# Warby Parker Inc. (WRBY)

Informational only - not investment advice.

CIK: 0001504776
SIC: 3851 Ophthalmic Goods
SIC breadcrumb: [Manufacturing](/division/D/) > [SIC Major Group 38](/major-group/38/) > [SIC 3851 Ophthalmic Goods](/industry/3851/)
Latest 10-K filed: 2026-02-26
SEC page: https://www.sec.gov/edgar/browse/?CIK=1504776
Filing source: https://www.sec.gov/Archives/edgar/data/1504776/000150477626000006/wrby-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-26 · accession 0001504776-26-000006 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001504776.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 871,905,000 USD | 2025 | verified |
| Net income | 1,641,000 USD | 2025 | verified |
| Assets | 720,919,000 USD | 2025 | verified |
| Free cash flow | 43,737,000 USD | 2025 | computed |
| Net margin | 0.19% | 2025 | computed |
| Operating margin | -0.61% | 2025 | computed |
| Revenue YoY | +13.04% | 2025 | computed |
| ROE | 0.45% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | WRBY | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 0.2% | 3.1% | 45 | 148 |
| Operating margin | -0.6% | 6.4% | 41 | 145 |
| Revenue growth | 13.0% | 8.3% | 66 | 153 |
| FCF margin | 5.0% | 7.4% | 46 | 152 |
| ROE | 0.4% | 2.4% | 46 | 145 |
| ROA | 0.2% | 1.1% | 47 | 154 |
| Liabilities / equity | 0.96 | 0.82 | 57 | 150 |
| Current ratio | 2.35 | 2.81 | 39 | 153 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 38 SIC Major Group 38, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 871905000 | USD | 2025 | 2026-02-26 |
| Net income | 1641000 | USD | 2025 | 2026-02-26 |
| Assets | 720919000 | USD | 2025 | 2026-02-26 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-26. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001504776.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  | 370,463,000 | 393,719,000 | 540,798,000 | 598,112,000 | 669,765,000 | 771,315,000 | 871,905,000 |
| Net income |  | 0.00 | -55,919,000 | -144,271,000 | -110,393,000 | -63,197,000 | -20,390,000 | 1,641,000 |
| Operating income |  | -1,663,000 | -55,632,000 | -143,661,000 | -111,203,000 | -71,996,000 | -30,112,000 | -5,336,000 |
| Gross profit |  | 223,108,000 | 231,935,000 | 317,749,000 | 341,062,000 | 365,224,000 | 426,834,000 | 470,579,000 |
| Diluted EPS |  | -1.10 | -1.05 | -2.21 | -0.96 | -0.54 | -0.17 | 0.01 |
| Operating cash flow |  | 21,394,000 | 32,758,000 | -31,994,000 | 10,370,000 | 60,991,000 | 98,744,000 | 110,785,000 |
| Capital expenditures |  | 32,632,000 | 20,070,000 | 48,513,000 | 60,181,000 | 53,671,000 | 64,032,000 | 67,048,000 |
| Assets |  |  | 444,751,000 | 440,646,000 | 568,707,000 | 580,312,000 | 676,490,000 | 720,919,000 |
| Liabilities |  |  | 136,338,000 | 154,648,000 | 282,061,000 | 278,525,000 | 336,417,000 | 353,189,000 |
| Stockholders' equity | -133,595,000 | -189,453,000 | -198,097,000 | 285,998,000 | 286,646,000 | 301,787,000 | 340,073,000 | 367,730,000 |
| Cash and cash equivalents |  |  | 314,085,000 | 256,416,000 | 208,585,000 | 216,894,000 | 254,161,000 | 286,358,000 |
| Free cash flow |  | -11,238,000 | 12,688,000 | -80,507,000 | -49,811,000 | 7,320,000 | 34,712,000 | 43,737,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  | 0.00% | -14.20% | -26.68% | -18.46% | -9.44% | -2.64% | 0.19% |
| Operating margin |  | -0.45% | -14.13% | -26.56% | -18.59% | -10.75% | -3.90% | -0.61% |
| Return on equity |  |  |  | -50.44% | -38.51% | -20.94% | -6.00% | 0.45% |
| Return on assets |  |  | -12.57% | -32.74% | -19.41% | -10.89% | -3.01% | 0.23% |
| Liabilities / equity |  |  |  | 0.54 | 0.98 | 0.92 | 0.99 | 0.96 |
| Current ratio |  |  | 3.42 | 2.78 | 2.27 | 2.35 | 2.50 | 2.35 |

## As-reported value updates

No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks.


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-06. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001504776.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | -0.21 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | -0.09 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | -0.14 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 169,849,000 | -17,413,000 | -0.15 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 161,855,000 | -19,047,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 200,003,000 | -2,679,000 | -0.02 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 188,222,000 | -6,762,000 | -0.06 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 192,447,000 | -4,072,000 | -0.03 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 190,643,000 | -6,877,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 223,782,000 | 3,472,000 | 0.03 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 214,475,000 | -1,752,000 | -0.01 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 221,680,000 | 5,874,000 | 0.05 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 211,968,000 | -5,953,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 242,447,000 | 3,177,000 | 0.03 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 235,511,000 | 4,644,000 | 0.04 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from WRBY's latest 10-K: [/company/WRBY/business/](/company/WRBY/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from WRBY's latest 10-K: [/company/WRBY/risk-factors/](/company/WRBY/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1504776/000150477626000019/wrby-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-08-06
Report date: 2026-06-30

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

You should read the following discussion and analysis of our financial condition and results of operations together with our unaudited condensed consolidated financial statements and related notes included elsewhere in this Quarterly Report on Form 10-Q and our audited consolidated financial statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 filed with the Securities and Exchange Commission (“SEC”) on February 26, 2026 (the “Annual Report”). Data as of and for the three and six months ended June 30, 2026 and 2025 has been derived from our unaudited condensed consolidated financial statements. Results for any interim period should not be construed as an inference of what our results would be for any full fiscal year or future period. This discussion and other parts of this Quarterly Report on Form 10-Q contain forward-looking statements, such as those relating to our plans, objectives, expectations, intentions, and beliefs, which involve risks and uncertainties. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those identified below and those discussed in the sections titled “Special Note Regarding Forward-Looking Statements” and in Part I, Item 1A, Risk Factors, in the Annual Report.

Overview

We are a mission-driven, lifestyle brand that operates at the intersection of design, technology, healthcare, and social enterprise.

Since day one, our focus on delighting customers and doing good has created a foundation for continuous innovation:

•We aim to provide customers with the highest-quality product possible by designing glasses at our headquarters in New York City, using custom materials, and selling direct to the customer. By cutting out the middleman, we are able to sell our products at a lower price than many of our competitors and pass the savings on to our customers. In addition to lower prices, we introduced simple, unified pricing (glasses starting at $95, including prescription lenses) to the eyewear market.

•We’ve built a seamless shopping experience that meets customers where and how they want to shop, whether that’s on our website, on our mobile app, or in our 352 retail stores as of June 30, 2026.

•We’ve crafted a holistic vision care offering that extends beyond glasses to include contacts, vision tests and eye exams, vision insurance, and more. We leverage leading (and in many cases proprietary) technology to enhance our customers’ experiences, whether it’s to help them find a better-fitting frame using our Virtual Try-On tool, or to update their prescription from home using Virtual Vision Test, our telehealth app.

•We recruit and retain highly engaged, motivated team members who are driven by our commitment to scaling a large, growing business while making an impact and are excited to connect their daily work back to our mission.

•We are a public benefit corporation focused on positively impacting all stakeholders, and hope to inspire other entrepreneurs and businesses to think along the same lines. Working closely with our nonprofit partners, we have distributed glasses to people in need in more than 80 countries globally and many parts of the United States. Over 25 million more people now have the glasses they need to learn, work, and achieve better economic outcomes through our Buy a Pair, Give a Pair program.

We generate revenue through selling our wide array of eyewear and contact lenses, as well as from providing eye exams and vision tests. We maintain data across the entire customer journey that allows us to develop deep insights, informing our innovation priorities and enabling us to create a highly personalized, brand-enhancing experience for our customers. We have built an integrated, omnichannel presence that we believe deepens our relationship with existing customers while broadening reach and accessibility. And while we have the ability to track where our customers transact, we’re channel agnostic to where the transaction takes place and find that many of our customers engage with us across both digital and physical channels; for example, many customers

22

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who check out online also visit a store throughout their customer journey, while others choose to browse online before visiting one of our stores.

Financial Highlights

For the three months ended June 30, 2026 and 2025:

•we generated net revenue of $235.5 million and $214.5 million, respectively;

•we generated gross profit of $136.5 million and $113.6 million, respectively, representing a gross margin of 57.9% and 53.0%, respectively;

•we generated net income of $4.6 million and net loss of $1.8 million, respectively; and

•we generated Adjusted EBITDA of $32.9 million and $25.0 million, respectively, representing an Adjusted EBITDA Margin of 14.0% and 11.7%, respectively.

For the six months ended June 30, 2026 and 2025:

•we generated net revenue of $478.0 million and $438.3 million, respectively;

•we generated gross profit of $267.5 million and $239.6 million, respectively, representing a gross margin of 56.0% and 54.7%, respectively;

•we generated net income of $7.8 million and $1.7 million, respectively; and

•we generated Adjusted EBITDA of $62.4 million and $54.2 million, respectively, representing an Adjusted EBITDA Margin of 13.1% and 12.4%, respectively.

For definitions of Adjusted EBITDA and Adjusted EBITDA Margin, non-GAAP financial measures, and reconciliations to the most directly comparable GAAP measure, see the section titled “Key Business Metrics and Certain Non-GAAP Financial Measures.”

Recent Business Developments

AI Glasses

In the second quarter of 2025, we announced a partnership with Google to develop AI-enabled glasses intended for all-day wear. We are working closely with Google on the development of AI glasses and intend to launch a series of products over time. As part of this collaborative arrangement, Google has committed up to $75 million for our product development and commercialization costs. In addition, Google has committed to investing up to $75 million in Warby Parker, at our option and subject to reaching certain collaboration milestones. During the three and six months ended June 30, 2026, the Company reduced selling, general, and administrative expenses by $4.4 million and $6.4 million, respectively, related to costs which are reimbursable by Google and are thus fully offset within the period. To date, the Company has incurred $9.7 million of reimbursable costs.

Supreme Court Tariff Ruling

In February 2026, the U.S. Supreme Court issued a ruling striking down certain tariffs previously imposed under the International Emergency Economic Powers Act ("IEEPA"). The U.S. presidential administration subsequently invoked additional tariffs under other laws resulting in a rapidly changing tariff environment. In April 2026, the U.S. Customs and Border Protection agency launched a platform to allow for the submission of IEEPA tariff refund requests. The Company is accounting for any claims as loss recoveries and recognizes receivables when receipt of the claims become probable. Recoveries are reflected as a reduction of cost of goods sold for inventory previously sold, or as a reduction of inventory for goods that remain unsold.

During the three and six months ended June 30, 2026, the Company determined that the receipt of refunds totaling $14.4 million of IEEPA tariffs were probable and recorded an $11.8 million benefit to cost of goods sold for inventory sold through June 30, 2026 and a $2.6 million reduction to inventory that will be recorded through cost of goods sold as inventory turns in the second half of 2026. The Company recorded interest income of $0.2 million related to IEEPA tariffs which is included in interest and other income. As of June 30, 2026, $3.4 million of cash had been collected, inclusive of interest, and $11.2 million remained as a receivable within prepaid expenses and other current assets on the Company’s condensed consolidated balance sheet. Subsequent to June 30, 2026, the Company collected all of the remaining tariff receivable.

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Factors Affecting Our Financial Condition and Results of Operations

We believe that our performance and future success depend on a variety of factors that present significant opportunities for our business but also present risks and challenges that could adversely impact our growth and profitability, including those discussed below and throughout this Quarterly Report on Form 10-Q as well as in Part I, Item 1A. “Risk Factors” of the Annual Report.

Overall economic environment

The nature of our business, which involves the sale of products and services that are a medical necessity for many consumers, provides some insulation from swings in consumer sentiment. However, our performance and growth are still subject to broader macroeconomic factors. Pressures in the U.S. and the global economy such as changes in tariff regimes, inflation, energy prices, and recession fears may influence consumer sentiment and spending behavior.

Throughout 2025 and into 2026, we experienced pressure from a dynamic trade environment. We source frame components from suppliers in China, Italy, Vietnam and Japan, and our cost structure has been directly affected by tariffs on imports from these countries. While the U.S. Supreme Court has struck down tariffs previously imposed under the IEEPA, the U.S. presidential administration subsequently invoked new tariffs under other authorities, resulting in a rapidly changing policy environment. We continue to strategically diversify our supplier base outside of China through international frame manufacturing partnerships and our domestic optical laboratories, however the complexity of the current trade environment makes it difficult to predict the net effect on our future financial results.

Key Business Metrics and Certain Non-GAAP Financial Measures

In addition to the measures presented in our condensed consolidated financial statements, we use the following key business metrics and certain non-GAAP financial measures to evaluate our business, measure our performance, develop financial forecasts, and make strategic decisions. The following table summarizes our key performance indicators and non-GAAP financial measures for the periods presented, which are unaudited.

[[GREPCENT_TABLE]]
[["","Three Months Ended June 30,","","Six Months Ended June 30,"],["","2026","","2025","","2026","","2025"],["Active Customers (in thousands)","2,709","","","2,602","","","2,709","","","2,602"],["Store Count(1)","352","","","298","","","352","","","298"],["Adjusted EBITDA(2) (in thousands)","$","32,882","","","$","25,014","","","$","62,449","","","$","54,221"],["Adjusted EBITDA Margin(2)","14.0","%","","11.7","%","","13.1","%","","12.4","%"]]
[[/GREPCENT_TABLE]]

__________________

(1)Store Count number at the end of the period indicated.

(2)Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP financial measures. For more information regarding our use of these measures and a reconciliation of net income to Adjusted EBITDA and Adjusted EBITDA Margin, see the section titled "Adjusted EBITDA and Adjusted EBITDA Margin” below.

Active Customers

The number of Active Customers is a key performance measure that we use to assess the reach of our physical retail stores and digital platform as well as our brand awareness. We define an Active Customer as a unique customer account that has made at least one purchase in the trailing 12-month period. We determine our number of Active Customers by counting the total number of customer accounts that have made at least one purchase in the trailing 12-month period, measured from the last date of such per

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1504776/000150477626000006/wrby-20251231.htm
Complete FY 2025 MD&A: /company/WRBY/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-26
Report date: 2025-12-31

Item 7. Management’s Discussion And Analysis Of Financial Condition And Results Of Operations

You should read the following discussion and analysis of our financial condition and results of operations together with our audited consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. This discussion and other parts of this Annual Report on Form 10-K contain forward-looking statements, such as those relating to our plans, objectives, expectations, intentions, and beliefs, which involve risks and uncertainties. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those identified below and those discussed in the sections titled “Special Note Regarding Forward-Looking Statements” and “Risk Factors” included elsewhere in this Annual Report on Form 10-K.

Overview

We are a mission-driven, lifestyle brand that operates at the intersection of design, technology, healthcare, and social enterprise.

Since day one, our focus on delighting customers and doing good has created a foundation for continuous innovation:

•We aim to provide customers with the highest-quality product possible by designing glasses at our headquarters in New York City, using custom materials, and selling direct to the customer. By cutting out the middleman, we are able to sell our products at a lower price than many of our competitors and pass the savings on to our customers. In addition to lower prices, we introduced simple, unified pricing (glasses starting at $95, including prescription lenses) to the eyewear market.

•We’ve built a seamless shopping experience that meets customers where and how they want to shop, whether that’s on our website, on our mobile app, or in our 323 retail stores as of December 31, 2025.

•We’ve crafted a holistic vision care offering that extends beyond glasses to include contacts, vision tests and eye exams, vision insurance, and more. We leverage leading (and in many cases proprietary) technology to enhance our customers’ experiences, whether it’s to help them find a better-fitting frame using our Virtual Try-On tool, or to update their prescription from home using Virtual Vision Test, our telehealth app.

•We recruit and retain highly engaged, motivated team members who are driven by our commitment to scaling a large, growing business while making an impact and are excited to connect their daily work back to our mission.

•We are a public benefit corporation focused on positively impacting all stakeholders, and hope to inspire other entrepreneurs and businesses to think along the same lines. Working closely with our nonprofit partners, we have distributed glasses to people in need in more than 80 countries globally and many parts of the United States. Over 20 million more people now have the glasses they need to learn, work, and achieve better economic outcomes through our Buy a Pair, Give a Pair program.

We generate revenue through selling our wide array of eyewear, including glasses, sunglasses, and contact lenses. We also generate revenue from providing eye exams and vision tests, and selling eyewear accessories. We maintain data across the entire customer journey that allows us to develop deep insights, informing our innovation priorities and enabling us to create a highly personalized, brand-enhancing experience for our customers. We have built an integrated, omnichannel presence that we believe deepens our relationship with existing customers while broadening reach and accessibility. And while we have the ability to track where our customers transact, we’re channel agnostic to where the transaction takes place and find that many of our customers engage with us across both digital and physical channels; for example, many customers who check out online also visit a store throughout their customer journey, while others choose to browse online before visiting one of our stores.

Financial Highlights

For the years ended December 31, 2025, 2024, and 2023:

•we generated net revenue of $871.9 million, $771.3 million, and $669.8 million, respectively;

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•we generated gross profit of $470.6 million, $426.8 million, and $365.2 million, respectively, representing a gross margin of 54.0%, 55.3%, and 54.5%, respectively;

•we generated net income of $1.6 million, and net loss of $20.4 million and $63.2 million, respectively; and

•we generated Adjusted EBITDA of $95.2 million, $73.1 million, and $52.4 million, respectively, representing an Adjusted EBITDA Margin of 10.9%, 9.5%, and 7.8%, respectively.

For definitions of Adjusted EBITDA and Adjusted EBITDA Margin, non-GAAP measures, and a reconciliation to the most directly comparable GAAP measure, see the section titled “Key Business Metrics and Certain Non-GAAP Financial Measures.”

Recent Business Developments

In the second quarter of 2025, we announced a partnership with Google to develop AI-enabled glasses intended for all-day wear. We are working closely with Google on the development of AI glasses and intend to launch a series of products over time. As part of this collaboration, Google has committed up to $75 million for our product development and commercialization costs. In addition, Google has committed to investing up to $75 million in Warby Parker, at our option and subject to reaching certain collaboration milestones. During the year ended December 31, 2025, the Company reduced selling, general, and administrative expenses by $3.3 million related to costs which are reimbursable by Google and are thus fully offset within the period.

Factors Affecting Our Financial Condition and Results of Operations

We believe that our performance and future success depend on a variety of factors that present significant opportunities for our business but also present risks and challenges that could adversely impact our growth and profitability, including those discussed below and in Part I, Item 1A. “Risk Factors” of this Annual Report.

Overall economic environment

The nature of our business, which involves the sale of products and services that are a medical necessity for many consumers, provides some insulation from swings in consumer sentiment. However, our performance and growth are still subject to broader macroeconomic factors. During 2025, we experienced pressure from a dynamic trade environment and fluctuating inflationary trends, which impacted both consumer discretionary spending and our internal cost structure. While elevated interest rates and government policy continue to influence consumer confidence, we remain focused on our core value proposition to mitigate these headwinds.

Our 2025 results were affected by cost volatility related to evolving international trade policies and tariffs. We have taken proactive steps to manage these costs, including further diversifying our supplier base outside of China, making strategic price adjustments on select products, and disciplined expense management. The complexity of the global trade landscape makes it difficult to predict the timing and extent of future policy changes.

We believe our business model, which emphasizes an outstanding value-driven experience, provides a durable foundation. Our ongoing efforts to expand our supply chain network, both through international frame manufacturing partnerships and our domestic optical laboratories, are a key strategy intended to insulate us from localized disruptions. While we continue to navigate these macroeconomic uncertainties, we remain committed to meeting growing customer demand while maintaining our exceptional quality and customer satisfaction standards.

Key Business Metrics and Certain Non-GAAP Financial Measures

In addition to the measures presented in our consolidated financial statements, we use the following key business metrics and certain non-GAAP financial measures to evaluate our business, measure our performance,

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develop financial forecasts, and make strategic decisions. The following table summarizes our key performance indicators and non-GAAP financial measures for the periods presented, which are unaudited.

[[GREPCENT_TABLE]]
[["","Year Ended December 31,"],["","2025","","2024","","2023"],["Active Customers (in thousands)","2,689","","","2,514","","","2,332"],["Store Count(1)","323","","","276","","","237"],["Adjusted EBITDA(2) (in thousands)","$","95,211","","","$","73,111","","","$","52,352"],["Adjusted EBITDA Margin(2)","10.9","%","","9.5","%","","7.8","%"]]
[[/GREPCENT_TABLE]]

__________________

(1)Store Count number at the end of the period indicated.

(2)Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP financial measures. For more information regarding our use of these measures and a reconciliation of net income (loss) to Adjusted EBITDA and Adjusted EBITDA Margin, see the section titled "Adjusted EBITDA and Adjusted EBITDA Margin” below.

Active Customers

The number of Active Customers is a key performance measure that we use to assess the reach of our physical retail stores and digital platform as well as our brand awareness. We define an Active Customer as a unique customer account that has made at least one purchase in the trailing 12-month period. We determine our number of Active Customers by counting the total number of customer accounts that have made at least one purchase in the trailing 12-month period, measured from the last date of such period. Given our definition of a customer is a unique customer account that has made at least one purchase, it can include either an individual person or a household of more than one person utilizing a single account. We define Average Revenue per Customer as the sum of the total net revenues in the trailing 12-month period divided by the current period Active Customers.

Store Count

Store Count is a key performance measure that we track as we grow our retail footprint. Stores drive customer awareness of our brand and generate incremental demand for our products. We define Store Count as the total number of retail stores open at the end of a given period. We believe our retail stores embody our brand, drive brand awareness, and serve as efficient customer acquisition vehicles. Our results of operations have been and will continue to be affected by the timing and number of retail stores that we operate.

We have thoughtfully expanded our retail store footprint over the past several years. During the years ended December 31, 2025, 2024, and 2023, we opened 47, 39, and 37 net new retail stores, respectively. As of December 31, 2025, 285 out of our 323 retail stores offered in-person eye exams, representing 88.2% of our fleet, compared to 85.5% and 81.9% as of December 31, 2024 and 2023, respectively.

Adjusted EBITDA and Adjusted EBITDA Margin

We define Adjusted EBITDA as net income (loss) 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. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by net revenue. We caution investors that amounts presented in accordance with our definitions of Adjusted EBITDA and Adjusted EBITDA Margin may not be comparable to similar measures disclosed by our competitors, because not all companies and analysts calculate these measures in the same manner. We present Adjusted EBITDA and Adjusted EBITDA Margin because we consider these metrics to be important supplemental measures of our performance and believe they are frequently used by securities analysts, investors, and other intere

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/WRBY/mda/fy2025/
All MD&A years: /company/WRBY/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/WRBY/mda/fy2024/): filed 2025-02-27; accession 0001504776-25-000010 (https://www.sec.gov/Archives/edgar/data/1504776/000150477625000010/wrby-20241231.htm)
- [FY 2023 MD&A](/company/WRBY/mda/fy2023/): filed 2024-02-29; accession 0001504776-24-000006 (https://www.sec.gov/Archives/edgar/data/1504776/000150477624000006/wrby-20231231.htm)
- [FY 2022 MD&A](/company/WRBY/mda/fy2022/): filed 2023-02-28; accession 0001504776-23-000006 (https://www.sec.gov/Archives/edgar/data/1504776/000150477623000006/wrby-20221231.htm)
- [FY 2021 MD&A](/company/WRBY/mda/fy2021/): filed 2022-03-18; accession 0001504776-22-000007 (https://www.sec.gov/Archives/edgar/data/1504776/000150477622000007/wrby-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 3851 Ophthalmic Goods) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/WRBY.md · JSON record: /company/WRBY.json · verified financials: /company/WRBY/financials.json / /company/WRBY/financials.csv · machine TOC for the whole site: /llms.txt