Warby Parker (WRBY) FY2025 results: revenue $872 million, up 13.0% on the year
Warby Parker Inc. (WRBY) reported revenue of $872 million for fiscal 2025, the year ended 31 December 2025, up 13.0% on the year before. Net income was $2 million, and diluted earnings per share $0.01. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.
Revenue
$872 million
+13.0% on the year
FY2019FY2025
Operating margin
-0.6%
-3.9% a year earlier
FY2019FY2025
Net income
$2 million
FY2019FY2025
Diluted EPS
$0.01
FY2019FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 4 new.
Full-year revenue rose 13.0%: Net revenue for 2025 was $871.9 million, up from $771.3 million in 2024.
Full-year net income turned positive: The company reported its first full year of net income, $1.6 million, against a net loss of $20.4 million in 2024.
Tariffs and doctor headcount weighed: Management named tariff costs on glasses, increased doctor headcount, contact lens sales growth and shipping costs as drivers of the fourth-quarter decline.
Full-year Adjusted EBITDA rose: Adjusted EBITDA reached $95.2 million, and the Adjusted EBITDA margin was 10.9%, up from 9.5% in 2024.
Third consecutive year of positive cash flow: Operating cash flow was $110.8 million and free cash flow $43.7 million for 2025, the third consecutive year of positive operating cash flow and free cash flow.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
111
98.7
61.0
+12.2%
Capital expenditure
67.0
64.0
53.7
+4.7%
Free cash flow
43.7
34.7
7.3
+26.0%
Free cash flow margin
5.0%
4.5%
1.1%
Cash from investing
-67.0
-66.0
-54.7
Cash from financing
-12.0
5.0
2.9
Depreciation and amortisation
50.3
45.9
38.6
+9.6%
Share-based compensation
34.5
47.3
70.5
-27.0%
Buybacks
n/a
n/a
0.0
Diluted shares, weighted
125m
120m
117m
+3.9%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
368
340
302
+8.1%
Redeemable equity
n/a
n/a
0.0
Debt
0.0
0.0
0.0
Operating lease liabilities
202
205
150
-1.6%
Other liabilities
151
131
128
+15.3%
Total liabilities and equity
721
676
580
+6.6%
Fixed assets
187
170
152
+10.0%
Cash and equivalents
286
254
217
+12.7%
Receivables
3.3
1.9
1.8
+68.6%
Inventory
44.5
52.3
62.2
-15.0%
Other assets
199
198
147
+0.9%
Total assets
721
676
580
+6.6%
10-K for the year ended 31 December 2025, filed 26 February 2026: the filing.