WRBYNYSEOphthalmic GoodsFiscal year ends December 31
Warby Parker Inc.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 6, 2026
$24.99+1.65 (+7.07%)
Close on Oct 19, 2026
- Market cap
- $3.14B
- P/E (TTM)
- 357.0
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2018 to 2025
Gross margin
54.0%−4.9 pts over 5 years
Operating margin
-0.6%+13.5 pts over 5 years
Net margin
0.2%+14.4 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +13.0% | +13.4% | +17.2% | – | |
| Gross profit | +10.2% | +11.3% | +15.2% | – | |
| Free cash flow | +26.0% | – | +28.1% | – |
Returns and balance sheet
8 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2018 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 28.9% | 0.5% | |
| Return on assets | – | – | 0.2% | |
| Current ratio | – | 3.42 | 2.35 | |
| Inventory turnover | – | – | 8.3× | |
| Capex to revenue | – | 5.1% | 7.7% | |
| Diluted shares | – | 53M | 125M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Warby Parker generated $312.88M from operations and spent $301.53M on capital expenditure, dividends and share buybacks. 97% of that went back into the business.
Generated
$312.88M
Used
$301.53M
Capital expenditure$293.45M97%Dividends$00%Share buybacks$8.09M3%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin0.2%
×Asset turnover1.25×
×Equity multiplier1.97×
=Return on equity, FY20250.5%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 0.2% | 1.25× | 1.97× | 0.5% |
| FY2024 | -2.6% | 1.23× | 1.96× | -6.4% |
| FY2023 | -9.4% | 1.17× | 1.95× | -21.5% |
| FY2022 | -18.5% | 1.19× | 1.76× | -38.6% |
| FY2021 | -26.7% | 1.22× | 10.07× | -328.3% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$1.64M
- Cash generatingOperating cash flow above zero$110.79M
- Return on assets improvedROA up on the prior year-3.5% → 0.2%
- Earnings backed by cashOperating cash flow above net income$110.79M vs $1.64M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose2.50 → 2.35
- No dilutionShare count did not rise120M → 125M
- Gross margin improvedGross margin up on the prior year55.34% → 53.97%
- More efficientAsset turnover rose1.33 → 1.29