Wayfair Reports 7.8% Revenue Growth Excluding German Exit, Narrows Losses
Event summary
- Wayfair reported Q4 2025 revenue of $3.3 billion, up 6.9% YoY (7.8% excluding German exit).
- Full-year 2025 revenue reached $12.5 billion, a 5.1% YoY increase (6.1% excluding Germany).
- Adjusted EBITDA turned positive at $224 million in Q4, with full-year EBITDA at $743 million.
- Active customers slightly declined by 0.5% YoY to 21.3 million, but LTM revenue per customer rose 5.6% to $586.
- Repeat customers accounted for 79.1% of orders, with average order value increasing to $301.
The big picture
Wayfair's Q4 and full-year 2025 results highlight its ability to capture market share despite macroeconomic headwinds. The company's strategic exit from Germany and focus on profitability improvements are key themes. The home goods e-commerce sector remains competitive, and Wayfair's performance will be closely watched as it seeks to balance growth with operational efficiency.
What we're watching
- Market Share Dynamics
- Whether Wayfair can sustain its market share gains amid a contracting home goods category.
- International Expansion
- The pace at which Wayfair can stabilize and grow its international segment, particularly post-Germany exit.
- Profitability Trends
- How the company's focus on adjusted EBITDA will impact its long-term financial health and investor confidence.
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