Wayfair Announces Fourth Quarter and Full Year 2025 Results, Reports Further Share Capture and Strong Profitability

Core Insights - Wayfair reported a fourth quarter net revenue of $3.3 billion, representing a year-over-year increase of 6.9%, with U.S. net revenue growing by 7.4% to $2.9 billion [1][3] - The company achieved a Non-GAAP Adjusted EBITDA of $224 million in Q4 2025, reflecting strong profitability despite a net loss of $116 million [1][5] - Active customers totaled 21.3 million, a slight decrease of 0.5% year-over-year, while repeat customers accounted for 79.1% of total orders delivered [1][3] Fourth Quarter 2025 Financial Highlights - Cash, cash equivalents, and short-term investments reached $1.5 billion, with total liquidity at $1.9 billion [1][3] - Gross profit was $1.0 billion, representing 30.3% of total net revenue, while Non-GAAP Contribution Profit was $511 million, or 15.3% of net revenue [1][5] - Average order value increased to $301 from $290 year-over-year, and orders delivered rose by 3.7% to 11.1 million [1][3] Full Year 2025 Financial Highlights - Total net revenue for 2025 was $12.5 billion, up 5.1% year-over-year, with U.S. net revenue increasing by 5.8% to $11.0 billion [1][3] - Non-GAAP Free Cash Flow for the year was $329 million, with net cash provided by operating activities totaling $534 million [1][5] - The company reported a diluted loss per share of $2.44, an improvement from $4.01 in the previous year [1][3] Operational Metrics - The company experienced its third consecutive quarter of new customer growth, alongside healthy growth in repeat orders [1][3] - LTM net revenue per active customer increased by 5.6% year-over-year to $586 as of December 31, 2025 [1][3] - The percentage of total orders delivered via mobile devices was 64.9%, up from 64.5% in Q4 2024 [1][3]