Warby Parker (WRBY.N): Expect Slight Beat in 2Q, But AI Glasses Detail (or Lack Thereof) More Likely to Drive Share Performance

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Warby Parker (WRBY.N): Expect Slight Beat in 2Q, But AI Glasses Detail (or Lack Thereof) More Likely to Drive Share Performance

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23 Jul 2026 07:02:37 ET │ 19 pages

Warby Parker (WRBY.N)

Expect Slight Beat in 2Q, But AI Glasses Detail (or Lack Thereof) More

Likely to Drive Share Performance

CITI'S TAKE

We expect a slight beat in 2Q vs cons, but believe shares are likely to be Neutral

driven by what is said (or not said) about AI glasses launch/economics. We

don’t believe we will get updated guidance reflecting the AI glasses launch, Short-Term View: Downside

which may disappoint some investors. Recall WRBY received attention after Price (22 Jul 26 16:00) US$24.55

its AI glasses unveiling at the Google I/O event, which may have helped the Target price US$24.00core business slightly (as seen in our store and web traffic data). However,

the core business is not performing as strongly as we would like to see. We Expected share price return -2.2%

believe market expectations for WRBY’s AI glasses are high, which shows up Expected dividend yield 0.0%

in WRBY's relatively higher multiple (F27 EV/EBITDA of 16.3x). We believe Expected total return -2.2%some investors may be disappointed if we don’t get updated guidance that

includes AI glasses, so we believe the risk/reward skews negative into 2Q Market Cap US$3,013M

earnings.

Our Est & TP: Our 2Q estimates are unchanged. We expect WRBY to report a slight

top-line beat (+12.3% sales growth vs cons +11.0%) and an EBITDA margin of 12.8% Price Performance

vs cons 12.2%. We believe the announcement of WRBY AI glasses drove incremental (RIC: WRBY.N, BB: WRBY US)

awareness and traffic to WRBY locations, which we see in our foot traffic and web

traffic data. We model F26 sales growth of +14.8% vs cons of +12.5%, and an EBITDA