Slides
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Speakers: DAVE GILBOA | Co-Founder & Co-CEO NEIL BLUMENTHAL | Co-Founder & Co-CEO STEVE MILLER | SVP & Chief Financial Officer Speakers: DAVE GILBOA | Co-Founder & Co-CEO NEIL BLUMENTHAL | Co-Founder & Co-CEO ADRIAN MITCHELL | SVP , Chief Financial Officer JOSH TRUPPO | VP , Financial Planning & Analysis Q4 and Full Year 2025 Earnings Report
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This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements may relate to, but are not limited to, expectations of future operating results or financial performance; our GAAP and non-GAAP guidance for the quarter ending March 31, 2026, and year ending December 31, 2026; expectations regarding the number of new store openings during the year ending December 31, 2026; and business strategy, plans, market growth, potential growth opportunities for the business, including the partnership with Google and Samsung and development and timing of new products, and insurance expansion. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “toward,” “will,” or “would,” or the negative of these words or other similar terms or expressions. You should not put undue reliance on any forward-looking statements. Forward-looking statements are based on information available at the time those statements are made and are based on current expectations, estimates, forecasts, and projections as well as the beliefs and assumptions of management as of that time with respect to future events. These statements are subject to risks and uncertainties, many of which involve factors or circumstances that are beyond our control, that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Additional information regarding these and other risks and uncertainties is included in our SEC filings, including our Annual Report on Form 10-K for the year ended December 31, 2025, and our Quarterly Reports on Form 10-Q. Forward-looking statements should not be read as a guarantee of future performance or results. Except as required by law, we do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise. In addition, this presentation contains certain “non-GAAP financial terms.” The non-GAAP measures are presented for supplemental informational purposes only. Definitions and reconciliations to the most directly comparable financial measure calculated and presented in accordance with GAAP are provided in the appendix to this presentation. Although we provide forecasts for certain non-GAAP financial measures, we are not able to forecast the most directly comparable measures calculated and presented in accordance with GAAP without unreasonable efforts due to the uncertainty and potential variability of the reconciling items. Forward-Looking Statements / Non-GAAP Financial Measures 2
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Since our founding, we’ve pioneered ideas, designed products, and developed technologies that help people see.
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1. Since 2010, we’ve offered high-quality prescription eyewear— designed in-house—starting at $95 and delivered industry-leading customer experiences. 2. We’ve helped pioneer the vertically integrated, direct-to-consumer model while evolving from a glasses-only business into a holistic vision care company that also offers contacts and eye exams. 3. Our sales represent 1.3% of the $70 billion U.S. eyewear market. 4. We’ve developed groundbreaking in-house technologies, such as Virtual Vision Test and Virtual Try-On, that leverage AI and make it easy to find your perfect-fitting frame or renew your prescription from home. 5. Warby Parker has 323 stores(1) out of ~45,000 optical shops in the U.S. 6. Our ultimate objective is vision for all, which is why for every pair of glasses or sunglasses sold, a pair of glasses is distributed to someone in need. Over 20 million pairs have now been distributed through our Buy a Pair, Give a Pair program. (1) As of 12/31/2025. This includes 5 stores in Canada. Company Overview 5
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Henderson Ave. (Dallas, TX)
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Full Year 2025: Financial Highlights $872M 13.0% 7 .0% $324 54.4% 30.2% $44M10.9% (1) Key operating metric. See definition in appendix. (2) Non-GAAP financial term. See appendix for definitions and reconciliations of non-GAAP measures. 7
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Grew Active Customers to 2.69 million Launched 15 collections Opened 47 stores, reaching 323 in fleet, including 5 shop-in-shops Scaled eye exams to 285 locations Expanded insurance, contacts, and exams penetration Launched a multi-year collaboration with Arch Manning, quarterback of the Texas Longhorns Announced partnership with Google and Samsung to develop intelligent eyewear Celebrated 20M pairs of glasses distributed through our Buy a Pair, Give a Pair program 2025 Milestones and Accomplishments Active customers is a key operating metric. See definition in appendix. 8
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Georgetown (Washington, DC)
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Annual Financial Performance $670 $771 $872 12.0% 15.2% 13.0% $52 $73 $95 7 .8% 9.5% 10.9%y/y growth % margin (1) Non-GAAP financial term. See appendix for definitions and reconciliations of non-GAAP measures. 10
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Quarterly Business Highlights (1) Key operating metric. See definition in appendix. (2) Non-GAAP financial term. See appendix for definitions and reconciliations of non-GAAP measures. $223.8 11.9% $190.6 17 .8% $192.4$188.2$200.0 16.3% 13.3% $22.4 11.2% $19.6 10.4% 9.0% 7 .3% 13.1% $17 .3 $13.8 $29.2 2.36 2.39 2.43 2.51 2.57 3.2% 4.5% 5.6% 7 .8% 8.7% $296 $302 $305 $307 $310 9.6% 8.8% 7 .5% 6.8% 4.8% $214.5 13.9% $25.0 11.7% $316 4.6% 2.60 9.0% $221.7 15.2% 11.6% $25.7 2.66 9.3% $320 4.8% 13.3% $212.0 11.2% 2.69 7 .0% 7 .2% $15.2 $324 5.7% 11
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Scale Omnichannel Experience Expand covered lives by strengthening existing carrier relationships and scaling pilots Simplify how customers access their benefits Improve experience for out-of-network customers Invest in marketing to drive awareness 2026 Strategic Priorities Expand Insurance & Customer Acquisition Prepare for AI Glasses Launch Prioritize production and supply chain readiness Design best-in-class shopping experience across channels Advance multi-year product roadmap supported by continued investment in research and development Open 50 new stores Drive growth within existing stores through eye care and higher-value products Deliver an increasingly personalized online experience Launch ~15 collections, including our first line of sport eyewear 12
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Williamsburg (Brooklyn, NY)
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Future Growth Opportunities Lead to Higher Customer Value Over Time Customers who purchase holistic offering (glasses, contacts, and exams) have a cumulative average value(1) that is 2.7x higher after one year than customers who just purchase glasses (and 1.9x higher at initial purchase) Source: Company data. Holistic Vision Customers in 2024 cohort represent just 1.9% of all 2024 cohort customers. 1 Average value per customer represents sales including refunds; equal to cumulative customer sales order value divided by total unique customers in each product and service grouping Holistic Vision Customers (Glasses + Contacts + Exams) Glasses-Only Customers Initial purchase: Holistic Vision Customer average value is 1.9x higher +6 months: 2.3x higher +12 months: 2.7x higher 15
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Compelling and Consistent Sales Retention Rates Source: Company data Note: Sales Retention Rate based on customer cohort sales order value and months since initial purchase. Only cohorts with a full period of data available as of 12/31/2025 are presented. ~25% ~50% ~80% >100% 16
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900+ 323 Potential footprint1 Current footprint As of 12/31/2025 Note: Data above is as of 12/31/2025. Markets defined as CBSAs (core-based statistical areas). (1) Based on an analysis conducted with a third-party research firm 323 open retail stores 318 U.S. and 5 Canada 102 markets 44 states or provinces 245 cities 47 net new retail stores in 2025 Store presence in 47 of the 50 most populous markets in the U.S. Location types: 26% street, 49% outdoor center, 25% indoor center Expanding Retail Footprint With Significant White Space For New Stores 17
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Biltmore Fashion Park (Phoenix, AZ)
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Full Year 2026 Outlook Q1 2026 Outlook Net Revenue ~10–12% y/y growth $959M–$976M 12.2% margin(1) $117M–$119M Adjusted EBITDA(1) Net Revenue ~$238M–$240M ~11.5% margin(1)(2) $27M–$28M Adjusted EBITDA(1) 6.5– 7 .5% y/y growth (1) Non-GAAP financial term. See appendix for definition of non-GAAP measures and the note at the beginning of the presentation regarding reconciliation of non-GAAP measures in guidance. (2) At the midpoint of our range. 19
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Supplemental Details
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Net Revenue by Quarter (2022–2025) 26% 15% 25% (2%) 25% (1%) 24% (2%) 26% 17% 25% (3%) 25% 2% 24% (5%) 26% 24% 24% (6%) 25% 2% 25% (1%) 26% 17% 25% (4%) 25% 3% 24% (4%) Total = $872M Growth = 13%Total = $771M Growth = 15%Total = $670M Growth = 12%Total = $598M Growth = 11% $153 $150 $149 $146 +17% $172 $166 $170 $162 $200+24% $188 $192 $191 $224+17% $214 $222 $212
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Appendix
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Included in this presentation are certain financial measures that are not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”) and which are designed to supplement, and not substitute, the Company’s financial information presented in accordance with GAAP. The non-GAAP measures as defined by the Company may not be comparable to similar non-GAAP measures presented by other companies. The presentation of such measures, which may include adjustments to exclude unusual or non-recurring items, should not be construed as an inference that the Company’s future results will be unaffected by other unusual or nonrecurring items. The Company uses “Adjusted EBITDA”, “Adjusted EBITDA Margin”, “Adjusted COGS”, “Adjusted Gross Profit”, “Adjusted Gross Margin”, “Adjusted SG&A” and “Free Cash Flow” to provide useful supplemental measures that assist in evaluating its ability to generate earnings, provide consistency and comparability with its past financial performance and facilitate period-to-period comparisons of its core operating results as well as the results of its peer companies. The Company calculates “Adjusted EBITDA” as net income before interest and other income, taxes, and depreciation and amortization as further adjusted for asset impairment costs, stock-based compensation expense and related employer payroll taxes, amortization of cloud-based software implementation costs, non-cash charitable donations, charges for certain legal matters outside the ordinary course of business, and non-recurring costs such as restructuring costs and major system implementation costs. “Adjusted EBITDA Margin” is defined as Adjusted EBITDA divided by net revenue. The Company calculates “Adjusted COGS” as cost of goods sold adjusted for stock-based compensation expense and related employer payroll taxes and non-recurring costs. The Company calculates “Adjusted Gross Profit” as net revenue minus Adjusted COGS. “Adjusted Gross Margin” is defined as Adjusted Gross Profit divided by net revenue. The Company calculates “Adjusted SG&A” as SG&A adjusted for stock-based compensation expense and related employer payroll taxes, non-cash charitable donations, charges for certain legal matters outside the ordinary course of business, and non-recurring costs such as restructuring costs and major system implementation costs. “Adjusted Non-Marketing SG&A” is defined as Adjusted SG&A minus marketing costs. The Company calculates “Free Cash Flow” as net cash provided by operating activities minus purchases of property and equipment. The Company has also included in this presentation the following metrics which are operational and business metrics that are important to understanding Company performance: “Active Customers” is defined as unique customer accounts that have made at least one purchase in the trailing 12-month period. The Company calculates “Average Revenue per Customer” as the sum of the total net revenues in the trailing 12-month period divided by the current period Active Customers. “Customer Acquisition Cost” is defined as acquisition costs for a given period divided by the number of Active Customers during that same period. Acquisition Costs is defined as total media spend plus Home Try-On costs in a given period. Home Try-On costs include customer shipping, consumable, and product fulfillment costs related to the program. “Sales Retention Rate” is defined as the Sales Orders attributable to a given customer cohort as a percentage of the total sales order value attributable to the same customer cohort during the initial measurement period. The initial measurement period represents the initial purchase for each customer in a given customer cohort. “Retail Productivity” is defined as average retail sales per store, calculated as total retail Sales Orders divided by average store count in the relevant period, as compared to the prior year. FY 2025 Retail Productivity was 100%, and Q4’25 was 97%. “Sales Orders” represents the dollar value of orders placed by customers in a given period. Non-GAAP Financial Measures and Key Operating Metrics
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Thank You