Wayfair Inc

Latest Results (05.04.2026):

Wayfair Inc. reported results for the fourth quarter of 2025 (Q4 2025). In Q4 Wayfair delivered $3.3 billion in net revenue, produced positive operating income and stronger non‑GAAP profitability (Adjusted EBITDA), but recorded a GAAP net loss driven in part by debt extinguishment charges; active customers were 21.3 million. Below are short, focused highlights from the company’s report.

Revenue

Q4 2025 net revenue was $3.3 billion (up $216M, +6.9% YoY; +7.8% YoY excluding the company’s exit from Germany). U.S. net revenue was $2.9 billion (+7.4% YoY) and International was $395 million (+3.7% YoY; constant‑currency +1.3%).

Profitability & margins

Gross profit in Q4 was $1.0 billion (30.3% margin). Non‑GAAP Contribution Profit was $511 million (15.3% of revenue). GAAP net loss was $116 million, while Non‑GAAP Adjusted EBITDA was $224 million (6.7% margin). Operating income was $84 million for the quarter.

Per‑share & cash flow

Q4 diluted loss per share was $0.89; Adjusted Diluted EPS (non‑GAAP) was $0.85. Net cash provided by operating activities was $202 million and Non‑GAAP Free Cash Flow was $145 million for the quarter. Cash, cash equivalents and short‑term investments totaled $1.5 billion and total liquidity was $1.9 billion.

Customers & transaction metrics

Active customers were 21.3 million as of Dec 31, 2025 (down 0.5% YoY). LTM net revenue per active customer rose to $586 (+5.6% YoY). Orders delivered in Q4 were 11.1 million (+3.7% YoY), average order value was $301 (vs. $290 a year ago), and repeat customers accounted for 79.1% of orders.

Segments & quarterly trends

U.S. segment drove most of the improvement (U.S. Adjusted EBITDA +$124M YoY to $234M in Q4). International Adjusted EBITDA remained slightly negative (-$10M). The company noted sequential acceleration across 2025 and three consecutive quarters of new customer growth.

Notable items impacting GAAP results

Q4 GAAP loss was affected by a $165 million loss on debt extinguishment related to repurchases of notes. The company also recorded restructuring and related charges during 2025 (including Germany restructuring) which affected year results.

Full‑year 2025 snapshot

For full year 2025, Wayfair reported $12.5 billion in net revenue (+5.1% YoY; +6.1% ex‑Germany), a GAAP net loss of $313 million, Adjusted EBITDA of $743 million, and Free Cash Flow of $329 million. Adjusted diluted EPS for the year was $2.60 (non‑GAAP).

Management view

CEO Niraj Shah highlighted that 2025 represented a return to growth with improving flow‑through to Adjusted EBITDA, citing share capture and accelerating topline momentum as central to the company’s outlook.