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Warby Parker

WRBY NYSE Apparel, Accessories & Luxury Goods Financials FY2019–FY2025

Warby Parker's revenue rose 13.0% to $872 million in fiscal 2025. Its operating margin was −0.6%, up from −3.9% a year earlier. Free cash flow was $44 million, up 26.0%. The diluted share count rose 3.9%.

Last close · Oct 23, 2026

$25.91

0.9%
Value it Compare
Revenue Total sales reported in the income statement.
$872M
13.0% vs prior year
Operating margin Operating income as a share of revenue.
−0.6%
3.3 pts
Net income Profit after all expenses, interest and tax.
$1.6M
Free cash flow Cash from operations minus capital spending.
$43.7M
26.0%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
−3.4%
24.4 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$3.3B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
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On $0.07 EPS (TTM)

About these figures. Warby Parker reports no borrowings (its credit line is undrawn), so debt is counted as zero.

What Warby Parker does

No business description yet.

Legal name
Warby Parker Inc.
Fiscal year ends
December 31, 2025
Latest annual report
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Accession · CIK
0001504776-26-000006
0001504776

Revenue and margins

Warby Parker had $872M of revenue in fiscal 2025, up 13.0% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $43.7M in fiscal 2025, 5.0% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Warby Parker returned $0.0M to shareholders in fiscal 2025, 0% of free cash flow. The diluted share count rose 3.9%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Warby Parker yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

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Adds net cash of $286M and divides by 125.1M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today — · peers 12.8x · sector 17.8x.

Balance sheet

Cash, debt and the ratios that show how comfortably Warby Parker can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $256M$209M$217M$254M$286M
Debt incl. finance leases $0.0M$0.0M$0.0M$0.0M$0.0M
Net debt / EBITDA ———−16.1x−6.4x
Debt / equity 0.0x0.0x0.0x0.0x0.0x
Interest coverage −957.7x−604.4x−317.2x−122.4x−16.4x
Current ratio 2.8x2.3x2.4x2.5x2.4x
Quick ratio 2.3x1.7x1.9x2.1x2.1x
Total assets $441M$569M$580M$677M$721M
Total liabilities $155M$282M$279M$336M$353M
Shareholders' equity $286M$287M$302M$340M$368M
Net debt (− = net cash) −$256M−$209M−$217M−$254M−$286M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$20.9M

6 insiders

Of sales under plans

95%

$19.9M

DateInsiderTradeSharesPriceValueFiling
Jul 6, 2026 David Abraham GilboaCo-Chief Executive Officer, Director Sold plan 54,347 $29.84 $1.6M Form 4
Jul 6, 2026 Neil Harris BlumenthalCo-Chief Executive Officer, Director Sold plan 9,200 $29.99 $0.3M Form 4
Jul 1, 2026 David Abraham GilboaCo-Chief Executive Officer, Director Sold plan 242,221 $29.69 $7.2M Form 4
Jul 1, 2026 Jeffrey Jacob RaiderDirector Sold plan 22,500 $29.72 $0.7M Form 4
Jul 1, 2026 Neil Harris BlumenthalCo-Chief Executive Officer, Director Sold plan 217,667 $29.61 $6.4M Form 4
Jun 29, 2026 Neil Harris BlumenthalCo-Chief Executive Officer, Director Sold plan 36,300 $30.04 $1.1M Form 4
Jun 16, 2026 Teresa BriggsDirector Sold plan 5,000 $25.94 $0.1M Form 4
Jun 12, 2026 Youngme E MoonDirector Sold 10,000 $26.53 $0.3M Form 4
May 19, 2026 Neil Harris BlumenthalCo-Chief Executive Officer, Director Sold plan 63,040 $30.03 $1.9M Form 4
May 14, 2026 Bradley E SingerDirector Sold 4,833 $29.01 $0.1M Form 4
May 13, 2026 Bradley E SingerDirector Sold 20,167 $28.51 $0.6M Form 4
Apr 20, 2026 Neil Harris BlumenthalCo-Chief Executive Officer, Director Sold plan 22,442 $25.09 $0.6M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✕ ✕ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✕ ✕
Current ratio rose ✓ ✓ ✕
Share count didn't rise ✕ ✕ ✕
Gross margin rose ✕ ✓ ✕
Revenue rose relative to assets ✕ ✓ ✕
F-score 4 / 96 / 94 / 9
Accruals ratio −21.6%−19.0%−15.6%
Altman Z'' −1.50−0.65−0.22

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Warby Parker WRBY $3.3B 13.0% −0.6% 5.0% −3.4% — 4
Carter's CRI $1.2B 1.9% 5.0% 2.4% 11.9% 6.1x 5 Compare →
G-III Apparel Group GIII $1.3B −7.0% 3.7% 8.9% 4.6% 9.7x 6 Compare →
Kontoor Brands KTB $4.2B 20.9% 10.7% 13.8% 21.2% 15.9x 6 Compare →
Columbia Sportswear COLM $3.1B 0.9% 6.1% 6.4% 17.0% 16.0x 5 Compare →

7 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $371M $394M $541M $598M $670M $771M $872M
Gross profit $223M $232M $318M $341M $365M $427M $471M
Operating income −$1.7M −$55.6M −$144M −$111M −$72.0M −$30.1M −$5.3M
Interest expense $0.1M $0.5M $0.1M $0.2M $0.2M $0.2M $0.3M
Pretax income $0.3M −$55.7M −$144M −$110M −$62.8M −$19.5M $3.0M
Income tax $0.3M $0.2M $0.3M $0.5M $0.4M $0.9M $1.4M
Net income $0.0M −$55.9M −$144M −$110M −$63.2M −$20.4M $1.6M
Diluted EPS −$1.10 −$1.05 −$2.21 −$0.96 −$0.54 −$0.17 $0.01
Diluted shares 0.05B 0.05B 0.07B 0.11B 0.12B 0.12B 0.13B
Cash flow
Cash from operations $21.4M $32.8M −$32.0M $10.4M $61.0M $98.7M $111M
Capital expenditure $32.6M $20.1M $48.5M $60.2M $53.7M $64.0M $67.0M
Free cash flow −$11.2M $12.7M −$80.5M −$49.8M $7.3M $34.7M $43.7M
Depreciation and amortization $14.5M $17.8M $21.6M $31.9M $38.6M $45.9M $50.3M
Stock-based compensation $8.5M $44.9M $107M $98.0M $70.5M $47.3M $34.5M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $79.5M $0.0M $8.1M $0.0M $0.0M $0.0M $0.0M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $79.5M $0.0M $8.1M $0.0M $0.0M $0.0M $0.0M
Balance sheet
Cash and short-term investments $55.4M $314M $256M $209M $217M $254M $286M
Total debt $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets — $360M $328M $295M $299M $326M $352M
Current liabilities — $105M $118M $130M $127M $130M $150M
Inventory $0.0M $38.5M $57.1M $68.8M $62.2M $52.3M $44.5M
Property and equipment, net — $84.5M $112M $139M $152M $171M $187M
Total assets — $445M $441M $569M $580M $677M $721M
Total liabilities — $136M $155M $282M $279M $336M $353M
Shareholders' equity −$190M −$198M $286M $287M $302M $340M $368M
Margins
Gross margin 60.2% 58.9% 58.8% 57.0% 54.5% 55.3% 54.0%
Operating margin −0.5% −14.1% −26.6% −18.6% −10.8% −3.9% −0.6%
EBITDA margin 3.5% −9.6% −22.6% −13.3% −5.0% 2.0% 5.2%
Net margin 0.0% −14.2% −26.7% −18.5% −9.4% −2.6% 0.2%
FCF margin −3.0% 3.2% −14.9% −8.3% 1.1% 4.5% 5.0%
Returns
Return on capital — — — −163.2% −69.8% −27.9% −3.4%
Return on capital employed — — −43.4% −29.2% −16.1% −6.0% −1.0%
Return on equity — — −328.3% −38.6% −21.5% −6.4% 0.5%
Return on assets — — −32.6% −21.9% −11.0% −3.2% 0.2%
Growth
Revenue growth — 6.3% 37.4% 10.6% 12.0% 15.2% 13.0%
FCF growth — — −734.5% — — 374.2% 26.0%
Share count change — 1.2% 34.4% 61.3% 2.1% 2.6% 3.9%
Financial health
Net debt / EBITDA −4.3x — — — — −16.1x −6.4x
Debt / equity — — 0.0x 0.0x 0.0x 0.0x 0.0x
Interest coverage −18.9x −119.4x −957.7x −604.4x −317.2x −122.4x −16.4x
Current ratio — 3.4x 2.8x 2.3x 2.4x 2.5x 2.4x
Quick ratio — 3.1x 2.3x 1.7x 1.9x 2.1x 2.1x
Capital allocation
Capex / revenue 8.8% 5.1% 9.0% 10.1% 8.0% 8.3% 7.7%
Stock comp / revenue 2.3% 11.4% 19.8% 16.4% 10.5% 6.1% 4.0%
Payouts / FCF — 0.0% — — 0.0% 0.0% 0.0%
Quality scores
Piotroski F-score — — — 4.0 4.0 6.0 4.0
Altman Z'' — −1.0 −0.8 −1.8 −1.5 −0.7 −0.2
Accruals ratio — — −25.4% −23.9% −21.6% −19.0% −15.6%

Source: SEC EDGAR XBRL filings (CIK 0001504776). Data updated October 12, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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