wrby-20250930

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 001-40825

Warby Parker Inc.

(Exact name of registrant as specified in its charter)


Delaware						80-0423634
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification Number)

233 Spring Street, 6th Floor East

New York, New York 10013

(646) 847-7215

(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Class A Common Stock, $0.0001 par value per share

WRBY

New York Stock Exchange

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): Yes ☐ No ☒

As of November 4, 2025, there were approximately 105,727,103 shares of the registrant's Class A common stock, and 16,437,710 shares of the registrant’s Class B common stock outstanding.

Table Of Contents


		Page
Special Note Regarding Forward Looking Statements		2
Part I. Financial Information
Item 1.	Financial Statements	3
	Condensed Consolidated Balance Sheets	3
	Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)	4
	Condensed Consolidated Statements of Changes in Stockholders’ Equity	5
	Condensed Consolidated Statements of Cash Flows	7
	Notes to Condensed Consolidated Financial Statements	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	22
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	34
Item 4.	Controls and Procedures	35
Part II. Other Information
Item 1.	Legal Proceedings	36
Item 1A.	Risk Factors	36
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	36
Item 3.	Defaults Upon Senior Securities	36
Item 4.	Mine Safety Disclosures	36
Item 5.	Other Information	36
Item 6.	Exhibits	38
Signatures		39

Table of Contents

Special Note Regarding Forward Looking Statements

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which statements involve substantial risk and uncertainties. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would” or the negative of these words or other similar terms or expressions. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements about our future results of operations and financial position, industry and business trends, general macroeconomic and market trends, business strategy, plans, market growth and our objectives for future operations.

You should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this Quarterly Report on Form 10-Q primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, and operating results. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties, and other factors. These risks and uncertainties include our ability to manage our future growth effectively; our expectations regarding cost of goods sold, gross margin, channel mix, customer mix, and selling, general, and administrative expenses; increases in component and shipping costs and changes in supply chain; changes to U.S. or other countries' trade policies and tariff and import/export regulations; our reliance on our information technology systems and enterprise resource planning systems for our business to effectively operate and safeguard confidential information; our ability to invest in and incorporate new technologies into our products and services; risks related to our use of artificial intelligence; our ability to engage our existing customers and obtain new customers; our ability to expand in-network access with insurance providers; planned new retail stores in 2025 and going forward; an overall decline in the health of the economy and other factors impacting consumer spending, such as recessionary conditions, inflation, infectious diseases, government instability, and geopolitical unrest; our ability to compete successfully; our ability to manage our inventory balances and shrinkage; the growth of our brand awareness; our ability to recruit and retain optometrists, opticians, and other vision care professionals; the effects of seasonal trends on our results of operations; our ability to stay in compliance with extensive laws and regulations that apply to our business and operations; our ability to adequately maintain and protect our intellectual property and proprietary rights; our reliance on third parties for our products, operations and infrastructure; our duties related to being a public benefit corporation; the ability of our Co-Founders and Co-CEOs to exercise significant influence over all matters submitted to stockholders for approval; the volatility in the trading price of our Class A common stock; the effect of our multi-class structure on the trading price of our Class A common stock; our ability to achieve milestones necessary for Google’s equity investment into the Company and Google’s contribution to product development and commercialization costs; our ability to collaborate with partners with successful results; our ability to recognize the anticipated benefits from our partnerships, including with Google and Samsung; the increased expenses associated with being a public company; and the other factors described in the section titled “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the Securities and Exchange Commission on February 27, 2025, as well as those factors described in this Quarterly Report on Form 10-Q. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Quarterly Report on Form 10-Q. The results, events, and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events, or circumstances could differ materially from those described in the forward-looking statements.

In addition, statements such as “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date of this Quarterly Report on Form 10-Q. While we believe that such information provides a reasonable basis for these statements, that information may be limited or incomplete. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements.

The forward-looking statements made in this Quarterly Report on Form 10-Q relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this Quarterly Report on Form 10-Q or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, or investments.

Table of Contents

Part I. Financial Information

Item 1. Financial Statements

Warby Parker Inc. and Subsidiaries

Condensed Consolidated Balance Sheets (Unaudited)

(Amounts in thousands, except par value)


	September 30, 2025		December 31, 2024
Assets
Current assets:
Cash and cash equivalents	$	280,360	$	254,161
Accounts receivable, net	1,143		1,948
Inventory	45,592		52,345
Prepaid expenses and other current assets	16,962		17,592
Total current assets	344,057		326,046

Property and equipment, net	182,576		170,464
Right-of-use lease assets	171,508		171,284
Other assets	8,780		8,696
Total assets	$	706,921	$	676,490

Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	10,886	$	23,519
Accrued expenses	67,641		51,609
Deferred revenue	21,997		32,358
Current lease liabilities	28,641		20,235
Other current liabilities	2,900		2,633
Total current liabilities	132,065		130,354

Non-current lease liabilities	203,885		205,120
Other liabilities	1,346		943
Total liabilities	337,296		336,417
Commitments and contingencies (see Note 10)
Stockholders’ equity:
Common stock, $0.0001 par value; Class A: 750,000 shares authorized at September 30, 2025 and December 31, 2024, 105,602 and 102,889 issued and outstanding at September 30, 2025 and December 31, 2024, respectively; Class B: 150,000 shares authorized at September 30, 2025 and December 31, 2024, 16,563 and 17,961 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively, convertible to Class A on a one-to-one basis	12		12
Additional paid-in capital	1,050,899		1,029,220
Accumulated deficit	(679,627)		(687,221)
Accumulated other comprehensive loss	(1,659)		(1,938)
Total stockholders’ equity	369,625		340,073
Total liabilities and stockholders’ equity	$	706,921	$	676,490

The accompanying notes are an integral part of these condensed consolidated financial statements.

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Warby Parker Inc. and Subsidiaries

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited)

(Amounts in thousands, except per share data)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Net revenue	$	221,680	$	192,447	$	659,937	$	580,672
Cost of goods sold	101,735		87,580		300,401		256,964
Gross profit	119,945		104,867		359,536		323,708

Selling, general, and administrative expenses	116,375		111,480		358,020		344,404
Income (loss) from operations	3,570		(6,613)		1,516		(20,696)

Interest and other income, net	2,179		2,842		6,618		7,965

Income (loss) before income taxes	5,749		(3,771)		8,134		(12,731)
(Benefit from) provision for income taxes	(125)		301		540		782
Net income (loss)	$	5,874	$	(4,072)	$	7,594	$	(13,513)

Earnings (loss) per share:
Basic	$	0.05	$	(0.03)	$	0.06	$	(0.11)
Diluted	$	0.05	$	(0.03)	$	0.06	$	(0.11)

Weighted average shares outstanding:
Basic	122,963		120,886		122,495		120,042
Diluted	125,408		120,886		124,893		120,042

Other comprehensive income (loss)
Foreign currency translation adjustment	$	100	$	(31)	$	279	$	(140)
Total comprehensive income (loss)	$	5,974	$	(4,103)	$	7,873	$	(13,653)

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

Warby Parker Inc. and Subsidiaries

Condensed Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)

(Amounts in thousands)


	Three and Nine Months Ended September 30, 2025
	Class A and Class B Common Stock			Additional Paid-In Capital		Accumulated Other Comprehensive Income (Loss)		Accumulated Deficit		Total Stockholders’ Equity
	Shares	Amount
Balance as of December 31, 2024	120,711	$	12	$	1,029,220	$	(1,938)	$	(687,221)	$	340,073
Stock option exercises	22	—		256		—		—		256
Restricted stock unit releases	616	—		—		—		—		—
Shares withheld for taxes on stock-based compensation	(97)	—		(2,341)		—		—		(2,341)
Stock-based compensation	27	—		12,620		—		—		12,620
Other comprehensive income	—	—		—		9		—		9
Net income	—	—		—		—		3,472		3,472
Balance as of March 31, 2025	121,279	$	12	$	1,039,755	$	(1,929)	$	(683,749)	$	354,089
Stock option exercises	15	—		77		—		—		77
Restricted stock unit releases	435	—		—		—		—		—
Shares withheld for taxes on stock-based compensation	(187)	—		(4,020)		—		—		(4,020)
Shares issued in connection with employee stock purchase plan	110	—		1,169		—		—		1,169
Stock-based compensation	—	—		8,897		—		—		8,897
Non-cash charitable contributions	179	—		2,821		—		—		2,821
Other comprehensive income	—	—		—		170		—		170
Net loss	—	—		—		—		(1,752)		(1,752)
Balance as of June 30, 2025	121,831	$	12	$	1,048,699	$	(1,759)	$	(685,501)	$	361,451
Stock option exercises	8	—		32		—		—		32
Restricted stock unit releases	381	—		—		—		—		—
Shares withheld for taxes on stock-based compensation	(182)	—

SEC Form 10-Q filed by Warby Parker Inc.