Wayfair, Inc. Reports Fourth Quarter Financial Results

February 20, 2025  by Karen Parrish in Business Strategy, Industry   

Fourth Quarter 2024 Financial Highlights

• Total net revenue of $3.1 billion, increased $7 million, up 0.2% year over year
• U.S. net revenue of $2.7 billion, increased $30 million, up 1.1% year over year
• International net revenue of $381 million decreased 23 million, down 5.7% year over year. International Net Revenue Constant Currency Growth was (5.0)%
• Gross profit was $941 million, or 30.2% of total net revenue
• Net loss was $128 million and Non-GAAP Adjusted EBITDA was $96 million
• Diluted loss per share was $1.02 and Non-GAAP Adjusted Diluted Loss Per Share was $0.25
• Net cash provided by operating activities was $162 million and Non-GAAP Free Cash Flow was $102 million
• Cash, cash equivalents and short-term investments totaled $1.4 billion and total liquidity was $1.9 billion, including availability under our revolving credit facility

Full Year 2024 Financial Highlights

• Total net revenue of $11.9 billion decreased $152 million, down 1.3% year over year
• U.S. net revenue of $10.4 billion decreased $109 million, down 1.0% year over year
• International net revenue of $1.5 billion decreased $43 million, down 2.8% year over year. International Net Revenue Constant Currency Growth was (2.7)%
• Gross profit was $3.6 billion or 30.2% of total net revenue
• Net loss was $492 million and Non-GAAP Adjusted EBITDA was $453 million
• Diluted loss per share was $4.01 and Non-GAAP Adjusted Diluted Earnings Per Share was $0.13
• Net cash provided by operating activities was $317 million and Non-GAAP Free Cash Flow was $83 million

"The fourth quarter was a strong conclusion to the year across multiple fronts. From a topline performance perspective, we ended 2024 on a high note - with net revenue showing positive year-over-year growth. These results enabled us to drive nearly $100 million dollars of adjusted EBITDA in the quarter and deliver on our goal of approximately 50% year-over-year dollar growth for 2024," said Niraj Shah, CEO, co-founder and co-chairman, Wayfair.

Shah continued, "Our strong financial performance enabled us to tap into the high yield markets for the first time, putting us in the strongest balance sheet position in many years. We're making smart, high return investments across the business, and at the same time remain committed to growing adjusted EBITDA dollars year-over-year. We are confident this approach sets us up well for a compelling payoff over 2025 and are excited to bring all of our stakeholders with us on this next leg of the Wayfair journey."

Other Fourth Quarter Highlights

• Active customers totaled 21.4 million as of December 31, 2024, a decrease of 4.5% year over year
• LTM net revenue per active customer was $555 as of December 31, 2024, an increase of 3.4% year over year
• Orders per customer, measured as LTM orders divided by active customers, was 1.85 for the fourth quarter of 2024, compared to 1.84 for the fourth quarter of 2023
• Orders delivered in the fourth quarter of 2024 were 10.7 million, a decrease of 5.3% year over year
• Repeat customers placed 79.4% of total orders delivered in both of the fourth quarters of 2024 and 2023
• Repeat customers placed 8.5 million orders in the fourth quarter of 2024, a decrease of 5.6% year over year
• Average order value was $290 in the fourth quarter of 2024, compared to $276 in the fourth quarter of 2023
• 64.5% of total orders delivered were placed via a mobile device in the fourth quarter of 2024, compared to 62.8% in the fourth quarter of 2023

Webcast and Conference Call

Wayfair will host a conference call and webcast to discuss its fourth quarter and full year 2024 financial results today at 8 a.m. (ET). Investors and participants should register for the call in advance by visiting https://events.q4inc.com/attendee/117874179. After registering, instructions will be shared on how to join the call. The call will also be available via live webcast at https://registrations.events/direct/Q4I5693292. 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.