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Medical devices & instruments · Healthcare · Fiscal year ends Dec 31
Warby Parker reported revenue of $872M in the fiscal year ended Dec 2025, up 13.0% from the year before. Operating income was −$5M, an operating margin of −0.6%, and net income was $2M. Operating cash flow of $111M less capital expenditure of $67M left free cash flow of $44M.
Ranks among the 45 medical devices & instruments companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 541 | 598 | 670 | 771 | 872 |
| Cost of revenue | 223 | 257 | 305 | 344 | 401 |
| Gross profit | 318 | 341 | 365 | 427 | 471 |
| Selling, general & admin | 461 | 452 | 437 | 457 | 476 |
| Operating income | −144 | −111 | −72.0 | −30.1 | −5.3 |
| Pre-tax income | −144 | −110 | −62.8 | −19.5 | 3.0 |
| Income tax | 0.3 | 0.5 | 0.4 | 0.9 | 1.4 |
| Net income | −144 | −110 | −63.2 | −20.4 | 1.6 |
| Diluted EPS | −2.21 | −0.96 | −0.54 | −0.17 | 0.01 |
| Diluted shares | 71.2 | 115 | 117 | 120 | 125 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 256 | 209 | 217 | 254 | 286 |
| Receivables | 1.0 | 1.4 | 1.8 | 1.9 | 3.3 |
| Inventory | 57.1 | 68.8 | 62.2 | 52.3 | 44.5 |
| Current assets | 328 | 295 | 299 | 326 | 352 |
| Net PP&E | 112 | 139 | 152 | 170 | 187 |
| Total assets | 441 | 569 | 580 | 676 | 721 |
| Payables | 30.9 | 20.8 | 22.5 | 23.5 | 32.0 |
| Deferred revenue | 22.1 | 25.6 | 31.6 | 32.4 | 33.9 |
| Current liabilities | 118 | 130 | 127 | 130 | 150 |
| Total liabilities | 155 | 282 | 279 | 336 | 353 |
| Shareholders' equity | 286 | 287 | 302 | 340 | 368 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −32.0 | 10.4 | 61.0 | 98.7 | 111 |
| Capital expenditure | 48.5 | 60.2 | 53.7 | 64.0 | 67.0 |
| Free cash flow | −80.5 | −49.8 | 7.3 | 34.7 | 43.7 |
| Depreciation & amortisation | 21.6 | 31.9 | 38.6 | 45.9 | 50.3 |
| Stock-based compensation | 107 | 98.0 | 70.5 | 47.3 | 34.5 |
| Share buybacks | 8.1 | 0.0 | 0.0 | – | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 10.6% | 12.0% | 15.2% | 13.0% |
| Gross margin | 58.8% | 57.0% | 54.5% | 55.3% | 54.0% |
| Operating margin | −26.6% | −18.6% | −10.7% | −3.9% | −0.6% |
| Net margin | −26.7% | −18.5% | −9.4% | −2.6% | 0.2% |
| Return on equityBlank when equity is negative | −50.4% | −38.5% | −20.9% | −6.0% | 0.4% |
| ROCEEBIT ÷ (assets − current liabilities) | −44.5% | −25.3% | −15.9% | −5.5% | −0.9% |
| Free cash flow margin | −14.9% | −8.3% | 1.1% | 4.5% | 5.0% |
| Cash conversion (CFO ÷ net income) | 0.22x | −0.09x | −0.97x | −4.84x | 67.5x |
| Receivable days | 1 | 1 | 1 | 1 | 1 |
| Inventory days | 93 | 98 | 75 | 55 | 40 |
| Payable days | 51 | 30 | 27 | 25 | 29 |
| Current ratio | 2.78x | 2.27x | 2.35x | 2.50x | 2.35x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.