Warby Parker Inc. Q3 2025 Earnings Recap

Warby Parker reported a robust Q3 2025, with net revenue growth of 15.2% year-over-year, largely fueled by a 20% increase in retail revenue and a significant improvement in adjusted EBITDA margin.

Key Takeaways

• Adjusted EBITDA rose approximately 50% to $25.7 million, reflecting an 11.6% adjusted EBITDA margin and 260 basis points of year-over-year expansion.
• Record retail productivity and a successful launch of five shop-in-shops at Target contributed to the quarter's strong performance.
• Continued focus on innovation through AI aims to enhance customer experience and expand the product offering with intelligent eyewear.
• Reaffirmed 2025 adjusted EBITDA outlook while raising margin expectations amid a cautious revenue forecast due to changing consumer sentiment.