Warby Parker (WRBY) Q2 2026 earnings summary

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% 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.

• 15 net new stores opened in Q2, expanding the retail footprint to 352 locations across 43–45 states/provinces.

• The company is preparing to launch its Intelligent Eyewear collection, integrating Google Gemini and Samsung technology, with customer deliveries on track for the holiday season.

• Launched Warby Parker Sport and expanded performance eyewear offerings.

Financial highlights

• Adjusted gross margin was 58.1%, up 380–490 basis points year-over-year, mainly from the tariff benefit.

• SG&A expenses rose to $119.3M–$133.3M (50.6% of revenue), driven by retail and technology investments.

• Free cash flow in Q2 was $6.8M–$7M; cash position at quarter-end was $292.7M–$293M.

• Net income margin improved to 2.0% from -0.8% year-over-year.

• Eye exam business grew over 30% year-over-year, now representing 7% of revenue.

Outlook and guidance

• Full-year 2026 revenue guidance reaffirmed at $959M–$976M (10%–12% growth), with adjusted EBITDA guidance of $117M–$119M (12.2% margin, 130 bps expansion).

• Q3 2026 revenue expected at $243M–$246M, with adjusted EBITDA of $26M–$28M.

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

• 50 new store openings planned for 2026.

• Guidance includes a $14.4M tariff refund benefit, offsetting investments for Intelligent Eyewear.