Wayfair narrows Q1 loss, returns to active customer growth
Wayfair Inc. reported reported first-quarter increases in revenue and active customers, and said it continued to gain share amid what it called a “choppy” start to the year for the home furnishings category.
At the end of the quarter, Wayfair’s active customers totaled 21.4 million, an increase of 1.4% year over year. Net revenue per active customer was $591, an increase of 5.2% year over year
The online home furnishings giant noted that its 5.2% adjusted first-quarter EBITDA margin is the best first quarter result it has delivered in five years.
"While the home furnishings category experienced a choppy start to the year, we outperformed the market by a high single-digit spread in the first quarter, based on our estimates,” said Niraj Shah, CEO, co-founder and co-chairman, Wayfair.
The company opened its second large-format Wayfair store during the quarter, a 150,000-sq.-ft. location at The District at Howell Mill in Atlanta. On the earnings call, Shah said additional locations are scheduled to open this summer in Columbus, Ohio, and in November in Denver. Over three openings are on tap for 2027.
"These are profitable ways to grow the customer base and profitable ways to grow the dollars per customer per year," Shah said.
Wayfair reported a net loss was $105 million, or a loss of $0.80 per share, for the quarter ended March 31, compared to a loss of $113 million in the year-ago period. The adjusted loss per share was $0.26.
Total net revenue increased 7.4% to $2.93 billion, topping analysts estimates of $2.89 billion. U.S. net revenue rose 7.5% to $2.6 billion. International net revenue rose 6% to $319 million.
During the quarter, the average order value was $312, compared to $301 in the year-ago period. Repeat customers placed 79.8% of total orders delivered.
“Our plan remains consistent: increasingly outperform the category to drive top-line growth, flow that growth through in a manner that maximizes EBITDA dollars and grows them faster than revenue, and deploy our excess cash to manage both our upcoming maturities and dilution," said Niraj Shah, CEO, co-founder and co-chairman, Wayfair. “Our scale enables us to deliver a customer experience that is difficult to replicate, supported by years of investment in our core offering, global logistics network, and technology platform. We are particularly encouraged by the pace at which our share gains are accelerating and remain excited about the opportunity ahead."
At the end of the quarter, Wayfair’s active customers totaled 21.4 million, an increase of 1.4% year over year. Net revenue per active customer was $591 as of March 31, 2026, an increase of 5.2% year over year.
In addition to its namesake brand, the Wayfair portfolio include Wayfair, AllModern, Perigold, Birch Lane, Joss & Main and Wayfair Professional.
