EarningsQ2 2026 Earnings Report
MX:W Q2 2026 EPS Results
Actual EPS$16.13
Consensus EPS$15.35
Beat/MissBeat by +$0.78
One Year Ago EPS$14.77
MX:W Q2 2026 Revenue Results
Actual Revenue$59.76B
Expected Revenue$58.92B
Beat/MissBeat by +$841.18M
YoY Revenue Growth+7.52%
Earnings Announcement Details
QuarterQ2 2026
Date08/04/2026
TimeBefore Open
Conference CallTuesday, August 4, 2026
MX:W Upcoming Earnings
Wayfair's next earnings date is estimated for October 29, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:W Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed clear, broadbased operational and financial progress: accelerating top-line growth (7.5% YoY), improving order momentum, expanding adjusted EBITDA (6.9%) and strong free cash flow ($301M, +30% YoY). U.S. share gains, outsized luxury/specialty growth (Perigold +35%+), improving unit economics and balance-sheet repairs (convert retirements and a Fitch upgrade) are major positives. Challenges are concentrated in international markets, a still-promotional mass environment, and near-term gross margin reinvestments tied to loyalty and CX that intentionally trade some margin for durable growth. Overall, the highlights meaningfully outweigh the lowlights.Company Guidance
Top-line Growth and Order Momentum
Net revenue grew 7.5% year-over-year in Q2 2026; orders were up 6% YoY and rose over 12% sequentially versus Q1 (best Q2 sequential growth since 2020). Average order value (AOV) increased 1.2% YoY and active customers grew >3% YoY.
Strong U.S. Performance and Share Capture
U.S. revenue accelerated to ~8.7% YoY (described as nearly 9%), the best U.S. post-COVID revenue growth; management highlighted sustained high-single-digit share spread and continued market share gains driven by price, selection, speed and new programs.
Luxury & Specialty Outperformance (Perigold)
Perigold grew >35% in the luxury segment and specialty retail brands grew nearly 20% in Q2. Perigold is now doing ~>$400M annually, has grown double-digits every year since launch, and posted robust double-digit YoY growth in both Q1 and Q2 2026.
Perigold Customer Economics
Perigold active customers approaching ~400,000 (up ~20% YoY). Perigold customers spend ~3x the typical wayfair.com shopper annually, and ~40% of Perigold customers each year are net new to the Wayfair family of brands.
Margin Expansion and Contribution
Gross margin of 30.0% of net revenue and contribution margin of 15.3% in Q2. Customer service & merchant fees were 3.6% and advertising 11.1% of revenue.
Adjusted EBITDA & Improved Operating Leverage
Generated $242M of adjusted EBITDA in Q2 (6.9% margin), the best adjusted EBITDA margin since 2021. Selling, operations, technology & G&A were $361M with 100 basis points of SOTG&A leverage versus prior-year Q2.
Strong Cash Generation and Liquidity
Cash from operations was $360M; CapEx $59M; free cash flow $301M (up >30% YoY) — best quarter of cash generation since Q2 2020. Cash & equivalents $1.1B and total liquidity $1.6B including undrawn revolver.
Balance Sheet Progress and Credit Upgrade
Issued $400M high-yield note to redeem remaining 2028 convertibles; near completion of convertible deleveraging (only $39M of 2026 and $229M of 2027 converts remain) and received a 2-notch upgrade from Fitch, reflecting improved credit profile.
Operational Initiatives and AI-driven Productivity
Investments in loyalty, stores, Wayfair Verified and technology are driving compounding benefits. Example: proprietary AI imagery pipeline replaced ~$2M of traditional production with <$10K (over 99% cost reduction), enabling faster, higher-quality catalog content.
Q3 Guidance and Financial Outlook
Third-quarter guidance: high single-digit revenue growth; gross margin guidance 29.5%–30.5% (expected toward lower end); advertising guided 10.5%–11.5%; customer service just below 4%; SOTG&A $360M–$370M; adjusted EBITDA margin 6%–7%.
MX:W Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed