Tariff refunds lift Warby Parker's Q2, smart glasses debut comes next

Warby Parker has reported net revenue of 235.5 million dollars for the second quarter ended 30 June 2026, up 21 million dollars or 9.8 percent year on year, and swung to a net income of 4.6 million dollars from a loss in the same period last year.

According to the company’s report published on Thursday, active customers rose 4.1 percent to 2.71 million on a trailing 12-month basis, while average revenue per customer increased 6.6 percent to 336 dollars. The company opened 15 net new stores in the quarter, ending with 352.

Adjusted EBITDA increased 7.9 million dollars to 32.9 million dollars, with adjusted EBITDA margin up 230 basis points to 14.0 percent. Both figures include a benefit from refunds of tariffs paid under the International Emergency Economic Powers Act, which the company said was partly used to offset investments in the business ahead of the Intelligent Eyewear launch.

Tariff refunds lift the margin

Gross profit reached 136.5 million dollars, or 57.9 percent of revenue, against 113.6 million dollars and 53.0 percent a year earlier. Warby Parker attributed the improvement primarily to an 11.8 million dollar tariff refund on inventory sold through 30 June, worth 500 basis points, together with 110 basis points from lapping one-time inventory write-downs in the second quarter of 2025 tied to the closure of the Home Try-On programme. Those gains were partly offset by fixed-cost deleverage as doctor headcount and occupancy costs grew faster than revenue during the store openings.

Selling, general and administrative expenses came to 133.3 million dollars, up 15.2 million dollars and 150 basis points as a share of revenue, driven by retail compensation and technology costs associated with preparing the Intelligent Eyewear launch, partly offset by customer experience efficiencies.

The company generated operating cash flow of 29.6 million dollars and free cash flow of 6.8 million dollars, ending the quarter with 292.7 million dollars in cash and cash equivalents.

Smart glasses with Google and Samsung

Both co-chief executives framed the quarter around the coming product launch.

“In just a few weeks, we’ll unveil our first Intelligent Eyewear collection, marking the beginning of an exciting new chapter for Warby Parker and a whole new way for consumers to see and experience the world. For the past 16 years, we’ve helped millions of people see more clearly, and now we’re seamlessly integrating transformative technology into the frames people already love to wear every day,” said co-founder and co-chief executive officer Dave Gilboa.

“We’ve paired timeless design with Google Gemini to enrich consumers’ everyday lives, expanding not only what we can see, but what we can discover, understand, and imagine. Together with Google and Samsung, our team of eyewear designers obsessed over every detail to deliver exceptional fit and comfort, while incorporating technology that allows you to explore, remember, navigate, and connect while keeping your eyes on the world around you,” said co-founder and co-chief executive officer Neil Blumenthal.

Guidance held

Warby Parker reaffirmed its full-year outlook, guiding to net revenue of 959 to 976 million dollars, representing growth of roughly 10 to 12 percent on 2025, and adjusted EBITDA of 117 to 119 million dollars, equal to a 12.2 percent margin across the revenue range and 130 basis points of expansion. The guidance includes a full-year tariff refund benefit of 14.4 million dollars, which the company said was and will be used to offset strategic investments ahead of the launch. It excludes any revenue contribution or halo effect from Intelligent Eyewear while including known costs related to it. The company plans 50 new store openings for the year.

“As we enter one of the most important periods in Warby Parker’s history, we’re making targeted investments across our business to ensure we’re ready for the launch of Intelligent Eyewear and building the capabilities needed to scale this new category over the longer term. We’re doing so while maintaining a prudent outlook that excludes Intelligent Eyewear revenue contributions expected later this year,” said chief financial officer Adrian Mitchell.

Warby Parker was founded in 2010 and operates 352 stores across the US and Canada.