Christopher Horvers
JPMorgan Chase & Co, Research Division

Thanks. Good morning, everybody. My name is Christopher Horvers. I'm the broadlines and hardlines retail analyst at JPMorgan. And it's my great pleasure to introduce Kate Gulliver, Wayfair's Chief Financial Officer.

Kate Gulliver
CFO & Chief Administrative Officer

Good morning. Happy to be here.

Christopher Horvers
JPMorgan Chase & Co, Research Division

Thanks for coming again this year.

Kate Gulliver
CFO & Chief Administrative Officer

Yes.

Christopher Horvers
JPMorgan Chase & Co, Research Division

Really appreciate it. So it's an exciting time to cover the consumer. It's an exciting time to cover Wayfair. I want to talk about your share gains and what's driven your share gains. You've been outperforming the market by high single-digit percentage. We all operate in spreadsheets and want to, like, rank order things and loyalty and CastleGate. Like how would you think about this acceleration of share gains? What have been the biggest drivers of that?

Kate Gulliver
CFO & Chief Administrative Officer

Yes. So if you think about sort of when the share gain -- well, sort of stepping back, Obviously, for the vast majority of our history, we've been a pretty significant share gainer. That is what has fueled our outsized growth. Obviously, that fell back a bit sort of '21, '22, early '23, returned to a share gain in sort of the back half of '23. We were able to start -- I know it is a very -- we're very spread out here. We were able to start accelerating those share gains sort of towards the end of '24 and throughout '25.