Warby Parker Inc. · NYSE:WRBY
Warby Parker — Q4 2025 Earnings Presentation
28 slides from Warby Parker's earnings presentation, Feb 26, 2026
Slide 1: Q4 and Full Year 2025 Earnings Report
Q4 and Full Year 2025 Earnings Report Speakers: Speakers: DAVE DAVE GILBOA GILBOA || Co-Founder Co-Founder & & Co-CEO Co-CEO NEIL NEILBLUMENTHAL BLUMENTHAL ||Co-Founder Co-Founder&&Co-CEO Co-CEO ADRIAN STEVE MITCHELL | SVP, MILLER | SVP Chief & Chief Financial Financial Officer Officer JOSH TRUPPO |
Slide 2: Forward-Looking Statements / Non-GAAP Financial Measures
Forward-Looking Statements / Non-GAAP Financial Measures This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements may relate to, but are not
Slide 3: MIMO
MIMO
Slide 4: Since our founding, we've pioneered ideas, designed products, and developed technologies
Since our founding, we’ve pioneered ideas, designed products, and developed technologies that help people see.
Slide 5: Company Overview
Company Overview 1. Since 2010, we’ve offered high-quality prescription eyewear— designed in-house—starting at $95 and delivered industry-leading customer experiences. 2. We’ve helped pioneer the vertically integrated, direct-to-consumer model while evolving from a glasses-only business into a holis
Slide 6: Henderson Ave. (Dallas, TX)
Ni yes y! =i | Henderson Ave. (Dallas, TX)
Slide 7: Full Year 2025: Financial Highlights
Full Year 2025: Financial Highlights $872M 13.0% 7.0% $324 54.4% 10.9% 30.2% $44M (1) Key operating metric. See definition in appendix. (2) Non-GAAP financial term. See appendix for definitions and reconciliations of non-GAAP measures. 7
Slide 8: 2025 Milestones and Accomplishments
2025 Milestones and Accomplishments Grew Active Customers to 2.69 million Launched 15 collections Opened 47 stores, reaching 323 in fleet, including 5 shop-in-shops Scaled eye exams to 285 locations Expanded insurance, contacts, and exams penetration Launched a multi-year collaboration with Arch Mann
Slide 9: Georgetown (Washington, DC)
Georgetown (Washington, DC)
Slide 10: Annual Financial Performance
Annual Financial Performance $872 $95 $771 $670 $73 15.2% $52 13.0% y/y growth 12.0% % margin 10.9% 9.5% 7.8% (1) Non-GAAP financial term. See appendix for definitions and reconciliations of non-GAAP measures. 10
Slide 11: Quarterly Business Highlights
Quarterly Business Highlights $223.8 $221.7 2.69 $214.5 $212.0 2.66 $200.0 2.60 $188.2 $192.4 $190.6 2.57 2.51 17.8% 2.43 16.3% 2.39 8.7% 9.0% 9.3% 13.9% 15.2% 2.36 7.8% 7.0% 13.3% 13.3% 11.9% 5.6% 11.2% 4.5% 3.2% $29.2 $25.0 $25.7 $305 $307 $310 $316 $320 $324 $22.4 $296 $302 $19.6 $17.3 $15.2 $13.
Slide 12: 2026 Strategic Priorities
2026 Strategic Priorities Scale Omnichannel Prepare for AI Expand Insurance & Experience Glasses Launch Customer Acquisition Open 50 new stores Prioritize production and Expand covered lives by supply chain readiness strengthening existing Drive growth within existing carrier relationships and store
Slide 13: Slide 13
Slide 14: Williamsburg (Brooklyn, NY)
Williamsburg (Brooklyn, NY)
Slide 15: Future Growth Opportunities Lead to Higher Customer Value Over Time
Future Growth Opportunities Lead to Higher Customer Value Over Time Holistic Vision Customers who purchase Initial purchase: +12 months: Customers 2.7x higher (Glasses + holistic offering (glasses, Holistic Vision Contacts + Customer average +6 months: Exams) contacts, and exams) have a value is 1.9
Slide 16: Compelling and Consistent Sales Retention Rates
Compelling and Consistent Sales Retention Rates >100% ~80% ~50% ~25% Source: Company data 16 Note: Sales Retention Rate based on customer cohort sales order value and months since initial purchase. Only cohorts with a full period of data available as of 12/31/2025 are presented.
Slide 17: Expanding Retail Footprint With Significant White Space For New Stores
Expanding Retail Footprint With Significant White Space For New Stores 900+ 323 323 open retail stores 318 U.S. and 5 Canada 102 markets 44 states or provinces 245 cities Current Potential 47 net new retail stores in 2025 footprint footprint1 Store presence in 47 of the 50 most populous markets in t
Slide 18: Biltmore Fashion Park (Phoenix, AZ)
Biltmore Fashion Park (Phoenix, AZ)
Slide 19: Full Year 2026 Outlook
Full Year 2026 Outlook Net Revenue Adjusted EBITDA(1) $959M–$976M $117M–$119M ~10–12% y/y growth 12.2% margin(1) Q1 2026 Outlook Net Revenue Adjusted EBITDA(1) ~$238M–$240M $27M–$28M 6.5–7.5% y/y growth ~11.5% margin(1)(2) (1) Non-GAAP financial term. See appendix for definition of non-GAAP measures a
Slide 20: Slide 20
Slide 21: Supplemental Details
Supplemental Details
Slide 22: Net Revenue by Quarter (2022–2025)
Net Revenue by Quarter (2022–2025) +17% $224 $222 +24% $214 $212 $200 $188 $192 $191 +17% $172 $170 $166 $162 $153 $150 $149 $146 Total = $872M Total = $771M Growth = 13% Total = $670M Growth = 15% Total = $598M Growth = 12% Growth = 11% 26% 25% 25% 24% 26% 25% 25% 24% 26% 24% 25% 25% 26% 25% 25% 24
Slide 23: Slide 23
Slide 24: Appendix
Appendix
Slide 25: Non-GAAP Financial Measures and Key Operating Metrics
Non-GAAP Financial Measures and Key Operating Metrics Included in this presentation are certain financial measures that are not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”) and which are designed to supplement, and not substitute, the Company’s financial informa
Slide 26: Reconciliation of Adjusted EBITDA to Net Income
Reconciliation of Adjusted EBITDA to Net Income Three Months Ended December 31 Twelve Months Ended December 31 Unaudited, in thousands 2025 2024 2025 2024 Net (loss) income $(5,953) ($6,877) $1,641 ($20,390) Adjusted to exclude the following: Interest and other income, net (1,761) (2,631) (8,379) (1
Slide 27: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Three Months Ended December 31 Twelve Months Ended December 31 Unaudited, in thousands 2025 2024 2025 2024 Cost of goods sold $100,925 $87,517 $401,326 $344,481 Adjusted to exclude the following: Stock-based compensation expense” 302 255 1,185 1,065 Inventory writ
Slide 28: Thank You
Thank You