Company: WRBY
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001504776-25-000027
Chunk: 110

Company: Warby Parker Inc.
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 2
Chunk 110
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3.8 million, or 3.3%, for the three months ended June 30, 2025 compared to the same period in 2024. This increase was primarily driven by higher payroll-related costs from growth in our retail workforce and investments in marketing, partially offset by lower stock-based compensation, mostly related to the 2021 Founders Grant as award tranches finish expensing. As a percentage of revenue, SG&A decreased by 570 basis points, primarily driven by slower growth in corporate expenses and reduced stock-based compensation.

Interest and Other Income, Net

Three Months Ended June 30,20252024$ Change% Change(in thousands)Interest and other income, net$1,984 $2,567 $(583)(22.7)%As a percentage of net revenue0.9 %1.4 %(0.5)%

Interest and other income, net decreased $0.6 million, or 22.7%, for the three months ended June 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 June 30,20252024$ Change% Change(in thousands)Provision for income taxes$(789)$373 $(1,162)(311.5)%As a percentage of net revenue(0.4)%0.2 %(0.6)%

Provision for income taxes decreased $1.2 million, or 311.5%, for the three months ended June 30, 2025 compared to the same period in 2024, primarily due to the change in pre-tax income (loss) in addition to the tax effects of stock-based compensation expense, and depreciation expense.

Comparison of the Six Months Ended June 30, 2025 and 2024

Net Revenue

Six Months Ended June 30,20252024$ Change% Change(in thousands)Net revenue$438,257 $388,225 $50,032 12.9 %

Net revenue increased $50.0 million, or 12.9%, for the six months ended June 30, 2025 compared to the same period in 2024. Active Customers increased 9.0% and Average Revenue per Customer increased to $316 from $302 in the prior year period. Average Revenue per Customer growth was primarily driven by our glasses business, which benefited from strong adoption