Warby Parker Inc (WRBY)

Warby Parker Unveils First Intelligent Eyewear DesignMay 19, 2026 1:45 PM
Business Wire Rooted in the brand’s signature aesthetic, debut style balances elevated design with effortless, all-day wear Warby Parker Inc. (NYSE: WRBY), a lifestyle brand focused on vision for all, today unveiled its first Intelligent Eyewear frame designed for all-day, everyday wear. The debut style combines Warby Parker’s distinctive approach to design with Google’s leadership in AI and Samsung’s mobile leadership to create beautifully crafted eyewear that seamlessly enhances everyday life. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260519092381/en/ For more than 16 years, Warby Parker has redefined how consumers shop for glasses by pairing meticulous, timeless design with exceptional customer experiences. This year, the company will apply that same philosophy to a new category—one that reimagines the role glasses can play in people’s daily lives. “Glasses are the most personal technology we use, and are the very first thing people notice about you,” said Dave Gilboa, Co-Founder and Co-CEO of Warby Parker. “As we integrate advanced technology into our products, we’re staying true to the principles that define great eyewear: beautiful design, precision optics, and exceptional comfort in frames built for all-day, everyday wear.” To craft its inaugural Intelligent Eyewear assortment, the brand drew from its expansive archive of styles created by their New York City design team along with years of proprietary fit and comfort data. The debut style—a classic, rounded silhouette—draws inspiration from Warby Parker’s most recognizable and beloved silhouettes, designed to complement a range of face shapes and personal styles. “These glasses give you powerful new tools, but they’re designed to feel intuitive and unobtrusive so you can stay focused on the people and moments in front of you,” said Neil Blumenthal, Co-Founder and Co-CEO of Warby Parker. “Every detail and curve was considered for extended, everyday use, from the fit and balance of the frame to enhanced grip and stability.” The new frame is constructed from ultra-lightweight, flexible nylon in a custom dark green hue. The interior temple was crafted with a semi-translucent finish that subtly reveals and celebrates the integrated technology, while preserving a streamlined appearance. Built in partnership with Google and Samsung, the frames feature Gemini and work with Android XR to provide contextual, real-time assistance. Wearers will be able to access information, manage daily tasks, navigate their surroundings, communicate seamlessly, and interact with the apps they already use every day, without interrupting the moments in front of them. Alongside its partners, Warby Parker plans to launch its first line of Intelligent Eyewear this fall. The initial assortment will feature multiple optical and sun styles and will support a broad range of prescriptions and lens options. The collection reflects Warby Parker’s belief that personal expression and choice remain central to the future of wearable technology. To learn more, visit warbyparker.com/intelligent-eyewear. 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, a pair is distributed 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 contains 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 regarding the development, features, functionality, and launch of new products; the anticipated benefits of our partnerships; 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20260519092381/en/ Investor Relations:
Jaclyn Berkley, Head of Investor Relations
investors@warbyparker.com Media:
Ali Weltman
ali@derris.com Original: Warby Parker Unveils First Intelligent Eyewear Design

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 Launches Warby Parker Sport, Expanding into the Performance Eyewear CategoryApril 28, 2026 8:30 AM
Business Wire
The new collection brings together technical performance and signature style, designed to move with you—on the course, on the run, and everywhere in between.


Warby Parker Inc. (NYSE: WRBY), a lifestyle brand focused on vision for all, announced the launch of Warby Parker Sport, a new category of performance eyewear. As the brand’s most advanced performance offering, this collection seamlessly bridges the gap between everyday style and sport-specific functionality.


“We’ve never believed performance and great design have to be trade-offs. Our goal with Warby Parker Sport was to make approachable performance eyewear that transitions seamlessly from everyday wear to active moments,” said Dave Gilboa, Co-Founder and Co-CEO.


The launch reflects Warby Parker’s continued expansion into new use cases for eyewear, as customers increasingly look for products that keep up with multi-dimensional lifestyles. It also builds on the brand’s growing presence in sports culture, including its multi-year partnership with quarterback Arch Manning.


“Most performance eyewear isn’t designed with prescription wearers in mind. With Warby Parker Sport, we focused on advanced optics, lightweight materials, and a fit that supports comfort, clarity, and stability across a range of activities,” added Neil Blumenthal, Co-Founder and Co-CEO.


About the collection


Crafted in Italy, Warby Parker Sport features five frame styles, each made from a flexible, lightweight nylon that enhances comfort. All frames include secure, no-slip nose pads and concealed spring hinges for added durability. The collection also incorporates advanced lens technology, developed to enhance vision across a range of environments. The new performance polarized lenses reduce horizontal glare by up to 55%—without distorting digital screens—while improving clarity and contrast:



Gray lenses for true color and glare reduction, ideal for water and road



Rosewood lenses for enhanced contrast and reduced eye fatigue, ideal for trails and snow



Brown lenses for depth and contrast, ideal for field sports and fishing



In addition to the dedicated Sport frames, these advanced lenses can be added to any non-Sport Warby Parker sun frame, offering customers greater flexibility and customization.


The launch campaign captures the collection on a group of athletes and creators who embody an active lifestyle, including runners Victoria Paris and Victoria Bennie, and golfer Roger Steele.


Warby Parker Sport is available starting at $195 in both prescription and non-prescription options, both online at WarbyParker.com and in Warby Parker retail locations nationwide. As always, for every pair purchased, a pair of eyeglasses is distributed to someone in need.


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 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260428305391/en/
Investor Relations:

Jaclyn Berkley, Head of Investor Relations

investors@warbyparker.com


Media:

Ali Weltman

ali@derris.com


Original: Warby Parker Launches Warby Parker Sport, Expanding into the Performance Eyewear Category

Warby Parker to Announce First Quarter 2026 Financial Results on May 7, 2026April 16, 2026 4:05 PM
Business Wire
Warby Parker Inc. (NYSE: WRBY) (the “Company”), a direct-to-consumer lifestyle brand focused on vision for all, today announced that its financial results for the first quarter ended March 31, 2026, will be released before market open on May 7, 2026.


In addition, the Company will discuss its results and business outlook during a live conference call and webcast at 8:00 a.m. Eastern Time. The conference call can be accessed by dialing (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 2 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 our 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 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260416403331/en/
Investor Relations:

Jaclyn Berkley, Head of Investor Relations

investors@warbyparker.com


Media:

Ali Weltman

ali@derris.com


Original: Warby Parker to Announce First Quarter 2026 Financial Results on May 7, 2026

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