10-K · February 26, 2026
Warby Parker’s 2025 10-K emphasizes omnichannel scale, product & AI-led innovation (partnerships with Google and Samsung announced in 2025) and a continued retail expansion (323 stores as of December 31, 2025). Revenue…
Earnings analysis · 10-Q
WRBY earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
Warby Parker reported Q1 2026 results with revenues of $242.4 million and earnings per share (EPS) of $0.03, slightly missing consensus expectations of $0.10 but showing an 8.3% year-over-year growth in revenue. The…
Read full summary
Warby Parker reported Q1 2026 results with revenues of $242.4 million and earnings per share (EPS) of $0.03, slightly missing consensus expectations of $0.10 but showing an 8.3% year-over-year growth in revenue. The gross margin decreased to 54.0% from 56.3%, primarily due to increased costs and an uptick in operational expenses, reflecting ongoing strategic expansions and market pressures.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.03
- Gross margin
- 54%
What stood out
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Revenue Growth of 8.3% Year-Over-Year
Q1 2026 revenue was $242.4 million, up from $223.8 million in Q1 2025.
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Stable EPS Reporting
EPS for Q1 2026 was reported at $0.03, consistent with expectations despite a decrease from $0.05 in the prior quarter.
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Active Customer Growth
Active customers rose to 2.69 million, up 4.8% from 2.57 million in the prior year.
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Strong Operating Cash Flow
Operating cash flow for Q1 was $24.5 million, though down from $29.4 million in Q1 2025.
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Lower SG&A as % of Revenue
SG&A expenses as a percentage of revenue decreased to 53.4%, down from 55.2% in Q1 2025.
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Expansion of Retail Footprint
The number of retail stores increased to 337 from 287, further enhancing distribution.
What to watch
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Decline in Gross Margin
Gross margin decreased to 54.0%, down from 56.3% due to higher costs from tariffs and increased operating expenses.
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Increased Cost of Goods Sold
Cost of goods sold rose by $13.6 million, or 13.9%, driven by higher product and fulfillment costs.
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Operational Risks Amid Regulatory Changes
Uncertainty in the regulatory environment due to new tariffs may affect cost structures and pricing strategies.
Management's outlook
2026 revenue guidance remains unchanged, projecting 10% to 12% growth compared to 2025.
Earlier filings 4
10-Q · November 6, 2025
Warby Parker reported Q3 revenue of $221,680,000 (+$29,233,000 / +15.2% year-over-year) and delivered GAAP net income of $5,874,000 (diluted EPS $0.05), reversing prior-year losses. Gross margin was 54.1% and operating…
10-Q · August 8, 2025
Warby Parker reported Q2 2025 revenue of $214,475,000, up $26,253,000 (≈13.96%) versus Q2 2024, with gross profit of $113,609,000 (gross margin 53.0%). The company remains slightly unprofitable at the operating level…
10-K · February 27, 2025
Warby Parker positions itself as an omnichannel, vertically integrated vision-care brand with 276 retail stores (as of December 31, 2024), proprietary digital tools (Virtual Try-On, Virtual Vision Test), and a stated…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.