Stocks WRBY Financial statements
Financial statementsWarby Parker Inc. financial statements
Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Warby Parker Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
| FY2019 | FY2021 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|
| Revenue | 370 | 394 | 541 | 598 | 670 | 771 | 872 |
| Cost of revenue | 147 | 162 | 223 | 257 | 305 | 344 | 401 |
| Gross profit | 223 | 232 | 318 | 341 | 365 | 427 | 471 |
| Selling, general and administrative | 225 | 288 | 461 | 452 | 437 | 457 | 476 |
| Operating income | -1.66 | -55.6 | -144 | -111 | -72 | -30.1 | -5.34 |
| Other non-operating income | 1.94 | -0.1 | -0.35 | 1.31 | 9.23 | 10.6 | 8.38 |
| Pre-tax income | 0.28 | -55.7 | -144 | -110 | -62.8 | -19.5 | 3.04 |
| Income tax | 0.28 | 0.19 | 0.26 | 0.5 | 0.43 | 0.88 | 1.4 |
| Net income | 0 | -55.9 | -144 | -110 | -63.2 | -20.4 | 1.64 |
| EBITDA | 12.9 | -37.9 | -122 | -79.3 | -33.4 | 15.8 | 44.9 |
| EPS, basic | -1.10 | -1.05 | -2.21 | -0.96 | -0.54 | -0.17 | 0.01 |
| EPS, diluted | -1.10 | -1.05 | -2.21 | -0.96 | -0.54 | -0.17 | 0.01 |
| Shares, basic (weighted) | 52.4 | 53 | 71.2 | 115 | 117 | 120 | 123 |
| Shares, diluted (weighted) | 52.4 | 53 | 71.2 | 115 | 117 | 120 | 125 |
Balance sheet
| FY2019 | FY2021 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | 55.4 | 314 | 256 | 209 | 217 | 254 | 286 |
| Receivables | 0.6 | 0.99 | 1.44 | 1.78 | 1.95 | 3.29 | |
| Inventory | 38.5 | 57.1 | 68.8 | 62.2 | 52.3 | 44.5 | |
| Other current assets | 2.41 | 13.5 | 15.7 | 17.7 | 17.6 | 18.3 | |
| Total current assets | 360 | 328 | 295 | 299 | 326 | 352 | |
| Property, plant and equipment | 84.5 | 112 | 139 | 152 | 170 | 187 | |
| Lease right-of-use assets | 0 | 127 | 122 | 171 | 171 | ||
| Other non-current assets | 0.28 | 0.47 | 8.5 | 7.06 | 8.7 | 10.2 | |
| Total assets | 445 | 441 | 569 | 580 | 676 | 721 | |
| Accounts payable | 40.8 | 30.9 | 20.8 | 22.5 | 23.5 | 32 | |
| Accrued liabilities | 34.3 | 60.8 | 58.2 | 46.3 | 51.6 | 49.2 | |
| Deferred revenue | 26.6 | 22.1 | 25.6 | 31.6 | 32.4 | 33.9 | |
| Total current liabilities | 105 | 118 | 130 | 127 | 130 | 150 | |
| Lease liabilities | 0 | 151 | 150 | 205 | 202 | ||
| Other non-current liabilities | 3.01 | 0 | 1.67 | 1.26 | 0.94 | 1.31 | |
| Total liabilities | 136 | 155 | 282 | 279 | 336 | 353 | |
| Paid-in capital | 127 | 779 | 891 | 970 | 1,029 | 1,055 | |
| Retained earnings | -325 | -493 | -604 | -667 | -687 | -686 | |
| Other comprehensive income | 0.11 | 0.02 | -0.65 | -1.53 | -1.94 | -1.48 | |
| Shareholders' equity | -189 | -198 | 286 | 287 | 302 | 340 | 368 |
| Total equity | -189 | -198 | 286 | 287 | 302 | 340 | 368 |
| Total liabilities and equity | 445 | 441 | 569 | 580 | 676 | 721 | |
| Shares outstanding | 53.9 |
Cash flow statement
| FY2019 | FY2021 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|
| Net income | 0 | -55.9 | -144 | -110 | -63.2 | -20.4 | 1.64 |
| Depreciation and amortization | 14.5 | 17.8 | 21.6 | 31.9 | 38.6 | 45.9 | 50.3 |
| Stock-based compensation | 8.5 | 44.9 | 107 | 98 | 70.5 | 47.3 | 34.5 |
| Change in receivables | -0.64 | 0.52 | -0.39 | -0.45 | -0.35 | -0.17 | -1.34 |
| Change in inventory | -12.6 | -10 | -18.6 | -11.8 | 6.61 | 9.89 | 7.83 |
| Change in payables | 5.53 | 5.9 | -11.1 | -7.94 | 1.63 | 0.69 | 8.5 |
| Cash from operations | 21.4 | 32.8 | -32 | 10.4 | 61 | 98.7 | 111 |
| Capital expenditures | -32.6 | -20.1 | -48.5 | -60.2 | -53.7 | -64 | -67 |
| Purchases of investments | 0 | 0 | -1 | -2 | 0 | ||
| Cash from investing | -32.6 | -20.1 | -48.5 | -60.2 | -54.7 | -66 | -67 |
| Share buybacks | -79.5 | 0 | -8.09 | 0 | 0 | ||
| Cash from financing | -83.4 | 246 | 23 | 3.29 | 2.87 | 4.96 | -12 |
| Exchange rate effect | 0.24 | 0.04 | -0.16 | -1.31 | -0.88 | -0.4 | 0.46 |
| Net change in cash | -94.4 | 259 | -57.7 | -47.8 | 8.31 | 37.3 | 32.2 |
| Free cash flow | -11.2 | 12.7 | -80.5 | -49.8 | 7.32 | 34.7 | 43.7 |
| Interest paid | 0.09 | 0.47 | 0.15 | 0.18 | 0.23 | 0.25 | 0.33 |
| Income taxes paid | 0.37 | 0.23 | 0.36 | 0.54 | 0.42 | 1.04 | 0.78 |
Key metrics
Profitability
| Metric | Value | How it is calculated |
|---|---|---|
| Gross margin | 54.7% | Gross profit / revenue. |
| Operating margin | 0.2% | Operating income / revenue. |
| EBITDA margin | 6.0% | EBITDA (operating income + depreciation and amortization) / revenue. |
| Pre-tax margin | 1.1% | Pre-tax income / revenue. |
| Net margin | 0.8% | Net income / revenue. |
| FCF margin | 2.4% | Free cash flow (cash from operations - capital expenditures) / revenue. |
| Operating cash flow margin | 10.5% | Cash from operations / revenue. |
| Effective tax rate | 21.9% | Income tax / pre-tax income, when pre-tax income is positive. |
| Return on equity (ROE) | 2.0% | Net income / average shareholders' equity (opening and closing). Not shown when equity is negative. |
| Return on assets (ROA) | 1.0% | Net income / average total assets. |
| Return on invested capital (ROIC) | 1.2% | Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%. |
| SG&A / revenue | 54.5% | Selling, general and administrative expense / revenue. |
| Stock-based pay / revenue | 3.8% | Stock-based compensation (from the cash flow statement) / revenue. |
| Capex / revenue | 8.1% | Capital expenditures / revenue. |
| D&A / revenue | 5.9% | Depreciation and amortization / revenue. |
Growth
| Metric | Value | How it is calculated |
|---|---|---|
| Revenue growth, 1y | 13.0% | Revenue vs the same period a year earlier. Only from a positive base. |
| Revenue CAGR, 3y | 13.4% | Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Revenue CAGR, 5y | 17.2% | Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Gross profit growth, 1y | 10.2% | Gross profit vs the same period a year earlier. Only from a positive base. |
| Gross profit CAGR, 3y | 11.3% | Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Gross profit CAGR, 5y | 15.2% | Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| EBITDA growth, 1y | 185.3% | EBITDA vs the same period a year earlier. Only from a positive base. |
| Operating cash flow growth, 1y | 12.2% | Operating cash flow vs the same period a year earlier. Only from a positive base. |
| Operating cash flow CAGR, 3y | 120.2% | Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating cash flow CAGR, 5y | 27.6% | Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Free cash flow growth, 1y | 26.0% | Free cash flow vs the same period a year earlier. Only from a positive base. |
| Free cash flow CAGR, 5y | 28.1% | Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Book value growth, 1y | 8.1% | Book value vs the same period a year earlier. Only from a positive base. |
| Book value CAGR, 3y | 8.7% | Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Total assets growth, 1y | 6.6% | Total assets vs the same period a year earlier. Only from a positive base. |
| Total assets CAGR, 3y | 8.2% | Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Total assets CAGR, 5y | 10.1% | Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Share count change, 1y | 3.9% | Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 3y | 2.9% | Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 5y | 18.7% | Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution. |
Balance sheet health
| Metric | Value | How it is calculated |
|---|---|---|
| Current ratio | 2.27x | Current assets / current liabilities. |
| Quick ratio | 1.80x | (Cash + short-term investments + receivables) / current liabilities. |
| Cash ratio | 1.79x | (Cash + short-term investments) / current liabilities. |
| Liabilities / assets | 49.2% | Total liabilities / total assets. |
| Working capital | $207.4M | Current assets - current liabilities. |
| Tangible book value | $392.0M | Shareholders' equity - goodwill - intangible assets. |
Efficiency
| Metric | Value | How it is calculated |
|---|---|---|
| Asset turnover | 1.18x | Revenue / average total assets. |
| Fixed asset turnover | 4.52x | Revenue / average property, plant and equipment. |
| Inventory turnover | 9.81x | Cost of revenue / average inventory. |
| Days inventory | 37 days | 365 x average inventory / cost of revenue. |
| Receivables turnover | 438x | Revenue / average receivables. |
| Days sales outstanding | 1 days | 365 x average receivables / revenue. |
| Days payables | 36 days | 365 x average accounts payable / cost of revenue. |
| Cash conversion cycle | 2 days | Days inventory + days sales outstanding - days payables. |
| FCF conversion | 280.9% | Free cash flow / net income, when net income is positive. |
| Capex / operating cash flow | 77.2% | Capital expenditures / cash from operations, when that is positive. |
Per share
| Metric | Value | How it is calculated |
|---|---|---|
| EPS, diluted | $0.06 | Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS. |
| Revenue per share | $7.25 | Revenue / diluted weighted shares. |
| FCF per share | $0.17 | Free cash flow / diluted weighted shares. |
| Operating cash flow per share | $0.76 | Cash from operations / diluted weighted shares. |
| Book value per share | $3.12 | Shareholders' equity / shares outstanding (diluted weighted shares when not reported). |
| Tangible book per share | $3.12 | Tangible book value / shares outstanding. |
| Cash per share | $2.33 | (Cash + short-term investments) / shares outstanding. |
Valuation
| Metric | Value | How it is calculated |
|---|---|---|
| Market cap | $3.30B | Share price x shares outstanding. |
| Enterprise value | $3.01B | Market cap + total debt - cash - short-term investments. |
| P/E | 426x | Market cap / net income. Only when net income is positive. |
| P/S | 3.62x | Market cap / revenue. |
| P/B | 8.42x | Market cap / shareholders' equity. Only when equity is positive. |
| Price / tangible book | 8.42x | Market cap / tangible book value, when positive. |
| P/FCF | 152x | Market cap / free cash flow. Only when free cash flow is positive. |
| P/OCF | 34.6x | Market cap / cash from operations, when positive. |
| EV/Sales | 3.30x | Enterprise value / revenue. |
| EV/EBIT | 1,939x | Enterprise value / operating income, when both are positive. |
| EV/EBITDA | 54.7x | Enterprise value / EBITDA, when both are positive. |
| EV/FCF | 138x | Enterprise value / free cash flow, when both are positive. |
| FCF yield | 0.7% | Free cash flow / market cap. |
| Earnings yield | 0.2% | Net income / market cap (the inverse of P/E). |
What was Warby Parker Inc.'s revenue in fiscal 2025?
Warby Parker Inc. reported revenue of $871.9M for fiscal 2025, 13% higher than the year before.
Was Warby Parker Inc. profitable in fiscal 2025?
Yes. Net income was $1.6M, a net margin of 0.2%.
How much free cash flow did Warby Parker Inc. generate in fiscal 2025?
Cash from operations of $110.8M minus capital expenditures of $67.0M left free cash flow of $43.7M.