BOSTON – November 04, 2026 -- Wayfair Inc. (NYSE: W) reported third-quarter net revenue of $3.4 billion, up 9.7% year over year, as U.S. sales grew 11.4% and net income reached $62 million.
U.S. growth outpaces a flat category and lifts profitability
Total net revenue rose $303 million. U.S. net revenue reached $3.0 billion, up $312 million. International net revenue fell $9 million, or 2.3%, to $380 million, a 1.8% decline in constant currency.
Gross profit was $1,012 million, or 29.6% of net revenue. Non-GAAP Contribution Profit reached $550 million, a 16.1% margin. Non-GAAP Adjusted EBITDA was $236 million, a 6.9% margin that CEO Niraj Shah called the company's best Q3 result since 2020.
Diluted earnings per share were $0.45, and Non-GAAP Adjusted Diluted Earnings per Share were $0.93. Shah described Q3 as the strongest growth quarter of the post-pandemic period.
Wayfair attributes share gains to a 12% rise in U.S. orders
Shah said U.S. revenue grew double digits against a roughly flat category. He attributed the growth to U.S. orders up 12% and active customers up more than 4%. At the start of the year, management had forecast U.S. share gains at a pace not seen in several years. Shah said the order and customer momentum supports confidence that the gains are structural and that Wayfair is "still in the early innings."
Active customers rise 4.7% to 22.2 million while order value slips
Active customers totaled 22.2 million as of September 30, 2026. LTM net revenue per active customer rose 3.1% to $596. Orders per customer increased to 1.90 from 1.87 a year earlier.
Orders delivered reached 11.0 million, up 12.2%. Average order value fell to $311 from $317, so order volume rather than basket size drove the growth.
Repeat customers placed 8.8 million orders, up 11.4%. They accounted for 80.0% of orders delivered, against 80.1% in the prior-year quarter. Mobile devices generated 64.4% of orders delivered, up from 63.0%.
Operating cash flow of $198 million supports $1.5 billion in liquidity
Net cash provided by operating activities was $198 million, and Non-GAAP Free Cash Flow was $136 million. Cash, cash equivalents and short-term investments totaled $1.1 billion. Total liquidity was $1.5 billion, including availability under the revolving credit facility.