Short answer
Warby Parker Inc. (WRBY) filed its fiscal 2025 10-K annual report with the SEC on Feb 26, 2026. It reported revenue of $872M (+13.0% year over year) and net income of $2M.
- Top risk flagged: Regulatory/legal risk: Costs impacted by evolving international trade policies and tariffs, with proactive supplier diversification outside China to manage volatility
FY2025 key financial metrics · XBRL
- Revenue
- $872M
- +13.0% YoY
- Net income
- $2M
- +108.0% YoY
- Operating margin
- -0.6%
- +3.3 pp YoY
- Gross margin
- 54.0%
- −1.4 pp YoY
- EPS (diluted)
- $0.01
- +105.9% YoY
- ROE
- 0.4%
- +6.4 pp YoY
- Operating cash flow
- $111M
- +12.2% YoY
Source: XBRL data from the Warby Parker Inc. (WRBY) FY2025 10-K on SEC EDGAR. USD.
Warby Parker Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core direct-to-consumer eyewear brand integrating design, technology, healthcare, and social enterprise with 323 retail stores and digital commerce
- New AI-powered intelligent eyewear partnerships with Google and Samsung announced in 2025, expanding market beyond traditional glasses
- Strategic emphasis on AI tools like Virtual Try-On and Advisor to enhance personalization and omnichannel shopping experience
- Workforce totaled 4,036 employees as of Dec 31, 2025, supporting expanded retail and technology growth
- Underpenetration in vision insurance with only 8.3% revenue from insurance-backed orders despite 60% U.S. vision market insurance use
Management Discussion & Analysis
- Revenue $871.9M in 2025, up 13% YoY from $771.3M in 2024
- Gross margin slightly declined to 54.0% in 2025 from 55.3% in 2024
- Net income $1.6M in 2025 vs net loss $20.4M in 2024
- Adjusted EBITDA $95.2M in 2025 with margin 10.9% vs $73.1M and 9.5% in 2024
- Partnership with Google includes up to $75M funding for AI glasses development and commercialization
Risk Factors
- Regulatory/legal risk: Costs impacted by evolving international trade policies and tariffs, with proactive supplier diversification outside China to manage volatility
- Geopolitical/macroeconomic risk: Trade environment and inflation pressures in 2025 increased cost of goods sold 16.5% to $401.3M, reducing gross margin 130 bps to 54.0%
- Operational/supply chain risk: Discontinuation and inventory write-down of Home-Try-On program in Q2 2025, indicating supply chain or strategy shifts impacting $2.46M write-down
- Competitive/market disruption risk: Growing contacts business with lower margin than glasses increased COGS and pressured gross margin, reflecting shift in product mix dynamics
- Financial/structural risk: Reliance on key personnel exemplified by stock-based compensation swings ($36.1M in 2025 vs $48.4M in 2024) impacting operating expenses and profitability
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