# Warby Parker Inc. (WRBY)

> Source: Nexqual · https://nexqual.com/WRBY · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Warby Parker Inc. (WRBY), nexqual.com/WRBY" · informational, not investment advice.

**Price:** USD 25.67 (+0.16% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 25.63 · day 25.02–26.62 · 52w 14.96–31 · market cap $3.17B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $912M, net income $7.7M (0.8% margin), free cash flow $21.7M (SEC filings).
- Valuation: P/E 409.8x (avg 1661.1x at the last 1 fiscal year-ends).
- Earnings quality: non-operating income $8.4M vs operating income $1.6M over the last four quarters; P/E excluding non-operating income ≈2616.2x (estimate: non-operating income taxed at the company's 21.9% effective rate).
- 3 of 80 tracked superinvestors hold WRBY (13F, Q2 2026): 0 new, 1 added, 0 reduced, 2 unchanged.
- Insider open-market sales, last ~7 months: 13 Form 4 filings, $25.9M; 2 not under a Rule 10b5-1 plan ($980K); 1 by opportunistic insiders (0 outside 10b5-1 plans), 8 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.08 on a 1–5 scale) (13 analysts), mean target USD 31 (range 25–35).
- Total return with dividends: 1Y +15.8% vs S&P 500 +14.9%; 5Y -54.9% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD 0.09, revenue estimate $245M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $541M | $598M | $670M | $771M | $872M | $912M |
| Gross profit | $318M | $341M | $365M | $427M | $471M | — |
| Operating income | -$144M | -$111M | -$72.0M | -$30.1M | -$5.3M | $1.6M |
| Net income | -$144M | -$110M | -$63.2M | -$20.4M | $1.6M | $7.7M |
| EPS (diluted) | -$2.21 | -$0.96 | -$0.54 | -$0.17 | $0.01 | — |
| Free cash flow | -$80.5M | -$49.8M | $7.3M | $34.7M | $43.7M | $21.7M |
| Gross margin | 58.8% | 57.0% | 54.5% | 55.3% | 54.0% | — |
| Operating margin | -26.6% | -18.6% | -10.7% | -3.9% | -0.6% | 0.2% |
| Net margin | -26.7% | -18.5% | -9.4% | -2.6% | 0.2% | 0.8% |
| Revenue growth | +37.4% | +10.6% | +12.0% | +15.2% | +13.0% | — |
| Cash + short-term investments | $256M | $209M | $217M | $254M | $286M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 409.8x · P/E ex non-operating (est.) ≈2616.2x · P/S 3.5x · P/FCF 145.9x · P/B 8.1x · FCF yield 0.69% · Earnings yield 0.24%
P/E at fiscal year-ends: Dec 2025 1661.1x.

## Superinvestors (SEC 13F-HR, Q2 2026)
3 of 80 tracked investors hold WRBY. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Henry Ellenbogen | Durable Capital Partners | 1.89% | $194M | Unchanged |
| Thomas Russo | Gardner Russo & Quinn | 0.03% | $2.4M | Unchanged |
| First Eagle Investment | First Eagle Investment Management | 0.01% | $8.7M | Added +113.2% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
11 of 13 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-01 | Raider Jeffrey Jacob | Director | 15,000 | $416K | 3.4% | Yes (adopted March 17, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-10-01 | Blumenthal Neil Harris | Co-Chief Executive Officer | 100,000 | $2.8M | 18.7% | Yes (adopted March 17, 2026) | Routine (sold in Mar & Sep & Dec each year 2023–2025; this trade is outside those months) |
| 2026-07-06 | Blumenthal Neil Harris | Co-Chief Executive Officer | 9,200 | $276K | 2.1% | Yes (adopted March 17, 2026) | Routine (sold in Mar & Sep & Dec each year 2023–2025; this trade is outside those months) |
| 2026-07-06 | Gilboa David Abraham | Co-Chief Executive Officer | 54,347 | $1.6M | 63.6% | Yes (adopted March 17, 2026) | Routine (sold in Mar & Sep & Dec each year 2023–2025; this trade is outside those months) |
| 2026-07-01 | Blumenthal Neil Harris | Co-Chief Executive Officer | 217,667 | $6.4M | 33.6% | Yes (adopted March 17, 2026) | Routine (sold in Mar & Sep & Dec each year 2023–2025; this trade is outside those months) |
| 2026-07-01 | Gilboa David Abraham | Co-Chief Executive Officer | 242,221 | $7.2M | 88.6% | Yes (adopted March 17, 2026) | Routine (sold in Mar & Sep & Dec each year 2023–2025; this trade is outside those months) |
| 2026-07-01 | Raider Jeffrey Jacob | Director | 22,500 | $669K | 0.9% | Yes (adopted March 17, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-29 | Blumenthal Neil Harris | Co-Chief Executive Officer | 36,300 | $1.1M | 37.9% | Yes (adopted September 16, 2025) | Routine (sold in Mar & Sep & Dec each year 2023–2025; this trade is outside those months) |
| 2026-06-16 | Briggs Teresa | Director | 5,000 | $130K | 7.2% | Yes (adopted March 17, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-12 | Moon Youngme E | Director | 10,000 | $265K | 27.7% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-19 | Blumenthal Neil Harris | Co-Chief Executive Officer | 63,040 | $1.9M | 12.3% | Yes (adopted September 16, 2025) | Routine (sold in Mar & Sep & Dec each year 2023–2025; this trade is outside those months) |
| 2026-05-13…2026-05-14 | Singer Bradley E | Director | 25,000 | $715K | 17.7% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-04-16…2026-04-20 | Blumenthal Neil Harris | Co-Chief Executive Officer | 100,000 | $2.5M | 18.2% | Yes (adopted September 16, 2025) | Routine (sold in Mar & Sep & Dec each year 2023–2025; this trade is outside those months) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.08 on a 1–5 scale), 13 analysts; mean target USD 31 (low 25, high 35).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-07 | UBS | Target raised | Neutral | $27 → $28 |
| 2026-08-07 | Citizens | Target lowered | Market Outperform | $30 → $29 |
| 2026-06-29 | B of A Securities | Initiated | Buy | $33 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +15.8% | -54.9% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +15.9% | -14.7% |
| Volatility (annualized) | 75.8% | 63.7% |
| Max drawdown | -32.9% (Dec 2025→Apr 2026) | -83.4% (Nov 2021→Mar 2023) |

## Peers (Medical Instruments & Supplies)
ATRC (AtriCure, Inc.) USD 59.3 +2.83% · PLSE (Pulse Biosciences, Inc) USD 52.68 +2.67% · NVST (Envista Holdings Corporation) USD 23.97 +3.36% · ICUI (ICU Medical, Inc.) USD 168.33 +4.66% · MMED (MiniMed Group, Inc.) USD 18.29 +2.75% · LMAT (LeMaitre Vascular, Inc.) USD 85.33 +1.98%

## More
Full page: https://nexqual.com/WRBY · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in WRBY's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/1504776/000150477626000006/wrby-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Stripe | "We rely on third parties, including Stripe, Inc., Affirm, Inc., and PayPal Holdings, Inc. for elements of our payment processing infrastructure to accept payments from customers and Coupa Software Incorporated, in connec…" |
| Supplier | Affirm Holdings, Inc. (AFRM) | "We rely on third parties, including Stripe, Inc., Affirm, Inc., and PayPal Holdings, Inc. for elements of our payment processing infrastructure to accept payments from customers and Coupa Software Incorporated, in connec…" |
| Supplier | PayPal (PYPL) | "We rely on third parties, including Stripe, Inc., Affirm, Inc., and PayPal Holdings, Inc. for elements of our payment processing infrastructure to accept payments from customers and Coupa Software Incorporated, in connec…" |
| Supplier | Coupa Software | "We rely on third parties, including Stripe, Inc., Affirm, Inc., and PayPal Holdings, Inc. for elements of our payment processing infrastructure to accept payments from customers and Coupa Software Incorporated, in connec…" |
| Supplier | Apple (AAPL) | "Furthermore, because many of our customers access our products through our mobile applications, we depend on the Apple App Store and Google Play to distribute our mobile applications." |
| Customer | Amazon (AMZN) | "AWS provides the cloud computing infrastructure we use to host our website and mobile applications, serve our customers and support our operations and many of the internal tools we use to operate our business." |
| Customer | Meta Platforms (META) | "Additionally, changes in regulations could limit the ability of search engines and social media platforms, including, but not limited to, Google and Meta, to collect data from users and engage in targeted advertising, ma…" |
| Partner | Alphabet (Google) (GOOGL) | "Forward-looking statements contained in this Annual Report on Form 10-K include, but are not limited to, statements about our future results of operations and financial position, industry and business trends, general mac…" |
| Partner | Samsung Electronics | "Forward-looking statements contained in this Annual Report on Form 10-K include, but are not limited to, statements about our future results of operations and financial position, industry and business trends, general mac…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Eyewear | $191.8M | 81.4% | +8.4% |
| Contacts | $26.6M | 11.3% | +7.9% |
| Eye care | $17.2M | 7.3% | +32.2% |
| Total revenue | $235.5M | 100% | — |

## Company outlook (8-K filed 2026-08-06)

- "We're doing so while maintaining a prudent outlook that excludes Intelligent Eyewear revenue contributions expected later this year," said Adrian Mitchell, Chief Financial Officer."
- "(1) Please see the reconciliation of non-GAAP financial measures to the most comparable GAAP financial measure in the section titled "Non-GAAP Financial Measures" below. 2 Webcast and Conference Call A conference call to discuss Warby Parker's second quarter 2026 results, as well as third quarter and full year 2026 outlook, is scheduled for 8:00 a.m."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.09 | $0.15 | -35.7% | $245.1M | 9 |
| Next quarter (ends 2026-12-31) | $0.10 | $0.10 | +6.3% | $247.0M | 9 |
| Current fiscal year (ends 2026-12-31) | $0.42 | $0.47 | -10.9% | $970.0M | 9 |
| Next fiscal year (ends 2027-12-31) | $0.61 | $0.66 | -7.2% | $1.13B | 9 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-06 (includes earnings 2026-11-05): ±16.9%; earnings reaction alone ±11.7%; last 8 reports averaged ±10.2%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 77.5% | ±9.2% |
| 2026-11-06 | 14 | 104.9% | ±16.9% |
| 2026-11-13 | 21 | 98.7% | ±19.5% |
| 2026-11-20 | 28 | 89.4% | ±20.1% |
| 2026-11-27 | 35 | 86.3% | ±21.7% |
| 2026-12-04 | 42 | 81.7% | ±22.5% |
| 2026-12-18 | 56 | 80.4% | ±25.0% |
| 2027-01-15 | 84 | 74.9% | ±28.4% |