Warby Parker Inc.

warbyparker.com

What Do They Do?

Sells glasses and sunglasses, contact lenses, and eye exams and vision tests to consumers.

How Do They Make Money?

Customers buy glasses, sunglasses, contacts and accessories; sales are counted when orders are delivered. Eye exams and vision tests are counted when provided, and customers may pay before delivery.

revenue

Segment	Share	How money arrives
Eyewear Sold outright	82% FY2022: 97%	Sold outright
Contacts Products Sold outright	11%	Sold outright
Eye care Sold outright	6.4% FY2022: 3.0%	Sold outright

Who Are Their Customers?

Customers buy eyewear and optical services directly through Warby Parker’s stores, website and mobile apps.

Do Revenues Turn Into Profits?

Yes. It kept less than a cent of every revenue dollar as net income in FY2025 and turned 5 cents into free cash flow.

Operating income, FY2025

−1% of revenue

▼ −82% (Loss) vs FY2024 (−$30.1M, −4%)

Net income, FY2025

0% of revenue

▲ Now profitable vs FY2024 (−$20.4M, −3%)

Free cash flow, FY2025

5% of revenue

▲ +26% vs FY2024 ($34.7M, 5%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +10%; vs $214.5M in Q2 FY2025
Net income: ▲ Now profitable; vs −$1.8M in Q2 FY2025

Eyewear share of revenue vs 82.5% in Q2 FY2025

Aug 6, 2026 Reaffirmed full-year revenue and adjusted profit guidance Kept 2026 revenue guidance at $959 to $976 million and adjusted profit guidance at $117 to $119 million.

Growing. Revenue grew 61% in 4 years, from $540.8M in FY2021 to $871.9M in FY2025, about 13% a year.

AI eyewear development Adds an AI-powered intelligent eyewear product in development through partnerships with Google and Samsung, alongside its glasses, sunglasses, contacts, and eye-care services.

Revenue over time

Eyewear Contacts Products Eye care

$1B$500M$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with EssilorLuxottica, VSP, and Zenni Optical

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