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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.
Read the Q4 FY2025 earnings call summary

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue872771670+13.0%
Cost of revenue401344305+16.5%
Gross profit471427365+10.2%
Gross margin54.0%55.3%54.5%
Selling, general and administrative476457437+4.2%
Operating income-5.3-30.1-72.0
Operating margin-0.6%-3.9%-10.7%
Pre-tax income3.0-19.5-62.8
Income tax1.40.90.4+60.2%
Effective tax rate46.1%n/an/a
Net income1.6-20.4-63.2
Net margin0.2%-2.6%-9.4%
Diluted EPS$0.01-$0.17-$0.54
$ 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow11198.761.0+12.2%
Capital expenditure67.064.053.7+4.7%
Free cash flow43.734.77.3+26.0%
Free cash flow margin5.0%4.5%1.1%
Cash from investing-67.0-66.0-54.7
Cash from financing-12.05.02.9
Depreciation and amortisation50.345.938.6+9.6%
Share-based compensation34.547.370.5-27.0%
Buybacksn/an/a0.0
Diluted shares, weighted125m120m117m+3.9%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity368340302+8.1%
Redeemable equityn/an/a0.0
Debt0.00.00.0
Operating lease liabilities202205150-1.6%
Other liabilities151131128+15.3%
Total liabilities and equity721676580+6.6%
Fixed assets187170152+10.0%
Cash and equivalents286254217+12.7%
Receivables3.31.91.8+68.6%
Inventory44.552.362.2-15.0%
Other assets199198147+0.9%
Total assets721676580+6.6%

10-K for the year ended 31 December 2025, filed 26 February 2026: the filing.