At a glance
Warby Parker Inc is worth $3.02B, about 2443 times its fiscal 2025 earnings. Revenue grew 13.0% to $871.9M in fiscal 2025, with 0.2% kept as profit; over 5 years it has grown 17.2% a year. It pays no dividend; it spent $8.1M buying back its shares over FY2021–FY2025. The stock returned +15.6% over the past year with dividends reinvested, against +11.5% for the S&P 500.
The business in plain English
Warby Parker designs its own glasses at its New York City headquarters and offers them directly to customers, cutting out middlemen. Prescription glasses start at $95 including lenses. It also provides eye exams, contact lenses, lens upgrades such as progressives (lenses that correct near and far vision in one pair) and online tools such as Virtual Try-On. Customers can shop online or at 323 stores across the United States and Canada as of December 31, 2025; 285 of them offered exams.
Net revenue reached $871.9 million in 2025, up 13.0% from 2024. Eyewear brought in $719.1 million, or 82.5% of the total. Contacts added 11.1%, eye care services such as exams 6.4%, and shipping and handling charges 0.4%. Orders paid through vision insurance made up only 8.3% of 2025 revenue, though insurance is used in about 60% of US vision care purchases, a gap the company aims to close.
Warby Parker is a public benefit corporation, a legal form that requires directors to weigh a social mission alongside shareholder interests. For every pair of glasses or sunglasses sold, it provides a pair to someone in need, with over 20 million pairs distributed as of its 2025 annual report. Growth plans include more stores, exams and contact lens sales, plus AI-powered smart glasses under development with Google and Samsung.
Price history
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WRBY +15.6% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Eyewear | $719.1M | 82.5% |
| Contacts Products | $97.2M | 11.1% |
| Eye care | $55.7M | 6.4% |
| Shipping and Handling | $3.7M | 0.4% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $235.5M, up 9.8% from a year earlier, and net income was $4.6M.
- For fiscal 2025, revenue was $871.9M (+13.0% year over year; +17.2% a year from FY2020 to FY2025) with a 0.2% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +17.2% good |
|---|---|
| Operating margin | -0.6% weak |
| Free cash flow margin | 5% watch |
| Return on equity (FY2025) | 0.4% weak |
| Return on assets (FY2025) | 0.2% weak |
| Cash and investments | $292.7M (no borrowings found in the filings) good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $393.7M | $-55.9M | $12.7M |
| FY2021 | $540.8M | $-144.3M | $-80.5M |
| FY2022 | $598.1M | $-110.4M | $-49.8M |
| FY2023 | $669.8M | $-63.2M | $7.3M |
| FY2024 | $771.3M | $-20.4M | $34.7M |
| FY2025 | $871.9M | $1.6M | $43.7M |
Valuation snapshot
| Market value | $3.02B |
|---|---|
| P/E ratio | 2443 |
| Dividend yield | None |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| WRBY price data to Oct 28, 2026 | +12.1% | +15.6% | +23.8% | — | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +12.1% |
| 2025 | -10.0% |
| 2024 | +71.7% |
| 2023 | +4.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 18 sales ($25.9M), 15 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Jul 1, 2026 | David Abraham Gilboa Co-Chief Executive Officer, Director | sell (plan) | $7.2M |
| Jul 1, 2026 | Neil Harris Blumenthal Co-Chief Executive Officer, Director | sell (plan) | $6.4M |
| Oct 1, 2026 | Neil Harris Blumenthal Co-Chief Executive Officer, Director | sell (plan) | $2.8M |
| May 19, 2026 | Neil Harris Blumenthal Co-Chief Executive Officer, Director | sell (plan) | $1.9M |
| Jul 6, 2026 | David Abraham Gilboa Co-Chief Executive Officer, Director | sell (plan) | $1.6M |
Who owns it
Large shareholders (13G filings)
| FMR LLC | 15% | Nov 28, 2025 |
| BlackRock, Inc. | 14% | Jun 30, 2026 |
| JPMORGAN CHASE & CO | 10.2% | May 29, 2026 |
| JPMORGAN CHASE & CO. | 9.1% | Dec 31, 2025 |
| Blumenthal Neil Harris | 7.2% | Jun 30, 2026 |
| Durable Capital Partners LP | 6.9% | Dec 31, 2025 |
| David A. Gilboa | 6.9% | Mar 31, 2025 |
| Vanguard Portfolio Management | 5.07% | Mar 31, 2026 |
| General Catalyst Group Management Holdings GP, LLC | 0.2% | Mar 31, 2025 |
ETFs with the most weight in WRBY
| CBSE Clough Select Equity ETF | 2.66% |
| XRT SPDR S&P Retail ETF | 1.12% |
| FYC First Trust Small Cap Growth AlphaDEX Fund | 0.35% |
| SCDS JPMorgan Fundamental Data Science Small Core ETF | 0.21% |
| FYX First Trust Small Cap Core AlphaDEX Fund | 0.18% |
| USVM VictoryShares US Small Mid Cap Value Momentum ETF | 0.17% |
| VTWG Vanguard Russell 2000 Growth ETF | 0.16% |
| NUSC Nuveen ESG Small-Cap ETF | 0.15% |
What could go wrong
- New stores may not pay off. Growth hinges on new stores, and about 65% of its 323 stores (as of December 2025) opened within five years. Newer stores may earn less than older ones or pull customers from them.
- Profits are new and very thin. Warby Parker lost money every year from 2020 through 2024. It earned just $1.6 million on $871.9 million of revenue in 2025, still had an operating loss, and warns it may not stay profitable.
- Too few optometrists could limit exams. Exams depend on hiring and keeping optometrists, the eye doctors who perform them. Shortages could limit exams, and about 75% of customers industry-wide purchase eyewear where they get their exam.
- Insurance growth relies on vision plan deals. Insurance-backed orders were only 8.3% of 2025 revenue. Growing that share depends on keeping and expanding deals with vision insurers and managed vision care companies, which may not happen.
- Strict healthcare and medical device rules. Its exams and products fall under healthcare fraud-and-abuse laws, medical device rules and state laws limiting how companies employ eye doctors. Violations or legal challenges could bring penalties or limit services in some states.
- Public benefit status may not favor shareholders. Because Warby Parker is a public benefit corporation, directors must balance shareholders' financial interests against its social mission and other stakeholders. The 10-K says conflicts may not be resolved in shareholders' favor.
Recent events
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Quarterly results released; Other company announcement
- Executive or board change; Investor presentation or announcement
- Investor presentation or announcement
- Quarterly results released
For income and retirement investors
Warby Parker pays no dividend, so there is no dividend streak to track, and its 10-K for 2025 says it does not intend to pay one for the foreseeable future. For an income investor, any return would come only from share price gains, and raising cash would mean parting with shares. Share buybacks have been small: about $8.1 million in 2021 and none in 2020, 2022 or 2023. The 10-K describes a repurchase program but warns it may not be fully carried out.
The price history available here runs about four years to October 28, 2026, so it does not cover the 2008 crisis, the 2020 COVID crash or the 2022 bear market. That span was rough: a 71.7% gain in 2024, a 10% loss in 2025 and a peak-to-trough drop of 50.7% over three years. Its one-year beta of 2.11 means it tended to move about twice as much as the overall market. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Warby Parker make money?
Mostly from glasses. Eyewear brought in $719.1 million, or 82.5% of Warby Parker's $871.9 million net revenue in 2025. Contact lenses added 11.1% and eye care services such as exams 6.4%. The company designs frames in-house and offers them directly online and in 323 stores (as of December 31, 2025), with prescription glasses starting at $95 including lenses. Its gross margin, the share of revenue left after the direct costs of its products and services, was 54% in 2025.
Does Warby Parker pay a dividend?
No. Warby Parker paid no dividends from 2020 through 2025, and its 10-K for 2025 says it does not intend to pay any for the foreseeable future. It also says it intends to invest heavily in growth. It spent about $8.1 million repurchasing its own shares in 2021 and has a share repurchase program, though it warns the program may not be fully carried out. Investors looking for regular income would receive none from this stock.
Is Warby Parker profitable?
Only just. After losing money every year from 2020 through 2024, including $144.3 million in 2021, Warby Parker earned $1.6 million in 2025 on $871.9 million of revenue. It still posted a $5.3 million operating loss, meaning its core operations cost slightly more than they brought in before interest and taxes. Free cash flow, the cash left after running the business and paying for investments such as new stores, was $43.7 million. Net income for the quarter ended June 30, 2026, was $4.6 million.
How volatile is Warby Parker stock?
Very volatile. As of October 28, 2026, its one-year beta was 2.11, meaning the shares tended to move about twice as much as the overall market. The stock fell as much as 50.7% from peak to trough over three years and 32.9% within the latest year. Calendar returns swung from a 71.7% gain in 2024 to a 10% loss in 2025. Over the three years to that date, it returned 23.8% a year, or about 90% in total.
What does it mean that Warby Parker is a public benefit corporation?
It means Warby Parker's directors must weigh shareholders' financial interests against a stated public benefit and the interests of others affected by the company. Its social mission includes providing a pair of glasses to someone in need for every pair sold; over 20 million pairs had been distributed as of its 2025 annual report. The 10-K warns that conflicts between these interests may not be resolved in shareholders' favor and that the structure could invite more shareholder lawsuits over how directors strike that balance.