Warby Parker beats Q1 targets as high-margin eye exams drive customer spend

Warby Parker (NYSE:WRBY) reported first-quarter results for 2026 that exceeded internal guidance across all key financial metrics, signaling resilient demand for its affordable luxury eyewear and integrated vision services.

The New York-based lifestyle brand posted revenue growth of 8.3% for the period ended March 31, 2026, as it continues to successfully transition from a pure-play digital disruptor to a multi-channel healthcare provider.

The company’s active customer base grew 4.8% to 2.69 million on a trailing 12-month basis.

Even more significant was the 6.9% year-over-year increase in average revenue per customer, which reached $331.

This growth was largely attributed to a higher mix of premium lens sales and the continued scaling of its eye exam business, which often leads to higher conversion rates and larger basket sizes.

Profitability showed a marked improvement as the company generated net income of $3.2 million, a reversal from the losses typical of its early post-IPO quarters.

Adjusted EBITDA expanded to $29.6 million, surpassing the top end of the company’s previous forecast.

The expansion in margins reflects Warby Parker's ability to leverage its marketing spend and corporate overhead more effectively as it scales its physical retail presence.

Meanwhile, the company remained active in its brick-and-mortar expansion strategy, opening 14 net new stores during the first quarter to bring its total fleet to 337 locations.

From a liquidity standpoint, Warby Parker demonstrated strong cash generation, delivering $24.5 million in operating cash flow and $8.4 million in free cash flow.

The company ended the quarter with a robust balance sheet featuring $288.2 million in cash and cash equivalents and no outstanding debt.