Warby Parker (WRBY) financial statements
Warby Parker reported revenue of $872M in fiscal 2025, up 15.3% a year over 6 years.
Net income was $2M and the operating margin -0.6%, against -0.4% in 2019.
Free cash flow was $44M.
The diluted share count rose 139% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Warby Parker's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | $370M | $394M | $541M | $598M | $670M | $771M | $872M |
| Cost of revenue | $147M | $162M | $223M | $257M | $305M | $344M | $401M |
| Gross profit | $223M | $232M | $318M | $341M | $365M | $427M | $471M |
| Selling, general and admin | $225M | $288M | $461M | $452M | $437M | $457M | $476M |
| Operating income | -$2M | -$56M | -$144M | -$111M | -$72M | -$30M | -$5M |
| Pre-tax income | $276,000 | -$56M | -$144M | -$110M | -$63M | -$20M | $3M |
| Income tax | $276,000 | $190,000 | $263,000 | $497,000 | $433,000 | $875,000 | $1M |
| Net income | $0 | -$56M | -$144M | -$110M | -$63M | -$20M | $2M |
| EPS (diluted) | -$1.10 | -$1.05 | -$2.21 | -$0.96 | -$0.54 | -$0.17 | $0.01 |
| Diluted shares | 52M | 53M | 71M | 115M | 117M | 120M | 125M |
| Gross margin | 60.2% | 58.9% | 58.8% | 57.0% | 54.5% | 55.3% | 54.0% |
| Operating margin | -0.4% | -14.1% | -26.6% | -18.6% | -10.7% | -3.9% | -0.6% |
| Net margin | 0.0% | -14.2% | -26.7% | -18.5% | -9.4% | -2.6% | 0.2% |
Balance sheet
Fiscal years, from Warby Parker's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $55M | $314M | $256M | $209M | $217M | $254M | $286M |
| Receivables | — | $601,000 | $992,000 | $1M | $2M | $2M | $3M |
| Inventory | — | $38M | $57M | $69M | $62M | $52M | $45M |
| Total current assets | — | $360M | $328M | $295M | $299M | $326M | $352M |
| Property, plant and equipment | — | $85M | $112M | $139M | $152M | $170M | $187M |
| Total assets | — | $445M | $441M | $569M | $580M | $676M | $721M |
| Total current liabilities | — | $105M | $118M | $130M | $127M | $130M | $150M |
| Total liabilities | — | $136M | $155M | $282M | $279M | $336M | $353M |
| Shareholders' equity | -$189M | -$198M | $286M | $287M | $302M | $340M | $368M |
| Net debt | -$55M | -$314M | -$256M | -$209M | -$217M | -$254M | -$286M |
Cash flow
Fiscal years, from Warby Parker's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | $21M | $33M | -$32M | $10M | $61M | $99M | $111M |
| Capital spending | $33M | $20M | $49M | $60M | $54M | $64M | $67M |
| Free cash flow | -$11M | $13M | -$81M | -$50M | $7M | $35M | $44M |
| Stock-based compensation | $8M | $45M | $107M | $98M | $71M | $47M | $35M |
| Share buybacks (net) | -$79M | $0 | -$8M | $0 | $0 | — | — |
| Free cash flow margin | -3.0% | 3.2% | -14.9% | -8.3% | 1.1% | 4.5% | 5.0% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for WRBY.
Open WRBY in InvestinglyQuestions
What was Warby Parker's revenue in 2025?
$872M in fiscal 2025, from its 10-K filing.
How much free cash flow does Warby Parker generate?
$44M in fiscal 2025 (operating cash flow minus capital spending).
From Warby Parker's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.