Revenue growth has fluctuated between 8.3% and 17.8% over the last ten quarters, while operating margins remain strained, only recently turning positive at 0.7% in 2026Q1.
| Sales/Revenue | 890.57M | 871.9M | 771.32M | 669.76M | 598.11M | 540.8M | 393.72M | 370.46M |
| Revenue Growth % | 12.01% | 13.04% | 15.16% | 11.98% | 10.6% | 37.36% | 6.28% | - |
| Cost of Goods Sold | 414.93M | 401.33M | 344.48M | 304.54M | 257.05M | 223.05M | 161.78M | 147.35M |
| COGS % of Revenue | - | 46.03% | 44.66% | 45.47% | 42.98% | 41.24% | 41.09% | 39.78% |
| Gross Profit | 475.64M | 470.58M | 426.83M | 365.22M | 341.06M | 317.75M | 231.94M | 223.11M |
| Gross Margin % | 53.41% | 53.97% | 55.34% | 54.53% | 57.02% | 58.76% | 58.91% | 60.22% |
| Gross Profit Growth % | - | 10.25% | 16.87% | 7.08% | 7.34% | 37% | 3.96% | - |
| Operating Expenses | 481.78M | 475.92M | 456.95M | 437.22M | 452.26M | 461.41M | 287.57M | 224.77M |
| OpEx % of Revenue | - | 54.58% | 59.24% | 65.28% | 75.62% | 85.32% | 73.04% | 60.67% |
| Selling, General & Admin | 478.01M | 475.92M | 440.05M | 421.57M | 452.26M | 461.41M | 287.57M | 224.77M |
| SG&A % of Revenue | - | 54.58% | 57.05% | 62.94% | 75.62% | 85.32% | 73.04% | 60.67% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 16.89M | 15.65M | 0 | 0 | 0 | 0 |
| Operating Income | -6.14M | -5.34M | -30.11M | -72M | -111.2M | -143.66M | -55.63M | -1.66M |
| Operating Margin % | -0.69% | -0.61% | -3.9% | -10.75% | -18.59% | -26.56% | -14.13% | -0.45% |
| Operating Income Growth % | - | 82.28% | 58.18% | 35.26% | 22.59% | -158.23% | -3245.28% | - |
| EBITDA | 31.98M | 44.94M | 15.75M | -33.44M | -79.34M | -121.7M | -37.26M | 12.85M |
| EBITDA Margin % | 3.59% | 5.15% | 2.04% | -4.99% | -13.26% | -22.5% | -9.46% | 3.47% |
| EBITDA Growth % | 28.27% | 185.3% | 147.11% | 57.85% | 34.81% | -226.67% | -389.85% | - |
| D&A (Non-Cash Add-back) | 38.12M | 50.28M | 45.87M | 38.55M | 31.86M | 21.96M | 18.38M | 14.52M |
| EBIT | -2.2M | 3.04M | -30.11M | -72M | -109.9M | -143.66M | -55.63M | -1.66M |
| Net Interest Income | 5.92M | 8.38M | 10.6M | 9.23M | 1.31M | 0 | -97K | 1.94M |
| Interest Income | 5.92M | 8.38M | 10.6M | 9.23M | 1.31M | 0 | 0 | 1.94M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 97K | 0 |
| Other Income/Expense | 8.26M | 8.38M | 10.6M | 9.23M | 1.31M | -347K | -97K | 1.94M |
| Pretax Income | 2.12M | 3.04M | -19.52M | -62.76M | -109.9M | -144.01M | -55.73M | 276K |
| Pretax Margin % | 0.24% | 0.35% | -2.53% | -9.37% | -18.37% | -26.63% | -14.15% | 0.07% |
| Income Tax | 769K | 1.4M | 875K | 433K | 497K | 263K | 190K | 276K |
| Effective Tax Rate % | 36.36% | 46.07% | -4.48% | -0.69% | -0.45% | -0.18% | -0.34% | 100% |
| Net Income | 1.35M | 1.64M | -20.39M | -63.2M | -110.39M | -144.27M | -55.92M | 0 |
| Net Margin % | 0.15% | 0.19% | -2.64% | -9.44% | -18.46% | -26.68% | -14.2% | - |
| Net Income Growth % | 109.45% | 108.05% | 67.74% | 42.75% | 23.48% | -158% | - | - |
| Net Income (Continuing) | 1.35M | 1.64M | -20.39M | -63.2M | -110.39M | -144.27M | -55.92M | 0 |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.01 | 0.01 | -0.17 | -0.54 | -0.96 | -1.39 | -0.50 | -0.52 |
| EPS Growth % | 110.19% | 107.71% | 68.52% | 43.75% | 30.94% | -178% | 3.85% | - |
| EPS (Basic) | - | 0.01 | -0.17 | -0.54 | -0.96 | -1.39 | -0.50 | -0.52 |
| Diluted Shares Outstanding | 125.55M | 125.1M | 120.39M | 117.39M | 114.94M | 113.62M | 111.39M | 111.39M |
| Basic Shares Outstanding | 123.44M | 122.67M | 120.39M | 117.39M | 114.94M | 113.62M | 111.39M | 111.39M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
High Fixed Cost Leverage
According to the provided quarterly data, Warby Parker's revenue growth has fluctuated between 8.3% and 17.8% over the last ten quarters, reflecting the inherent challenges of scaling a physical retail footprint while maintaining the momentum of a formerly digital-native, direct-to-consumer optical brand in a competitive market.
The revenue trajectory appears to be stabilizing in the low-to-mid teens, suggesting that the initial post-pandemic surge has normalized. Investors should monitor whether the company can sustain this growth as it penetrates Tier-2 markets, where brand awareness may be lower and customer acquisition costs could potentially escalate.
As reported in financial statements, Warby Parker has maintained a relatively consistent gross margin profile, hovering around the 54% mark, which suggests that the company's vertically integrated model provides a degree of protection against the wholesale pricing pressures typically faced by traditional optical retailers and eyewear brands.
This margin stability is noteworthy given the company's ongoing shift toward lower-margin contact lens sales and the logistical costs associated with its omnichannel fulfillment. Future margin expansion likely depends on the successful upselling of higher-margin progressive lenses and professional eye exam services to the existing customer base.
Based on the income statement data, Warby Parker has struggled to demonstrate consistent operating leverage, as SG&A expenses frequently track closely with gross profit, resulting in operating margins that have only recently turned positive in isolated quarters like 2026Q1 and 2025Q3 after extended periods of losses.
The high fixed-cost nature of the 160+ store fleet creates a significant hurdle for profitability, as store-level labor and lease obligations require high throughput to achieve meaningful scale. The company's ability to convert incremental revenue into operating income remains the primary indicator of long-term operational efficiency.
Analysis of the provided figures indicates that stock-based compensation has historically been a material factor in the company's income statement, with quarterly charges reaching as high as $16.4 million in 2023Q4, which significantly impacts the quality of reported GAAP net income and diluted earnings per share.
The reliance on equity-based incentives suggests that GAAP profitability may be overstated or understated depending on the timing of these non-cash charges. Investors should scrutinize the relationship between these compensation expenses and the company's actual cash-generative capacity as the business matures toward a more sustainable earnings profile.
Quick answers to the most common questions about buying WRBY stock.
For fiscal year 2025, Warby Parker Inc. (WRBY) reported total revenue of $871.9M. This represents a 135.4% increase compared to $370.5M in 2019.
Warby Parker Inc. (WRBY) is profitable, generating $1.6M in net income for the fiscal year ending 2025 with a net profit margin of 0.2%.
Warby Parker Inc. (WRBY) reported an operating income of $-5.3M, resulting in an operating profit margin of -0.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Warby Parker Inc. (WRBY) generated $470.6M in gross profit for the year, representing a gross profit margin of 54.0%. This demonstrates the company's core pricing power and production efficiency.