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National Vision vs Warby Parker: revenue, profit, margins and growth compared

National Vision brought in $2B of revenue in fiscal 2025, Warby Parker $871.9M in fiscal 2025. Revenue changed by +9.0% at National Vision and +13.0% at Warby Parker on the year before, so Warby Parker grew faster. National Vision kept 1.5% of its revenue as net profit, Warby Parker 0.2%. Free cash flow was $73.5M at National Vision and $43.7M at Warby Parker.

Side by side, latest fiscal year

EYEWRBY
Fiscal year endedFY2025 (January 3, 2026)FY2025 (December 31, 2025)
Revenue$2B$871.9M
Revenue growth+9.0%+13.0%
Net income$29.6M$1.6M
Net margin1.5%0.2%
Free cash flow$73.5M$43.7M
Free cash flow margin3.7%5.0%
Earnings per share (diluted)$0.37$0.01
Cash$38.7M$286.4M
Debt$236.5Mn/a
Price to earnings44.72671.0
Market value$1.3B$3.3B
Dividend yieldn/an/a
Rank by revenue in sector#110 of 523 · Health care#155 of 523 · Health care

Over the years

Revenue
EYE FY2018: $1.5BEYE FY2019: $1.7BEYE FY2020: $1.7BEYE FY2021: $2.1BEYE FY2022: $1.6BEYE FY2023: $1.8BEYE FY2024: $1.8BEYE FY2025: $2BWRBY FY2019: $370.5MWRBY FY2021: $393.7MWRBY FY2021: $540.8MWRBY FY2022: $598.1MWRBY FY2023: $669.8MWRBY FY2024: $771.3MWRBY FY2025: $871.9MFY18FY19FY20FY21FY22FY23FY24FY25
EYE $2BWRBY $871.9M
Net income
EYE FY2018: $23.7MEYE FY2019: $32.8MEYE FY2020: $36.3MEYE FY2021: $128.2MEYE FY2022: $42.1MEYE FY2023: -$65.9MEYE FY2024: -$28.5MEYE FY2025: $29.6MWRBY FY2019: $0WRBY FY2021: -$55.9MWRBY FY2021: -$144.3MWRBY FY2022: -$110.4MWRBY FY2023: -$63.2MWRBY FY2024: -$20.4MWRBY FY2025: $1.6MFY18FY19FY20FY21FY22FY23FY24FY25
EYE $29.6MWRBY $1.6M
Net margin
EYE FY2018: 1.5%EYE FY2019: 1.9%EYE FY2020: 2.1%EYE FY2021: 6.2%EYE FY2022: 2.6%EYE FY2023: -3.8%EYE FY2024: -1.6%EYE FY2025: 1.5%WRBY FY2019: 0.0%WRBY FY2021: -14.2%WRBY FY2021: -26.7%WRBY FY2022: -18.5%WRBY FY2023: -9.4%WRBY FY2024: -2.6%WRBY FY2025: 0.2%FY18FY19FY20FY21FY22FY23FY24FY25
EYE 1.5%WRBY 0.2%
Revenue growth
EYE FY2019: +12.2%EYE FY2020: -0.7%EYE FY2021: +21.5%EYE FY2022: -20.9%EYE FY2023: +6.8%EYE FY2024: +3.8%EYE FY2025: +9.0%WRBY FY2021: +6.3%WRBY FY2021: +37.4%WRBY FY2022: +10.6%WRBY FY2023: +12.0%WRBY FY2024: +15.2%WRBY FY2025: +13.0%FY19FY20FY21FY22FY23FY24FY25
EYE +9.0%WRBY +13.0%
Free cash flow
EYE FY2018: $2.1MEYE FY2019: $63.8MEYE FY2020: $158.2MEYE FY2021: $163.4MEYE FY2022: $5.7MEYE FY2023: $58.3MEYE FY2024: $38.1MEYE FY2025: $73.5MWRBY FY2019: -$11.2MWRBY FY2021: $12.7MWRBY FY2021: -$80.5MWRBY FY2022: -$49.8MWRBY FY2023: $7.3MWRBY FY2024: $34.7MWRBY FY2025: $43.7MFY18FY19FY20FY21FY22FY23FY24FY25
EYE $73.5MWRBY $43.7M

Fiscal years as each company reports them; the two may end in different months.

Questions about National Vision and Warby Parker

Which is bigger by revenue, National Vision or Warby Parker?

National Vision is bigger by revenue: $2B in fiscal 2025, against $871.9M for Warby Parker in fiscal 2025.

Which keeps more of its revenue as profit, National Vision or Warby Parker?

National Vision had a net margin of 1.5% in fiscal 2025; Warby Parker had 0.2% in fiscal 2025.

Which grew revenue faster, National Vision or Warby Parker?

In their latest fiscal years revenue changed by +9.0% at National Vision and +13.0% at Warby Parker.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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