Company: WRBY
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001504776-25-000033
Chunk: 51

Company: Warby Parker Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 51
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 decreased by 540 basis points, primarily driven by leverage from corporate expenses and our customer experience team, as well as lower stock-based compensation, partially offset by growth in marketing.

Interest and Other Income, Net

Three Months Ended September 30,20252024$ Change% Change(in thousands)Interest and other income, net$2,179 $2,842 $(663)(23.3)%As a percentage of net revenue1.0 %1.5 %(0.5)%

Interest and other income, net decreased $0.7 million, or 23.3%, for the three months ended September 30, 2025 compared to the same period in 2024, primarily due to unfavorable fluctuations in foreign currency rates and lower interest rates on our increased cash and cash equivalents balance.

Provision for Income Taxes

Three Months Ended September 30,20252024$ Change% Change(in thousands)(Benefit from) provision for income taxes$(125)$301 $(426)(141.5)%As a percentage of net revenue— %0.2 %(0.2)%

Provision for income taxes decreased $0.4 million, or 141.5%, for the three months ended September 30, 2025 compared to the same period in 2024, primarily due to the change in pre-tax income (loss) in addition to stock based compensation and the tax effects related to depreciation expense and research and development costs resulting from OBBBA.

Comparison of the Nine Months Ended September 30, 2025 and 2024

Net Revenue

Nine Months Ended September 30,20252024$ Change% Change(in thousands)Net revenue$659,937 $580,672 $79,265 13.7 %

Net revenue increased $79.3 million, or 13.7%, for the nine months ended September 30, 2025 compared to the same period in 2024. Active Customers increased 9.3% and Average Revenue per Customer increased to $320 from $305 in the prior year period. Average Revenue per Customer growth was primarily driven by our glasses business, which benefited from strong adoption of precision progressives, selective price increases during the second quarter, and 

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continued uptake of our higher priced frames, as well as an increase in customers purchasing contacts or eye exams along with glasses in the same transaction.

Cost of Goods Sold, Gross Profit, and Gross Margin

Nine Months Ended September 30,20252024