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Wayfair (W) investor relations material
Wayfair Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary28 Oct, 2025
Executive summary
Net revenue for Q3 2025 increased 8.1% year-over-year to $3.12 billion, with U.S. revenue up 8.6% and international up 4.6%, despite the exit from the German market.
Adjusted EBITDA rose over 70% year-over-year to $208 million, with a 6.7% margin, the highest outside the pandemic period.
Net loss for Q3 2025 was $99 million, compared to a net loss of $74 million in Q3 2024; loss per share was $0.76 basic and diluted.
Active customers totaled 21 million, with 80.1% of orders from repeat buyers, and average order value rose to $317.
Share gains accelerated, driven by strong order momentum, new program launches, and technology investments, despite a sluggish housing market.
Financial highlights
Gross profit for Q3 2025 was $934 million, representing 30.0% of net revenue.
Adjusted EBITDA for Q3 2025 was $208 million, up from $119 million in Q3 2024.
Free cash flow for Q3 2025 was $93 million, compared to negative $9 million in Q3 2024.
Ended the quarter with $1.2 billion in cash and $1.7 billion in total liquidity.
LTM net revenue per active customer increased to $578 from $545 year-over-year.
Outlook and guidance
Q4 net revenue expected to grow mid-single digits year-over-year, with a 100 basis point drag from Germany exit.
Gross margin guided to 30%-31%, likely at the low end due to reinvestment and seasonality.
Adjusted EBITDA margin expected in the 5.5%-6.5% range for Q4.
SOTG&A projected at $360-$370 million; equity-based compensation of $80-$100 million, including a new CEO award.
Management continues to monitor macroeconomic conditions, including tariffs, inflation, and interest rates, but maintains a positive long-term outlook for online home goods retail.
Reconcile active customer decline with revenue growth.
Detail fixed cost discipline impact on EBITDA.
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Q4 202519 Feb, 2026
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Frequently asked questions
An extensive online marketplace for furniture
Wayfair Inc. is an e-commerce company specializing in home furnishings and decor headquartered in the United States, but with business across several countries. Wayfair operates a robust online platform offering a wide range of furniture, lighting, rugs, bedding, and other home goods. With a vast selection of products from numerous brands and suppliers, Wayfair provides customers with a convenient and accessible way to shop for their home furnishing needs.
An online retailer and marketplace
Wayfair Inc. operates as an online retailer and marketplace and does not produce furniture themselves. Instead, the company partners with various brands, suppliers, and manufacturers to offer a wide selection of furniture and home goods on its platform. Wayfair collaborates with these brands to curate and showcase their products, providing customers with a diverse range of options to choose from. By leveraging their extensive network of partnerships, Wayfair is able to offer furniture and home decor items on a massive scale. This form of online marketplace has proven to be an effective way of doing business, with the most notable examples of this being Amazon and Alibaba. When it comes to direct competitors, Overstock.com and Wayfair wrestle for more or less the same base of customers.
A platform driven by technology
Wayfair Inc. operates a robust e-commerce platform that serves as a one-stop destination for home furnishings. The platform provides a seamless and user-friendly interface, enabling customers to browse an extensive catalog of products, access detailed product information, and make informed purchasing decisions. Wayfair's platform incorporates sophisticated search and recommendation algorithms, allowing customers to discover relevant and personalized product suggestions. The company emphasizes a seamless customer experience by offering easy ordering, secure payment options, and efficient delivery services. With a technology-driven approach, Wayfair's platform and its algorithm are under constant development and improvement.
Expansion abroad
Wayfair expanded internationally to tap into new markets and capitalize on the growing demand for online home furnishings. By establishing a presence outside of the USA, Wayfair aims to reach a wider customer base and cater to global demand. The company operates in countries such as Canada, the United Kingdom, Germany, and Australia, where they offer localized websites and product offerings.
These localized websites ensure that customers in each market have access to relevant product assortments, localized pricing, and convenient shipping options. By adapting to the unique needs and preferences of customers in these countries, Wayfair aims to provide a seamless and personalized shopping experience in each international market it serves.
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