Warby Parker closed 2025 with its first full year of positive net income, moving into profitability while still leaning into store expansion and omnichannel vision care. The eyewear brand is signaling that it sees more growth ahead in 2026, even as margins remain under pressure from tariffs, contacts, and shipping costs.
Headline numbers for 2025
For the full year 2025, net revenue reached $871.9 million, up 13.0% year over year. Net income came in at $1.6 million, marking the company’s first positive annual bottom line as a public company. Adjusted EBITDA grew about 30% to $95.2 million, with margin expanding roughly 140 basis points to around 10%. In the fourth quarter of 2025, net revenue rose 11.2% to roughly $212 million, although EPS of $‑0.05 missed expectations.
Stores, customers, and omnichannel
During 2025, Warby Parker opened 47 net new stores, the most in a single year, bringing its fleet to…
323 locations, including about 318 in the United States and 5 in Canada. Active customers increased 7.0% to about 2.7 million, and average revenue per customer rose 5.7% to $324. By year’s end, eye exams were available in 285 locations, reinforcing the company’s push from pure frames into broader vision services.
Profitability, cash, and margins Despite posting positive full year net income, Warby Parker still reported a $5.3 million operating loss for 2025, an improvement from a $30.1 million loss in 2024.
Gross margin for the year slipped to about 54.0% from 55.3%, pressured by eyewear tariffs, a higher mix of contact lenses, more doctors on staff and higher shipping costs as a share of revenue.
The company ended 2025 with roughly $286 million in cash and equivalents and generated about $110 million in net operating cash flow, plus $43.7 million in free cash flow, marking its third consecutive year of positive free cash flow…
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