Warby Parker (WRBY) kicked off Q1 2026 with revenue of US$242.4 million and basic EPS of US$0.03, alongside net income of US$3.2 million. The trailing twelve months show revenue of US$890.6 million and basic EPS of US$0.01 as profitability beds in. The company has seen quarterly revenue move from US$223.8 million in Q1 2025 to US$242.4 million in Q1 2026, with quarterly basic EPS flat at US$0.03 over the same period. Trailing twelve month EPS has shifted from a loss of US$0.12 to a small profit of US$0.01, setting up a results season where investors will be focused squarely on how durable these margin gains prove to be.

See our full analysis for Warby Parker.

With the latest numbers on the table, the next step is to see how this shift into consistent profitability lines up with the bullish and cautious narratives that have built around Warby Parker over the past year.

TTM profit of US$1.3 million after earlier losses

• On a trailing twelve month basis, Warby Parker reports net income of US$1.3 million after earlier TTM losses of US$20.4 million, US$14.2 million and US$9.2 million across the prior periods, pointing to a recent move into profitability at the company level.
• Supporters of the bullish view point to this profitability shift as the starting point for the high earnings growth narrative, but the current TTM earnings base is still very small relative to the bullish forecasts.
  • Bullish analysts are described as expecting earnings to reach US$165.0 million by about 2028, compared with TTM net income of US$1.3 million and the Q1 2026 quarterly net income of US$3.2 million, so the company would need a very large step up in profit dollars to meet those expectations.
  • At the same time, the broader analysis describes earnings as forecast to grow around 62.2% per year, so readers can compare that projected pace with the recent pattern of quarterly EPS flipping between small profits and small losses across 2025 to judge how smooth that path might be.

Supporters say this is the kind of early profitability profile that can later support large earnings, while skeptics may focus on how big the gap is between US$1.3 million today and the bullish targets. 🐂 Warby Parker Bull Case

Revenue near US$890.6 million with 16.5% growth forecast

• The trailing twelve month revenue line sits at about US$890.6 million compared with US$771.3 million a few periods ago, and the analysis describes revenue as forecast to grow 16.5% per year from this base, which is above a referenced US market rate of 11.3%.
• Critics in the bearish narrative question how durable that growth is as store expansion and AI projects scale, and the current numbers give you a few reference points to test that.
  • The recent quarterly revenue run through 2025 into Q1 2026 ranges between US$211.97 million and US$242.45 million, which means the business is already operating at just under US$1.0b annualized revenue while still reporting only US$3.2 million in Q1 2026 net income.
  • Bearish analysts in the description still assume revenue growth of 13.6% per year and earnings of US$268.2 million by about 2029, so even the cautious narrative is anchored on growth from the current US$890.6 million TTM revenue and US$1.3 million TTM net income, which you can compare against the actual quarterly pattern.

Skeptics warn that if store productivity or AI eyewear uptake does not keep pace with these revenue expectations, the path from US$890.6 million in sales to the higher earnings targets could be bumpy. 🐻 Warby Parker Bear Case

Premium 3.1x P/S against DCF fair value of US$29.33

• With the stock at US$27.20, the analysis flags a P/S multiple of 3.1x compared with peer and US Specialty Retail averages of 0.6x and 0.4x, while also noting a DCF fair value of US$29.33 and an analyst consensus target of about US$29.09, both sitting modestly above the current price.
• Supporters of the more balanced or consensus narrative see this mix of a premium P/S and upside to both DCF fair value and targets as a trade off that depends heavily on how earnings evolve from the current small profit base.
  • The company level summary describes the stock as trading below the DCF fair value estimate, while at the same time flagging a P/S multiple that is more than 7x the peer average, so readers need to decide which anchor, cash flow based value or sales multiple, they want to lean on.
  • Analyst commentary cites about 32.4% upside implied by their targets, yet the underlying TTM EPS is US$0.01 and Q1 2026 EPS is about US$0.03, so the current earnings contribution to that valuation case is still limited relative to the multiples being referenced.

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Warby Parker on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

With mixed sentiment across the bull, bear and consensus views, it makes sense to look through the figures yourself and decide how you feel about the trade off between risks and rewards. To see both sides laid out clearly, review the 4 key rewards and 1 important warning sign

See What Else Is Out There

Warby Parker currently pairs a premium 3.1x P/S multiple with very small TTM net income of US$1.3 million and EPS of US$0.01.

If you are concerned about paying up for limited earnings support, it makes sense to compare this stock with companies trading on more modest valuations through the 52 high quality undervalued stocks

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.