Wayfair Inc has reported the financial results for its fourth quarter and full year ended December 31st, 2025. Total net revenue of $3.3b in Q4, up 6.9% YoY (excluding the impact of Wayfair's exit from the German market, it grew 7.8% YoY). US net revenue was $2.9b (up 7.4% YoY), and international net revenue $395m (up 3.7% YoY). Gross profit was $1b, yet the business made a net loss of $116m. Its non-GAAP adjusted EBITDA was $224m.
Across 2025 as a whole, Wayfair saw a total net revenue of $12.5b (up 5.1% YoY, and up 6.1% excluding the impact of its exit from the German market). US net revenue was up 5.8% YoY to $11b, and international net revenue up 0.4% to $1.5b. Its gross profit was $3.8b, yet it made a net loss in the year of $313m. Non-GAAP adjusted EBITDA was $743m. The loss was an improvement on the previous year's $492m.
"Q4 capped off a tremendous year for Wayfair, with revenue growing 7.8% YoY excluding the impact of Germany," says Niraj Shah, CEO, co-founder and co-chairman. "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 characterised 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."
Wayfair's active customers totalled 21.3 million as of December 31st, 2025, a decrease of 0.5% YoY – but net revenue per active customer increased by 5.6%. Orders delivered in Q4 totalled 11.1 million, up 3.7% YoY. AOV was $301, compared to $290 in Q4 2024.
