Wayfair’s fourth-quarter net revenue rose 6.9% year-over-year to $3.33 billion, with US net revenue up 7.4% to $2.94 billion and international revenue rising 3.7% to $395 million. Gross profit reached $1.01 billion (30.3% margin), operating income was $84 million versus a $117 million loss, and net loss narrowed to $116 million as active customers declined 0.5% to 21.3 million.

For the full year, net revenue increased 5.1% to $12.45 billion, or 6.1% excluding Germany, and operating income turned positive at $17 million compared with a $461 million loss in 2024. Gross profit was $3.76 billion (30.2% margin), net loss narrowed to $313 million, and LTM net revenue per active customer rose 5.6% to $586.

At year-end, cash and short-term investments stood at $1.50 billion with total liquidity of $1.90 billion including revolving credit capacity. Net cash provided by operating activities grew to $534 million from $317 million, reducing net leverage below 2.5x versus over 4x a year earlier.

Wayfair expects mid-single-digit year-over-year revenue growth in Q1, a gross margin around 30–31%, contribution margin near 15%, and an adjusted EBITDA margin of 4.5–5.5%. The company anticipates a seasonal cash outflow in the quarter due to working-capital dynamics.