Q1 26 EPS
$0.26
MISS 6.81%
Est. $0.28
Q1 26 Revenue
$2.93B
BEAT +1.47%
Est. $2.89B
vs S&P Since Q1 26
+25.3%
BEATING MARKET
W +29.0% vs S&P +3.6%
Market Reaction
Did W Beat Earnings? Q1 2026 Results
Wayfair posted a mixed first quarter for fiscal 2026, beating on revenue while falling short on the bottom line, as the online home furnishings retailer reported earnings per share of $0.26 against a consensus estimate of $0.28, a miss of 6.81% that … Read more Wayfair posted a mixed first quarter for fiscal 2026, beating on revenue while falling short on the bottom line, as the online home furnishings retailer reported earnings per share of $0.26 against a consensus estimate of $0.28, a miss of 6.81% that snapped a four-consecutive-quarter streak of EPS beats. Revenue of $2.93 billion topped analyst expectations of $2.89 billion by 1.49%, representing 7.4% year-over-year growth, with the company crediting broad-based market share gains in a difficult home goods environment. The most meaningful profitability driver was a dramatic narrowing of the GAAP operating loss to $11 million from $122 million a year ago, reflecting lower advertising spend, the elimination of impairment charges, and reduced restructuring costs. Adjusted EBITDA margin expanded to 5.2% from 3.9%, the best Q1 reading in recent memory. Active customers rose 1.4% to 21.4 million, reversing prior-period pressure. Management outlined continued focus on growing Adjusted EBITDA faster than revenue and deploying cash toward upcoming debt maturities, though a director's notable share sale ahead of results added a note of caution for some investors.
Key Takeaways
- • 7.4% year-over-year net revenue growth driven by market share gains
- • Active customer growth of 1.4% year over year to 21.4 million
- • Average order value increased to $312 from $301 year over year
- • LTM net revenue per active customer increased 5.2% to $591
- • Orders per customer improved to 1.88 from 1.85
- • Orders delivered grew 3.3% to 9.4 million
- • Adjusted EBITDA margin expanded to 5.2% from 3.9%
- • Advertising expense decreased to $329 million from $344 million
- • Mobile order penetration reached 64.7%, up from 63.4%
W Forward Guidance & Outlook
CEO Niraj Shah articulated a consistent strategic plan: outperform the home furnishings category to drive top-line growth, maximize Adjusted EBITDA dollars growing faster than revenue, and deploy excess cash to manage upcoming debt maturities and dilution. The company expressed particular encouragement about accelerating market share gains and excitement about the opportunity ahead, though no specific numerical guidance was provided.
W YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
W Revenue by Segment
With YoY comparisons, source: SEC Filings
W Revenue by Geography
With YoY comparisons, source: SEC Filings
“Our strong revenue performance in Q1 translated to noteworthy profitability. Our 5.2% Adjusted EBITDA margin in the first quarter is the best Q1 result we've delivered in five years and approaches what we reported in the first quarter of 2021. 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.”
— Niraj Shah, Q1 2026 Earnings Press Release
W Earnings Trends
W vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
W EPS Trend
Earnings per share: estimate vs actual
W Revenue Trend
Quarterly revenue: estimate vs actual
W Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 MISS | $0.28 | $0.26 | -6.81% | $2.93B | +1.47% |
| Q4 25 BEAT FY | $0.69 | $0.85 | +23.89% | $3.34B | +1.17% |
| FY Full Year | $2.34 | $2.60 | +11.09% | $12.46B | +0.32% |
| Q3 25 BEAT | $0.44 | $0.70 | +59.31% | $3.12B | +3.46% |
| Q2 25 BEAT | $0.33 | $0.87 | +167.28% | $3.27B | +4.79% |
| Q1 25 BEAT | $-0.20 | $0.10 | +150.86% | $2.73B | +0.82% |