Wayfair Revenue Growth Accelerates as US Sales Gain Momentum
The e-commerce retailer reported total net revenue of $3.5 billion for the second quarter.
Wayfair (W), the online home-goods retailer, reported total net revenue of $3.5 billion in the second quarter, representing a 7.5% increase year over year.
The result marked a steady acceleration in growth, rising from 7.4% in the first quarter of 2026 and 6.9% in the fourth quarter of 2025. This trajectory was driven primarily by the domestic market, where U.S. net revenue grew 8.7% year over year, up from 7.5% growth in the prior quarter and 7.4% in the fourth quarter of 2025.
International performance diverged from the domestic trend. International net revenue declined 1.3% year over year, with constant currency growth at -2.0%. This result reversed a period of expansion that included 6.0% growth in the first quarter of 2026 and 3.7% growth in the fourth quarter of 2025.
Customer engagement and spending patterns trended upward. Active customers increased 3.3% year over year to 21.7 million, an acceleration from the 1.4% increase seen in the first quarter. Average order value rose to $332, continuing a climb from $328 in the prior quarter and $312 in the first quarter. Last twelve months net revenue per active customer increased to $596 as of June 30, 2026, compared to $591 as of March 31, 2026.
Specific growth drivers included the company's high-end and niche offerings. Specialty retail brands grew nearly 20% and Perigold grew more than 35% during the quarter.
Profitability and cash flow metrics improved. Non-GAAP Adjusted EBITDA margin expanded to 6.9%, up from 5.2% in the first quarter and 6.3% in the second quarter of 2025. Non-GAAP Free Cash Flow reached $301 million, recovering from a loss of $106 million in the first quarter.
The company recorded a $59 million loss on debt extinguishment in the second quarter, compared to a $6 million gain in the same period last year.