Wayfair Announces Second Quarter 2025 Results, Reports Highest Revenue Growth and Profitability Since 2021
Wayfair (NYSE:W) reported strong Q2 2025 results with total net revenue of $3.3 billion, up 5.0% year-over-year (6.0% excluding German market exit). The company achieved net income of $15 million with diluted EPS of $0.11, marking significant improvement from a loss in the previous year. Key metrics include gross profit of $984 million (30.1% margin) and Adjusted EBITDA of $205 million.
The company maintained a strong customer base of 21.0 million active customers, with improved LTM net revenue per customer of $572 (up 5.9% YoY). Average order value increased to $328 from $313 in Q2 2024. Wayfair's financial position remains solid with $1.4 billion in cash and short-term investments and total liquidity of $1.8 billion.
[ "Net revenue increased 5.0% YoY to $3.3 billion", "Achieved profitability with $15 million net income, compared to $42 million loss previous year", "Strong Adjusted EBITDA of $205 million, up from $163 million YoY", "Average order value increased to $328 from $313 YoY", "LTM net revenue per active customer grew 5.9% to $572", "Robust liquidity position with $1.4 billion in cash and investments" ]Wayfair (NYSE:W) ha riportato risultati solidi nel secondo trimestre del 2025 con un fatturato netto totale di 3,3 miliardi di dollari, in crescita del 5,0% su base annua (6,0% escludendo l'uscita dal mercato tedesco). L'azienda ha registrato un utile netto di 15 milioni di dollari con un utile per azione diluito di 0,11 dollari, segnando un miglioramento significativo rispetto alla perdita dell'anno precedente. I principali indicatori includono un utile lordo di 984 milioni di dollari (margine del 30,1%) e un EBITDA rettificato di 205 milioni di dollari.
La societ脿 ha mantenuto una solida base clienti di 21,0 milioni di clienti attivi, con un miglioramento del fatturato netto per cliente negli ultimi dodici mesi a 572 dollari (in crescita del 5,9% su base annua). Il valore medio dell'ordine 猫 aumentato a 328 dollari rispetto ai 313 dollari del secondo trimestre 2024. La posizione finanziaria di Wayfair rimane solida con 1,4 miliardi di dollari in liquidit脿 e investimenti a breve termine e una liquidit脿 totale di 1,8 miliardi di dollari.
Wayfair (NYSE:W) report贸 resultados s贸lidos en el segundo trimestre de 2025 con un ingreso neto total de 3.3 mil millones de d贸lares, un aumento del 5.0% interanual (6.0% excluyendo la salida del mercado alem谩n). La empresa logr贸 un ingreso neto de 15 millones de d贸lares con una ganancia por acci贸n diluida de 0.11 d贸lares, marcando una mejora significativa respecto a la p茅rdida del a帽o anterior. Las m茅tricas clave incluyen un beneficio bruto de 984 millones de d贸lares (margen del 30.1%) y un EBITDA ajustado de 205 millones de d贸lares.
La compa帽铆a mantuvo una s贸lida base de clientes con 21.0 millones de clientes activos, con un ingreso neto por cliente en los 煤ltimos doce meses mejorado a 572 d贸lares (un aumento del 5.9% interanual). El valor promedio de pedido aument贸 a 328 d贸lares desde 313 d贸lares en el segundo trimestre de 2024. La posici贸n financiera de Wayfair sigue siendo s贸lida con 1.4 mil millones de d贸lares en efectivo e inversiones a corto plazo y una liquidez total de 1.8 mil millones de d贸lares.
Wayfair (NYSE:W)電� 2025雲� 2攵勱赴鞐� 齑� 靾滊Г於� 33鞏� 雼煬毳� 旮半頃橂┌ 鞝勲厔 雽�牍� 5.0% 歃濌皜(霃呾澕 鞁滌灔 觳犾垬 鞝滌櫢 鞁� 6.0% 歃濌皜)頃� 臧曤牓頃� 鞁れ爜鞚� 氚滍憸頄堨姷雼堧嫟. 须岇偓电� 靾滌澊鞚� 1,500毵� 雼煬鞕� 頋劃 欤茧嫻靾滌澊鞚� 0.11雼煬毳� 雼劚頃� 鞝勲厔霃勳潣 靻愳嫟鞐愳劀 韥矊 臧滌劆霅橃棃鞀惦媹雼�. 欤检殧 歆�響滊電� 9鞏� 8,400毵� 雼煬鞚� 齑濎澊鞚�(30.1% 毵堨)瓿� 臁办爼 EBITDA 2鞏� 500毵� 雼煬臧� 韽暔霅╇媹雼�.
须岇偓电� 2,100毵� 氇呾潣 頇滌劚 瓿犼皾鞚� 鞙犾頄堨溂氅�, 斓滉芳 12臧滌洈臧� 瓿犼皾雼� 靾滊Г於滌澊 572雼煬搿� 鞝勲厔 雽�牍� 5.9% 歃濌皜頄堨姷雼堧嫟. 韽夑窢 欤茧 旮堨暋鞚� 2024雲� 2攵勱赴鞚� 313雼煬鞐愳劀 328雼煬搿� 靸侅姽頄堨姷雼堧嫟. Wayfair鞚� 鞛 靸來儨電� 14鞏� 雼煬鞚� 順勱笀 氚� 雼赴 韴瀽鞕� 齑� 鞙犽彊靹� 18鞏� 雼煬搿� 瓴碃頃╇媹雼�.
Wayfair (NYSE:W) a annonc茅 de solides r茅sultats pour le deuxi猫me trimestre 2025 avec un chiffre d'affaires net total de 3,3 milliards de dollars, en hausse de 5,0 % en glissement annuel (6,0 % hors sortie du march茅 allemand). La soci茅t茅 a r茅alis茅 un b茅n茅fice net de 15 millions de dollars avec un BPA dilu茅 de 0,11 dollar, marquant une am茅lioration significative par rapport 脿 une perte l'ann茅e pr茅c茅dente. Les indicateurs cl茅s incluent un profit brut de 984 millions de dollars (marge de 30,1 %) et un EBITDA ajust茅 de 205 millions de dollars.
L'entreprise a conserv茅 une solide base de 21,0 millions de clients actifs, avec un chiffre d'affaires net par client sur les douze derniers mois am茅lior茅 脿 572 dollars (en hausse de 5,9 % en glissement annuel). La valeur moyenne des commandes a augment茅 脿 328 dollars contre 313 dollars au deuxi猫me trimestre 2024. La position financi猫re de Wayfair reste solide avec 1,4 milliard de dollars en liquidit茅s et investissements 脿 court terme et une liquidit茅 totale de 1,8 milliard de dollars.
Wayfair (NYSE:W) meldete starke Ergebnisse f眉r das zweite Quartal 2025 mit einem Gesamtumsatz von 3,3 Milliarden US-Dollar, was einem Anstieg von 5,0 % im Jahresvergleich entspricht (6,0 % ohne den R眉ckzug aus dem deutschen Markt). Das Unternehmen erzielte einen Nettoertrag von 15 Millionen US-Dollar bei einem verw盲sserten Ergebnis je Aktie von 0,11 US-Dollar, was eine deutliche Verbesserung gegen眉ber dem Verlust des Vorjahres darstellt. Wichtige Kennzahlen sind ein Bruttogewinn von 984 Millionen US-Dollar (30,1 % Marge) und ein bereinigtes EBITDA von 205 Millionen US-Dollar.
Das Unternehmen behielt eine starke Kundenbasis von 21,0 Millionen aktiven Kunden bei, mit einem verbesserten Nettoumsatz pro Kunde der letzten zw枚lf Monate von 572 US-Dollar (plus 5,9 % im Jahresvergleich). Der durchschnittliche Bestellwert stieg von 313 US-Dollar im zweiten Quartal 2024 auf 328 US-Dollar. Die finanzielle Lage von Wayfair bleibt solide mit 1,4 Milliarden US-Dollar in bar und kurzfristigen Investitionen sowie einer Gesamtliquidit盲t von 1,8 Milliarden US-Dollar.
- None.
- Active customers decreased 4.5% YoY to 21.0 million
- Repeat customer orders declined slightly to 80.7% from 81.7% YoY
- Mobile order share decreased to 62.9% from 63.7% YoY
- Operating expenses remain high at $967 million
Insights
Wayfair delivers best quarter since 2021 with 5% revenue growth and solid profitability, signaling successful turnaround.
Wayfair has posted impressive Q2 2025 results that represent a significant turnaround for the e-commerce home goods retailer. The company reported
Profitability metrics show substantial improvement, with gross profit reaching
While customer metrics were mixed with active customers declining
The company's liquidity position remains strong with
These results mark a clear inflection point for Wayfair after several challenging years following the pandemic boom-and-bust cycle in home furnishings. The company appears to be successfully navigating the balance between growth and profitability in a normalized home goods market.
Q2听Net Revenue of
Second Quarter 2025 Financial Highlights
- Total net revenue of
$3.3 billion $156 million 5.0% year over year. Total net revenue excluding the impact of our exit from the German market grew6.0% year over year U.S. net revenue of$2.9 billion $144 million 5.3% year over year- International net revenue of
$399 million $12 million 3.1% year over year. International Net Revenue Constant Currency Growth was2.1% - Gross profit was
$984 million 30.1% of total net revenue - Net income was
$15 million $205 million - Diluted earnings per share was
$0.11 $0.87 - Net cash provided by operating activities was
$273 million $230 million - Cash, cash equivalents and short-term investments totaled
$1.4 billion $1.8 billion
"The second quarter was a resounding success, defined by accelerating sales and share gain, in tandem with expanding profitability. As we have discussed over the last few years, we can and will grow profitably, while taking significant share in the market. Year-over-year revenue growth of
Shah continued, "Every dollar we spend solves for the best outcome across our customers, suppliers, and Wayfair. Two decades of this approach has taught us that building great things takes time, but when done with thought, care and prudence, can have a payoff well worth the wait. You're seeing some of that this quarter - with years of work we've done leading to some of the best growth and profitability flow through our business has seen since the pandemic. We couldn't be more excited for what lies ahead in 2025 and beyond."
Other Second Quarter Highlights听
- Active customers totaled 21.0 million as of June 30, 2025, a decrease of
4.5% year over year - LTM net revenue per active customer was
$572 5.9% year over year - Orders per customer, measured as LTM orders divided by active customers, was 1.86 for the second quarter of 2025, compared to 1.85 for the second quarter of 2024
- Orders delivered in the second quarter of both 2025 and 2024 were 10.0 million
- Repeat customers placed
80.7% of total orders delivered in the second quarter of 2025, compared to81.7% in the second quarter of 2024 - Repeat customers placed 8.1 million orders in the second quarter of both 2025 and 2024
- Average order value was
$328 $313 62.9% of total orders delivered were placed via a mobile device in the second quarter of 2025, compared to63.7% in the second quarter of 2024
Key Financial Statement and Operating Metrics
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2025 | 2024 | 2025 | 2024 | |||||
(in millions, except LTM net revenue per active customer, average order value and per share data) | ||||||||
Key Financial Statement Metrics: | ||||||||
Net revenue | $听听听听听听听听听听听听听听听 3,273 | $听听听听听听听听听听听听听听听 3,117 | $听听听听听听听听听听听听听听听 6,003 | $听听听听听听听听听听听听听听听 5,846 | ||||
Gross profit | $听听听听听听听听听听听听听听听听听听听 984 | $听听听听听听听听听听听听听听听听听听听 941 | $听听听听听听听听听听听听听听听 1,821 | $听听听听听听听听听听听听听听听 1,760 | ||||
Income (Loss) from operations | $听听听听听听听听听听听听听听听听听听听听听 17 | $听听听听听听听听听听听听听听听听听听听 (35) | $听听听听听听听听听听听听听听听听 (105) | $听听听听听听听听听听听听听听听听 (270) | ||||
Net income (loss) | $听听听听听听听听听听听听听听听听听听听听听 15 | $听听听听听听听听听听听听听听听听听听听 (42) | $听听听听听听听听听听听听听听听听听听 (98) | $听听听听听听听听听听听听听听听听 (290) | ||||
Loss per share: | ||||||||
Basic | $听听听听听听听听听听听听听听听听听听 0.11 | $听听听听听听听听听听听听听听听听 (0.34) | $听听听听听听听听听听听听听听听 (0.77) | $听听听听听听听听听听听听听听听 (2.39) | ||||
Diluted | $听听听听听听听听听听听听听听听听听听 0.11 | $听听听听听听听听听听听听听听听听 (0.34) | $听听听听听听听听听听听听听听听 (0.77) | $听听听听听听听听听听听听听听听 (2.39) | ||||
Net cash provided by operating activities | $听听听听听听听听听听听听听听听听听听听 273 | $听听听听听听听听听听听听听听听听听听听 245 | $听听听听听听听听听听听听听听听听听听 177 | $听听听听听听听听听听听听听听听听听听 106 | ||||
Key Operating Metrics: | ||||||||
Active customers (1) | 21 | 22 | 21 | 22 | ||||
LTM net revenue per active customer (2) | $听听听听听听听听听听听听听听听听听听听 572 | $听听听听听听听听听听听听听听听听听听听 540 | $听听听听听听听听听听听听听听听听听听 572 | $听听听听听听听听听听听听听听听听听听 540 | ||||
Orders delivered (3) | 10 | 10 | 19 | 20 | ||||
Average order value (4) | $听听听听听听听听听听听听听听听听听听听 328 | $听听听听听听听听听听听听听听听听听听听 313 | $听听听听听听听听听听听听听听听听听听 315 | $听听听听听听听听听听听听听听听听听听 299 | ||||
Non-GAAP Financial Measures: | ||||||||
Adjusted EBITDA | $听听听听听听听听听听听听听听听听听听听 205 | $听听听听听听听听听听听听听听听听听听听 163 | $听听听听听听听听听听听听听听听听听听 311 | $听听听听听听听听听听听听听听听听听听 238 | ||||
Free Cash Flow | $听听听听听听听听听听听听听听听听听听听 230 | $听听听听听听听听听听听听听听听听听听听 183 | $听听听听听听听听听听听听听听听听听听听听 91 | $听听听听听听听听听听听听听听听听听听 (10) | ||||
Adjusted Diluted Earnings (Loss) per Share | $听听听听听听听听听听听听听听听听听听 0.87 | $听听听听听听听听听听听听听听听听听听 0.47 | $听听听听听听听听听听听听听听听听听 1.02 | $听听听听听听听听听听听听听听听听听 0.16 | ||||
(1) | The number of active customers represents the total number of individual customers who have purchased at least once directly from our sites during the preceding twelve-month period. The change in active customers in a reported period captures both the inflow of new customers as well as the outflow of existing customers who have not made a purchase in the last twelve months. We view the number of active customers as a key indicator of our growth. |
(2) | LTM net revenue per active customer听represents our total net revenue in the last twelve months divided by our total number of active customers for the same preceding twelve-month period. We view LTM net revenue per active customer as a key indicator of our customers' purchasing patterns, including their initial and repeat purchase behavior. |
(3) | Orders delivered represent the total orders delivered in any period, inclusive of orders that may eventually be returned. As we ship a large volume of packages through multiple carriers, actual delivery dates may not always be available, and as such we estimate delivery dates based on historical data. We recognize net revenue when an order is delivered, and therefore orders delivered, together with average order value, is an indicator of the net revenue we expect to recognize in a given period. We view orders delivered as a key indicator of our growth. |
(4) | We define average order value as total net revenue in a given period divided by the orders delivered in that period. We view average order value as a key indicator of the mix of products on our sites, the mix of offers and promotions and the purchasing behavior of our customers. |
Webcast and Conference Call
Wayfair will host a conference call and webcast to discuss its second quarter 2025 financial results today at 8 a.m.听(ET). Investors and participants should register for the call in advance by visiting https://registrations.events/direct/Q4I5693278. After registering, instructions will be shared on how to join the call. The call will also be available via live webcast at . 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.
About Wayfair
Wayfair is the destination for all things home, and we make it easy to create a home that is just right for you. Whether you're looking for that perfect piece or redesigning your entire space, Wayfair offers quality finds for every style and budget, and a seamless experience from inspiration to installation.
The Wayfair family of brands includes:
- Wayfair: Every style. Every home.
- AllModern: Modern made simple.
- Birch Lane: Classic style for joyful living.
- Joss & Main: The ultimate style edit for home.
- Perigold: The destination for luxury home.
- Wayfair Professional: A one-stop Pro shop.
Wayfair generated
Media Relations Contact:
Tara Lambropoulos
[email protected]
Investor Relations Contact:
Ryan Barney
[email protected]
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of federal and state securities laws. All statements other than statements of historical fact contained in this press release, including statements regarding our investment plans and anticipated returns on those investments; our future customer growth; our future results of operations and financial position; including the exit out of German business; available liquidity and access to financing sources; our business strategy, plans and objectives of management for future operations, including our international growth and omni-channel strategy; consumer activity and behaviors; developments in our technology and systems and anticipated results of those developments; and the impact of macroeconomic events, including interest rates, inflation and changes in tariffs and global trade conditions, and our response to such events, are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "aim," "may," "will," "should," "expects," "plans," "anticipates," "continues," "could," "intends," "goals," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential," or the negative of these terms or other similar expressions.
Forward-looking statements are based on current expectations of future events. We cannot guarantee that any forward-looking statement will be accurate, although we believe that we have been reasonable in our expectations and assumptions. Investors should realize that if underlying assumptions prove inaccurate or that known or unknown risks or uncertainties materialize, actual results could vary materially from our expectations and projections. Investors are therefore cautioned not to place undue reliance on any forward-looking statements. We believe that these risks and uncertainties include, but are not limited to, adverse macroeconomic conditions, including economic instability, changes in laws and regulations, and other governmental actions or policies, including those related to taxes and new or increased tariffs and the uncertainty surrounding potential changes in such laws and regulations or other potential governmental actions or policies, export controls, sustained higher interest rates and听 inflation, slower growth or the potential for recession, disruptions in the global supply chain and other conditions affecting the retail environment for products we sell, and other matters that influence consumer spending and preferences, as well as our ability to plan for and respond to the impact of these conditions; our ability to increase our net revenue per active customer; our ability to build and maintain strong brands; and our ability to expand our business and compete successfully. A further list and description of risks, uncertainties and other factors that could cause or contribute to differences in our future results include the cautionary statements herein and in our most recent Annual Report on Form 10-K and in our other filings and reports with the Securities and Exchange Commission. We qualify all of our forward-looking statements by these cautionary statements.
These forward-looking statements speak only as of the date of this press release and, except as required by applicable law, we undertake no obligation to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events or otherwise.
听WAYFAIR INC. CONDENSED CONSOLIDATED BALANCE SHEETS (鲍苍补耻诲颈迟别诲)听 | ||||
June 30, | December 31, | |||
2025 | 2024 | |||
(in millions, except share and per | ||||
Assets: | ||||
Current assets | ||||
Cash and cash equivalents | $听听听听听听听听听听听听听听听 1,326 | $听听听听听听听听听听听听听听听 1,316 | ||
Short-term investments | 52 | 56 | ||
Accounts receivable, net | 110 | 155 | ||
Inventories | 89 | 76 | ||
Prepaid expenses and other current assets | 233 | 274 | ||
Total current assets | 1,810 | 1,877 | ||
Operating lease right-of-use assets | 868 | 925 | ||
Property and equipment, net | 540 | 603 | ||
Other non-current assets | 60 | 54 | ||
Total assets | $听听听听听听听听听听听听听听听 3,278 | $听听听听听听听听听听听听听听听 3,459 | ||
Liabilities and Stockholders' Deficit: | ||||
Current liabilities | ||||
Accounts payable | $听听听听听听听听听听听听听听听 1,140 | $听听听听听听听听听听听听听听听 1,246 | ||
Other current liabilities | 1,075 | 1,124 | ||
Total current liabilities | 2,215 | 2,370 | ||
Long-term debt | 2,884 | 2,882 | ||
Operating lease liabilities, net of current | 869 | 929 | ||
Other non-current liabilities | 29 | 33 | ||
Total liabilities | 5,997 | 6,214 | ||
Stockholders' deficit: | ||||
Convertible preferred stock, | 鈥� | 鈥� | ||
Class听A common stock, par value | 鈥� | 鈥� | ||
Class听B common stock, par value | 鈥� | 鈥� | ||
Additional paid-in capital | 1,921 | 1,751 | ||
Accumulated deficit | (4,608) | (4,510) | ||
Accumulated other comprehensive (loss) income | (32) | 4 | ||
Total stockholders' deficit | (2,719) | (2,755) | ||
Total liabilities and stockholders' deficit | $听听听听听听听听听听听听听听听 3,278 | $听听听听听听听听听听听听听听听 3,459 | ||
听
WAYFAIR INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) 听 | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2025 | 2024 | 2025 | 2024 | |||||
(in millions, except per share data) | ||||||||
Net revenue (1) | $听听听听听听听听听听听听听听听 3,273 | $听听听听听听听听听听听听听听听 3,117 | $听听听听听听听听听听听听听听听 6,003 | $听听听听听听听听听听听听听听听 5,846 | ||||
Cost of goods sold (2) | 2,289 | 2,176 | 4,182 | 4,086 | ||||
Gross profit | 984 | 941 | 1,821 | 1,760 | ||||
Operating expenses: | ||||||||
Customer service and merchant fees (2) | 121 | 121 | 228 | 238 | ||||
Advertising | 372 | 365 | 716 | 689 | ||||
Selling, operations, technology, general and administrative (2) | 465 | 489 | 894 | 1,023 | ||||
Impairment and other related net charges | 鈥� | 1 | 23 | 1 | ||||
Restructuring charges | 9 | 鈥� | 65 | 79 | ||||
Total operating expenses | 967 | 976 | 1,926 | 2,030 | ||||
Income (Loss) from operations | 17 | (35) | (105) | (270) | ||||
Interest expense, net | (29) | (4) | (52) | (10) | ||||
Other income (expense), net | 23 | (1) | 33 | (5) | ||||
Gain on debt extinguishment | 6 | 鈥� | 31 | 鈥� | ||||
Income (Loss) before income taxes | 17 | (40) | (93) | (285) | ||||
Provision for income taxes | 2 | 2 | 5 | 5 | ||||
Net income (loss) | $听听听听听听听听听听听听听听听听听听听听听 15 | $听听听听听听听听听听听听听听听听听听听 (42) | $听听听听听听听听听听听听听听听听听听 (98) | $听听听听听听听听听听听听听听听听 (290) | ||||
Earnings (Loss) per share: | ||||||||
Basic | $听听听听听听听听听听听听听听听听听听 0.11 | $听听听听听听听听听听听听听听听听 (0.34) | $听听听听听听听听听听听听听听听 (0.77) | $听听听听听听听听听听听听听听听 (2.39) | ||||
Diluted | $听听听听听听听听听听听听听听听听听听 0.11 | $听听听听听听听听听听听听听听听听 (0.34) | $听听听听听听听听听听听听听听听 (0.77) | $听听听听听听听听听听听听听听听 (2.39) | ||||
Weighted-average number of shares of common stock | ||||||||
Basic | 128 | 122 | 127 | 121 | ||||
Diluted | 129 | 122 | 127 | 121 | ||||
(1)听The following tables present net revenue attributable to our reportable segments for the periods indicated: | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2025 | 2024 | 2025 | 2024 | |||||
(in millions) | ||||||||
$听听听听听听听听听听听听听听听 2,874 | $听听听听听听听听听听听听听听听 2,730 | $听听听听听听听听听听听听听听听 5,303 | $听听听听听听听听听听听听听听听 5,121 | |||||
International net revenue | 399 | 387 | 700 | 725 | ||||
Net revenue | $听听听听听听听听听听听听听听听 3,273 | $听听听听听听听听听听听听听听听 3,117 | $听听听听听听听听听听听听听听听 6,003 | $听听听听听听听听听听听听听听听 5,846 | ||||
听 听 听(2)听Includes equity-based compensation and related taxes as follows: | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2025 | 2024 | 2025 | 2024 | |||||
(in millions) | ||||||||
Cost of goods sold | $听听听听听听听听听听听听听听听听听听听听听听听 2 | $听听听听听听听听听听听听听听听听听听听听听听听 3 | $听听听听听听听听听听听听听听听听听听听听听听 4 | $听听听听听听听听听听听听听听听听听听听听听听 6 | ||||
Customer service and merchant fees | 4 | 5 | 7 | 11 | ||||
Selling, operations, technology, general and administrative | 95 | 90 | 158 | 208 | ||||
Total equity-based compensation and related taxes | $听听听听听听听听听听听听听听听听听听 101 | $听听听听听听听听听听听听听听听听听听听听听 98 | $听听听听听听听听听听听听听听听听听听 169 | $听听听听听听听听听听听听听听听听听听 225 | ||||
听
WAYFAIR INC.听 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) 听 | ||||
Six Months Ended June 30, | ||||
2025 | 2024 | |||
(in millions) | ||||
Cash flows for operating activities: | ||||
Net income (loss) | $听听听听听听听听听听听听听听听听听听听 (98) | $听听听听听听听听听听听听听听听听听 (290) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Depreciation and amortization | 159 | 203 | ||
Equity-based compensation expense | 164 | 214 | ||
Amortization of debt discount and issuance costs | 5 | 5 | ||
Impairment and other related net charges | 23 | 1 | ||
Gain on debt extinguishment | (31) | 鈥� | ||
Other non-cash adjustments | 32 | (8) | ||
Changes in operating assets and liabilities: | ||||
Accounts receivable, net | 49 | (37) | ||
Inventories | (11) | (4) | ||
Prepaid expenses and other assets | 21 | 11 | ||
Accounts payable and other liabilities | (136) | 11 | ||
Net cash provided by operating activities | 177 | 106 | ||
鈥� | ||||
Cash flows for investing activities: | ||||
Purchase of short- and long-term investments | (55) | (38) | ||
Sale and maturities of short- and long-term investments | 58 | 27 | ||
Purchase of property and equipment | (18) | (36) | ||
Site and software development costs | (68) | (80) | ||
Net cash used in investing activities | (83) | (127) | ||
Cash flows from financing activities: | ||||
Proceeds from issuance of debt, net of issuance costs | 691 | 鈥� | ||
Payments to extinguish debt | (742) | 鈥� | ||
Payments of taxes related to net share settlement of equity awards | (9) | 鈥� | ||
Other financing activities, net | 鈥� | 3 | ||
Net cash (used in) provided by financing activities | (60) | 3 | ||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (28) | 鈥� | ||
Net increase (decrease) in cash, cash equivalents and restricted cash | 6 | (18) | ||
Cash, cash equivalents and restricted cash | ||||
Beginning of period | $听听听听听听听听听听听听听听听 1,320 | $听听听听听听听听听听听听听听听 1,326 | ||
End of period | $听听听听听听听听听听听听听听听 1,326 | $听听听听听听听听听听听听听听听 1,308 | ||
听
Non-GAAP Financial Measures
To supplement our condensed consolidated financial statements presented in accordance with generally accepted accounting principles ("GAAP"), this earnings release and the accompanying tables and the related earnings conference call contain certain non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Adjusted Diluted Earnings or Loss per Share and Net Revenue Constant Currency Growth. We use these non-GAAP financial measures internally in analyzing our financial results and believe they are useful to investors, as a supplement to GAAP measures, in evaluating our ongoing operational performance. We have provided a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measure in this earnings release.
We calculate Adjusted EBITDA as net income or loss before depreciation and amortization, equity-based compensation and related taxes, interest income or expense, net, other income or expense, net, provision or benefit for income taxes, non-recurring items and other items not indicative of our ongoing operating performance. Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by Net Revenue. We disclose Adjusted EBITDA because it is a key measure used by our management and board of directors to evaluate our operating performance, generate future operating plans and make strategic decisions regarding the allocation of capital. In particular, we believe the exclusion of certain expenses in calculating Adjusted EBITDA facilitates operating performance comparisons on a period-to-period basis as these costs may vary independent of business performance. For instance, we exclude the impact of equity-based compensation and related taxes as we do not consider this item to be indicative of our core operating performance. Investors should, however, understand that equity-based compensation and related taxes will be a significant recurring expense in our business and an important part of the compensation provided to our employees. Accordingly, we believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors.
We calculate Free Cash Flow as net cash provided by or used in operating activities less net cash used to purchase property and equipment and site and software development costs (collectively, "Capital Expenditures"). We disclose Free Cash Flow because it is an important indicator of our business performance as it measures the amount of cash we generate. Accordingly, we believe that Free Cash Flow provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management.
We calculate Adjusted Diluted Earnings or Loss per Share as net income or loss plus equity-based compensation and related taxes, provision or benefit for income taxes, non-recurring items, other items not indicative of our ongoing operating performance, and, if dilutive, interest expense associated with convertible debt instruments under the if-converted method divided by the weighted-average number of shares of common stock used in the computation of diluted earnings or loss per share. Accordingly, we believe that these adjustments to our adjusted diluted net income or loss before calculating per share amounts for all periods presented provide a more meaningful comparison between our operating results from period to period.
We calculate Net Revenue Constant Currency Growth by translating the current period local currency net revenue by the currency exchange rates used to translate the financial statements in the comparable prior-year period. We disclose Net Revenue Constant Currency Growth because it is an important indicator of our operating results. Accordingly, we believe that Net Revenue Constant Currency Growth provides useful information to investors and others in understanding and evaluating trends in our operating results in the same manner as our management.
We calculate forward-looking non-GAAP financial measures based on internal forecasts that omit certain amounts that would be included in forward-looking GAAP financial measures.听We do听not attempt to provide a reconciliation of forward-looking听non-GAAP听financial measures to forward looking GAAP financial measures because forecasting the timing or amount of items that have not yet occurred and are out of our control听is inherently uncertain and unavailable without unreasonable efforts. Further, we believe that such reconciliations would imply a degree of precision and certainty that could be confusing to investors. Such items could have a substantial impact on GAAP measures of financial performance.
The non-GAAP financial measures have limitations as analytical tools. We do not, nor do we suggest that investors should consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors should also note that the non-GAAP financial measures we use may not be the same non-GAAP financial measures and may not be calculated in the same manner as that of other companies, including other companies in our industry.
The following table reflects the reconciliation of net income or loss to Adjusted EBITDA and Adjusted EBITDA margin for each of the periods indicated:
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||
2025 | 2024 | 2025 | 2024 | ||||||
(in millions) | |||||||||
Reconciliation of Adjusted EBITDA: | |||||||||
Net income (loss) | $听听听听听听听听听听听听听听听听听 15 | $听听听听听听听听听听听听听听听 (42) | $听听听听听听听听听听听听听听听 (98) | $听听听听听听听听听听听听 (290) | |||||
Depreciation and amortization | 78 | 99 | 159 | 203 | |||||
Equity-based compensation and related taxes | 101 | 98 | 169 | 225 | |||||
Interest expense, net | 29 | 4 | 52 | 10 | |||||
Other (income) expense, net | (23) | 1 | (33) | 5 | |||||
Provision for income taxes | 2 | 2 | 5 | 5 | |||||
Other: | |||||||||
Impairment and other related net charges (1) | 鈥� | 1 | 23 | 1 | |||||
Restructuring charges (2) | 9 | 鈥� | 65 | 79 | |||||
Gain on debt extinguishment (3) | (6) | 鈥� | (31) | 鈥� | |||||
Adjusted EBITDA | $听听听听听听听听听听听听听听听 205 | $听听听听听听听听听听听听听听听 163 | $听听听听听听听听听听听听听听 311 | $听听听听听听听听听听听听听听 238 | |||||
Net revenue | $听听听听听听听听听听听听 3,273 | $听听听听听听听听听听听听 3,117 | $听听听听听听听听听听听 6,003 | $听听听听听听听听听听听 5,846 | |||||
Net income (loss) margin | 0.5听% | (1.3)听% | (1.6)听% | (5.0)听% | |||||
Adjusted EBITDA Margin | 6.3听% | 5.2听% | 5.2听% | 4.1听% | |||||
鈥� | |||||||||
(1) | During the six months ended June听30, 2025, we recorded net charges of | ||||||||
(2) | During the three and six months ended June听30, 2025, we incurred | ||||||||
(3) | During the three and six months ended June听30, 2025, we recorded a | ||||||||
听
The following table presents Adjusted EBITDA attributable to our segments, and the reconciliation of net income or loss to Adjusted EBITDA is presented in the preceding table:
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2025 | 2024 | 2025 | 2024 | |||||
(in millions) | ||||||||
Segment Adjusted EBITDA: | ||||||||
US | $听听听听听听听听听听听听听听听听听听听 224 | $听听听听听听听听听听听听听听听听听听听 199 | $听听听听听听听听听听听听听听听听听听听 319 | $听听听听听听听听听听听听听听听听听听 320 | ||||
International | (19) | (36) | (8) | (82) | ||||
Adjusted EBITDA | $听听听听听听听听听听听听听听听听听听听 205 | $听听听听听听听听听听听听听听听听听听听 163 | $听听听听听听听听听听听听听听听听听听听 311 | $听听听听听听听听听听听听听听听听听听 238 | ||||
听
The following table presents a reconciliation of net cash provided by or used in operating activities to Free Cash Flow for each of the periods indicated:
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2025 | 2024 | 2025 | 2024 | |||||
(in millions) | ||||||||
Net cash provided by operating activities | $听听听听听听听听听听听听听听听听听听听 273 | $听听听听听听听听听听听听听听听听听听听 245 | $听听听听听听听听听听听听听听听听听听听 177 | $听听听听听听听听听听听听听听听听听听听 106 | ||||
Purchase of property and equipment | (13) | (23) | (18) | (36) | ||||
Site and software development costs | (30) | (39) | (68) | (80) | ||||
Free Cash Flow | $听听听听听听听听听听听听听听听听听听听 230 | $听听听听听听听听听听听听听听听听听听听 183 | $听听听听听听听听听听听听听听听听听听听听听 91 | $听听听听听听听听听听听听听听听听听听听 (10) | ||||
A reconciliation of the numerator and denominator for diluted earnings or loss per share, the most directly comparable GAAP financial measure, to the numerator and denominator for Adjusted Diluted Earnings or Loss per Share, in order to calculate Adjusted Diluted Earnings or Loss per Share is as follows:
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2025 | 2024 | 2025 | 2024 | |||||
(in millions, except per share data) | ||||||||
Numerator: | ||||||||
Numerator for basic and diluted earnings (loss) per share - net income (loss) | $听听听听听听听听听听听听听听听听听听听听听 15 | $听听听听听听听听听听听听听听听听听听听 (42) | $听听听听听听听听听听听听听听听听听听听 (98) | $听听听听听听听听听听听听听听听听听 (290) | ||||
Adjustments to net income (loss) | ||||||||
Interest expense associated with convertible debt instruments | 13 | 10 | 27 | 鈥� | ||||
Equity-based compensation and related taxes | 101 | 98 | 169 | 225 | ||||
Provision for income taxes | 2 | 2 | 5 | 5 | ||||
Other: | ||||||||
Impairment and other related net charges | 鈥� | 1 | 23 | 1 | ||||
Restructuring charges | 9 | 鈥� | 65 | 79 | ||||
Gain on debt extinguishment | (6) | 鈥� | (31) | 鈥� | ||||
Numerator for Adjusted Diluted Earnings (Loss) per Share - Adjusted net income (loss) | $听听听听听听听听听听听听听听听听听听听 134 | $听听听听听听听听听听听听听听听听听听听听听 69 | $听听听听听听听听听听听听听听听听听听听 160 | $听听听听听听听听听听听听听听听听听听听听听 20 | ||||
Denominator: | ||||||||
Denominator for basic earnings (loss) per share - weighted-average number of shares of common stock outstanding | 128 | 122 | 127 | 121 | ||||
Effect of dilutive securities: | ||||||||
Restricted stock units | 1 | 鈥� | 鈥� | 鈥� | ||||
Denominator for diluted earnings (loss) per share - weighted-average number of shares of common stock outstanding | 129 | 122 | 127 | 121 | ||||
Adjustments to effect of dilutive securities: | ||||||||
Restricted stock units | 鈥� | 鈥� | 鈥� | 1 | ||||
Convertible debt instruments | 27 | 22 | 30 | 鈥� | ||||
Denominator for Adjusted Diluted Earnings (Loss) per Share - Adjusted weighted-average number of shares of common stock outstanding after the effect of dilutive securities | 156 | 144 | 157 | 122 | ||||
Diluted Earnings (Loss) per Share | $听听听听听听听听听听听听听听听听听听 0.11 | $听听听听听听听听听听听听听听听听 (0.34) | $听听听听听听听听听听听听听听听听 (0.77) | $听听听听听听听听听听听听听听听听 (2.39) | ||||
Adjusted Diluted Earnings (Loss) per Share | $听听听听听听听听听听听听听听听听听听 0.87 | $听听听听听听听听听听听听听听听听听听 0.47 | $听听听听听听听听听听听听听听听听听听 1.02 | $听听听听听听听听听听听听听听听听听听 0.16 | ||||
听
View original content to download multimedia:
SOURCE Wayfair Inc.
FAQ
What were Wayfair's (W) Q2 2025 earnings results?
How many active customers does Wayfair have in Q2 2025?
What is Wayfair's average order value in Q2 2025?
How much cash does Wayfair (W) have on its balance sheet?
What is Wayfair's revenue per active customer in Q2 2025?
