Warby Parker Inc【WRBY】株式ニュース

Warby Parker Announces First Quarter 2026 ResultsMay 7, 2026 6:45 AM
Business Wire Warby Parker Inc. (NYSE: WRBY) (“Warby Parker” or the “Company”), a direct-to-consumer lifestyle brand focused on vision for all, today announced financial results for the first quarter ended March 31, 2026. Highlights Delivered revenue growth of 8.3%, exceeding the Company’s guidance. Drove Active Customer growth of 4.8% to 2.69 million on a trailing 12-month basis, and Average Revenue per Customer of $331, up 6.9% year over year. Generated net income of $3.2 million, and expanded Adjusted EBITDA(1) to $29.6 million, exceeding the Company’s guidance. Delivered operating cash flow of $24.5 million and Free Cash Flow(1) of $8.4 million, ending the quarter with $288.2 million in cash and cash equivalents. Opened 14 net new stores during the quarter, ending Q1 with 337 stores. Announced 25 million pairs of glasses distributed through the Buy a Pair, Give a Pair program. “We’re proud of our team’s resilience as we navigated a dynamic environment, including severe weather. We continue to invest in the customer experience and bring innovative new products like Warby Parker Sport to market, and the momentum we’re building gives us confidence as we move through the balance of the year,” said Co-Founder and Co-CEO Neil Blumenthal. “As we look ahead, a top priority is preparing for the launch of intelligent eyewear. Since day one, we have aimed to delight customers by offering remarkable products and experiences. We’re excited to introduce what we believe will be the world’s first truly intelligent AI glasses for all-day wear. We’re building capabilities to support this launch and are proud of how our team is bringing this to life,” added Co-Founder and Co-CEO Dave Gilboa. First Quarter 2026 Year Over Year Financial Results Net revenue increased $18.7 million, or 8.3%, to $242.4 million. Active Customers increased 4.8% to 2.69 million on a trailing 12-month basis, and Average Revenue per Customer increased 6.9% to $331. Gross margin was 54.0% compared to 56.3% in the prior year. The decrease was primarily driven by deleverage in the fixed expenses portion of gross margin, which includes doctor headcount and occupancy, the impact of tariff costs related to glasses, and increased optical laboratory and customer shipping costs. These impacts were partially offset by selective price increases taken earlier last year in glasses, and increased penetration of higher margin progressive lenses and other lens enhancements. Adjusted Gross Margin(1) was 54.2%, compared to 56.4% in the prior year. Selling, general, and administrative expenses (“SG&A”) were $129.4 million, up $5.9 million from the prior year. As a percentage of revenue, SG&A decreased by 180 basis points, primarily driven by leverage from marketing costs related to our Home-Try On program which was sunsetted in Q4 2025, and lower stock-based compensation, corporate expenses, and customer experience team costs as a percent of revenue. This leverage was partially offset by increased retail compensation as a percent of revenue. Adjusted SG&A(1) was $117.1 million, or 48.3% of revenue, compared to $110.3 million, or 49.3% of revenue, in the prior year. Net income decreased $0.3 million to $3.2 million. Adjusted EBITDA(1) increased $0.4 million to $29.6 million and Adjusted EBITDA Margin(1) decreased 90 basis points to 12.2%. Balance Sheet and Cash Flow Highlights Ended the first quarter of 2026 with $288.2 million in cash and cash equivalents. Operating cash flow of $24.5 million and Free Cash Flow(1) of $8.4 million. 2026 Outlook For the full year 2026, Warby Parker is reaffirming its guidance as follows: Net revenue of $959 to $976 million, representing approximately 10% to 12% growth versus full year 2025. Adjusted EBITDA(1) of $117 to $119 million, which equates to an Adjusted EBITDA Margin(1) of 12.2% across the revenue range, and 130 basis points of year-over-year expansion. 50 new store openings. “We're pleased with the results we delivered in the first quarter that were ahead of expectations. We're also encouraged by the momentum being built as we pursue several initiatives that position us to drive our performance through the rest of this year,” said Adrian Mitchell, Chief Financial Officer. The guidance and forward-looking statements made in this press release and on our conference call are based on management's expectations as of the date of this press release. (1) Please see the reconciliation of non-GAAP financial measures to the most comparable GAAP financial measure in the section titled “Non-GAAP Financial Measures” below. Webcast and Conference Call A conference call to discuss Warby Parker’s first quarter 2026 results, as well as second quarter and full year 2026 outlook, is scheduled for 8:00 a.m. ET on May 7, 2026. To participate, please dial (833) 461-5787 from the U.S. or (585) 542-9983 from international locations. The conference passcode is 508282561. A live webcast of the conference call will be available on the investors section of the Company’s website at investors.warbyparker.com where presentation materials will also be posted prior to the conference call. A replay will be made available online approximately two hours following the live call for a period of 90 days. About Warby Parker Warby Parker (NYSE: WRBY) was founded in 2010 with a mission to inspire and impact the world with vision, purpose, and style–without charging a premium for it. Headquartered in New York City, the co-founder-led lifestyle brand pioneers ideas, designs products, and develops technologies that help people see, from designer-quality prescription glasses (starting at $95) and contacts, to eye exams and vision tests available online and in its 337 retail stores across the U.S. and Canada. Warby Parker aims to demonstrate that businesses can scale, do well, and do good in the world. Ultimately, the Company believes in vision for all, which is why for every pair of glasses or sunglasses sold, it distributes a pair to someone in need through its Buy a Pair, Give a Pair program. To date, Warby Parker has worked alongside its nonprofit partners to distribute more than 25 million glasses to people in need. Forward-Looking Statements This press release and the related conference call, webcast and presentation contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements may relate to, but are not limited to, expectations of future operating results or financial performance; expectations regarding the growth of our business, delivering stakeholder value and growing market share; expectations regarding the development and launch of new products; our guidance for the quarter ending June 30, 2026, and year ending December 31, 2026; expectations regarding the number of new store openings during the year ending December 31, 2026; and management’s plans, priorities, initiatives and strategies. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quanti?ed. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “toward,” “will,” or “would,” or the negative of these words or other similar terms or expressions. You should not put undue reliance on any forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all. Forward-looking statements are based on information available at the time those statements are made and are based on current expectations, estimates, forecasts, and projections as well as the beliefs and assumptions of management as of that time with respect to future events. These statements are subject to risks and uncertainties, many of which involve factors or circumstances that are beyond our control, that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. In light of these risks and uncertainties, the forward-looking events and circumstances discussed in this press release may not occur and actual results could differ materially from those anticipated or implied in the forward-looking statements. These risks and uncertainties include our ability to manage our future growth effectively; our expectations regarding cost of goods sold, gross margin, channel mix, customer mix, and selling, general, and administrative expenses; potential disruptions to our supply chain; changes to U.S. or other countries' trade policies and tariff and import/export regulations; our reliance on our information technology systems and enterprise resource planning systems for our business to effectively operate and safeguard confidential information; our ability to invest in and incorporate new technologies into our products and services; risks related to our use of artificial intelligence; our ability to engage our existing customers and obtain new customers; our ability to expand in-network access with insurance providers; planned new retail stores in 2026 and going forward; an overall decline in the health of the economy and other factors impacting consumer spending, such as recessionary conditions, inflation, infectious diseases, government instability, and geopolitical unrest; our ability to compete successfully; our ability to manage our inventory balances and shrinkage; the growth of our brand awareness; our ability to recruit and retain optometrists, opticians, and other vision care professionals; the effects of seasonal trends on our results of operations; our ability to stay in compliance with extensive laws and regulations that apply to our business and operations; our ability to adequately maintain and protect our intellectual property and proprietary rights; our reliance on third parties for our products, operations and infrastructure; our duties related to being a public benefit corporation; the ability of our Co-Founders and Co-CEOs to exercise significant influence over all matters submitted to stockholders for approval; the effect of our multi-class structure on the trading price of our Class A common stock; our ability to collaborate with partners with successful results; our ability to recognize the anticipated benefits from partnerships, including with Google and Samsung; the increased expenses associated with being a public company; and risks related to climate change and severe weather. Additional information regarding these and other risks and uncertainties that could cause actual results to differ materially from the Company's expectations is included in our most recent reports filed with the SEC on Form 10-K and Form 10-Q, which may be obtained by visiting the SEC’s website at www.sec.gov. Except as required by law, we do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise. Glossary Active Customers is defined as unique customer accounts that have made at least one purchase in the preceding 12-month period. Average Revenue per Customer is defined as the sum of the total net revenues in the preceding 12-month period divided by the current period Active Customers. Non-GAAP Financial Measures We use Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Cost of Goods Sold (“Adjusted COGS”), Adjusted Gross Margin, Adjusted Gross Profit, Adjusted Selling, General, and Administrative Expenses (“Adjusted SG&A”), and Free Cash Flow as important indicators of our operating performance. Collectively, we refer to these non-GAAP financial measures as our “Non-GAAP Measures.” The Non-GAAP Measures, when taken collectively with our GAAP results, may be helpful to investors because they provide consistency and comparability with past financial performance and assist in comparisons with other companies, some of which use similar non-GAAP financial information to supplement their GAAP results. Adjusted EBITDA is defined as net income before interest and other income, taxes, and depreciation and amortization as further adjusted for asset impairment costs, stock-based compensation expense and related employer payroll taxes, amortization of cloud-based software implementation costs, non-cash charitable donations, charges for certain legal matters outside the ordinary course of business, and non-recurring costs such as restructuring costs and major system implementation costs. Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by net revenue. Adjusted COGS is defined as cost of goods sold adjusted for stock-based compensation expense and related employer payroll taxes and non-recurring costs. Adjusted Gross Profit is defined as net revenue minus Adjusted COGS. Adjusted Gross Margin is defined as Adjusted Gross Profit divided by net revenue. Adjusted SG&A is defined as SG&A adjusted for stock-based compensation expense and related employer payroll taxes, non-cash charitable donations, charges for certain legal matters outside the ordinary course of business, and non-recurring costs such as restructuring costs and major system implementation costs. Free Cash Flow is defined as net cash provided by operating activities minus purchases of property and equipment. The Non-GAAP Measures are presented for supplemental informational purposes only. A reconciliation of historical GAAP to Non-GAAP financial information is included under “Selected Financial Information” below. We have not reconciled our Adjusted EBITDA Margin guidance to GAAP net income margin, or net margin, or Adjusted EBITDA guidance to GAAP net income because we do not provide guidance for GAAP net margin or GAAP net income due to the uncertainty and potential variability of stock-based compensation and taxes, which are reconciling items between GAAP net margin and Adjusted EBITDA Margin and GAAP net income and Adjusted EBITDA, respectively. Because such items cannot be reasonably provided without unreasonable efforts, we are unable to provide a reconciliation of the Adjusted EBITDA Margin guidance to GAAP net margin and Adjusted EBITDA guidance to GAAP net income. However, such items could have a significant impact on GAAP net margin and GAAP net income. Selected Financial Information Warby Parker Inc. and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited) (Amounts in thousands, except par value) March 31, 2026 December 31, 2025 Assets Current assets: Cash and cash equivalents $ 288,246 $ 286,358 Accounts receivable, net 1,761 3,285 Inventory 46,454 44,512 Prepaid expenses and other current assets 21,232 18,283 Total current assets 357,693 352,438 Property and equipment, net 191,324 187,448 Right-of-use lease assets 175,274 170,805 Other assets 12,118 10,228 Total assets $ 736,409 $ 720,919 Liabilities and stockholders’ equity Current liabilities: Accounts payable $ 37,211 $ 31,979 Accrued expenses 60,342 49,225 Deferred revenue 20,909 33,869 Current lease liabilities 31,881 31,399 Other current liabilities 2,939 3,658 Total current liabilities 153,282 150,130 Non-current lease liabilities 205,752 201,749 Other liabilities 1,570 1,310 Total liabilities 360,604 353,189 Commitments and contingencies Stockholders’ equity: Common stock, $0.0001 par value; Class A: 750,000 shares authorized at March 31, 2026 and December 31, 2025, 106,994 and 106,318 issued and outstanding at March 31, 2026 and December 31, 2025, respectively; Class B: 150,000 shares authorized at March 31, 2026 and December 31, 2025, 15,721 and 16,130 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively, convertible to Class A on a one-to-one basis 12 12 Additional paid-in capital 1,060,002 1,054,779 Accumulated deficit (682,403 ) (685,580 ) Accumulated other comprehensive loss (1,806 ) (1,481 ) Total stockholders’ equity 375,805 367,730 Total liabilities and stockholders’ equity $ 736,409 $ 720,919 Warby Parker Inc. and Subsidiaries Condensed Consolidated Statements of Operations (Unaudited) (Amounts in thousands, except per share data) Three Months Ended March 31, 2026 2025 Net revenue $ 242,447 $ 223,782 Cost of goods sold 111,406 97,802 Gross profit 131,041 125,980 Selling, general, and administrative expenses 129,374 123,509 Income from operations 1,667 2,471 Interest and other income, net 2,331 2,455 Income before income taxes 3,998 4,926 Provision for income taxes 821 1,454 Net income $ 3,177 $ 3,472 Earnings per share: Basic $ 0.03 $ 0.03 Diluted $ 0.03 $ 0.03 Weighted average shares outstanding: Basic 123,438 121,946 Diluted 125,554 124,627 Warby Parker Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows (Unaudited) (Amounts in thousands) Three Months Ended March 31, 2026 2025 Cash flows from operating activities Net income $ 3,177 $ 3,472 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 13,768 12,162 Stock-based compensation 11,391 12,333 Asset impairment charges 468 311 Amortization of cloud-based software implementation costs 1,022 737 Change in operating assets and liabilities: Accounts receivable, net 1,524 475 Inventory (1,945 ) 3,739 Prepaid expenses and other assets (5,901 ) 1,934 Accounts payable 2,220 4,626 Accrued expenses 12,200 (560 ) Deferred revenue (12,960 ) (9,845 ) Lease assets and liabilities 16 (601 ) Other liabilities (469 ) 575 Net cash provided by operating activities 24,511 29,358 Cash flows from investing activities Purchases of property and equipment (16,138 ) (16,152 ) Net cash used in investing activities (16,138 ) (16,152 ) Cash flows from financing activities Proceeds from stock option exercises — 39 Shares withheld for taxes on stock-based compensation (6,160 ) (2,341 ) Net cash used in financing activities (6,160 ) (2,302 ) Effect of exchange rates on cash (325 ) 9 Net change in cash and cash equivalents 1,888 10,913 Cash and cash equivalents, beginning of period 286,358 254,161 Cash and cash equivalents, end of period $ 288,246 $ 265,074 Supplemental disclosures Cash paid for income taxes $ 221 $ 37 Cash paid for interest 84 104 Non-cash investing and financing activities: Purchases of property and equipment included in accounts payable and accrued expenses $ 7,124 $ 4,911 Warby Parker Inc. and Subsidiaries Reconciliation of GAAP to Non-GAAP Measures (Unaudited) The following table reconciles Adjusted EBITDA and Adjusted EBITDA Margin to the most directly comparable GAAP measure, which is net income: Three Months Ended March 31, 2026 2025 (in thousands) Net income $ 3,177 $ 3,472 Adjusted to exclude the following: Interest and other income, net (2,331 ) (2,455 ) Provision for income taxes 821 1,454 Depreciation and amortization expense 13,768 12,162 Asset impairment charges 468 311 Stock-based compensation expense(1) 11,995 13,001 Amortization of cloud-based software implementation costs 1,022 737 System implementation costs(2) 477 — Other costs(3) 170 525 Adjusted EBITDA $ 29,567 $ 29,207 Adjusted EBITDA Margin 12.2 % 13.1 % (1) Represents expenses related to the Company’s equity-based compensation programs and related employer payroll taxes, which may vary significantly from period to period depending upon various factors including the timing, number, and the valuation of awards granted, and vesting of awards including the satisfaction of performance conditions. For the three months ended March 31, 2026 and 2025, the amount includes $0.6 million and $0.7 million, respectively, of employer payroll taxes associated with releases of RSUs and option exercises. (2) Represents costs related to the implementation of major new enterprise software systems. (3) Represents charges for certain legal matters outside the ordinary course of business. Warby Parker Inc. and Subsidiaries Reconciliation of GAAP to Non-GAAP Measures (Unaudited) The following table presents our non-GAAP, or adjusted, financial measures for the periods presented as a percentage of revenue. Each cost and operating expense is adjusted for stock-based compensation expense and related employer payroll taxes, non-cash charitable donations, charges for certain legal matters outside the ordinary course of business, and non-recurring costs such as restructuring costs and major system implementation costs. Reported Adjusted Three Months Ended March 31, Three Months Ended March 31, 2026 2025 2026 2025 (unaudited, in thousands) (unaudited, in thousands) Cost of goods sold $ 111,406 $ 97,802 $ 111,081 $ 97,529 % of Revenue 46.0 % 43.7 % 45.8 % 43.6 % Gross profit $ 131,041 $ 125,980 $ 131,366 $ 126,253 % of Revenue 54.0 % 56.3 % 54.2 % 56.4 % Selling, general, and administrative expenses $ 129,374 $ 123,509 $ 117,057 $ 110,256 % of Revenue 53.4 % 55.2 % 48.3 % 49.3 % Warby Parker Inc. and Subsidiaries Reconciliation of GAAP to Non-GAAP Measures (Unaudited) The following table reflects a reconciliation of each non-GAAP, or adjusted, financial measure to its most directly comparable financial measure prepared in accordance with GAAP: Three Months Ended March 31, 2026 2025 (unaudited, in thousands) Cost of goods sold $ 111,406 $ 97,802 Adjusted to exclude the following: Stock-based compensation expense(1) 325 273 Adjusted Cost of Goods Sold $ 111,081 $ 97,529 Gross profit $ 131,041 $ 125,980 Adjusted to exclude the following: Stock-based compensation expense(1) 325 273 Adjusted Gross Profit $ 131,366 $ 126,253 Selling, general, and administrative expenses $ 129,374 $ 123,509 Adjusted to exclude the following: Stock-based compensation expense(1) 11,670 12,728 System implementation costs(2) 477 — Other costs(3) 170 525 Adjusted Selling, General, and Administrative Expenses $ 117,057 $ 110,256 Net cash provided by operating activities $ 24,511 $ 29,358 Purchases of property and equipment (16,138 ) (16,152 ) Free Cash Flow $ 8,373 $ 13,206 (1) Represents expenses related to the Company’s equity-based compensation programs and related employer payroll taxes, which may vary significantly from period to period depending upon various factors including the timing, number, and the valuation of awards granted, and vesting of awards including the satisfaction of performance conditions. For the three months ended March 31, 2026 and 2025, the amount includes $0.6 million and $0.7 million, respectively, of employer payroll taxes associated with releases of RSUs and option exercises. (2) Represents costs related to the implementation of major new enterprise software systems. (3) Represents charges for certain legal matters outside the ordinary course of business. Source: Warby Parker Inc. View source version on businesswire.com: https://www.businesswire.com/news/home/20260507522137/en/ Investor Relations:
Jaclyn Berkley, Head of Investor Relations
investors@warbyparker.com Media:
Lena Griffin
lena@derris.com Original: Warby Parker Announces First Quarter 2026 Results

Warby Parker Announces Fourth Quarter and Full Year 2025 ResultsFebruary 26, 2026 6:45 AM
Business Wire
Warby Parker Inc. (NYSE: WRBY) (“Warby Parker” or the “Company”), a direct-to-consumer lifestyle brand focused on vision for all, today announced financial results for the fourth quarter and full year ended December 31, 2025.

Highlights

Delivered revenue growth of 13.0% for full year 2025 and 11.2% for the fourth quarter.

Drove Active Customer growth of 7.0%, and Average Revenue per Customer of $324, up 5.7% year over year.

Achieved first full year of positive net income of $1.6 million, and expanded Adjusted EBITDA(1) by 30.2% year over year to $95.2 million and Adjusted EBITDA Margin(1) by 140 basis points to 10.9%.

Delivered third consecutive year of positive operating cash flow and Free Cash Flow(1) in 2025 of $110.8 million and $43.7 million, respectively.

Opened 47 net new stores during the year, ending 2025 with 323 stores.

Authorized a $100 million share repurchase program to complement strategic growth investments in the business.

“In 2025, we delivered double-digit revenue growth each quarter and achieved our first full year of positive net income while expanding Adjusted EBITDA,” said Dave Gilboa, Co-Founder and Co-CEO. “In a dynamic environment, we leveraged our unmatched value proposition to capture additional market share while giving customers more convenient options to shop with us than ever before.”

“As we look ahead, we are focused on laying the groundwork for accelerating growth. We are moving decisively into Warby Parker’s next act, one defined by groundbreaking innovation and AI that will redefine how our customers experience eyewear and vision care,” added Co-Founder and Co-CEO Neil Blumenthal.

Fourth Quarter 2025 Year-Over-Year Financial Results

Net revenue increased $21.3 million, or 11.2%, to $212.0 million.

Gross margin was 52.4% compared to 54.1% in the prior year. The decrease in gross margin was primarily driven by tariff costs related to glasses, increased doctor headcount, sales growth of contact lenses, and increased customer shipping costs as a percent of revenue, partially offset by selective price increases in glasses taken in the second quarter and increased penetration of progressives and other lens enhancements.

Selling, general and administrative expenses (“SG&A”) increased $5.4 million to $117.9 million, or 55.6% of revenue, down 340 basis points from 59.0% in the prior year. As a percentage of revenue, SG&A decreased primarily due to leverage from corporate expenses and efficiencies in our customer experience operations, as well as lower stock-based compensation. Adjusted SG&A(1) was $110.3 million, or 52.0% of revenue, compared to $103.0 million, or 54.0% of revenue, in the prior year.

Net loss improved $0.9 million to $6.0 million, primarily as a result of leveraging our expense base on higher revenue.

Adjusted EBITDA(1) increased $1.4 million to $15.2 million, and Adjusted EBITDA Margin(1) of 7.2% was roughly flat with the prior year.

Full Year 2025 Year-Over-Year Financial Results

Net revenue increased $100.6 million, or 13.0%, to $871.9 million.

Gross margin was 54.0% compared to 55.3% in the prior year. The decrease in gross margin was primarily driven by tariff costs related to glasses, sales growth of contact lenses, increased doctor headcount, and increased customer shipping costs as a percent of revenue, partially offset by selective price increases in glasses taken in the second quarter and increased penetration of progressives and other lens enhancements.

SG&A increased $19.0 million to $475.9 million, or 54.6% of revenue, down 460 basis points from 59.2% in the prior year. As a percentage of revenue, SG&A decreased primarily due to leverage from corporate expenses and efficiencies in our customer experience operations, as well as lower stock-based compensation. Adjusted SG&A(1) was $433.3 million, or 49.7% of revenue, compared to $405.2 million, or 52.5% of revenue in the prior year.

Net income improved $22.0 million to $1.6 million, primarily as a result of leveraging our expense base on higher revenue.

Adjusted EBITDA(1) increased $22.1 million to $95.2 million, and Adjusted EBITDA Margin(1) increased 140 basis points to 10.9%.

Balance Sheet and Cash Flow Highlights

Ended fiscal year 2025 with $286.4 million in cash and cash equivalents.

Net cash provided by operating activities of $110.8 million in 2025; $43.7 million of full year Free Cash Flow(1), our third consecutive year of positive operating cash flow and Free Cash Flow(1).

Share Repurchase Program

In February 2026, the Company’s Board of Directors authorized a share repurchase program to purchase up to $100.0 million of the Company’s Class A common stock (the “Share Repurchase Program”). Repurchases under the Share Repurchase Program may be made in the open market, in privately negotiated transactions, or otherwise, with the amount and timing of repurchases to be determined at the Company’s discretion, depending on market conditions and corporate needs. Open market repurchases will be structured to occur in accordance with applicable federal securities laws, including within the pricing and volume requirements of Rule 10b-18 under the Securities Exchange Act of 1934, as amended. The Company may also, from time to time, enter into Rule 10b5-1 plans to facilitate repurchases of its shares under this authorization. The Share Repurchase Program does not have a fixed expiration date, does not obligate the Company to acquire any particular amount of Class A common stock, and may be modified, suspended, or terminated at any time at the discretion of the Company’s Board of Directors.

2026 Outlook

For the full year 2026, Warby Parker is providing the following guidance:

Net revenue of $959 to $976 million, representing approximately 10% to 12% growth versus full year 2025.

Adjusted EBITDA(1) of $117 to $119 million, which equates to an Adjusted EBITDA Margin(1) of 12.2% across the revenue range, and 130 basis points of year-over-year expansion.

50 new store openings.

“Our healthy balance sheet and strong cash flows allow us to invest in our strategic growth initiatives as we scale our business over time, while maintaining the flexibility to return capital to shareholders,” said Adrian Mitchell, Chief Financial Officer. “I am incredibly energized by Warby Parker’s compelling brand promise. By marrying exceptional style with superior quality and outstanding value, we’ve effectively positioned our business for exciting growth opportunities on the horizon.”

(1) Please see the definitions and reconciliations of non-GAAP financial measures to the most comparable GAAP financial measures in the section titled “Non-GAAP Financial Measures” below.

Webcast and Conference Call

A conference call to discuss Warby Parker’s fourth quarter and full year 2025 results, as well as first quarter and full year 2026 outlook, is scheduled for 8:00 a.m. ET today. To participate, please dial 833-470-1428 from the U.S. or 646-844-6383 from international locations. The conference passcode is 275034. A live webcast of the conference call will be available on the investors section of the Company’s website at investors.warbyparker.com where presentation materials will also be posted prior to the conference call. A replay will be made available online approximately two hours following the live call for a period of 90 days.

About Warby Parker

Warby Parker (NYSE: WRBY) was founded in 2010 with a mission to inspire and impact the world with vision, purpose, and style–without charging a premium for it. Headquartered in New York City, the co-founder-led lifestyle brand pioneers ideas, designs products, and develops technologies that help people see, from designer-quality prescription glasses (starting at $95) and contacts, to eye exams and vision tests available online and in its 323 retail stores across the U.S. and Canada.

Warby Parker aims to demonstrate that businesses can scale, do well, and do good in the world. Ultimately, the brand believes in vision for all, which is why for every pair of glasses or sunglasses sold, they distribute a pair to someone in need through their Buy a Pair, Give a Pair program. To date, Warby Parker has worked alongside its nonprofit partners to distribute more than 20 million glasses to people in need.

Forward-Looking Statements

This press release and the related conference call, webcast and presentation contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements may relate to, but are not limited to, expectations of future operating results or financial performance; expectations regarding the growth of our business, delivering stakeholder value and growing market share; expectations regarding the development of new products; expectations regarding our share repurchase program; our guidance for the quarter ending March 31, 2026, and year ending December 31, 2026; expectations regarding the number of new store openings during the year ending December 31, 2026; and management’s plans, priorities, initiatives and strategies. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “toward,” “will,” or “would,” or the negative of these words or other similar terms or expressions. You should not put undue reliance on any forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all.

Forward-looking statements are based on information available at the time those statements are made and are based on current expectations, estimates, forecasts, and projections as well as the beliefs and assumptions of management as of that time with respect to future events. These statements are subject to risks and uncertainties, many of which involve factors or circumstances that are beyond our control, that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. In light of these risks and uncertainties, the forward-looking events and circumstances discussed in this press release may not occur and actual results could differ materially from those anticipated or implied in the forward-looking statements. These risks and uncertainties include our ability to manage our future growth effectively; our expectations regarding cost of goods sold, gross margin, channel mix, customer mix, and selling, general, and administrative expenses; potential disruptions to our supply chain; changes to U.S. or other countries’ trade policies and tariff and import/export regulations; our reliance on our information technology systems and enterprise resource planning systems for our business to effectively operate and safeguard confidential information; our ability to invest in and incorporate new technologies into our products and services; risks related to our use of artificial intelligence; our ability to engage our existing customers and obtain new customers; our ability to expand in-network access with insurance providers; planned new retail stores in 2026 and going forward; an overall decline in the health of the economy and other factors impacting consumer spending, such as recessionary conditions, inflation, infectious diseases, government instability, and geopolitical unrest; our ability to compete successfully; our ability to manage our inventory balances and shrinkage; the growth of our brand awareness; our ability to recruit and retain optometrists, opticians, and other vision care professionals; the effects of seasonal trends on our results of operations; our ability to stay in compliance with extensive laws and regulations that apply to our business and operations; our ability to adequately maintain and protect our intellectual property and proprietary rights; our reliance on third parties for our products, operation and infrastructure; our duties related to being a public benefit corporation; the ability of our Co-Founders and Co-CEOs to exercise significant influence over all matters submitted to stockholders for approval; the effect of our multi-class structure on the trading price of our Class A common stock; our ability to collaborate with partners with successful results; our ability to recognize the anticipated benefits from partnerships, including with Google and Samsung; the increased expenses associated with being a public company; and risks related to climate change and severe weather. Additional information regarding these and other risks and uncertainties that could cause actual results to differ materially from the Company's expectations is included in our most recent reports filed with the SEC on Form 10-K and Form 10-Q, which may be obtained by visiting the SEC’s website at www.sec.gov. Except as required by law, we do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise.

Glossary

Active Customers is defined as unique customer accounts that have made at least one purchase in the preceding 12-month period.

Average Revenue per Customer is defined as the sum of the total net revenues in the preceding 12-month period divided by the current period Active Customers.

Non-GAAP Financial Measures

We use Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Cost of Goods Sold (“Adjusted COGS”), Adjusted Gross Margin, Adjusted Gross Profit, Adjusted Selling, General, and Administrative Expenses (“Adjusted SG&A”), and Free Cash Flow as important indicators of our operating performance. Collectively, we refer to these non-GAAP financial measures as our “Non-GAAP Measures.” The Non-GAAP Measures, when taken collectively with our GAAP results, may be helpful to investors because they provide consistency and comparability with past financial performance and assist in comparisons with other companies, some of which use similar non-GAAP financial information to supplement their GAAP results.

Adjusted EBITDA is defined as net income before interest and other income, taxes, and depreciation and amortization as further adjusted for asset impairment costs, stock-based compensation expense and related employer payroll taxes, amortization of cloud-based software implementation costs, non-cash charitable donations, charges for certain legal matters outside the ordinary course of business, and non-recurring costs such as restructuring costs and major system implementation costs. Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by net revenue.

Adjusted COGS is defined as cost of goods sold adjusted for stock-based compensation expense and related employer payroll taxes and non-recurring costs.

Adjusted Gross Profit is defined as net revenue minus Adjusted COGS. Adjusted Gross Margin is defined as Adjusted Gross Profit divided by net revenue.

Adjusted SG&A is defined as SG&A adjusted for stock-based compensation expense and related employer payroll taxes, non-cash charitable donations, charges for certain legal matters outside the ordinary course of business, and non-recurring costs such as restructuring costs and major system implementation costs.

Free Cash Flow is defined as net cash provided by operating activities minus purchases of property and equipment.

The Non-GAAP Measures are presented for supplemental informational purposes only. A reconciliation of historical GAAP to Non-GAAP financial information is included under “Selected Financial Information” below.

We have not reconciled our Adjusted EBITDA Margin guidance to GAAP net income (loss) margin, or net margin, or Adjusted EBITDA guidance to GAAP net income (loss) because we do not provide guidance for GAAP net margin or GAAP net income (loss) due to the uncertainty and potential variability of stock-based compensation and taxes, which are reconciling items between GAAP net margin and Adjusted EBITDA Margin and GAAP net income (loss) and Adjusted EBITDA, respectively. Because such items cannot be reasonably provided without unreasonable efforts, we are unable to provide a reconciliation of the Adjusted EBITDA Margin guidance to GAAP net margin and Adjusted EBITDA guidance to GAAP net income (loss). However, such items could have a significant impact on GAAP net margin and GAAP net income (loss).

Selected Financial Information

Warby Parker Inc. and Subsidiaries

Consolidated Balance Sheets (Unaudited)

(Amounts in thousands, except par value)

December 31,

2025

2024

Assets

Current assets:

Cash and cash equivalents

$

286,358

$

254,161

Accounts receivable, net

3,285

1,948

Inventory

44,512

52,345

Prepaid expenses and other current assets

18,283

17,592

Total current assets

352,438

326,046

Property and equipment, net

187,448

170,464

Right-of-use lease assets

170,805

171,284

Other assets

10,228

8,696

Total assets

$

720,919

$

676,490

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable

$

31,979

$

23,519

Accrued expenses

49,225

51,609

Deferred revenue

33,869

32,358

Current lease liabilities

31,399

20,235

Other current liabilities

3,658

2,633

Total current liabilities

150,130

130,354

Non-current lease liabilities

201,749

205,120

Other liabilities

1,310

943

Total liabilities

353,189

336,417

Commitments and contingencies

Stockholders’ equity:

Common stock, $0.0001 par value; Class A: 750,000 shares authorized at December 31, 2025 and 2024, 106,318 and 102,889 shares issued and outstanding as of December 31, 2025 and 2024, respectively; Class B: 150,000 shares authorized at December 31, 2025 and 2024, 16,130 and 17,961 shares issued and outstanding as of December 31, 2025 and 2024, respectively, convertible to Class A on a one-to-one basis

12

12

Additional paid-in capital

1,054,779

1,029,220

Accumulated deficit

(685,580

)

(687,221

)

Accumulated other comprehensive income

(1,481

)

(1,938

)

Total stockholders’ equity

367,730

340,073

Total liabilities and stockholders’ equity

$

720,919

$

676,490

Warby Parker Inc. and Subsidiaries

Consolidated Statements of Operations (Unaudited)

(Amounts in thousands, except per share data)

Three Months Ended December 31,

Year Ended December 31,

2025

2024

2023

2025

2024

2023

Net revenue

$

211,968

$

190,643

$

161,855

$

871,905

$

771,315

$

669,765

Cost of goods sold

100,925

87,517

74,789

401,326

344,481

304,541

Gross profit

111,043

103,126

87,066

470,579

426,834

365,224

Selling, general, and administrative expenses

117,895

112,542

108,635

475,915

456,946

437,220

Loss from operations

(6,852

)

(9,416

)

(21,569

)

(5,336

)

(30,112

)

(71,996

)

Interest and other income, net

1,761

2,632

2,417

8,379

10,597

9,232

(Loss) income before income taxes

(5,091

)

(6,784

)

(19,152

)

3,043

(19,515

)

(62,764

)

Provision for (benefit from) income taxes

862

93

(105

)

1,402

875

433

Net (loss) income

$

(5,953

)

$

(6,877

)

$

(19,047

)

$

1,641

$

(20,390

)

$

(63,197

)

(Loss) earnings per share:

Basic

$

(0.05

)

$

(0.06

)

$

(0.16

)

$

0.01

$

(0.17

)

$

(0.54

)

Diluted

$

(0.05

)

$

(0.06

)

$

(0.16

)

$

0.01

$

(0.17

)

$

(0.54

)

Weighted average shares outstanding:

Basic

123,192

121,409

118,570

122,670

120,385

117,389

Diluted

123,192

121,409

118,570

125,100

120,385

117,389

Warby Parker Inc. and Subsidiaries

Consolidated Statements of Cash Flows (Unaudited)

(Amounts in thousands)

Year Ended December 31,

2025

2024

2023

Cash flows from operating activities

Net income (loss)

$

1,641

$

(20,390

)

$

(63,197

)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

Depreciation and amortization

50,280

45,865

38,554

Stock-based compensation

34,536

47,294

70,509

Non-cash charitable contribution

2,821

2,196

3,191

Asset impairment charges

557

816

3,230

Amortization of cloud-based software implementation costs

3,405

3,704

2,895

Change in operating assets and liabilities:

Accounts receivable, net

(1,337

)

(169

)

(345

)

Inventory

7,833

9,889

6,614

Prepaid expenses and other assets

(5,631

)

(3,233

)

(3,276

)

Accounts payable

8,500

689

1,633

Accrued expenses

(2,691

)

9,521

(8,898

)

Deferred revenue

1,511

741

5,989

Lease assets and liabilities

8,272

1,920

4,459

Other liabilities

1,088

(99

)

(367

)

Net cash provided by operating activities

110,785

98,744

60,991

Cash flows from investing activities

Purchases of property and equipment

(67,048

)

(64,032

)

(53,671

)

Investment in optical equipment company

—

(2,000

)

(1,000

)

Net cash used in investing activities

(67,048

)

(66,032

)

(54,671

)

Cash flows from financing activities

Proceeds from stock option exercises

159

2,701

1,036

Shares withheld for taxes on stock-based compensation

(14,390

)

—

—

Proceeds from shares issued in connection with ESPP

2,204

1,925

1,835

Other financing activity

30

333

—

Net cash (used in) provided by financing activities

(11,997

)

4,959

2,871

Effect of exchange rates on cash

457

(404

)

(882

)

Net increase in cash and cash equivalents

32,197

37,267

8,309

Cash and cash equivalents

Beginning of year

254,161

216,894

208,585

End of year

$

286,358

$

254,161

$

216,894

Supplemental disclosures

Cash paid for income taxes

$

776

$

1,035

$

419

Cash paid for interest

325

246

227

Non-cash investing and financing activities:

Purchases of property and equipment included in accounts payable and accrued expenses

$

5,191

$

4,420

$

3,647

Warby Parker Inc. and Subsidiaries

Reconciliation of GAAP to Non-GAAP Measures (Unaudited)

The following table reconciles adjusted EBITDA and adjusted EBITDA margin to the most directly comparable GAAP measure, which is net (loss) income:

Three Months Ended

December 31,

Year Ended

December 31,

2025

2024

2025

2024

(unaudited, in thousands)

(unaudited, in thousands)

Net (loss) income

$

(5,953

)

$

(6,877

)

$

1,641

$

(20,390

)

Adjusted to exclude the following:

Interest and other income, net

(1,761

)

(2,631

)

(8,379

)

(10,596

)

Provision for income taxes

862

93

1,402

875

Depreciation and amortization expense

13,101

12,332

50,280

45,865

Asset impairment charges

46

294

557

816

Stock-based compensation expense(1)

6,606

9,036

36,097

48,409

Non-cash charitable donations(2)

—

—

2,821

2,196

Amortization of cloud-based software implementation costs

1,013

842

3,405

3,704

System implementation costs(3)

710

—

1,883

—

Inventory write-downs(4)

—

—

2,456

—

Other costs(5)

622

753

3,048

2,232

Adjusted EBITDA

$

15,246

$

13,842

$

95,211

$

73,111

Adjusted EBITDA Margin

7.2

%

7.3

%

10.9

%

9.5

%

(1)

Represents expenses related to the Company’s equity-based compensation programs and related employer payroll taxes, which may vary significantly from period to period depending upon various factors including the timing, number, and the valuation of awards granted, and vesting of awards including the satisfaction of performance conditions. For the three and twelve months ended December 31, 2025, the amount includes $0.3 million and $1.6 million of employer payroll costs, respectively, associated with releases of RSUs and option exercises. For the three and twelve months ended December 31, 2024, the amount includes $0.4 million and $1.1 million of employer payroll costs, respectively, associated with releases of RSUs and option exercises.

(2)

Represents charitable expense recorded in connection with the donation of 178,572 shares of Class A common stock in both May 2025 and May 2024 to the Warby Parker Impact Foundation.

(3)

Represents costs related to the implementation of major new enterprise software systems.

(4)

Represents one-time inventory write-downs primarily related to the decision in the second quarter of 2025 to sunset our Home-Try On program at the end of 2025.

(5)

Primarily represents restructuring costs incurred in the second quarter of 2025 and the fourth quarter of 2024 and charges for certain legal matters outside the ordinary course of business.

Warby Parker Inc. and Subsidiaries

Reconciliation of GAAP to Non-GAAP Measures (Unaudited)

The following table presents our non-GAAP, or adjusted, financial measures for the periods presented as a percentage of revenue. Each cost and operating expense is adjusted for stock-based compensation expense and related employer payroll taxes, non-cash charitable donations, charges for certain legal matters outside the ordinary course of business, and non-recurring costs such as restructuring costs and major system implementation costs.

Reported

Adjusted

Reported

Adjusted

Three Months Ended

December 31,

Three Months Ended

December 31,

Year Ended

December 31,

Year Ended

December 31,

2025

2024

2025

2024

2025

2024

2025

2024

(unaudited, in thousands)

(unaudited, in thousands)

(unaudited, in thousands)

(unaudited, in thousands)

Cost of goods sold

$

100,925

$

87,517

$

100,623

$

87,262

$

401,326

$

344,481

$

397,685

$

343,416

% of revenue

47.6

%

45.9

%

47.5

%

45.8

%

46.0

%

44.7

%

45.6

%

44.5

%

Gross profit

$

111,043

$

103,126

$

111,345

$

103,381

$

470,579

$

426,834

$

474,220

$

427,899

% of revenue

52.4

%

54.1

%

52.5

%

54.2

%

54.0

%

55.3

%

54.4

%

55.5

%

Selling, general, and administrative expenses

$

117,895

$

112,542

$

110,259

$

103,008

$

475,915

$

456,946

$

433,251

$

405,174

% of revenue

55.6

%

59.0

%

52.0

%

54.0

%

54.6

%

59.2

%

49.7

%

52.5

%

Warby Parker Inc. and Subsidiaries

Reconciliation of GAAP to Non-GAAP Measures (Unaudited)

The following table reflects a reconciliation of each non-GAAP, or adjusted, financial measure to its most directly comparable financial measure prepared in accordance with GAAP:

Three Months Ended

December 31,

Year Ended

December 31,

2025

2024

2025

2024

(unaudited, in thousands)

(unaudited, in thousands)

Cost of goods sold

$

100,925

$

87,517

$

401,326

$

344,481

Adjusted to exclude the following:

Stock-based compensation expense(1)

302

255

1,185

1,065

Inventory write-downs(2)

—

—

2,456

—

Adjusted Cost of Goods Sold

$

100,623

$

87,262

$

397,685

$

343,416

Gross profit

$

111,043

$

103,126

$

470,579

$

426,834

Adjusted to exclude the following:

Stock-based compensation expense(1)

302

255

1,185

1,065

Inventory write-downs(2)

—

—

2,456

—

Adjusted Gross Profit

$

111,345

$

103,381

$

474,220

$

427,899

Selling, general, and administrative expenses

$

117,895

$

112,542

$

475,915

$

456,946

Adjusted to exclude the following:

Stock-based compensation expense(1)

6,304

8,781

34,912

47,344

Non-cash charitable donations(3)

—

—

2,821

2,196

System implementation costs(4)

710

—

1,883

—

Other costs(5)

622

753

3,048

2,232

Adjusted Selling, General, and Administrative Expenses

$

110,259

$

103,008

$

433,251

$

405,174

Net cash provided by operating activities

$

23,254

$

19,912

$

110,785

$

98,744

Purchases of property and equipment

(15,120

)

(17,721

)

(67,048

)

(64,032

)

Free Cash Flow

$

8,134

$

2,191

$

43,737

$

34,712

(1)

Represents expenses related to the Company’s equity-based compensation programs and related employer payroll taxes, which may vary significantly from period to period depending upon various factors including the timing, number, and the valuation of awards granted, and vesting of awards including the satisfaction of performance conditions. For the three and twelve months ended December 31, 2025, the amount includes $0.3 million and $1.6 million of employer payroll costs, respectively, associated with releases of RSUs and option exercises. For the three and twelve months ended December 31, 2024, the amount includes $0.4 million and $1.1 million of employer payroll costs, respectively, associated with releases of RSUs and option exercises.

(2)

Represents charitable expense recorded in connection with the donation of 178,572 shares of Class A common stock in both May 2025 and May 2024 to the Warby Parker Impact Foundation.

(3)

Represents costs related to the implementation of major new enterprise software systems.

(4)

Represents one-time inventory write-downs primarily related to the decision in the second quarter of 2025 to sunset our Home-Try On program at the end of 2025.

(5)

Primarily represents restructuring costs incurred in the second quarter of 2025 and the fourth quarter of 2024 and charges for certain legal matters outside the ordinary course of business.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260226592261/en/
Investor Relations:

Jaclyn Berkley, Head of Investor Relations

Brendon Frey, ICR

investors@warbyparker.com
Media:

Ali Weltman

ali@derris.com

Original: Warby Parker Announces Fourth Quarter and Full Year 2025 Results