Warby Parker Inc. · NYSE:WRBY
Warby Parker — Q2 2025 Earnings Presentation
20 slides from Warby Parker's earnings presentation, Aug 7, 2025
Slide 1: Second Quarter 2025 Earnings Report
Second Quarter 2025 Earnings Report Speakers: DAVE DAVE GILBOA GILBOA | Co-Founder Co-Founder & & Co-CEO Co-CEO NEIL NEILBLUMENTHAL BLUMENTHAL || Co-Founder Co-Founder&&Co-CEO Co-CEO STEVE MILLER | SVP & Chief FinancialOfficer STEVE MILLER | SVP & Chief Financial Officer
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: Since our founding, we've pioneered ideas, designed products, and developed technologies that help people see
Since our founding, we’ve pioneered ideas, designed products, and developed technologies that help people see.
Slide 4: 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 holist
Slide 5: Q2 2025: Financial Highlights
Q2 2025: Financial Highlights $214M 14% 9% $316 54.3% $25M 11.7% $24M (1) Key operating metric. See definition in appendix. (2) Non-GAAP financial term. See appendix for definitions and reconciliations of non-GAAP measures.
Slide 6: Quarterly Financial Performance
Quarterly Financial Performance $214 $25 $188 $166 $20 $14 13.3% 13.9% 11.7% y/y growth 11.0% % margin 10.4% 8.5% (1) Non-GAAP financial term. See appendix for definitions and reconciliations of non-GAAP measures.
Slide 7: Quarterly Business Highlights
Quarterly Business Highlights $223.8 $214.5 2.60 $200.0 $192.4 $190.6 2.57 $188.2 2.51 2.43 8.7% 9.0% 2.39 7.8% 17.8% 2.36 16.3% 13.9% 13.3% 13.3% 11.9% 5.6% 4.5% 3.2% $29.2 $310 $316 $296 $302 $305 $307 $25.0 $22.4 $19.6 $17.3 $13.8 9.6% 8.8% 13.1% 7.5% 6.8% 11.2% 10.4% 11.7% 9.0% 7.3% 4.8% 4.6% (1
Slide 8: Compelling and Consistent Sales Retention Rates
Compelling and Consistent Sales Retention Rates >100% ~80% ~50% ~25% Source: Company data 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 6/30/2025 are presented. (1) 2019 cohort was impa
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Slide 10: Expanding Retail Footprint With Significant White Space For New Stores
Expanding Retail Footprint With Significant White Space For New Stores 900+ 298 298 open retail stores 293 U.S. and 5 Canada 101 markets 44 states or provinces 229 cities Current Potential 11 net new retail stores in Q2 2025 footprint footprint1 Store presence in 47 of the 50 most populous markets i
Slide 11: Eastwood Towne Center (Lansing, MI) Shoppes at Isla Verde (Wellington, FL)
Eastwood Towne Center (Lansing, MI) Shoppes at Isla Verde (Wellington, FL)
Slide 12: Full Year 2025 Outlook
Full Year 2025 Outlook Net Revenue Adjusted EBITDA(1) $880M–$888M $98M–$101M ~14–15% y/y growth 11.1–11.4% margin(1) Q3 2025 Outlook Net Revenue Adjusted EBITDA(1) $223M–$225M $24M–$25.5M ~16–17% y/y growth ~11% margin(1)(2) (1) Non-GAAP financial term. See appendix for definition of non-GAAP measures
Slide 13: Supplemental Details
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Slide 14: Net Revenue by Quarter (2021–2025)
Net Revenue by Quarter (2021–2025) +17% $224 +24% $200 $214 $192 $191 +17% $188 +15% $172 $170 $153 $166 $162 $150 $149 $146 $139 $137 $132 $133 Average = $193M Average = $167M Average = $150M Average = $135M 26% 24% 25% 25% 26% 25% 25% 24% 26% 25% 25% 24% 26% 24% 25% 25% - - 23% (5%) 4% (3%) 15% (2
Slide 15: Appendix
Appendix
Slide 16: 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 17: Reconciliation of Adjusted EBITDA to Net Income
i) (2) 3) (4) 6) Reconciliation of Adjusted EBITDA to Net Income Three Months Ended June 30 Six Months Ended June 30 Unaudited, in thousands 2025 2024 2025 2024 Net (loss) income ($1,752) ($6,762) $1,720 ($9,441) Adjusted to exclude the following: Interest and other income, net (1,984) (2,567) (4,43
Slide 18: Supplemental Financial Information
Supplemental Financial Information REPORTED REPORTED Three Months Ended June 30 Six Months Ended June 30 Unaudited, in thousands 2025 2024 2025 vs. 2024 2025 2024 2025 vs. 2024 Net Revenue $214,475 $188,222 13.9% $438,257 $388,225 12.9% Gross Profit $113,609 $105,382 78% $239,589 $218,841 9.5% % of
Slide 19: Reconciliation of non-GAAP financial measures to GAAP
The following table reflects a reconciliation of each non-GAAP, or adjusted, financial measure to its most directly comparable financial measure prepared in accordance with GAAP.
Slide 20: Thank You
Thank You