Global Finance News
09 May 2025, 12:49
Warby Parker Q1 2025 Earnings Summary: Returns to Profit with Strong Revenue and Customer Growth
Warby Parker reported first-quarter 2025 results that mark its first profitable quarter as a public company, fueled by double-digit revenue growth, improved operating leverage, and strong customer metrics.
Key Financial Highlights:
• Net revenue: $223.8 million, up 11.9% year-over-year
• Net income: $3.5 million, vs. a loss of $2.7 million in Q1 2024
• Adjusted EBITDA: $29.2 million, up from $22.4 million
• Adjusted EBITDA margin: 13.1%, compared to 11.2%
• Free cash flow: $13.2 million, more than doubled from $5.5 million
• Gross margin: 56.3%, slightly down from 56.7% due to higher contact lens sales and occupancy costs
• SG&A: $123.5 million (55.2% of revenue); Adjusted SG&A fell to 49.3% of revenue
Operational Metrics:
• Active Customers: 2.57 million, up 8.7%
• Average Revenue per Customer: $310, up 4.8%
• Net new store openings: 11; total store count reached 287
Balance Sheet:
• Cash and cash equivalents: $265.1 million
• No significant debt reported
2025 Outlook (Revised):
• Full-year revenue: $869–886 million (13–15% growth)
• Adjusted EBITDA: $91–97 million (margin of 10.5–11.0%)
• Planned store openings: 45, including 5 Target shop-in-shops
Co-CEOs Neil Blumenthal and Dave Gilboa highlighted strong e-commerce momentum and disciplined expense control as drivers of the quarter’s success. CFO Steve Miller emphasized sustainable growth and improved margin performance heading into the rest of 2025.
Warby Parker reported first-quarter 2025 results that mark its first profitable quarter as a public company, fueled by double-digit revenue growth, improved operating leverage, and strong customer metrics.
Key Financial Highlights:
• Net revenue: $223.8 million, up 11.9% year-over-year
• Net income: $3.5 million, vs. a loss of $2.7 million in Q1 2024
• Adjusted EBITDA: $29.2 million, up from $22.4 million
• Adjusted EBITDA margin: 13.1%, compared to 11.2%
• Free cash flow: $13.2 million, more than doubled from $5.5 million
• Gross margin: 56.3%, slightly down from 56.7% due to higher contact lens sales and occupancy costs
• SG&A: $123.5 million (55.2% of revenue); Adjusted SG&A fell to 49.3% of revenue
Operational Metrics:
• Active Customers: 2.57 million, up 8.7%
• Average Revenue per Customer: $310, up 4.8%
• Net new store openings: 11; total store count reached 287
Balance Sheet:
• Cash and cash equivalents: $265.1 million
• No significant debt reported
2025 Outlook (Revised):
• Full-year revenue: $869–886 million (13–15% growth)
• Adjusted EBITDA: $91–97 million (margin of 10.5–11.0%)
• Planned store openings: 45, including 5 Target shop-in-shops
Co-CEOs Neil Blumenthal and Dave Gilboa highlighted strong e-commerce momentum and disciplined expense control as drivers of the quarter’s success. CFO Steve Miller emphasized sustainable growth and improved margin performance heading into the rest of 2025.