Wayfair, Inc. Reports Financial Results for Fourth Quarter & Full Year

February 19, 2026  by Karen Parrish in Business Strategy, Industry   

Fourth Quarter 2025 Financial Highlights

- Total net revenue of $3.3 billion, increased $216 million, up 6.9% year over year. Total net revenue excluding the impact of our exit from the German market grew 7.8% year over year

- U.S. net revenue of $2.9 billion, increased $202 million, up 7.4% year over year

- International net revenue of $395 million, increased $14 million, up 3.7% year over year. International Net Revenue Constant Currency Growth was 1.3%

- Gross profit was $1.0 billion, or 30.3% of total net revenue. Non-GAAP Contribution Profit was $511 million, or 15.3% of net revenue

- Net loss was $116 million and Non-GAAP Adjusted EBITDA was $224 million

- Diluted loss per share was $0.89 and Non-GAAP Adjusted Diluted Earnings Per Share was $0.85

- Net cash provided by operating activities was $202 million and Non-GAAP Free Cash Flow was $145 million

- Cash, cash equivalents and short-term investments totaled $1.5 billion and total liquidity was $1.9 billion, including availability under our revolving credit facility

Full Year 2025 Financial Highlights

- Total net revenue of $12.5 billion increased $606 million, up 5.1% year over year. Total net revenue excluding the impact of our exit from the German market grew 6.1% year over year

- U.S. net revenue of $11.0 billion increased $600 million, up 5.8% year over year

- International net revenue of $1.5 billion increased $6 million, up 0.4% year over year. International Net Revenue Constant Currency Growth was 0.2%

- Gross profit was $3.8 billion or 30.2% of total net revenue. Non-GAAP Contribution Profit was $1.9 billion, or 15.2% of net revenue.

- Net loss was $313 million and Non-GAAP Adjusted EBITDA was $743 million

- Diluted loss per share was $2.44 and Non-GAAP Adjusted Diluted Earnings Per Share was $2.60

- Net cash provided by operating activities was $534 million and Non-GAAP Free Cash Flow was $329 million

"Q4 capped off a tremendous year for Wayfair, with revenue growing 7.8% year-over-year excluding the impact of Germany. We had our third consecutive quarter of new customer growth, on top of healthy growth in repeat orders, all in the face of a category that contracted in the low single digits for the final quarter of the year. 2025 was a year where we returned to growth and accelerated throughout the year through a number of organic business strategies that can compound for years to come. This was characterized by two important themes: our share capture overwhelming the drag of the macro, and the substantial flow through of that growth to the bottom line. We expect our topline growth and flow through to adjusted EBITDA to be the bedrock of our story for years to come," said Niraj Shah, CEO, co-founder and co-chairman, Wayfair.

Other Fourth Quarter Highlights 

- Active customers totaled 21.3 million as of December 31, 2025, a decrease of 0.5% year over year.

- LTM net revenue per active customer was $586 as of December 31, 2025, an increase of 5.6% year over year

- Orders per customer, measured as LTM orders delivered divided by active customers, was 1.88 for the fourth quarter of 2025, compared to 1.85 for the fourth quarter of 2024

- Orders delivered in the fourth quarter of 2025 were 11.1 million, an increase of 3.7% year over year

- Repeat customers placed 79.1% of total orders delivered in the fourth quarter of 2025, compared to 79.4% in the fourth quarter of 2024

- Repeat customers placed 8.8 million orders in the fourth quarter of 2025, an increase of 3.5% year over year.

- Average order value was $301 in the fourth quarter of 2025, compared to $290 in the fourth quarter of 2024

- 64.9% of total orders delivered were placed via a mobile device in the fourth quarter of 2025, compared to 64.5% in the fourth quarter of 2024

Webcast and Conference Call

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.