The combination of accelerating revenue growth, first full-year profitability, strong cash flow, and a significant buyback suggests improving fundamentals and confidence in future growth. The 2026 guidance for continued margin expansion is particularly positive. Traders should monitor execution on AI and innovation initiatives mentioned by management.
Price Chart
Executive Summary
Warby Parker reported strong full-year 2025 results with 13.0% revenue growth and achieved its first full year of positive net income ($1.6M). Adjusted EBITDA expanded 30.2% to $95.2M, and the company generated $43.7M in free cash flow. It also announced a $100M share repurchase program and provided 2026 guidance for 10-12% revenue growth and 130bps EBITDA margin expansion.
Key Financial Metrics
Key Facts
- Full-year 2025 revenue of $871.9M, up 13.0% YoY
- First full year of positive net income: $1.6M
- Adjusted EBITDA of $95.2M, up 30.2% YoY, with margin expansion of 140bps to 10.9%
- Generated $43.7M in free cash flow, third consecutive year of positive FCF
- Authorized $100M share repurchase program
- 2026 guidance: $959M-$976M revenue (10-12% growth) and $117M-$119M Adjusted EBITDA (12.2% margin)
Financial Impact
Revenue up $100.6M YoY, net income improved $22.0M, Adjusted EBITDA up $22.1M YoY. $100M share repurchase authorized. 2026 revenue guidance implies $87.1M-$104.1M growth.
Risk Factors
- Gross margin declined 130bps YoY due to tariffs, doctor headcount, and shipping costs
- Guidance and financials are non-GAAP and exclude significant items like stock-based compensation
- Forward-looking statements are subject to risks including economic conditions, supply chain, and competition
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001504776-26-000003 |
| Document: wrby-20260226.htm | 0001504776-26-000003 |
| Document: 0001504776-26-000003-index-headers.html | 0001504776-26-000003 |
| Document: 0001504776-26-000003-index.html | 0001504776-26-000003 |
| Document: 0001504776-26-000003.txt | 0001504776-26-000003 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 9, 2026 12w ago | Insider Cluster | $29.32 $26.96 | ▼ −8.05% | ▼ −10.29% | $27.18 (−7.30%) |
Jul 3, 2026 13w ago | Insider Cluster | $29.26 $26.02 | ▼ −11.07% | ▼ −10.66% | $27.18 (−7.11%) |
Jun 14, 2026 15w ago | Institutional Cluster | $26.38 $27.41 | ▲ +3.90% | ▲ +4.65% | $27.18 (+3.03%) |
Jun 12, 2026 15w ago | 144 | $26.38 $27.41 | ▲ +3.90% | ▲ +4.65% | $27.18 (+3.03%) |
Jun 11, 2026 16w ago | Institutional Cluster | $25.86 $29.32 | ▲ +13.38% | ▲ +11.49% | $27.18 (+5.10%) |
May 21, 2026 19w ago | Insider Cluster | $25.09 $26.12 | ▲ +4.11% | ▲ +5.52% | $27.18 (+8.33%) |
May 13, 2026 20w ago | 144 | $28.90 $26.46 | ▼ −8.44% | ▼ −7.58% | $27.18 (−5.95%) |
Mar 4, 2026 30w ago | Insider Cluster | $27.36 $21.41 | ▼ −21.75% | ▼ −17.33% | $27.18 (−0.66%) |
Feb 26, 2026 31w ago | 8-K | $25.65 $21.99 | ▼ −14.27% | ▼ −7.87% | $27.18 (+5.96%) |
US Market Status
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