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Financial, Retail

Wayfair Announces First Quarter 2025 Results, Reports Further Share Capture with Robust Profitability

Wayfair reports Q1 net revenue of $2.7 billion with 21.1 million active customers.

5/5/2025
BOSTON -- Wayfair Inc. (NYSE: W), the destination for all things home,  reported financial results for its first quarter ended March 31, 2025.

"Despite persistent category volatility which marked a fourth consecutive year beginning with contraction, we were able to once again outperform our peers and take healthy market share while driving meaningful improvements in profitability. Year-over-year growth excluding the impact of Germany came in nicely positive - driven by the US business up 1.6% against a category that we estimate declined over the same time frame. Tariffs are clearly top of mind for everyone - while there's a lot of uncertainty in the broader economy, we have direct line of sight and strong conviction on what we need to do for both our customers and our suppliers," said Niraj Shah, CEO, co-founder and co-chairman, Wayfair.

Shah continued, "As we look ahead, our strategy remains clear: continue gaining share through disciplined execution, deepen our partnerships with suppliers, and invest judiciously in high-ROI growth initiatives. We've deliberately built a platform that thrives in dynamic conditions: flexible, resilient, and efficient. With strong momentum, a healthy balance sheet, and a sharpened operating model, we're confident in our ability to navigate what's ahead and emerge even stronger."

First Quarter 2025 Financial Highlights

• Total net revenue of $2.7 billion, increased $1 million, or was close to flat, year over year
• U.S. net revenue of $2.4 billion, increased $38 million, up 1.6% year over year
• International net revenue of $301 million, decreased $37 million, down 10.9% year over year. International Net Revenue Constant Currency Growth was (7.1)%
• Gross profit was $837 million, or 30.7% of total net revenue
• Net loss was $113 million and Non-GAAP Adjusted EBITDA was $106 million
• Diluted loss per share was $0.89 and Non-GAAP Adjusted Diluted Earnings Per Share was $0.10
• Net cash used in operating activities was $96 million and Non-GAAP Free Cash Flow was ($139) million
• Cash, cash equivalents and short-term investments totaled $1.4 billion and total liquidity was $1.8 billion, including availability under our revolving credit facility

Other First Quarter Highlights

• Active customers totaled 21.1 million as of March 31, 2025, a decrease of 5.4% year over year
• LTM net revenue per active customer was $562 as of March 31, 2025, an increase of 4.7% year over year
• Orders per customer, measured as LTM orders divided by active customers, was 1.85 for the first quarter of 2025, compared to 1.84 for the first quarter of 2024
• Orders delivered in the first quarter of 2025 were 9.1 million, a decrease of 5.2% year over year
• Repeat customers placed 80.5% of total orders delivered in both of the first quarters of 2025 and 2024
• Repeat customers placed 7.3 million orders in the first quarter of 2025, a decrease of 5.2% year over year
• Average order value was $301 in the first quarter of 2025, compared to $285 in the first quarter of 2024
• 63.4% of total orders delivered were placed via a mobile device in the first quarter of 2025, compared to 63.1% in the first quarter of 2024

See the full release here.
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