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WRBY

Warby Parker Inc.

WRBY

Warby Parker Inc. • NYSE
$19.81 ▲ 0.76% (+0.15)
Market Cap $2.42 B
52w High $29.73
52w Low $13.63
Dividend Yield 0%
P/E -247.62
Volume 880.69K
Outstanding Shares 122.16M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $221.68M ▲ $116.375M ▼ $5.874M ▲ 2.65% ▲ $0.046 ▲ $18.28M ▲
Q2-2025 $214.475M ▼ $118.134M ▼ $-1.752M ▼ -0.817% ▼ $-0.014 ▼ $7.961M ▼
Q1-2025 $223.782M ▲ $123.509M ▲ $3.472M ▲ 1.552% ▲ $0.029 ▲ $14.633M ▲
Q4-2024 $190.643M ▼ $112.542M ▲ $-6.877M ▼ -3.607% ▼ $-0.057 ▼ $2.916M ▼
Q3-2024 $192.447M $111.48M $-4.072M -2.116% $-0.034 $5.216M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $280.36M ▼ $706.921M ▲ $337.296M ▼ $369.625M ▲
Q2-2025 $286.384M ▲ $701.899M ▲ $340.448M ▲ $361.451M ▲
Q1-2025 $265.074M ▲ $682.755M ▲ $328.666M ▼ $354.089M ▲
Q4-2024 $254.161M ▲ $676.49M ▲ $336.417M ▲ $340.073M ▲
Q3-2024 $251.032M $637.99M $301.24M $336.75M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $5.874M ▲ $17.974M ▼ $-19.49M ▼ $-4.608M ▼ $-6.024M ▼ $-1.516M ▼
Q2-2025 $-1.752M ▼ $40.199M ▲ $-16.286M ▼ $-2.773M ▼ $21.31M ▲ $23.913M ▲
Q1-2025 $3.472M ▲ $29.358M ▲ $-16.152M ▲ $-2.302M ▼ $10.913M ▲ $13.206M ▲
Q4-2024 $-6.877M ▼ $19.912M ▼ $-17.721M ▼ $1.207M ▲ $3.129M ▼ $2.191M ▼
Q3-2024 $-4.072M $27.282M $-14.223M $47K $13.074M $13.059M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Eyewear Products
Eyewear Products
 $370.00M ▲$210.00M ▼$200.00M ▼$210.00M ▲
Services And Other
Services And Other
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily each year, showing that demand for Warby Parker’s products and services continues to rise. Gross profit has also improved, suggesting the core business model can generate healthy markups on what it sells. However, the company is still not consistently profitable. Operating losses and net losses have narrowed over time, but they remain present, which means the business is still in a scale‑up and investment phase rather than a mature earnings phase. Overall, the trend is toward better efficiency and smaller losses, but the path to sustained profitability is not yet fully proven.

Balance Sheet

Balance Sheet The balance sheet shows a business that has built up its asset base gradually, with meaningful cash on hand and a solid level of shareholders’ equity. Debt has been introduced in recent years but remains moderate relative to total assets, so leverage does not appear excessive. Cash levels are sizable compared with the company’s overall size, providing a cushion to fund operations and growth initiatives. Equity has been relatively stable to slightly rising, indicating that, despite ongoing losses, the company has not eroded its capital base in a severe way. Financially, it looks reasonably sturdy for a still‑developing company, though not without risk.

Cash Flow

Cash Flow Cash generation has improved meaningfully. The business has shifted from using cash in its operations to consistently producing cash from its core activities, and that operating cash flow has strengthened year after year. After several years of heavy investment, free cash flow has turned positive and is now modestly positive, even while the company continues to invest in new stores and technology. Capital spending remains significant, reflecting ongoing expansion, but it is increasingly being covered by internally generated cash rather than relying solely on the balance sheet. This marks a positive shift toward a more self‑funding model, even though the margin for error is still limited.

Competitive Edge

Competitive Edge Warby Parker occupies a distinctive spot in eyewear: stylish, relatively affordable, and mission‑driven. Its direct‑to‑consumer roots, combined with a growing store network, give it a strong omnichannel presence that many traditional optical retailers lack. The brand has genuine customer loyalty, supported by its social mission and a shopping experience that feels more modern and tech‑enabled than legacy chains. At the same time, it operates in a highly competitive market dominated by large incumbents, optical chains, and online rivals. Insurance relationships, local optometrists, and global luxury brands all compete for the same customer. Warby Parker’s moat rests heavily on brand, customer experience, and data‑driven retail, which are real strengths but must be continually reinforced as competitors respond.

Innovation and R&D

Innovation and R&D Innovation is a clear focal point. The company has been early in using online tools, home try‑on programs, and augmented‑reality virtual try‑on to lower the friction of buying glasses. It has layered on AI to personalize recommendations and mimic the in‑store stylist experience through its “Advisor” tool. Integrating eye exams, contact lenses, and potentially more clinical services moves it closer to being a full‑service vision care provider rather than just a frame seller. The partnership with Google around AI‑powered smart glasses is ambitious and could be a long‑term differentiator if execution succeeds, but it is still future‑oriented and uncertain. Overall, Warby Parker is leaning heavily into technology and design as key levers of differentiation, which can deepen its moat but also require ongoing spending and careful execution.

Summary

Warby Parker shows a pattern of steady growth, improving margins, and healthier cash generation, but it has not yet reached durable, consistent profitability. The balance sheet is relatively sound for a young public company, with decent cash and manageable debt, giving it room to keep investing. Its competitive edge is rooted in a strong brand, a differentiated shopping experience, and a blend of online and physical retail, supported by a clear social mission. Innovation in AI, digital tools, and potentially smart glasses positions it at the more progressive end of the eyewear market, though these bets carry execution and adoption risk. Overall, the company looks like a maturing disruptor: stronger and more self‑sustaining than at the time of listing, yet still in the process of proving that its model can reliably convert growth and innovation into stable, long‑term earnings.

NEWS

November 26, 2025 · 7:00 AM UTC

Warby Parker Announces Participation in the Morgan Stanley Global Consumer & Retail Conference

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November 6, 2025 · 6:45 AM UTC

Warby Parker Announces Third Quarter 2025 Results

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October 16, 2025 · 7:00 AM UTC

Warby Parker to Announce Third Quarter 2025 Financial Results November 6, 2025

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