Wayfair Inc. reported its financial results for the first quarter ended March 31, 2025. The company's Q1 net revenue was $2.7 billion, with 21.1 million active customers.

Financial Highlights:

• Total net revenue was $2.7 billion, a slight increase year-over-year.
• U.S. net revenue reached $2.4 billion, up 1.6% year-over-year.
• International net revenue was $301 million, a decrease of 10.9% year-over-year.
• Gross profit amounted to $837 million, or 30.7% of total net revenue.
• Net loss was $113 million, while 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, with total liquidity at $1.8 billion, including availability under a revolving credit facility.

Niraj Shah, CEO, co-founder, and co-chairman of Wayfair, noted that the company outperformed its peers and gained market share while improving profitability, despite category volatility. He highlighted the positive growth in the U.S. business, up 1.6%, against an estimated category decline. Shah emphasized the company's strategy to continue gaining share through execution, deepen supplier partnerships, and invest in high-ROI growth initiatives. He expressed confidence in Wayfair's ability to navigate future challenges with a strong balance sheet and a refined operating model.

Other Key Metrics:

• Active customers totaled 21.1 million as of March 31, 2025, a 5.4% decrease year-over-year.
• LTM net revenue per active customer was $562 as of March 31, 2025, a 4.7% increase year-over-year.
• Orders per customer were 1.85 for Q1 2025, compared to 1.84 for Q1 2024.
• Orders delivered in Q1 2025 were 9.1 million, a 5.2% decrease year-over-year.
• Repeat customers placed 80.5% of total orders delivered in both Q1 2025 and Q1 2024.
• Repeat customers placed 7.3 million orders in Q1 2025, a 5.2% decrease year-over-year.
• Average order value was $301 in Q1 2025, compared to $285 in Q1 2024.
• 63.4% of total orders delivered were placed via a mobile device in Q1 2025, compared to 63.1% in Q1 2024.

Wayfair's Q1 2025 financial performance showed a slight increase in total net revenue, driven by growth in the U.S. market. Despite a net loss, the company improved its Adjusted EBITDA and focused on strategic initiatives to gain market share and enhance profitability. The company's active customer base decreased slightly, but LTM net revenue per active customer increased, indicating stronger purchasing patterns among existing customers.