Warby Parker (WRBY) investor relations material

Executive summary

• Q2 2026 revenue reached $235.5M–$236M, up 9.8%–10% year-over-year, with net income of $4.6M and adjusted EBITDA of $32.9M–$33M (14.0% margin), aided by an $11.8M tariff refund benefit.

• Active customers grew 4.1% to 2.69M–2.71M, and average revenue per customer increased to $336.

• Retail footprint expanded by 15 net new stores to 352 locations, with over 89% offering eye exams.

• The company is preparing for the Intelligent Eyewear launch, integrating Google Gemini and Samsung technology, with significant investments in operations, marketing, and technology.

• Full-year guidance reaffirmed, excluding any expected revenue from Intelligent Eyewear.

Financial highlights

• Adjusted EBITDA was $32.9M–$33M (14.0% margin), including an $11.8M tariff refund benefit.

• Gross margin improved to 57.9%–58.1%, up 380–490 basis points year-over-year, mainly from tariff benefits.

• Adjusted SG&A was $119.3M (50.6% of revenue), reflecting higher retail compensation and technology investments.

• Free cash flow in Q2 was $6.8M–$7M, with a cash position of $292.7M–$293M at quarter end.

• Net income for Q2 2026 was $4.6M, up from a loss in Q2 2025.

Outlook and guidance

• Full-year 2026 revenue guidance: $959M–$976M (10–12% growth year-over-year).

• Adjusted EBITDA guidance: $117M–$119M (12.2% margin, 130 bps expansion year-over-year).

• Q3 2026 revenue guidance: $243M–$246M (10–11% growth); adjusted EBITDA: $26M–$28M (11% margin midpoint).

• 50 new store openings planned for 2026.

• Guidance excludes any revenue from Intelligent Eyewear and related halo effects.