NYSE: WRBY

•Seamless experience across physical and online channels. Since our founding, we have reimagined how our customers shop for eyewear, transforming a category that has historically underinvested in innovation. We aim to create a seamless experience across channels and find that many of our customers start their journeys online, leveraging proprietary technology like our Virtual Try On, before visiting a store. Similarly, many retail-first customers ultimately transact online, reflecting the flexibility of our omnichannel model. Each of our stores is uniquely designed, featuring local artists and drawing on the character of the local community, and our stores are strategically located in high-traffic lifestyle centers, malls, street locations, and grocery-anchored centers. Our stores are led by our tenured store leadership team, most of whom have been promoted from within the company, and we believe our ability to grow and retain talent remains key to our success. Ultimately, we are committed to meeting customers where and how they want to shop.

•A culture of innovation. We maintain a regular cadence of product and technology development to differentiate our brand, operate with speed and efficiency, and enhance the customer experience across channels. We regularly launch new eyewear collections featuring new materials, constructions, and designs, and across all new initiatives we employ a test-and-learn approach, scaling after we validate customer demand and unit economics. We have developed proprietary technologies and systems to improve convenience and support a seamless omnichannel experience, including the first true to scale Virtual Try-On, our Virtual Vision Test telehealth app, which enables eligible patients to renew their prescription at home, and our custom point-of-sale system. Looking ahead, we plan to leverage emerging technologies, including artificial intelligence and machine learning (“artificial intelligence” or “AI”), to support innovation in product development and the shopping experience.

•Data-driven operating model. By overseeing the entire customer journey, we capture key insights at every touchpoint, from the initial eye exam to final frame adjustment, and from repeat purchasing to retention across customer cohorts. This end-to-end visibility informs how we design new products, select store locations, and manage logistics. We apply these same insights to acquire customers through a flexible media model that allows us to shift marketing spend in real-time across digital and

physical channels. This direct relationship with our customer allows us to move faster, operate more efficiently, and create a highly personalized experience for every customer we serve.

•Flexible, vertically integrated supply chain. Our integrated supply chain includes a mix of owned optical labs and long-standing manufacturing partnerships that allow us to be nimble and move quickly. This vertical integration allows us to maintain a continuous feedback loop that enables real-time refinement while ensuring that every stage, from initial design to final delivery, remains consistent with our brand standards. This level of control allows us to deliver high quality products and a remarkable experience, as reflected in our consistently high NPS.

•Mission-driven culture and social impact. Warby Parker was founded on the belief that businesses can scale and do good in the world. Our mission to provide vision for all resonates deeply with both our team and customers, driving engagement and retention. As a public benefit corporation, social impact is built into our model. Our Buy a Pair, Give a Pair program was integrated into our business operations from day one, and for every pair of glasses or sunglasses Warby Parker sells, a pair is distributed to someone in need. To date, over 20 million pairs of glasses have been distributed across the U.S. and more than 80 countries.

Our Growth Strategies

We plan to leverage the following growth strategies to achieve long-term, sustainable growth:

•Growing brand awareness. Our brand is integral to the growth of our business and to the implementation of our business expansion strategies. Our business is oriented around delighting the customer, which we believe enhances customer loyalty, drives organic word of mouth marketing and a leading NPS. Still, many customers, including long-time customers, continue to perceive us as primarily an online-only glasses company. To educate both new and existing customers about our expanded assortment of products, services, and store locations, we continue to invest in growing top of funnel awareness through our diversified media-mix model, strategic partnerships and collaborations, and stores.

•Expanding our retail footprint. Our U.S. retail footprint has a long runway for expansion. Based on analysis we conducted with a third-party research firm in 2021, we expect that our retail footprint has room to expand in the U.S. to over 900 stores, which is still a fraction of the approximately 45,000 optical stores in the United States as of December 2025. In addition to our standalone locations, we are exploring additional store formats, including shop-in-shops at select retail locations, which aim to meet the customer where they are in their shopping journey in a convenient and accessible way. We are highly selective with each store we open, and we believe our stores embody the brand, are efficient customer acquisition vehicles, and will generate significant free cash flow over time.

•Continuing to invest in technology and our digital experience. Since launching online, we have leveraged technology to deliver a differentiated customer experience and transform how consumers shop for eyewear. We believe our digital heritage positions us to continue innovating at a faster pace than the rest of the optical industry as we invest in AI-enabled capabilities across our business. AI is reshaping how consumers discover, browse, and purchase products, and we believe it will meaningfully enhance how customers and patients engage with eye care. We plan to leverage AI by:

◦Developing new products and categories. In 2025, we announced long-term partnerships with Google and Samsung to develop AI-powered intelligent eyewear designed for all-day use, marking a transformative step for our brand and significantly expanding our addressable market beyond traditional glasses. We believe glasses are the perfect form factor to leverage AI, enabling the delivery of real-time personalized insights tailored to what the wearer sees and hears as they move through the world.

◦Enhancing the customer and patient experiences. We are investing in AI-powered tools that make shopping easier, reduce friction, and help customers feel confident in their purchase decisions, including our award-winning Virtual Try-On, and Advisor, a personalized AI-driven recommendation tool that we launched in 2025. We believe AI will further improve fit visualization, style guidance, and personalization, supporting greater engagement, higher conversion, and enhanced customer satisfaction over time.

•Expanding our holistic vision care offering. We are focused on expanding our products and services to serve our customers’ comprehensive vision care needs. Our holistic vision care customers, or those that purchase glasses, contacts and exams, demonstrate the highest lifetime value. Industry-wide, approximately 75% of customers purchase their eyewear at the same location where they receive their eye exam, supporting our strategy to expand our store base and exam capabilities. We believe there is significant opportunity to expand penetration within each of the following categories:

◦Glasses. We release new eyewear collections and collaborations throughout the year to drive engagement with existing customers and reach new customers. We will continue to scale our core glasses offering by introducing new sizes, shapes, widths, and more to ensure as many people as possible can find a frame that fits, functions, and looks great.

◦Progressives and other premium lenses. Progressives represent 22.3% of our prescription units as of December 31, 2025, compared to nearly 40% of units industry-wide for progressives, bifocals and multifocals. By expanding our offering of progressives, and premium lens enhancements, including blue-light-filtering, custom colors, polarization, light-responsive, and anti-fatigue, we can serve a broader range of needs across a larger population of customers and drive higher average revenue per customer.

◦Contact lenses. The contact lens market is estimated at $10.4 billion as of December 31, 2025 and over 80% of contacts wearers purchase contact lenses at least once per year, driving subscription-like purchasing. Contact lenses contributed only 11.1% to Warby Parker net revenue for the year ended December 31, 2025.

◦Eye exams and vision care. The eye exams and vision care market is estimated at $11.4 billion as of December 31, 2025 and contributed only 6.4% to Warby Parker net revenue for the year ended December 31, 2025.

•Scaling vision insurance. Insurance is used in approximately 60% of U.S. vision care purchases, yet insurance-backed orders contributed only 8.3% of our 2025 revenue. This represents a significant opportunity for growth, as we remain underpenetrated relative to the broader category. We are closing this gap through two primary mechanisms:

◦Expanding in-network access: In the last two years, we nearly doubled our in-network lives covered, driven by an integration with Versant Health, which expanded our coverage to over 30 million lives. Insurance serves as a powerful customer acquisition tool, attracting some of our highest value customers who tend to spend more on initial purchases and return more frequently.

◦Maximizing out-of-network benefits: Over 50% of our current customers have vision insurance and choose Warby Parker for our brand and value proposition, even when we are out-of-network. Most of these plans offer roughly $100 in out-of-network reimbursement, which can cover the entire cost of our $95 single vision frames. We are also investing in tools that make it easier for customers to identify and use their benefits at Warby Parker.

The Eyewear Market is Large, Growing, and Ripe for Disruption

Large and Growing Market

The U.S. eyewear market is large and growing. The Vision Council defines the U.S. eyewear market as a $70 billion industry as of December 2025 that has exhibited consistent, stable growth across multiple economic cycles given its medical and non-discretionary nature and is defined by durable fundamentals and trends including:

•Most people need vision correction: The incidence of myopia continues to rise rapidly, and it’s estimated that by 2050, over half the world’s population will need corrective vision according to a study published by the American Academy of Ophthalmology. The Vision Council also reported that in 2025 over 80% of adults in the United States use some form of vision correction.

•Consistent replenishment cycle: Approximately 50% of glasses wearers purchase new glasses every year, and another 33% purchase every two years, according to the Vision Council. Additionally, over 54

million people in the United States wear contact lenses that are nearly all disposable in nature, replaced on a daily, weekly, or monthly basis, driving an under one year average repurchase frequency.

•Increasing screen time usage: With the rising usage of smartphones, tablets, computers, and other devices, three out of four adults report experiencing digital eye strain at some point during the day, contributing significantly to increased vision correction needs and a steady influx of new customers within the eyewear market.

Our Competition

The legacy optical industry is highly concentrated among a small number of players that control much of the eyewear value chain, often limiting consumer choice and innovation. Competition in the eyewear industry is principally based on brand image and recognition, as well as product quality, price, innovation, and style. Eyewear is both a style choice and a medical necessity, yet the traditional purchase experience has focused primarily on its medical aspects. At Warby Parker, we believe customers should be able to purchase high-quality eyewear online or in engaging retail environments, supported by helpful associates and transparent, unified pricing.

Independent optical retailers made up approximately 40% of all prescription optical retail sales in 2025, while national optical retail chains made up the majority of the remainder. We are in direct competition with large, integrated optical players like EssilorLuxottica and VSP that own and license multiple frame and lens brands, retail banners and online stores, vision insurance plans, and large optical lab networks. We also compete with low priced, online-only players like Zenni Optical.

Our Products and Services

Eyeglasses and Sunglasses

Every pair of Warby Parker glasses and sunglasses is dreamed up in-house, where our team gathers inspiration, sketches designs, and maps out product details for prototyping. Our eyewear collections are refreshed regularly and often incorporate patented, complex designs and extended sizing. We select premium frame materials, ranging from custom-designed cellulose acetate to ultra-lightweight titanium. Our frames come standard with impact-resistant polycarbonate lenses that block 100% of UVA and UVB rays, and scratch-resistant and anti-reflective coatings.

Customers can customize their lenses with a variety of options, including single-vision, progressive, light-responsive, polarized, blue-light-filtering, tinted, and non-prescription lenses. We custom-cut and polish the edges of our lenses and individually inspect and bench-align each pair before it’s sent to the customer. We also offer lens replacements, allowing customers to keep their favorite frames as their prescription changes.

Contacts

We offer a comprehensive selection of contact lenses from leading third-party manufacturers. Our assortment includes top brands such as Acuvue, Biofinity, DAILIES, and Precision1, ensuring that we meet a wide range of patient needs and brand preferences. By maintaining strong relationships with these major suppliers, we provide our customers with convenient access to the most popular and advanced contact lens technologies on the market.

Eye Exams and Vision Tests

We provide customers multiple ways to obtain prescriptions and have convenient access to maintain their vision health. In the vast majority of our stores, we offer comprehensive, in-person eye exams utilizing state of the art technology including digital retinal imaging. Our optometrists are either employed directly by us or by independent professional corporations or similar entities with whom we have contractual agreements. We also offer innovative telehealth services, such as our Virtual Vision Test app, which provides a convenient way to renew a prescription for those that meet the eligibility criteria. Throughout their shopping experience, our patients’ health and happiness is our top priority.

Manufacturing and Supply Chain

The Warby Parker supply chain is an agile and integrated network that works to get the right order to the right place at the right time. We work with a network of more than 30 partners, ranging from frame factories, lens and accessories suppliers, distribution centers, optical laboratories, and shipping companies all over the globe. We also leverage our stores and in-house optical laboratories in Sloatsburg, New York, and Las Vegas, Nevada.

Transparency is a crucial element in our vendor relationships. We work directly with manufacturers and raw material suppliers, most notably in China, Japan, Vietnam, Italy, and Thailand, so we know exactly where and how our products are being manufactured. The Warby Parker Social Compliance Program and our Vendor Code of Conduct apply to all of our direct and key indirect suppliers and strive to ensure that working conditions throughout our supplier network are safe and employees receive fair treatment and compensation. Audits of our suppliers are performed regularly to maintain compliance.

Product Quality

Before a frame becomes a frame, we’re choosing vendors, selecting materials, and performing rigorous product testing with the assistance of third-party agencies, all in the name of the highest quality and safety standards. Our eyewear is considered a medical device by the U.S. Food and Drug Administration (“FDA”) and regulated as such, and we comply with standards set by the American National Standards Institute for all of our eyewear and sunglasses. We require our vendors to comply with the European CE standard, and Warby Parker frames are stamped with the certification mark that indicates conformity with health, safety, and environmental protection standards for products sold within the European Economic Area.

Vendors may only use raw materials and suppliers recommended by Warby Parker to ensure expected results in final third-party testing; these suppliers must submit either internal or third-party test results for both regulatory and performance parameters well before the product reaches the customer. We partner with international third-party testing agencies to verify the results and to also create additional product performance testing protocols, to make sure our frames are built to last and that they perform beautifully for as long as they are worn. If a frame safety issue is ever suspected, our Product Strategy team will investigate and, if necessary, correct the problem.

Seasonality

Business demand is relatively consistent throughout the year, with the exception of the last one to two weeks of the year during which we see higher demand driven by customer usage of health and flexible spending benefits that often expire at the end of the year. Consistent with our policy to recognize product revenue when an order is delivered, any orders placed at the end of December are recognized as revenue when delivered, which may occur in the following year, and as such we typically see revenue increase sequentially from the fourth quarter to the first quarter of the following year.

Our business has historically experienced a higher proportion of costs in each subsequent quarter as a year progresses due to the overall growth of the business and operating costs to support that growth, including costs related to the opening of new retail stores and employee-related compensation to support growth. The fourth quarter, in particular, has historically experienced the highest amount of costs in a year to support the business demand in the quarter, even though a portion of the net revenue from that demand is not recognized until January of the following year, as discussed above. In the future, seasonal trends may cause fluctuations in our quarterly results, which may impact the predictability of our business and operating results.

Public Benefit Corporation Status

As a demonstration of our long-term commitment to promote vision and eye health and to work towards positively impacting the communities in which we operate, we elected in June 2021 to be treated as a public benefit corporation under Delaware law.

Under Delaware law, a public benefit corporation is required to identify in its certificate of incorporation the public benefit or benefits it will promote and its directors have a duty to manage the affairs of the corporation in a manner that balances the pecuniary interests of the corporation’s stockholders, the best interests of those materially affected by the corporation’s conduct, and the specific public benefit or public benefits identified in the public benefit corporation’s certificate of incorporation. Public benefit corporations organized in Delaware are also required to assess their benefit performance internally and to disclose to stockholders at least biennially a report detailing their success in meeting their benefit objectives.

As provided in our current certificate of incorporation, the public benefits that we promote, and pursuant to which we manage our company, are to provide access to products and services that promote vision and eye health and to work towards positively impacting the communities in which we operate.

Impact Reporting

Since 2018, Warby Parker has published an annual Impact Report to evaluate and communicate the economic, environmental, and social impacts of our everyday business activities. Completing a yearly report, as

benchmarked against the universally recognized GRI (Global Reporting Initiative) and SASB (Sustainability Accounting Standards Board, now under the oversight of the International Financial Reporting Standards Foundation) frameworks, gives us the opportunity to examine how we’re aligning with our core values, assess if we’re growing responsibly, and to manage change more effectively. As a public benefit corporation, we are required to provide a biennial report on our impacts. We intend to use our annual Impact Reports to serve as such statement.

Information in our Impact Reports does not constitute part of this Annual Report on Form 10-K or any other report we file or furnish with the SEC.

Employees and Human Capital Resources

As of December 31, 2025, we had a total of 4,036 employees, including 2,275 full-time employees and 1,761 part-time employees, across 323 retail stores, two in-house optical laboratories, and two offices in the United States. We also engage contractors and consultants from time to time. We have invested substantial time and resources in building our team. We are highly dependent on our management, highly skilled software engineers, Customer Experience and Retail teams, laboratory personnel, optometrists, opticians, and other professionals, and it is crucial that we continue to attract, develop and retain valuable employees. To facilitate talent attraction, development and retention, we strive to make Warby Parker an inclusive and safe workplace, with opportunities for our employees to grow and develop in their careers, supported by what we believe are strong compensation and benefits programs. We believe that our employee relations are strong.

Intellectual Property

Our intellectual property is an important component of our business. We rely on a combination of patent, trademark, copyright, trade secret, and other intellectual property laws, as well as confidentiality procedures, non-disclosure agreements, employee non-disclosure and invention assignment agreements, and other contractual restrictions to establish, protect, and enforce our intellectual property rights.

We own and maintain utility and design patents in the United States and in other jurisdictions around the world. We have trademark rights in our name and other brand indicia in the United States and in other jurisdictions around the world. We also have registered copyrights in the United States. We register domain names for certain websites that we use in our business, such as www.warbyparker.com, as well as similar variations to protect our brands and marks from cybersquatters. We continually review our development efforts to assess the existence and registrability of new intellectual property and determine whether to seek patent protection or trademark or copyright registrations. While we believe our intellectual property rights in the aggregate are important to our competitive position, no single right is material to our business as a whole.

From time to time, we have faced, and expect to face in the future, allegations from third parties, that we have infringed their intellectual property rights or claims that challenge the validity or enforceability of our intellectual property rights. We are not presently involved in any legal proceedings that, in the opinion of our management, would individually or taken together have a material adverse effect on our business, financial condition, results of operations, or cash flows.

See Item 1A, “Risk Factors—Risks Related to Our Legal and Regulatory Environment—Failure to adequately maintain and protect our intellectual property and proprietary rights could harm our brand, devalue our proprietary content, and adversely affect our ability to compete effectively.”

Government Regulation

We are subject to an extensive array of complex laws and regulations in the United States and other jurisdictions in which we operate. The laws and regulations govern many issues related to our business practices, including those regarding vision care, state optical and optometry regulations, licensing, healthcare, fraud and abuse, corporate practice of medicine, contact lens prescriptions, medical device labeling and registration, worker classification, wage and hour, sick pay and leaves of absence, anti-discrimination and harassment, whistleblower protections, background checks, privacy, data security, intellectual property, health and safety, competition, advertising, consumer protection, fees and payments, pricing, product liability and disclosures, personal injury, property damage, communications, unemployment benefits, taxation, unionization and collective bargaining, contracts, arbitration agreements, class action waivers, terms of service, and accessibility of our mobile app or website.

These laws and regulations are constantly evolving and may be interpreted, applied, created, superseded, or amended in a manner that could harm our business. As we expand our business into new markets or introduce

new products, features, or offerings into existing markets, regulatory bodies or courts may claim that we are subject to additional requirements, or that we are prohibited from conducting business in certain jurisdictions. For additional information on the laws and regulations applicable to us, see Item 1A, “Risk Factors—Risks related to our Legal and Regulatory Environment.”

Securities and Exchange Commission Filings

We announce material information to the public about us, our products and services, and other matters through a variety of means, including filings with the Securities and Exchange Commission (the “SEC”), press releases, public conference calls, webcasts and the investor relations section of our website in order to achieve broad, non-exclusionary distribution of information to the public and for complying with our disclosure obligation under Regulation FD. The information disclosed by the foregoing channels could be deemed to be material information. As such, we encourage investors, the media, and others to follow the channels listed above and to review the information disclosed through such channels. Any updates to the list of disclosure channels through which we will announce information will be posted on the investor relations section of our website.

Our website address is www.warbyparker.com. We provide free access to various reports that we file with, or furnish to, the SEC through our website at investors.warbyparker.com, as soon as reasonably practicable after they have been filed or furnished. These reports include, but are not limited to, our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and any amendments to those reports. Our SEC reports can also be accessed through the SEC's website at www.sec.gov. Also available on our website are printable versions of our Code of Conduct and charters of the standing committees of our Board of Directors. Information on our website does not constitute part of this Annual Report on Form 10-K or any other report we file or furnish with the SEC.