This page shows Warby Parker Inc (WRBY) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Warby Parker’s path to profit came from selling and overhead scaling slower than revenue, not from richer product margins.
By FY2025, cash generation outran accounting earnings: net income was only$1.6M , but operating cash flow reached$110.8M . Free cash flow stayed positive at$43.7M even after capital spending of$67.0M , so the move to profitability was supported by cash left after reinvestment.
Gross margin softened from
The balance sheet looks liquid: cash reached
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Warby Parker Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Warby Parker Inc has an operating margin of -0.6%, meaning the company retains $-1 of operating profit per $100 of revenue. This results in a moderate score of 34/100, indicating healthy but not exceptional operating efficiency. This is up from -3.9% the prior year.
Warby Parker Inc's revenue grew 13.0% year-over-year to $871.9M, a solid pace of expansion. This earns a growth score of 73/100.
Warby Parker Inc has a moderate D/E ratio of 0.96. This balance of debt and equity financing earns a leverage score of 47/100.
With a current ratio of 2.35, Warby Parker Inc holds $2.35 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 66/100.
Warby Parker Inc has a free cash flow margin of 5.0%, earning a moderate score of 43/100. The company generates positive cash flow after capital investments, but with room for improvement.
Warby Parker Inc generates a 0.4% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 29/100. This is up from -6.0% the prior year.
Warby Parker Inc scores 5.90, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($3.4B) relative to total liabilities ($353.2M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Warby Parker Inc passes 5 of 7 computable financial strength tests (2 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Warby Parker Inc generates $67.51 in operating cash flow ($110.8M OCF vs $1.6M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
Warby Parker Inc generated $871.9M in revenue in fiscal year 2025. This represents an increase of 13.0% from the prior year.
Warby Parker Inc's EBITDA was $44.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 185.3% from the prior year.
Warby Parker Inc reported $1.6M in net income in fiscal year 2025. This represents an increase of 108.0% from the prior year.
Warby Parker Inc earned $0.01 per diluted share (EPS) in fiscal year 2025. This represents an increase of 105.9% from the prior year.
Cash & Balance Sheet
Warby Parker Inc generated $43.7M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 26.0% from the prior year.
Warby Parker Inc held $286.4M in cash against $0 in long-term debt as of fiscal year 2025.
Margins & Returns
Warby Parker Inc's gross margin was 54.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 1.4 percentage points from the prior year.
Warby Parker Inc's operating margin was -0.6% in fiscal year 2025, reflecting core business profitability. This is up 3.3 percentage points from the prior year.
Warby Parker Inc's net profit margin was 0.2% in fiscal year 2025, showing the share of revenue converted to profit. This is up 2.8 percentage points from the prior year.
Warby Parker Inc's ROE was 0.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 6.5 percentage points from the prior year.
Capital Allocation
Warby Parker Inc invested $67.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 4.7% from the prior year.
WRBY Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $242.4M+14.4% | $212.0M-4.4% | $221.7M+3.4% | $214.5M-4.2% | $223.8M+17.4% | $190.6M-0.9% | $192.4M+2.2% | $188.2M |
| Cost of Revenue | $111.4M+10.4% | $100.9M-0.8% | $101.7M+0.9% | $100.9M+3.1% | $97.8M+11.8% | $87.5M-0.1% | $87.6M+5.7% | $82.8M |
| Gross Profit | $131.0M+18.0% | $111.0M-7.4% | $119.9M+5.6% | $113.6M-9.8% | $126.0M+22.2% | $103.1M-1.7% | $104.9M-0.5% | $105.4M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $129.4M+9.7% | $117.9M+1.3% | $116.4M-1.5% | $118.1M-4.4% | $123.5M+9.7% | $112.5M+1.0% | $111.5M-2.5% | $114.3M |
| Operating Income | $1.7M+124.3% | -$6.9M-291.9% | $3.6M+178.9% | -$4.5M-283.1% | $2.5M+126.2% | -$9.4M-42.4% | -$6.6M+26.2% | -$9.0M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $821K-4.8% | $862K+789.6% | -$125K+84.2% | -$789K-154.3% | $1.5M+1463.4% | $93K-69.1% | $301K-19.3% | $373K |
| Net Income | $3.2M+153.4% | -$6.0M-201.3% | $5.9M+435.3% | -$1.8M-150.5% | $3.5M+150.5% | -$6.9M-68.9% | -$4.1M+39.8% | -$6.8M |
| EPS (Diluted) | $0.03 | N/A | $0.05+600.0% | $-0.01-133.3% | $0.03 | N/A | $-0.03+50.0% | $-0.06 |
WRBY Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $736.4M+2.1% | $720.9M+2.0% | $706.9M+0.7% | $701.9M+2.8% | $682.8M+0.9% | $676.5M+6.0% | $638.0M+3.2% | $618.2M |
| Current Assets | $357.7M+1.5% | $352.4M+2.4% | $344.1M-0.6% | $346.1M+4.7% | $330.6M+1.4% | $326.0M+1.5% | $321.2M+4.1% | $308.6M |
| Cash & Equivalents | $288.2M+0.7% | $286.4M+2.1% | $280.4M-2.1% | $286.4M+8.0% | $265.1M+4.3% | $254.2M+1.2% | $251.0M+5.5% | $238.0M |
| Inventory | $46.5M+4.4% | $44.5M-2.4% | $45.6M+5.4% | $43.3M-11.0% | $48.6M-7.1% | $52.3M-0.8% | $52.8M-1.1% | $53.3M |
| Accounts Receivable | $1.8M-46.4% | $3.3M+187.4% | $1.1M+0.4% | $1.1M-22.7% | $1.5M-24.4% | $1.9M+78.1% | $1.1M-9.5% | $1.2M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $360.6M+2.1% | $353.2M+4.7% | $337.3M-0.9% | $340.4M+3.6% | $328.7M-2.3% | $336.4M+11.7% | $301.2M+4.3% | $288.8M |
| Current Liabilities | $153.3M+2.1% | $150.1M+13.7% | $132.1M-2.6% | $135.5M+10.5% | $122.6M-5.9% | $130.4M+0.2% | $130.1M+7.5% | $121.0M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $375.8M+2.2% | $367.7M-0.5% | $369.6M+2.3% | $361.5M+2.1% | $354.1M+4.1% | $340.1M+1.0% | $336.8M+2.2% | $329.4M |
| Retained Earnings | -$682.4M+0.5% | -$685.6M-0.9% | -$679.6M+0.9% | -$685.5M-0.3% | -$683.7M+0.5% | -$687.2M-1.0% | -$680.3M-0.6% | -$676.3M |
WRBY Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $24.5M+5.4% | $23.3M+29.4% | $18.0M-55.3% | $40.2M+36.9% | $29.4M+47.4% | $19.9M-27.0% | $27.3M-13.7% | $31.6M |
| Capital Expenditures | $16.1M+6.7% | $15.1M-22.4% | $19.5M+19.7% | $16.3M+0.8% | $16.2M-8.9% | $17.7M+24.6% | $14.2M-19.4% | $17.7M |
| Free Cash Flow | $8.4M+2.9% | $8.1M+636.5% | -$1.5M-106.3% | $23.9M+81.1% | $13.2M+502.7% | $2.2M-83.2% | $13.1M-6.5% | $14.0M |
| Investing Cash Flow | -$16.1M-6.7% | -$15.1M+22.4% | -$19.5M-19.7% | -$16.3M-0.8% | -$16.2M+8.9% | -$17.7M-24.6% | -$14.2M+19.4% | -$17.7M |
| Financing Cash Flow | -$6.2M-166.2% | -$2.3M+49.8% | -$4.6M-66.2% | -$2.8M-20.5% | -$2.3M-291.0% | $1.2M+2463.8% | $47K-98.7% | $3.6M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
WRBY Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 54.0%+1.7pp | 52.4%-1.7pp | 54.1%+1.1pp | 53.0%-3.3pp | 56.3%+2.2pp | 54.1%-0.4pp | 54.5%-1.5pp | 56.0% |
| Operating Margin | 0.7%+3.9pp | -3.2%-4.8pp | 1.6%+3.7pp | -2.1%-3.2pp | 1.1%+6.0pp | -4.9%-1.5pp | -3.4%+1.3pp | -4.8% |
| Net Margin | 1.3%+4.1pp | -2.8%-5.5pp | 2.6%+3.5pp | -0.8%-2.4pp | 1.6%+5.2pp | -3.6%-1.5pp | -2.1%+1.5pp | -3.6% |
| Return on Equity | 0.9%+2.5pp | -1.6%-3.2pp | 1.6%+2.1pp | -0.5%-1.5pp | 1.0%+3.0pp | -2.0%-0.8pp | -1.2%+0.8pp | -2.1% |
| Return on Assets | 0.4%+1.3pp | -0.8%-1.7pp | 0.8%+1.1pp | -0.3%-0.8pp | 0.5%+1.5pp | -1.0%-0.4pp | -0.6%+0.4pp | -1.1% |
| Current Ratio | 2.33-0.0 | 2.35-0.3 | 2.61+0.1 | 2.55-0.1 | 2.70+0.2 | 2.50+0.0 | 2.47-0.1 | 2.55 |
| Debt-to-Equity | 0.960.0 | 0.96+0.0 | 0.91-0.0 | 0.94+0.0 | 0.93-0.1 | 0.99+0.1 | 0.89+0.0 | 0.88 |
| FCF Margin | 3.5%-0.4pp | 3.8%+4.5pp | -0.7%-11.8pp | 11.2%+5.3pp | 5.9%+4.8pp | 1.1%-5.6pp | 6.8%-0.6pp | 7.4% |
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Frequently Asked Questions
What is Warby Parker Inc's annual revenue?
Warby Parker Inc (WRBY) reported $871.9M in total revenue for fiscal year 2025. This represents a 13.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Warby Parker Inc's revenue growing?
Warby Parker Inc (WRBY) revenue grew by 13% year-over-year, from $771.3M to $871.9M in fiscal year 2025.
Is Warby Parker Inc profitable?
Yes, Warby Parker Inc (WRBY) reported a net income of $1.6M in fiscal year 2025, with a net profit margin of 0.2%.
What is Warby Parker Inc's EBITDA?
Warby Parker Inc (WRBY) had EBITDA of $44.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Warby Parker Inc's gross margin?
Warby Parker Inc (WRBY) had a gross margin of 54.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Warby Parker Inc's operating margin?
Warby Parker Inc (WRBY) had an operating margin of -0.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Warby Parker Inc's net profit margin?
Warby Parker Inc (WRBY) had a net profit margin of 0.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Warby Parker Inc's return on equity (ROE)?
Warby Parker Inc (WRBY) has a return on equity of 0.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Warby Parker Inc's free cash flow?
Warby Parker Inc (WRBY) generated $43.7M in free cash flow during fiscal year 2025. This represents a 26.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Warby Parker Inc's operating cash flow?
Warby Parker Inc (WRBY) generated $110.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Warby Parker Inc's total assets?
Warby Parker Inc (WRBY) had $720.9M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Warby Parker Inc's capital expenditures?
Warby Parker Inc (WRBY) invested $67.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Warby Parker Inc's current ratio?
Warby Parker Inc (WRBY) had a current ratio of 2.35 as of fiscal year 2025, which is generally considered healthy.
What is Warby Parker Inc's debt-to-equity ratio?
Warby Parker Inc (WRBY) had a debt-to-equity ratio of 0.96 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Warby Parker Inc's return on assets (ROA)?
Warby Parker Inc (WRBY) had a return on assets of 0.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Warby Parker Inc's Altman Z-Score?
Warby Parker Inc (WRBY) has an Altman Z-Score of 5.90, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Warby Parker Inc's Piotroski F-Score?
Warby Parker Inc (WRBY) has a Piotroski F-Score of 5 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Warby Parker Inc's earnings high quality?
Warby Parker Inc (WRBY) has an earnings quality ratio of 67.51x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Warby Parker Inc?
Warby Parker Inc (WRBY) scores 49 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.