Photo by Clker-Free-Vector-Images on Pixabay
For questions about this article or underlying research, email help@trefis.com.
Shares of Warby Parker (WRBY) gained 75.4% in the year to November 9, 2026, compared with a 13.7% return for the S&P 500. The stock rose on December 8, 2025, on word that the company’s AI glasses would launch in 2026. Shares climbed again in early May 2026 with the glasses scheduled for release later that year. So how much do the glasses add to what Warby Parker sells and earns today?
Little 2026 Growth Comes From Warby Parker’s AI Glasses
During a November 5, 2026 call, management said the glasses would add up to one percentage point to 2026 revenue growth. The company expects total revenue growth of about 11% to 12% for the year. The glasses’ share remains small because customer deliveries begin only in mid-December, and the company counts a sale when the customer receives the glasses.
The fourth quarter gets more of the lift, several points of growth by management’s estimate, but the costs of the launch are in the guidance too. Management guided fourth-quarter revenue growth to about 15% to 20%. Management said spending to prepare its stores and optical labs weighed on free cash flow in fiscal Q3 2026. It expects growth to accelerate rapidly in 2027 as it scales production, though it gave no figures. For now, the glasses show up in Warby Parker’s costs before its sales.
Warby Parker Grows More Slowly Than A Year Ago
Revenue rose 10.4% in fiscal Q3 2026, trailing the 15.2% growth posted in the same quarter of 2025. The pace of expansion did pick up through the year, after 8.3% in fiscal Q1 and 9.8% in fiscal Q2. Management said store traffic was softer than it would like, noting that the eyewear category has faced weak traffic and unit sales for nearly two years.
Warby Parker is therefore growing more through what each customer spends than through new customers. Active customers grew 3% over twelve months, while average revenue per customer rose 6.7%, helped by eye exams and more progressive lenses.
What You Pay For Warby Parker Today
At the November 9, 2026 close, Warby Parker traded at 4.0 times its sales over the past twelve months, against 3.1 for the S&P 500. Management expects the glasses to matter more over time: it said they will become a significant driver of both revenue growth and profit.
The glasses’ profit will look different from eyewear’s. Management said the glasses, as complex computing devices, will be priced higher than its regular frames, with a different margin profile, and that it is focused on generating gross profit dollars per order. If the AI glasses sell slowly, what you own is an eyewear, contacts and eye exams business priced above the market on sales.
