Warby Parker (WRBY.N): Another Weak Qtr; F26 Reiterated (But Now Includes Refund Benefits) and Weak 3Q Guide; No Details on AI Glasses

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06 Aug 2026 08:21:48 ET │ 11 pages

Warby Parker (WRBY.N)

Another Weak Qtr; F26 Reiterated (But Now Includes Refund Benefits)

and Weak 3Q Guide; No Details on AI Glasses

CITI'S TAKE

Neutral

Sales were +9.8% ($235.5MM) vs cons +11.0% ($237.8MM) and at the

low-end of guidance $235-238MM. Adj EBITDA was $32.9MM (including

$11.8MM benefit from tariff refunds) vs cons $28.9MM. Mgmt indicated

they used some of the tariff refund to invest in the business prior to the

Intelligent Eyewear launch. We don't know for sure about how much was

reinvested vs flowed through, but ex the tariff refund (all else equal), Adj

EBITDA margin would have declined 260bps (vs guidance of a ~40bps

increase). Active Customer growth decelerated to +4.1% in 2Q26 vs +4.8%

in 1Q26, and on a per store basis was -11.3% vs -10.6% in 1Q26. Mgmt

reiterated their guidance, but it now includes a $14.4MM benefit from

tariff refunds (with a portion reinvested in the business). We expect shares

to be down on the weak customer growth, guidance now including

refunds and lack of detail on AI glasses.

Short-Term View: Downside, expires 22-AUG-26

Price (05 Aug 26 16:00)

US$29.27

Target price

US$24.00

Expected share price return

-18.0%

Expected dividend yield

0.0%

Expected total return

-18.0%

Market Cap

US$3,592M

Paul Lejuez, CFA, CPAAC

Brandon Cheatham, CFA

The Qtr — Sales +9.8% vs cons +11.0% and our est of +12.3%. Adj EBITDA of

$32.9M was above consensus of $28.9M but includes a $11.8MM tariff refund

benefit. GM +390bps (-110bps excluding the tariff refund benefit) vs our est of

+40bps. SG&A $ +13.8% vs our est of +9.6%; Adj SG&A deleveraged 180bps vs our

est of 120bps leverage. Active customers were +4.1% vs our est +5.3%. Sales per

customer were +6.6% vs our est of +6.0%. Without the tariff refund in 2Q (all else

equal), Adj EBITDA margin would have declined 260bps.

Tracy Kogan

Kimberly Hong

Guidance — Mgmt reiterated their F26 sales guide of +10-12% ($959-976MM) vs

cons +12.4%, and adj EBITDA of $117-119MM (12.2% margin) vs cons of $121MM

(12.3% margin). However, guidance now includes a $14.4MM tariff refund benefit,

which management indicated is being used to offset investments in the business as

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