Warby Parker Inc. WRBY
Warby Parker is a mission-driven, lifestyle brand that operates at the intersection of design, technology, healthcare, and social enterprise. We stand for fun, creativity, and doing good in the world. Every day, our team of over 4,000 employees is focused on our mission to inspire and impact the world with vision, purpose, and style (without charging a premium for it). Our ultimate objective is to provide vision for all.
As a pioneer of the direct-to-consumer model, we design our glasses in-house at our New York City headquarters and sell directly to customers, enabling us to make high-quality, designer eyewear more accessible, with simple, unified pricing starting at $95 including prescription lenses. Since our launch, we've expanded beyond glasses to offer comprehensive eye care, including eye exams, contacts, lens enhancements and tech-enabled experiences like Virtual Try-On and Virtual Vision Test, with an aim to make Warby Parker a convenient, one-stop shop for all eye care needs. We operate an integrated, omnichannel platform across digital commerce and 323 retail stores as of December 31, 2025, all designed to make shopping both convenient and fun.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $871.9M | $771.3M | $669.8M | $598.1M | $540.8M | $393.7M | $370.5M | — |
| Cost of revenue | $401.3M | $344.5M | $304.5M | $257.1M | $223.0M | $161.8M | $147.4M | — |
| Gross profit | $470.6M | $426.8M | $365.2M | $341.1M | $317.7M | $231.9M | $223.1M | — |
| SG&A | $475.9M | $456.9M | $437.2M | $452.3M | $461.4M | $287.6M | $224.8M | — |
| Operating income | -$5.3M | -$30.1M | -$72.0M | -$111.2M | -$143.7M | -$55.6M | -$1.7M | — |
| Pre-tax income | $3.0M | -$19.5M | -$62.8M | -$109.9M | -$144.0M | -$55.7M | $276.0K | — |
| Income tax | $1.4M | $875.0K | $433.0K | $497.0K | $263.0K | $190.0K | $276.0K | — |
| Net income | $1.6M | -$20.4M | -$63.2M | -$110.4M | -$144.3M | -$55.9M | $0 | — |
| EPS, basic | 0.01 | -0.17 | -0.54 | -0.96 | -2.21 | -1.05 | -1.10 | — |
| EPS, diluted | 0.01 | -0.17 | -0.54 | -0.96 | -2.21 | -1.05 | -1.10 | — |
| Shares, diluted (wtd. avg.) | $125.1M | $120.4M | $117.4M | $114.9M | $71.2M | $53.0M | $52.4M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $286.4M | $254.2M | $216.9M | $208.6M | $256.4M | $314.1M | $55.4M | $149.8M |
| Receivables | $3.3M | $1.9M | $1.8M | $1.4M | $992.0K | $601.0K | — | — |
| Inventory | $44.5M | $52.3M | $62.2M | $68.8M | $57.1M | $38.5M | — | — |
| Total current assets | $352.4M | $326.0M | $298.6M | $294.6M | $328.0M | $359.9M | — | — |
| Property, plant and equipment | $187.4M | $170.5M | $152.3M | $138.6M | $112.2M | $84.5M | — | — |
| Total assets | $720.9M | $676.5M | $580.3M | $568.7M | $440.6M | $444.8M | — | — |
| Accounts payable | $32.0M | $23.5M | $22.5M | $20.8M | $30.9M | $40.8M | — | — |
| Total current liabilities | $150.1M | $130.4M | $127.1M | $129.6M | $118.1M | $105.3M | — | — |
| Total liabilities | $353.2M | $336.4M | $278.5M | $282.1M | $154.6M | $136.3M | — | — |
| Retained earnings | -$685.6M | -$687.2M | -$666.8M | -$603.6M | -$493.2M | -$325.4M | — | — |
| Total equity | $367.7M | $340.1M | $301.8M | $286.6M | $286.0M | -$198.1M | -$189.5M | -$133.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $110.8M | $98.7M | $61.0M | $10.4M | -$32.0M | $32.8M | $21.4M | — |
| Depreciation and amortisation | $50.3M | $45.9M | $38.6M | $31.9M | $21.6M | $17.8M | $14.5M | — |
| Stock-based compensation | $34.5M | $47.3M | $70.5M | $98.0M | $107.1M | $44.9M | $8.5M | — |
| Capital expenditure | $67.0M | $64.0M | $53.7M | $60.2M | $48.5M | $20.1M | $32.6M | — |
| Investing cash flow | -$67.0M | -$66.0M | -$54.7M | -$60.2M | -$48.5M | -$20.1M | -$32.6M | — |
| Financing cash flow | -$12.0M | $5.0M | $2.9M | $3.3M | $23.0M | $245.9M | -$83.4M | — |
| Buybacks | — | — | $0 | $0 | $8.1M | $0 | $79.5M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-050432.
Others in SIC 3851
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| COO | COOPER COMPANIES, INC. | $13.57B | 37.2x | 5.1% |
| BLCO | Bausch & Lomb Corp | $6.44B | — | 6.5% |
| EYE | National Vision Holdings, Inc. | $1.32B | 45.2x | 9.0% |
| STAA | STAAR SURGICAL CO | $1.18B | — | -23.7% |
| RXST | RxSight, Inc. | $265.2M | — | -3.9% |
| LUCYW | Innovative Eyewear Inc | $275.5K | — | 62.6% |
| ALC | ALCON INC | — | — | 4.9% |