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Third Quarter 2026 Earnings Report Speakers: DAVE GILBOA | Co-Founder & Co-CEO NEIL BLUMENTHAL | Co-Founder & Co-CEO ADRIAN MITCHELL | SVP , Chief Financial Officer
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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 and year ending December 31, 2026; expectations regarding the number of new store openings during the year ending December 31, 2026; business strategy, plans, market growth, and potential growth opportunities, including the partnership with Google and Samsung, the development, launch and success of Intelligent Eyewear, 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,” “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, our Quarterly Reports on Form 10-Q, and our Current Reports on Form 8-K. 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 measures.” 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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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 364 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 25 million pairs have now been distributed through our Buy a Pair, Give a Pair program. (1) As of 9/30/2026. This includes 5 stores in Canada. Company Overview 5
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Beechwood Shopping Center (Athens, GA)
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Q3 2026: Financial Highlights $245M 10.4% 6.7% 11.7%$29M (1) Key operating metric. See definition in appendix. (2) Non-GAAP financial term. See appendix for definitions and reconciliations of non-GAAP measures. 7 54.6%
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Intelligent Eyewear Capture the moment Snap high-quality photos and videos instantly Open-ear audio Listen to songs, podcasts, audiobooks, and more—without tuning out the world Built-in Gemini AI Ask questions about your surroundings and get instant answers with Gemini Real-time translation Get real-time, in-ear translations—or look at the text and ask to hear it translated Turn-by-turn navigation Receive natural, turn-by-turn directions to help you get around with ease Voice-activated assistance Make calls, send texts, book appointments, and more with Gemini 9
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Quarterly Financial Performance $192 $222 $245 13.3% 15.2% 10.4% $17 $26 $29 9.0% 11.6% 11.7%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% 13.1% $29.2 2.57 8.7% $310 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% $212.0 11.2% 2.69 7 .0% 7 .2% $15.2 $324 5.7% 11 $242.4 8.3% 12.2% $29.6 2.69 4.8% $331 6.9% 9.8% $235.5 $32.9 14.0% 2.71 4.1% $336 6.6% $244.7 10.4% $28.6 11.7% 2.74 3.0% $342 6.7%
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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 9/30/2026 are presented. ~25% ~50% ~80% >100% 12
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900+ 364 Potential footprint(1) Current footprint As of 9/30/2026 Note: Data above is as of 9/30/2026. Markets defined as CBSAs (core-based statistical areas). (1) Based on an analysis conducted with a third-party research firm 364 open retail stores 359 U.S. and 5 Canada ~90% of stores offer exams 45 states or provinces 280 cities 12 net new retail stores in Q3 2026 Store presence in 48 of the 50 most populous markets in the U.S. Location types: 23% street, 52% outdoor center, 25% indoor center Expanding Retail Footprint with Significant White Space for New Stores 13
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Full Year 2026 Outlook Q4 2026 Outlook Net Revenue ~11–12% y/y growth $966M–$976M 12.2% margin(1)(2) $117M–$119M Adjusted EBITDA(1) Net Revenue ~$243M–$253M 10.9% margin(1)(2) ~$26M–$28M Adjusted EBITDA(1) ~15–20% 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. 15
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Supplemental Details
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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 charges, 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. Sales Retention Rate is defined as the dollar value of orders placed by customers in a given period 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. Non-GAAP Financial Measures and Key Operating Metrics
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Thank You