a degree of precision and certainty that could be confusing to investors. Such items could have a substantial impact on GAAP measures of financial performance.

The non-GAAP financial measures have limitations as analytical tools. We do not, nor do we suggest that investors should consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors should also note that the non-GAAP financial measures we use may not be the same non-GAAP financial measures and may not be calculated in the same manner as that of other companies, including other companies in our industry.

The following table reflects the reconciliation of gross profit to Adjusted Gross Profit and Adjusted Gross Profit Margin for each of the periods indicated:

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

(in millions, except percentages)

Reconciliation of Adjusted Gross Profit:

Gross profit

$       1,054

$          984

$       1,934

$       1,821

Gross margin

30.0 %

30.1 %

30.0 %

30.3 %

Add: Equity-based compensation and related taxes included in cost of goods sold

2

2

3

4

Adjusted Gross Profit

$       1,056

$          986

$       1,937

$       1,825

Adjusted Gross Margin

30.0 %

30.1 %

30.0 %

30.4 %

The following table reflects the reconciliation of Adjusted Gross Profit to Contribution Profit and Contribution Profit Margin for each of the periods indicated:

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

(in millions, except percentages)

Reconciliation of Contribution Profit:

Net revenue

$       3,519

$       3,273

$       6,450

$       6,003

Less: Cost of goods sold

2,465

2,289

4,516

4,182

Gross profit

1,054

984

1,934

1,821

Gross margin

30.0 %

30.1 %

30.0 %

30.3 %

Add: Equity-based compensation and related taxes included in cost of goods sold

2

2

3

4

Adjusted Gross Profit

1,056

986

1,937

1,825

Adjusted Gross Margin

30.0 %

30.1 %

30.0 %

30.4 %

Less: Customer service and merchant fees

128

121

242

228

Less: Advertising

392

372

721

716

Add: Equity-based compensation and related taxes
included in customer service and merchant fees

3

4

5

7

Contribution Profit

$          539

$          497

$          979

$          888

Contribution Margin

15.3 %

15.2 %

15.2 %

14.8 %

The following table reflects the reconciliation of net (loss) income to Adjusted EBITDA and Adjusted EBITDA margin for each of the periods indicated:

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

(in millions, except percentages)

Reconciliation of Adjusted EBITDA:

Net (loss) income

$               (1)

$             15

$        (106)

$           (98)

Depreciation and amortization

64

78

131

159

Equity-based compensation and related taxes

72

101

143

169

Interest expense, net

39

29

78

52

Other expense (income), net

4

(23)

15

(33)

Provision for income taxes, net

3

2

4

5

  Other:

      Impairment and other related net charges (1)

2

—

2

23

      Restructuring and other charges, net (2)

—

9

24

65

      Loss (gain) on debt extinguishment (3)

59

(6)

102

(31)

Adjusted EBITDA

$            242

$          205

$         393

$          311

Net revenue

$         3,519

$       3,273

$      6,450

$       6,003

Net (loss) income margin

— %

0.5 %

(1.6) %

(1.6) %

Adjusted EBITDA Margin

6.9 %

6.3 %

6.1 %

5.2 %

(1)

During the three and six months ended June 30, 2026, we recorded $2 million impairment associated with our decision to exit a customer service center in the U.S. During the six months ended June 30, 2025, we recorded net charges of $23 million, inclusive of $20 million associated with the Germany Restructuring and weakened macroeconomic conditions in connection with our Germany operations and, $3 million related to changes in sublease market conditions for a technology center in the U.S.

(2)

During the six months ended June 30, 2026, we incurred $24 million of charges related to a loss on termination of an operating lease for a logistics facility. During the three and six months ended June 30, 2025, we incurred $9 million and $65 million, respectively, of charges consisting primarily of one-time employee severance, benefits, relocation and transition costs. This is inclusive of $46 million related to the Germany Restructuring and $19 million related to the March 2025 workforce reduction. We do not expect to incur any further material charges related to this workforce reduction.

(3)

During the three and six months ended June 30, 2026, we recorded a $59 million and $102 million, respectively, loss on debt extinguishment upon repurchase of $145 million in aggregate principal amount of the 2028 Notes. During the three and six months ended June 30, 2025, we recorded a $6 million and $31 million, respectively, gain on debt extinguishment upon repurchase of $80 million in aggregate principal amount of the 2025 Notes and $696 million in aggregate principal amount of the 2026 Notes.

The following table presents Adjusted EBITDA attributable to our segments, and the reconciliation of net income or loss to Adjusted EBITDA is presented in the preceding table:

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

(in millions)

Segment Adjusted EBITDA:

US

$            261

$            224

$            422

$            319

International

(19)

(19)

(29)

(8)

Adjusted EBITDA

$            242

$            205

$            393

$            311

The following table presents a reconciliation of net cash provided by or used in operating activities to Free Cash Flow for each of the periods indicated:

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

(in millions)

Net cash provided by operating activities

$            360

$            273

$            308

$            177

Purchase of property and equipment

(26)

(13)

(51)

(18)

Site and software development costs

(33)

(30)

(62)

(68)

Free Cash Flow

$            301

$            230

$            195

$             91

A reconciliation of the numerator and denominator for diluted earnings or loss per share, the most directly comparable GAAP financial measure, to the numerator and denominator for Adjusted Diluted Earnings or Loss per Share, in order to calculate Adjusted Diluted Earnings or Loss per Share is as follows:

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

(in millions, except per share data)

Numerator:

Numerator for basic and diluted (loss) earnings per share - net (loss) income

$               (1)

$             15

$           (106)

$             (98)

Adjustments to net (loss) income

Interest expense associated with convertible debt instruments

4

13

11

27

Equity-based compensation and related taxes

72

101

143

169

Provision for income taxes, net

3

2

4

5

Other:

Impairment and other related net charges

2

—

2

23

Restructuring and other charges, net

—

9

24

65

Loss (gain) on debt extinguishment

59

(6)

102

(31)

Numerator for Adjusted Diluted Earnings
per Share - Adjusted net (loss) income

$            139

$            134

$            180

$             160

Denominator:

Denominator for basic (loss) earnings per share -
weighted-average number of shares of common stock
outstanding

132

128

131

127

Effect of dilutive securities:

Restricted stock units

—

1

—

—

Denominator for diluted (loss) earnings per share -
weighted-average number of shares of common stock
outstanding after the effect of dilutive securities

132

129

131

127

Adjustments to effect of dilutive securities:

Restricted stock units

1

—

—

—

Convertible debt instruments

14

27

16

30

Denominator for Adjusted Diluted Earnings per
Share - Adjusted weighted-average number of shares
of common stock outstanding after the effect of
dilutive securities

147

156

147

157

Diluted (loss) earnings per share

$          (0.01)

$           0.11

$          (0.81)

$           (0.77)

Adjusted Diluted Earnings per Share

$           0.95

$           0.87

$           1.22

$            1.02

SOURCE Wayfair Inc.

Wayfair had a mixed second quarter, as its U.S. business grew while international sales fell.

Posted by Defense World Staff on Jul 29th, 2026

Atreides Management LP increased its position in shares of Wayfair Inc. (NYSE:W – Free Report) by 64.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,430,997 shares of the company’s stock after purchasing an additional 560,133 shares during the period. Wayfair accounts for 2.2% of Atreides Management LP’s portfolio, making the stock its 13th largest holding. Atreides Management LP owned 1.08% of Wayfair worth $107,625,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of W. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Wayfair by 29.0% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 67,023 shares of the company’s stock valued at $2,147,000 after buying an additional 15,084 shares during the last quarter. Prudential Financial Inc. raised its position in shares of Wayfair by 30.4% in the second quarter. Prudential Financial Inc. now owns 7,328 shares of the company’s stock worth $375,000 after acquiring an additional 1,710 shares during the period. Northwestern Mutual Wealth Management Co. lifted its position in shares of Wayfair by 12.3% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 2,462 shares of the company’s stock valued at $126,000 after buying an additional 270 shares in the last quarter. M&T Bank Corp acquired a new stake in Wayfair in the 2nd quarter worth about $262,000. Finally, EverSource Wealth Advisors LLC boosted its stake in Wayfair by 393.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 819 shares of the company’s stock worth $42,000 after purchasing an additional 653 shares during the last quarter. 89.67% of the stock is owned by institutional investors.

Wayfair Trading Up 0.1% Shares of NYSE W opened at $94.58 on Wednesday. The company has a market capitalization of $12.48 billion, a price-to-earnings ratio of -40.42, a price-to-earnings-growth ratio of 5.24 and a beta of 2.96. The business has a 50 day simple moving average of $82.70 and a 200-day simple moving average of $82.71. Wayfair Inc. has a twelve month low of $55.60 and a twelve month high of $119.98.

Wayfair (NYSE:W – Get Free Report) last announced its quarterly earnings results on Thursday, April 30th. The company reported $0.26 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.26. The company had revenue of $2.93 billion during the quarter, compared to analyst estimates of $2.89 billion. Wayfair had a negative return on equity of 2.20% and a negative net margin of 2.41%.The firm’s quarterly revenue was up 7.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.10 EPS. As a group, equities analysts predict that Wayfair Inc. will post 0.6 earnings per share for the current year.

Insider Activity at Wayfair In related news, insider Jon Blotner sold 5,925 shares of the firm’s stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $96.29, for a total value of $570,518.25. Following the transaction, the insider directly owned 117,344 shares of the company’s stock, valued at approximately $11,299,053.76. This trade represents a 4.81% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 18.44% of the company’s stock.

Analyst Upgrades and Downgrades A number of research analysts have commented on W shares. Wells Fargo & Company decreased their target price on shares of Wayfair from $125.00 to $100.00 and set an “overweight” rating on the stock in a research report on Friday, May 1st. Citigroup reduced their price target on shares of Wayfair from $110.00 to $95.00 and set a “buy” rating for the company in a research report on Tuesday, May 19th. Royal Bank Of Canada decreased their target price on shares of Wayfair from $92.00 to $76.00 and set a “sector perform” rating for the company in a research note on Thursday, April 30th. TD Cowen reduced their price target on Wayfair from $88.00 to $75.00 and set a “hold” rating for the company in a report on Thursday, April 30th. Finally, JPMorgan Chase & Co. upped their target price on Wayfair from $105.00 to $108.00 and gave the company an “overweight” rating in a report on Tuesday. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $100.46.

View Our Latest Stock Report on W

Wayfair Profile (Free Report)

Wayfair Inc (NYSE: W) is an e-commerce company focused on home furnishings and décor. Through its platform, Wayfair offers a broad assortment of furniture, lighting, home textiles, kitchenware and decorative accessories. The company’s portfolio includes flagship sites such as Wayfair.com, as well as specialty retail brands like Joss & Main, AllModern, Birch Lane and Perigold, each catering to distinct design styles and price points.

Founded in 2002 by Niraj Shah and Steve Conine under the name CSN Stores, the business rebranded as Wayfair in 2011 and went public in 2014.

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The market expects Wayfair (W - Free Report) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended June 2026. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.

The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on August 4. On the other hand, if they miss, the stock may move lower.

While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.

Zacks Consensus EstimateThis online home goods retailer is expected to post quarterly earnings of $0.92 per share in its upcoming report, which represents a year-over-year change of +5.8%.

Revenues are expected to be $3.46 billion, up 5.7% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 28.48% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Wayfair?For Wayfair, the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company's earnings prospects. This has resulted in an Earnings ESP of +13.58%.

On the other hand, the stock currently carries a Zacks Rank of #4.

So, this combination makes it difficult to conclusively predict that Wayfair will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Wayfair would post earnings of $0.26 per share when it actually produced earnings of $0.26, delivering no surprise.

Over the last four quarters, the company has beaten consensus EPS estimates three times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Wayfair doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

On July 21, 2026, Wayfair Inc (W) shares fell 3.4% to close at $84.81. The stock has been under pressure, now trading within a 52-week range of $55.01 to $119.9

As households recalibrate spending in 2026, many wonder if the marketplace for unique goods or the digital furniture giant is a better bet. Let's compare Etsy (ETSY +0.74%) and Wayfair (W 2.37%).

Etsy specializes in handmade and vintage items, providing a platform for independent creators. Wayfair dominates the online home furnishing market by managing its own logistics and growing a physical store presence. Both companies are adapting to a shifting e-commerce landscape while balancing profitability and growth.

The case for EtsyEtsy operates a global marketplace connecting roughly 5.6 million sellers with more than 86.5 million active buyers. The platform focuses on unique, creative goods and relies on a distributed base of individual merchants rather than a single major customer. Currently, the company is finalizing the sale of its Depop marketplace to eBay to sharpen its core business focus.

In FY 2025, revenue reached nearly $2.9 billion, up approximately 2.7% from the previous year. The company reported net income of roughly $163.0 million for the period. The net margin, which measures how much profit a company keeps from its total sales, was about 5.7%.

As of its December 2025 balance sheet, the current ratio is roughly 1.4x, while the debt-to-equity ratio is approximately -2.8x, indicating that total liabilities exceed shareholder equity. Free cash flow, or the cash left after capital spending, was nearly $638.8 million in FY 2025. Note that stock-based compensation represented roughly 35.3% of operating cash flow, which inflates reported cash generation since SBC is a non-cash expense added back in the cash flow statement.

The case for WayfairWayfair serves a wide audience ranging from budget shoppers to luxury buyers and businesses through brands like AllModern and Birch Lane. The company manages a complex network of nearly 20,000 suppliers and has recently expanded into physical stores, ending 2025 with 12 locations. Its business model relies on a proprietary logistics network to deliver large-scale furniture items efficiently among retail stocks.

During FY 2025, the company generated revenue of approximately $12.5 billion, marking an increase of roughly 5.1% year over year. Despite this growth, the business reported a net loss of nearly $313.0 million. The net margin, representing the percentage of revenue remaining after all expenses, was approximately -2.5%.

On its December 2025 balance sheet, the current ratio sits at approximately 0.9x, and the debt-to-equity ratio is roughly -1.5x, meaning total liabilities are higher than shareholder equity. Free cash flow for FY 2025 was approximately $464.0 million. Note that stock-based compensation represented roughly 62.7% of operating cash flow, which inflates reported cash generation since SBC is a non-cash expense added back in the cash flow statement.

Risk profile comparisonEtsy faces ongoing litigation regarding seller fees and the authenticity of handmade items, which could harm its reputation. The divestiture of Depop also presents execution risks if the transition distracts management or fails to close despite regulatory clearance. Intense competition from platforms like Amazon (AMZN 0.91%) and social commerce sites continues to pressure consumer spending. Operations also depend heavily on the reliability of Alphabet (GOOGL 2.05%) (GOOG 2.17%) for cloud infrastructure and the successful integration of artificial intelligence tools.

Wayfair is highly sensitive to the broader economy and changes in interest rates that affect home buying and renovation. It also relies heavily on FedEx (FDX 1.64%) for small parcel delivery, making it vulnerable to any shipping disruptions or price hikes. Furthermore, the push into physical retail requires significant capital that may not produce the expected returns.

Valuation comparisonEtsy appears cheaper on an earnings basis with a lower forward P/E, which measures price against future earnings estimates, while Wayfair carries a lower P/S ratio.

MetricEtsyWayfairSector BenchmarkForward P/E23.3x32.2x93.3xP/S ratio2.7x0.9xSector benchmark uses the SPDR XLY sector ETF.
Valuation metrics sourced from Financial Modeling Prep (FMP) and may differ from other data providers.

Etsy and Wayfair both operate in e-commerce and depend heavily on discretionary consumer spending. While they serve different niches, they can still compete for a place in an investor's portfolio. So, which stock is the better buy today?

Etsy is best known for selling unique, handcrafted goods, but it also serves as a resale platform for vintage and antique merchandise. As it does not hold its own inventory, it’s asset-light with strong operating margins. It has a history of beating earnings expectations and is using artificial intelligence to enhance the shopping experience and increase average order value. Its main challenge currently is a pullback in discretionary spending.

Wayfair has been gaining market share while aggressively cutting costs. It has reported solid revenue and frequently outperforms both analyst expectations and the broader home furnishings category. However, investors should be aware that it currently has a heavy debt load.

In my opinion, both companies have compelling investment cases. But Wayfair is better suited for aggressive investors who predict improvement in the housing industry, which should lead to more consumer spending on home furnishings. Conservative investors may find Etsy a better choice thanks to its steady cash flow and profitability, along with its asset-light business model, which enhances efficiency.

Up to 80% off all things home July 23-27

, /PRNewswire/ -- Wayfair Inc. (NYSE: W), the destination for all things home, is kicking off its Black Friday in July event. The five-day sale brings holiday-level savings across every home category, giving shoppers a head start on some of the year's best deals without the November wait.

Up to 80% off all things home July 23-27 From July 23-27, Wayfair is dropping five full days of savings across the entire site, making it the perfect excuse to score early deals on home favorites like sofas, area rugs and dining tables. Surprise flash deals will drop throughout the event, alongside major markdowns on thousands of Wayfair Verified items hand-vetted for quality by product specialists.

"We are excited to bring Black Friday savings to the summer, offering our customers some of our most significant deals of the entire year," said Jon Blotner, president of commercial and operations at Wayfair. "This event pairs incredible value with a great selection, making it easy and affordable for everyone to refresh their homes and businesses just in time for the busy fall season and return to school."

Preview Top Deals

Early Deals: Starting on July 20 there will be many ways for customers to access early deals inclusive of 24 hour deals, exclusive early deals for our Wayfair Rewards Members and App users. 24 Hour Flash Deals: Thousands of 24 hour deals will drop throughout the event, so make sure to check the site for surprise savings. Doorbusters: Starting July 23, snag unbeatable deals on limited quantities of top brands – Sealy to Go 12" Medium Memory Foam Mattress for $369.99, Henckels Knife Set for $134.99,  Shark Stick Vacuum for $189.99. Free & Easy Delivery: Wayfair will offer free shipping sitewide throughout all five days, with many items available for free white glove delivery — fully assembled and delivered to your room of choice. Save In Store: Exclusive in-store offers, starting July 23 as well as family-friendly activities, raffles and giveaways will take place all weekend long at Wayfair stores in Chicago, Atlanta and Columbus. In-store offers will also be available at all AllModern, Birch Lane and Joss & Main locations. The sale will be available on Wayfair and across its family of brands, including AllModern, Joss & Main and Birch Lane. Wayfair Professional members will also have access to exclusive Pro-only deals on thousands of products. Customers can shop online, through the Wayfair app or they can take advantage of exclusive in-store offers at Wayfair locations outside of Chicago, Atlanta and Columbus, as well as at all AllModern, Joss & Main and Birch Lane retail stores.

*Additional shipping charges may apply for Alaska, Hawaii and U.S. Territories. Due to shipping constraints, non-standard items such as flooring or specific large fixtures might not be eligible for free shipping.

About Wayfair

Wayfair is the destination for all things home, and we make it easy to create a home that is just right for you. Whether you're looking for that perfect piece or redesigning your entire space, Wayfair offers quality finds for every style and budget, and a seamless experience from inspiration to installation.

Wayfair Media Relations:
[email protected]

Wayfair Investor Relations:
Ryan Barney
[email protected]

SOURCE Wayfair Inc.

Retail meme energy has rotated back into three familiar names, and the setups could not be more different. Kohl’s (NYSE:KSS | KSS Price Prediction) closed at about $16 after slipping more than 10% over the past week, yet the stock is up 75% over the past year. Chewy (NYSE:CHWY) trades near $21, down 38% year to date. And Wayfair (NYSE:W) has surged 29% in a month to nearly $87. Retail traders are picking sides.

Kohl’s Turnaround Finally Shows Up Kohl’s posted its best comparable sales performance in over four years in the fiscal first quarter, with comparable sales down 1.1%, and beat on both the top and bottom lines. Revenue totaled $3.17 billion, inventory dropped 8% year over year, and revolving credit borrowings fell to zero from $545 million. CEO Michael Bender told investors, “We are pleased with our start to 2026. Our key initiatives continue to drive progressive improvements to the business.” With a forward P/E near 13 and an analyst target of $17.85, retail chatter frames Kohl’s as a deep-value short-squeeze candidate.

Chewy Draws an Acquisition Thesis on r/stocks Chewy sentiment on r/stocks hit 88 out of 100 (Very Bullish) in late June, driven by a post titled “$CHWY is an Acquisition Target at these Levels” that reached 133 upvotes and 94 comments. User HunterMichael92 wrote, “I have purchased 250,000 shares of $CHWY… because it’s extremely low to zero debt and a cash generating machine.” The fundamentals back the interest:

Q1 revenue of $3.36 billion, up 8% year over year Autoship at 84% of net sales, with 21.5 million active customers Record adjusted EBITDA margin of 8% and a $200 million buyback completed in the quarter Error: Invalid chart data JSON

Wayfair Surges While the Balance Sheet Raises Concerns Wayfair’s 5.2% Q1 adjusted EBITDA margin was its strongest first quarter in five years, and CEO Niraj Shah said the company outperformed the broader market by a high-single-digit percentage. Analysts peg fair value at more than $93 a share. The catch: a stockholders’ deficit of $2.84 billion and $2.9 billion in long-term debt keep the risk profile elevated.

The Takeaway Among the three, Chewy carries the cleanest balance sheet, Wayfair has the momentum, and Kohl’s offers the sharpest reversal setup. Q2 earnings reports across all three companies will determine whether retail traders’ thesis is early or simply wrong.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Chewy didn't make the cut. Grab the names FREE today.

Contact [email protected] for any questions or corrections.

Furniture and home goods retailer Wayfair has built a thriving e-commerce platform that's been incorporating advanced technologies throughout its 25-year history. On Bloomberg Chief Future Officer, CFO Kate Gulliver tells Carol Massar how the company is now using AI to improve the customer experience and enhance internal business processes.

Vancouver, British Columbia--(Newsfile Corp. - July 7, 2026) - Spartan Metals Corp. (TSXV: W) (OTCQB: SPRMF) (FSE: J03) ("Spartan" or the "Company"), an exploration and development company focused on tungsten in the western United States, is pleased to announce assay results from recent sampling conducted at its past producing Rees Tungsten Mine ("Rees" or "Mine") located within the Rees Claims at its 100% owned Eagle Project, Nevada (Figure 1).

Highlights:

Rock chip samples from inside the Mine assayed at 6.76% and 3.75% tungsten trioxide ("WO")3, which are among the highest tungsten grades reported at the Eagle ProjectHistoric United States Bureau of Mines (USBM) sampling1 from within the Mine returned 8.48%, 1.50%, 0.83%, and 0.83% WO3Historic USBM surface sampling1 at Rees returned 3.40%, 1.80%, and 1.46% WO3Historic production records1 detail approximately 1,306 Short Ton Units (stu) or 1,185 Metric Ton Units (mtu) at an average grade of 3.51% WO3 was shipped in 1954 and 1955The Rees Tungsten Mine is the third past producing tungsten mine at the Eagle Project where Spartan has validated reported historic tungsten grades that are in excess of 1% WO3, which suggests potentially significant tungsten endowment across the Eagle ProjectInitial results confirm past producing grades and further support the belief that the Eagle Project represents one of the highest-grade tungsten districts in the United StatesBrett Marsh, Spartan's President and CEO, stated, "The assay results from within the Rees Tungsten Mine are particularly exciting as they include some of the highest tungsten grades reported by Spartan Metals at the Eagle Project to date. Our sampling not only confirms the exceptional tenor of mineralization observed historically, but also closely aligns with historic United States Bureau of Mines sampling and documented production records. This independent validation continues to strengthen our confidence in the quality and reliability of the historical data across the Eagle Project."

Mr. Marsh, continued, "Perhaps most importantly, Rees is now the third past-producing tungsten mine at Eagle where we have confirmed historic tungsten grades that exceed 1% WO₃. When viewed alongside our recent results from Yellow Jacket and the newly identified tungsten skarn mineralization and new tungsten-silver veins at Tungstonia, a compelling picture is emerging of a large and well-endowed tungsten district with multiple styles of mineralization. We believe these results further demonstrate the exploration potential of the Eagle Project and reinforce our strategy of evaluating both historical producers and previously unexplored targets as we continue to advance the Eagle Project. These grades continue to support our team's interpretation that this project is one of the most prospective and highest-grade tungsten districts in the United States."

These samples were collected as part of the exploration program announced on May 21, 2026 and were taken from within the Rees Mine with approximate locations shown in Figures 2 and 3 with results listed in Table 1. The Rees Mine was entered with the assistance of mine safety professional from High Desert Mining ("High Desert") from Salt Lake City, UT. High Desert was engaged to evaluate the Spartan's past producing mines (Tungstonia, Rees, and Antelope) for potential reopening, which provided Spartan an opportunity to safely enter the abandoned mine to conduct validation sampling.

Figure 4 shows samples RE-2026-001 and RE-2026-002 under ultraviolet ("UV") light with the scheelite mineralization fluorescing as blue or bluish white. Figure 5 shows images taken of the mineralized faces within the mine walls showing pervasive scheelite mineralization. Additional images and videos of the Rees Tungsten Mine are located on Spartan's website here.

Figure 6 shows the Rees Tungsten Mine entrance and an example of remaining underground infrastructure which is believed to have been operated as recently as the 1980s2 and could be potentially reused.

Significance of Assay Results

The Rees Tungsten mine results are particularly notable when viewed in a global tungsten context. Published geological references commonly cite typical tungsten skarn grades in the range of approximately 0.3% to 1.4% WO₃, with many large porphyry, disseminated, greisen and stratabound tungsten systems reported at lower average grades, often below 1% WO₃3. By comparison, Spartan's underground samples at Rees grading 6.76% and 3.75% WO₃, historic USBM samples of up to 8.48% WO₃, and documented historic shipments averaging 3.51% WO₃ highlight the exceptional tenor of tungsten mineralization present within the Mine. While selected rock samples, historic samples and historic production records are not necessarily representative of broader mineralization and do not constitute a Mineral Resource or Mineral Reserve, the repeated confirmation of +1% WO₃ grades at Rees, Yellow Jacket and Tungstonia reinforces Spartan's view that the Eagle Project hosts a potentially significant, district-scale tungsten system with multiple past-producing mines and multiple styles of mineralization.

Next Steps

Spartan will continue to execute its 2026 exploration program as discussed in the May 21, 2026, announcement including:

Continued surface sampling of soils and rocks - including backpack drilling - over claims acquired in November 2025 to potentially extend previously identified tungsten, silver, and rubidium soil anomalies at the Tungstonia.Continued rock sampling and backpack core drilling at the Rees Claims to cover the past producing Rees Tungsten and Antelope Mine areas.Evaluation of a geophysics program for the Rees Claims.Evaluation of establishing safe entry for all past operating mines at the Eagle Project.In Process: Ground geophysics surveys at the Tungstonia Claims to inform depths of existing 2+ km tungsten-silver veins and potential tungsten skarn mineralization that is coincident with tungsten-silver-rubidium soil anomalies and at Yellow Jacket.Early to mid-August: Approximately 3,000 meters (m) diamond core drilling at high priority targets identified through surface sampling and geophysics surveys at the Eagle Project.Table 1 Sample results from Rees Mine with selected USBM samples1 (widths as reported, true widths are not yet known)

Sample IDWO3
(%)Ag
(g/t)Width
(m)CommentsRE-2026-0013.751.1-Rock chip sample in adit from approximately 20m from mine entranceRE-2026-0026.761.0-Rock chip sample in adit from approximately 30.5m from lower crosscut entrance approximately 10m vertically below mine entranceTG-RK-GA-0020.7511.4-Grab sample from mine dump near mine entrance

BM 15421.80N/A1.77Channel sample at surfaceBM 15470.72N/A0.61Channel sample at surfaceBM 15480.69N/A0.49Channel sample at surfaceBM 15491.46N/A0.27Channel sample at surfaceBM 15503.40N/A0.94Channel Sample at surfaceBM 15518.48N/A0.55In adit approximately 4.9m from mine entranceBM 15520.84N/A0.55Near #1 raise approximately 1m from adit floorBM 15531.50N/A0.61From bottom of adit floor below BM 1552BM 15540.83N/A0.34East side of #1 raise about 6.1 m above adit floor

Figure 1 Location map for the Eagle Project showing the Rees and Tungstonia claims

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/12484/304127_331d45ae247cabb6_001full.jpg

Figure 2 The Rees Tungsten mine location within the Rees Claims

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/12484/304127_331d45ae247cabb6_002full.jpg

Figure 3 Rees Tungsten Mine with schematic of underground workings with USBM and approximate Spartan sample locations. RE-2026-001 was taken from near the Number 1 stope and BM 1443. RE-2026-002 was taken from with a lower crosscutting adit that terminated approximately 10 m below the "Portal" noted above.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/12484/304127_331d45ae247cabb6_003full.jpg

Figure 4 Samples RE-2026-001 and RE-2026-002 from within Rees Mine under ultraviolet light (UV) showing extensive scheelite mineralization (blue/white fluorescence)

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/12484/304127_331d45ae247cabb6_004full.jpg

Figure 5 Images from within Rees Mine under UV light showing scheelite (blue/white fluorescence) in the adit walls. Each image is approximately 2 m in width across the image.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/12484/304127_331d45ae247cabb6_005full.jpg

Figure 6 Aerial photo of Rees Mine (A) with example of timber infrastructure and chute remaining in the main adit (B).

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/12484/304127_331d45ae247cabb6_006full.jpg

QA/QC Procedures

Samples were submitted to American Assay Lab (AAL) of Sparks, Nevada, which is a certified and accredited laboratory, independent of the Company. Samples are prepared using industry standard-prep methods and analyzed using method IM-4AB52 (52 element suite: 0.5g 4-acid plus boric acid hot block, ICP-OES + MS plus IO-NFEx [Sodium Peroxide Fusion, ICP-OES] for W over 500ppm). AAL undertakes its own internal coarse and pulp duplicate analysis to ensure proper sample preparation and equipment calibration. Spartan's QAQC includes regular insertion of CRM standards, duplicates, and blanks with a stringent review of results completed by the Company's Qualified Person, Brett R. Marsh, President and CEO of Spartan Metals.

Qualified Person Statement

The technical information contained in this news release has been prepared under the supervision of, and approved by Brett R. Marsh, CPG. Mr. Marsh is President and CEO of Spartan Metals Corp. and a "qualified person" as defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

The Company cautions that production, tonnage, grade and recovery information relating to the historic Rees Tungsten Mine are considered "historical" in nature and are not supported by a current NI 43-101 compliant technical report. A Qualified Person has not done sufficient work to classify the historical estimates or production records as current mineral resources or mineral reserves, and Spartan is not treating these historical estimates as current mineral resources or reserves.

The historical information referenced herein is derived from a United States Bureau of Mines report1, which the Company believes to be reliable, but has not independently verified. While two samples were collected near those referenced within the report, there has been no systematic exploration and/or verification work completed by Spartan to date to confirm the historical mining, grade or metallurgical information reported for these past producing operations.

The references in this news release to historical production, resources, and economic assessments are provided for context only and should not be interpreted as indicative of the mineralization that may be present on Spartan's current claims, nor as evidence of the economic viability of the Rees Tungsten Mine. There is no assurance that Spartan's exploration programs will confirm the presence of economically mineable mineralization, or that any future resource estimates will reflect similar grades, tonnages or recoveries to those historically reported.

References

1 Gentry G., G., and Pampeyan E., H., 1955, DMEA 3654 Rees Mining Company Antelope Mining Claims, White Pine County, Nevada

2 https://mrdata.usgs.gov/mrds/show-mrds.php?dep_id=10037285

3 Pitfield, P.E.J. and Brown, T.J. (2011). Tungsten. British Geological Survey, Mineral Commodity Profile, Table 3.

4 Nevada Bureau of Mines and Geology, 1988, Bulletin 105 p213-217

About The Eagle Project

The Eagle Project presents a unique opportunity to delineate one of the largest and highest-grade Tungsten ("W") and Rubidium ("Rb") districts in the United States. The Project consists of the past-producing4 high-grade Tungstonia, Yellow Jacket, and Rees/Antelope tungsten (W-Cu-Ag) mines. Operations at these mines were from 1915 to 1942 with intermittent small-scale production occurring until 1956. Tungsten production from these mines totaled 8,379 units at grades between 0.6%-0.9% WO3.

The Project is ~36.5 km² in size and located approximately 120 kilometers northeast of the town of Ely, in the Kern Mountains of White Pine County, Nevada. The Project covers 9,033 acres consisting of 445 Bureau of Land Management (BLM) unpatented lode mining claims.

Three deposit types are present at Eagle; Porphyry, Skarn, and Carbonate Replacement (CRD) that contain significant or anomalous grades of Tungsten (W), Silver (Ag), and Rubidium (Rb) plus Cu-Sb±Au-Pb-Zn-Bi-As across three project focus areas that also includes the potential to recover W-Rb-Ag from the legacy Tungstonia Mill Tailings.

About Spartan Metals Corp.

Spartan Metals is focused on developing critical minerals projects in well-established and stable mining jurisdictions in the Western United States, with an emphasis on building a portfolio of diverse strategic defense minerals such as Tungsten, Rubidium, Antimony, Bismuth, and Arsenic.

Spartan's high quality project portfolio includes an option to earn 100% of the Victorio Tungsten-Molybdenum Project in New Mexico and the 100% owned Eagle Tungsten-Silver-Rubidium Project in Nevada. Victorio hosts the largest tungsten resource in the United States and contains significant concentrations of beryllium and fluorspar, while the Eagle Project consists of the highest-grade historic tungsten resource in the USA which includes significant under-defined resources consisting of: high-grade silver; rubidium; antimony; bismuth; indium; as well as precious and base metals, and more information about Spartan Metals can be found at www.SpartanMetals.com.

On behalf of the Board of Spartan
"Brett Marsh"
President, CEO & Director

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release

Forward Looking Statements
This news release contains statements that constitute "forward-looking statements." Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur. Forward-Looking Information in this news release, Spartan has applied several material assumptions, including, but not limited to, assumptions that: the current objectives concerning the Company's projects can be achieved and that its other corporate activities will proceed as expected; that general business and economic conditions will not change in a materially adverse manner; and that all requisite information will be available in a timely manner.

Although the Company believes the forward-looking information contained in this news release is reasonable based on information available on the date hereof, by their nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such statements.

Examples of such assumptions, risks and uncertainties include, without limitation, assumptions, risks and uncertainties associated with general economic conditions; adverse industry events; future legislative and regulatory developments; the Company's ability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; the ability of the Company to implement its business strategies; competition; the ability of the Company to obtain and retain all applicable regulatory and other approvals and other assumptions, risks and uncertainties.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/304127

Source: Spartan Metals Corp.

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Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- Wayfair Inc. (NYSE:W), the destination for all things home, today announced it will release financial results for its second quarter ending June 30, 2026 before the opening of the market on August 4, 2026.

Wayfair will host a conference call at 8 a.m. ET on Tuesday, August 4 to review results. Investors and participants can register for the webcast in advance here.

The call will also be available via dial-in here. The archived webcast will be available shortly after the call at https://investor.wayfair.com.

About Wayfair

Wayfair is the destination for all things home, and we make it easy to create a home that is just right for you. Whether you're looking for that perfect piece or redesigning your entire space, Wayfair offers quality finds for every style and budget, and a seamless experience from inspiration to installation.

Wayfair Media Relations:
Tara Lambropoulos
[email protected]

Wayfair Investor Relations:
Ryan Barney
[email protected]

SOURCE Wayfair Inc.

Also from this source

Vancouver, British Columbia--(Newsfile Corp. - June 25, 2026) - Spartan Metals Corp. (TSXV: W) (OTCQB: SPRMF) (FSE: J03) ("Spartan" or the "Company") is pleased to announce assay results from recent sampling conducted at its past producing Antelope Mine within the Rees Claims at its 100% owned Eagle Project, Nevada (Figure 1).

Highlights:

Backpack core drill sample returned 688 g/t silver (Ag) over 0.3 meters (m), with 0.67% copper (Cu), 1,336 ppm arsenic (As), and 0.30% antimony (Sb) (Table 1)Surface rock sampling returned: Ag above 1,000 g/t (29.2 troy ounce/ton) including:1,510 g/t, 1,779 g/t, 1,927 g/t, 1,569 g/t, 1,674 g/t, and 1,234 g/tSb above 0.2% (2,000 ppm) including:0.67%, 0.61%, 0.58%, 0.21%, 0.21%, 0.23%, and 0.25%Cu above 1% including:1.64%, 1.46%, 1.48%, 1.83%, and 1.10%Surface sampling results defined an area approximately 1.3 kilometers (km) by 0.6 km which is significantly larger than the existing mine extent which produced along strike of approximately 50 meters (m)1.Brett Marsh, Spartan's President and CEO, stated, "The grades returned from both the backpack core drilling and surface sampling programs demonstrate the strength of the mineralizing system at Antelope and significantly expand our understanding of its potential scale. Particularly encouraging are the numerous silver values exceeding 1,000 g/t, accompanied by elevated antimony and copper, across a mineralized footprint measuring approximately 1.3 kilometres by 0.6 kilometres, which is substantially larger than the historically mined extent, which was limited to approximately 50 metres along strike."

Mr. Marsh continued, "The presence of silver, antimony, and copper across such a broad area highlights the opportunity for a larger mineralized system than previously recognized at Antelope. From a strategic perspective, the occurrence of antimony is especially noteworthy given its growing importance to U.S. critical mineral and national security initiatives. These results continue to support our exploration model for the Eagle Project and reinforce the potential for multiple mineralized systems across the Project. Moving forward, our focus will be on evaluating the continuity, controls, and broader extent of mineralization as we advance our understanding of the district-scale potential of the Eagle Project."

The backpack drill hole and surface samples were collected as part of the exploration program announced on May 21, 2026. The portable backpack diamond core drilled a 36.4-millimeter (mm) diameter core and rock chip/channel sampling. The backpack drill is intended to rapidly evaluate potential drill locations prior to mobilization of larger diamond core drills (Figure 2). Figure 3 shows the location of the backpack drillhole and rock chip/channel sample locations.

Hole STS-26-008 was collared within a surface exposure of the Antelope vein and was collared about 30 meters (m) away from the Antelope mine portal adjacent to a prospect pit (Figures 3 and 4). The drill hole was advanced approximately 0.3 m into the Antelope vein (Figure 5) before weather paused drilling. Continuation and/or follow up drilling at this location is planned. True thicknesses/widths of mineralization are unknown as further definition is required to define the mineralization orientations.

Sample An-2026-001 (Figure 6) was channel sampled from vein material at surface near the historic workings and returned exceptionally high silver values together with elevated antimony and copper concentrations that may be indicators of proximity to more extensive silver mineralization. The Ag-Sb-As mineral assemblage observed in both samples is consistent with mineralization described from historical production records1.

Additional rock chip samples taken in 2024 and 2025 field programs are shown in Figure 4 and illustrate significant Ag, Cu, Sb, and As vein mineralization over an area approximately 1.3 km by 0.6 km. Spartan is currently assessing expansion of its ongoing geophysics program to include the past producing Antelope Mine area to potentially further define the lateral and vertical extent of the Ag, Cu, Sb, and As mineralization.

Next Steps

Spartan will continue to execute its 2026 exploration program as discussed in the May 21, 2026, announcement including:

Continued surface sampling of soils and rocks - including continued backpack drilling - over claims acquired in November 2025 to potentially extend previously identified tungsten, silver, and rubidium soil anomalies at the Tungstonia.Continued rock sampling and backpack core drilling at the Rees Claims to cover the past producing Rees Tungsten and Antelope Mine areas.Evaluation of geophysics program for the Rees Claims.In Process: Ground geophysics surveys at the Tungstonia Claims to inform depths of existing 2+ km tungsten-silver veins and potential tungsten skarn mineralization that is coincident with tungsten-silver-rubidium soil anomalies and at Yellow Jacket.Early to mid-August: Approximately 3,000 meters (m) diamond core drilling at high priority targets identified through surface sampling and geophysics surveys at the Eagle Project.Table 1 Sample results from Antelope Mine (holes drilled vertically).

Sample IDAg 
(g/t)Cu (%)As 
(ppm)Sb (%)Sample typeSTS-26-0086880.671,3360.30Core 0.3 m

An-2026-0011,5101.642,9300.67channel sample across veinAn-250011,7791.462,8660.61Rock chips/mine dumpTG-RK-GA-0011,9271.484,1760.58Rock chip/mine dumpTG-RK-GA-0048801.834,2100.12Rock chip/mine dumpTG-RK-GA-0052830.599450.05Rock chip/mine dumpTG-RK-GA-0086060.771,1870.21Rock chip/mine dumpTG-RK-GA-0091,5960.901,0150.21Rock chip/mine dumpTG-RK-GA-0101,6740.493940.14Rock chip/mine dumpTG-RK-GA-0111,2340.861,2590.23Rock chip/mine dumpTG-RK-GA-0148711.107920.25Rock chip/mine dump

Figure 1 Location map for the Eagle Project showing the Rees and Tungstonia claims

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/12484/302730_spartan1.jpg

Figure 2 Spartan Metals' President and CEO, Brett Marsh drilling into Antelope Vein outlined in white. Malachite (green) and azurite (blue) visible in the face of a prospect pit above the Antelope Mine

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/12484/302730_4e275c5aa49469de_002full.jpg

Figure 3 Rock chip and backpack core hole locations

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/12484/302730_4e275c5aa49469de_003full.jpg

Figure 4 Antelope Mine with schematic of underground workings of the Antelope Mine2 overlain on imagery showing backpack drill and rock sample locations.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/12484/302730_spartan4.jpg

Figure 5 Hole STS-26-008 Antelope vein showing malachite (green), azurite (blue), and tetrahedrite (black specks) minerals that bear the Cu, Ag, and Sb

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https://images.newsfilecorp.com/files/12484/302730_4e275c5aa49469de_005full.jpg

Figure 6 Portion of channel sample (An-2026-001) from near Antelope Mine portal showing malachite (green), azurite (blue), and tetrahedrite (black) minerals that bear the Ag, Cu, and Sb

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/12484/302730_4e275c5aa49469de_006full.jpg

QA/QC Procedures

Samples were submitted to American Assay Lab (AAL) of Sparks, Nevada, which is a certified and accredited laboratory, independent of the Company. Samples are prepared using industry standard-prep methods and analyzed using method IO-4AB51 (51 element suite: 0.5g 4-acid plus boric acid hot block, ICP-OES plus IM-4ABEx ICP-MS for Rb. AAL undertakes its own internal coarse and pulp duplicate analysis to ensure proper sample preparation and equipment calibration. Spartan's QAQC includes regular insertion of CRM standards, duplicates, and blanks with a stringent review of results completed by the Company's Qualified Person, Brett R. Marsh, President and CEO of Spartan Metals.

Investor Relations Agreement

Pursuant to our announcement on June 9, 2026 with the Howard Group, the agreement contained a recommendation for a media advertising package that requires a one-time set up cost of CAD $5,000 that has not been paid as of this release.

Qualified Person Statement

The technical information contained in this news release has been prepared under the supervision of, and approved by Brett R. Marsh, CPG. Mr. Marsh is President and CEO of Spartan Metals Corp. and a "qualified person" as defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

References

1 Gentry G., G., and Pampeyan E., H., 1955, DMEA 3654 Rees Mining Company Antelope Mining Claims, White Pine County, Nevada

2 Nevada Bureau of Mines and Geology, 1988, Bulletin 105 p213-217

About The Eagle Project

The Eagle Project presents a unique opportunity to delineate one of the largest and highest-grade Tungsten ("W") and Rubidium ("Rb") districts in the United States. The Project consists of the past-producing (2) high-grade Tungstonia, Yellow Jacket, and Rees/Antelope tungsten (W-Cu-Ag) mines. Operations at these mines were from 1915 to 1942 with intermittent small-scale production occurring until 1956. Tungsten production from these mines totaled 8,379 units at grades between 0.6%-0.9% WO3

The Project is ~36.5 km² in size and located approximately 120 kilometers northeast of the town of Ely, in the Kern Mountains of White Pine County, Nevada. The Project covers 9,033 acres consisting of 445 Bureau of Land Management (BLM) unpatented lode mining claims.

Three deposit types are present at Eagle; Porphyry, Skarn, and Carbonate Replacement (CRD) that contain significant or anomalous grades of Tungsten (W), Silver (Ag), and Rubidium (Rb) plus Cu-Sb±Au-Pb-Zn-Bi-As across three project focus areas that also includes the potential to recover W-Rb-Ag from the legacy Tungstonia Mill Tailings.

About Spartan Metals Corp.

Spartan Metals is focused on developing critical minerals projects in well-established and stable mining jurisdictions in the Western United States, with an emphasis on building a portfolio of diverse strategic defense minerals such as Tungsten, Rubidium, Antimony, Bismuth, and Arsenic.

Spartan's high quality project portfolio includes an option to earn 100% of the Victorio Tungsten-Molybdenum Project in New Mexico and the 100% owned Eagle Tungsten-Silver-Rubidium Project in Nevada. Victorio hosts the largest tungsten resource in the United States and contains significant concentrations of beryllium and fluorspar, while the Eagle Project consists of the highest-grade historic tungsten resource in the USA which includes significant under-defined resources consisting of: high-grade silver; rubidium; antimony; bismuth; indium; as well as precious and base metals, and more information about Spartan Metals can be found at www.SpartanMetals.com

On behalf of the Board of Spartan
"Brett Marsh"
President, CEO & Director

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release

Forward Looking Statements

This news release contains statements that constitute "forward-looking statements." Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur. Forward-Looking Information in this news release, Spartan has applied several material assumptions, including, but not limited to, assumptions that: the current objectives concerning the Company's projects can be achieved and that its other corporate activities will proceed as expected; that general business and economic conditions will not change in a materially adverse manner; and that all requisite information will be available in a timely manner.

Although the Company believes the forward-looking information contained in this news release is reasonable based on information available on the date hereof, by their nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such statements.

Examples of such assumptions, risks and uncertainties include, without limitation, assumptions, risks and uncertainties associated with general economic conditions; adverse industry events; future legislative and regulatory developments; the Company's ability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; the ability of the Company to implement its business strategies; competition; the ability of the Company to obtain and retain all applicable regulatory and other approvals and other assumptions, risks and uncertainties.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/302730

Source: Spartan Metals Corp.

Ready to Announce with Confidence? Send us a message and a member of our TMX Newsfile team will contact you to discuss your needs.

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Vancouver, British Columbia--(Newsfile Corp. - June 23, 2026) - Spartan Metals Corp. (TSXV: W) (OTCQB: SPRMF) (FSE: J03) ("Spartan" or the "Company") announces the confirmation of two tungsten skarn zones at its Tungstonia Claims within its 100% owned Eagle Tungsten-Silver-Rubidium Project, Nevada.

Highlights:

Skarn mineralization confirmed at past-producing Yellow Jacket Mine where historic production grades were approximately 1.12% tungsten trioxide ("WO3")1 (Figure 1) with two samples substantially above at 1.87% WO3 and 1.67% WO3Rock sampling from within mine entrance and dumps delivered tungsten assays of 0.99% 1.87%, 0.89%, and 1.67% WO3 and highlights 3.3% Zn and 1,320 ppm beryllium ("Be"), which has not been previously reported at the Eagle ProjectBackpack core drilling returned 0.3 meters (m) 0.21% WO3 and 0.33% zinc ("Zn")New tungsten-skarn discovery within the tungsten soil anomaly in southeast of project (SE Tungsten Anomaly) reported in December 2025 (Figure 1)Rock chip sampling returned 0.34% WO3 and 1.9 g/t Ag and 144 ppm BeBackpack core drilling encountered previously unobserved molybdenum ("Mo") mineralization (Figure 2) ranging between 0.01%-0.08% Mo along with significant rubidium ("Rb") ranging between 1,122 – 2,122 ppm Rb and silver ("Ag") ranging between 1.2-3.1 g/t AgMolybdenum and beryllium mineralization along with significant tungsten and silver grades encountered over a length and width of approximately 2 kilometers (km), suggests multiple pulses of mineralization.Brett Marsh, Spartan's President and CEO stated, "The identification of a new tungsten-skarn occurrence within a previously defined tungsten soil anomaly marks an important exploration milestone at our Tungstonia claims and further validates our systematic targeting approach across the property. Particularly encouraging is the discovery molybdenum and beryllium mineralization associated with the tungsten skarn zones. The presence of these critical metals alongside tungsten not only highlights the evolving potential of the Eagle Project but also suggests a larger and more complex mineralizing system than was previously recognized.

"The occurrence of multiple critical metals across these newly identified skarn zones supports our interpretation that Eagle may host a large-scale mineralizing system with the potential to extend across multiple target areas within the district. These results continue to strengthen our confidence in the broader exploration potential of the project and provide compelling targets for future drilling."

Mr. Marsh continued, "Equally significant is the confirmation of skarn-hosted mineralization at the past-producing Yellow Jacket Mine, including tungsten grades of up to 1.87% WO₃ in hand sample. These results provide additional support for the geological model underpinning the district and demonstrate the presence of meaningful tungsten mineralization beyond the known vein systems. Together, the new skarn discovery and the confirmation of high-grade mineralization at Yellow Jacket reinforce the prospectivity of Spartan's Tungstonia claims and highlight the opportunity to further evaluate both the established tungsten-silver-rubidium vein systems and these emerging skarn-style targets that have similarities to Carbonate Replacement Deposit districts worldwide. As we continue our exploration efforts, our focus will remain on advancing our understanding of the scale, continuity, and controls of mineralization across the Eagle Project."

The discoveries, part of the exploration program announced on May 21, 2026, were confirmed utilizing a portable backpack diamond core drill with a 36.4-millimeter (mm) diameter core and rock chip/channel sampling. The backpack drill is intended to rapidly evaluate potential drill locations prior to mobilization of larger diamond core drills. Figure 1 shows the location of three backpack drillholes STS-26-007 and STS-26-002 and STS-26-003 and five rock chip/channel samples.

The vertical holes were collared in altered Guilmette Formation – a geological unit that hosts many deposits across Nevada – close to where it contacts the Tungstonia Pluton with STS-26-007 near the past-producing Yellow Jacket Mine and STS-26-002 and STS-26-003 within the SE Tungsten Anomaly. True thicknesses/widths of mineralization are unknown as further definition is required to define the mineralization orientations.

The Yellow Jacket Mine is located in the Guilmette Formation that has a north-south strike and dips moderately toward the northwest, within the Tungstonia Claim block (Figure 1). Tungsten-skarn mineralization is present as scheelite in two zones that total approximately 435m in strike length. Figures 2 and 3 show examples of typical scheelite mineralization from Yellow Jacket under ultraviolet (UV) light.

The SE Tungsten Anomaly is also located within the Guilmette Formation, however, at this location the Guilmette presents an east-southeast strike and near vertical dip where in contact with the Tungstonia Granite. This steeply dipping section with tungsten skarn mineralization has the potential to reach up to 400 m in thickness (Figure 4) at the SE Tungsten Anomaly. Spartan's ongoing geophysics program will help to confirm this potential.

Next Steps

Spartan will continue to execute its 2026 exploration program as discussed in the May 21, 2026, announcement including:

Continued surface sampling of soils and rocks – including continued backpack drilling – over claims acquired in November 2025 to potentially extend previously identified tungsten, silver, and rubidium soil anomalies.

In Process: Ground geophysics surveys to inform depths of existing 2+ km tungsten-silver veins and potential tungsten skarn mineralization that is coincident with tungsten-silver-rubidium soil anomalies and at Yellow Jacket.

Early to mid-August: Approximately 3,000 meters (m) diamond core drilling at high priority targets identified through surface sampling and geophysics surveys.

Table 1 Backpack drill core results from Tungstonia Tungsten Skarn Zones (holes drilled vertically).

Hole IDLocationFrom (m)To (m)Interval (m)WO3 (%)Ag (g/t)Rb (ppm)Mo (%)Zn (%)STS-26-007Yellow Jacket0.91.20.30.21---0.33   

STS-26-002SE Tungsten Anomaly00.970.970.07
1,1220.01-STS-26-003SE Tungsten Anomaly00.30.3-1.61,1600.07-0.30.60.3-3.11,5400.04-0.60.90.3-1.22,1220.08-Table 2 Rock chip sample results from Tungsten Skarn Zones

Sample IDLocationWO3%Ag (g/t)Zn (%)Be (ppm)YJ-2026-001Yellow Jacket0.991.31.092YJ-2026-003Yellow Jacket1.870.92.3229YJ-2026-004Yellow Jacket0.891.93.31,320YJ-2026-005Yellow Jacket1.671.62.6106 

AG-RK-GA-068SE Tungsten Anomaly0.341.9-144

Figure 1 Eastern portion of the Tungstonia claims showing the past-producing Tungstonia and Yellow Jacket Mines with rock chip and selected backpack core drill results confirming skarn mineralization at Yellow Jacket and SE Tungsten Anomaly. Section line A-A' shown for Figure 4 alignment.

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Figure 2 Hole STS-26-003 showing molybdenum-bearing mineralization not previously documented at the Eagle Project. Lower image shown under UV light.

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Figure 3 Rock samples Yellow Jacket Mine shown under ultraviolet (UV) light with scheelite (CaWO4) mineralization fluorescing light blue to white. Samples YJ-2026-001 and YJ-2026-003 collected from mine dump and samples YJ-2026-004 and YJ-2026-005 from within the mine entrance. Prevalence of scheelite mineralization in altered Guilmette Formation supports skarn interpretation.

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Figure 4 Geologic cross section A-A' showing relationship of Yellow Jacket Mine and SE Tungsten Anomaly - both within Guilmette formation. Note the potential thickness of Guilmette under SE Tungsten Anomaly could reach up to ~400m. The in process geophysics program will help to identify lateral and vertical extent of potential mineralization at both locations.

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QA/QC Procedures

Samples were submitted to American Assay Lab (AAL) of Sparks, Nevada, which is a certified and accredited laboratory, independent of the Company. Samples are prepared using industry standard-prep methods and analyzed using method IO-4AB51 (51 element suite: 0.5g 4-acid plus boric acid hot block, ICP-OES plus IM-4ABEx ICP-MS for Rb). AAL undertakes its own internal coarse and pulp duplicate analysis to ensure proper sample preparation and equipment calibration. Spartan's QAQC includes regular insertion of CRM standards, duplicates, and blanks with a stringent review of results completed by the Company's Qualified Person, Brett R. Marsh, President and CEO of Spartan Metals.

Qualified Person Statement

The technical information contained in this news release has been prepared under the supervision of, and approved by Brett R. Marsh, CPG. Mr. Marsh is President and CEO of Spartan Metals Corp. and a "qualified person" as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

References

1 Nevada Bureau of Mines and Geology, 1988, Bulletin 105 p213-217

2 Hobbs S.W., 1944 War Minerals Report #224, Wartime Studies by the US Bureau of Mines

About The Eagle Project

The Eagle Project presents a unique opportunity to delineate one of the largest and highest-grade Tungsten ("W") and Rubidium ("Rb") districts in the United States. The Project consists of the past-producing (1) high-grade Tungstonia, Yellow Jacket, and Rees/Antelope tungsten (W-Cu-Ag) mines. Operations at these mines were from 1915 to 1942 with intermittent small-scale production occurring until 1956. Tungsten production from these mines totaled 8,379 units at grades between 0.6%-0.9% WO3

The Project is ~36.5 km² in size and located approximately 120 kilometers northeast of the town of Ely, in the Kern Mountains of White Pine County, Nevada. The Project covers 9,033 acres consisting of 445 Bureau of Land Management (BLM) unpatented lode mining claims.

Three deposit types are present at Eagle; Porphyry, Skarn, and Carbonate Replacement (CRD) that contain significant or anomalous grades of Tungsten (W), Silver (Ag), and Rubidium (Rb) plus Cu-Sb±Au-Pb-Zn-Bi-As across three project focus areas that also includes the potential to recover W-Rb-Ag from the legacy Tungstonia Mill Tailings.

About Spartan Metals Corp.

Spartan Metals is focused on developing critical minerals projects in well-established and stable mining jurisdictions in the Western United States, with an emphasis on building a portfolio of diverse strategic defense minerals such as Tungsten, Rubidium, Antimony, Bismuth, and Arsenic.

Spartan's high quality project portfolio includes an option to earn 100% of the Victorio Tungsten-Molybdenum Project in New Mexico and the 100% owned Eagle Tungsten-Silver-Rubidium Project in Nevada. Victorio hosts the largest tungsten resource in the United States and contains significant concentrations of beryllium and fluorspar, while the Eagle Project consists of the highest-grade historic tungsten resource in the USA which includes significant under-defined resources consisting of: high-grade silver; rubidium; antimony; bismuth; indium; as well as precious and base metals, and more information about Spartan Metals can be found at www.SpartanMetals.com

On behalf of the Board of Spartan
"Brett Marsh"
President, CEO & Director

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release

Forward-Looking Statements
This news release contains statements that constitute "forward-looking statements." Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur. Forward-Looking Information in this news release, Spartan has applied several material assumptions, including, but not limited to, assumptions that: the current objectives concerning the Company's projects can be achieved and that its other corporate activities will proceed as expected; that general business and economic conditions will not change in a materially adverse manner; and that all requisite information will be available in a timely manner.

Although the Company believes the forward-looking information contained in this news release is reasonable based on information available on the date hereof, by their nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such statements.

Examples of such assumptions, risks and uncertainties include, without limitation, assumptions, risks and uncertainties associated with general economic conditions; adverse industry events; future legislative and regulatory developments; the Company's ability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; the ability of the Company to implement its business strategies; competition; the ability of the Company to obtain and retain all applicable regulatory and other approvals and other assumptions, risks and uncertainties.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.

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Source: Spartan Metals Corp.

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