WRBY earnings analysis
What we found in WRBY's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth of 8.3% Year-Over-Year
- Q1 2026 revenue was $242.4 million, up from $223.8 million in Q1 2025.
- 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.
- Active Customer Growth
- Active customers rose to 2.69 million, up 4.8% from 2.57 million in the prior year.
- Strong Operating Cash Flow
- Operating cash flow for Q1 was $24.5 million, though down from $29.4 million in Q1 2025.
- 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.
- Expansion of Retail Footprint
- The number of retail stores increased to 337 from 287, further enhancing distribution.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Decline in Gross Margin
- Gross margin decreased to 54.0%, down from 56.3% due to higher costs from tariffs and increased operating expenses.
- Increased Cost of Goods Sold
- Cost of goods sold rose by $13.6 million, or 13.9%, driven by higher product and fulfillment costs.
- Operational Risks Amid Regulatory Changes
- Uncertainty in the regulatory environment due to new tariffs may affect cost structures and pricing strategies.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.03
- Gross margin
- 54%
What they said about what is next.
2026 revenue guidance remains unchanged, projecting 10% to 12% growth compared to 2025.
The filing reads about the same as the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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