Business Model Canvas Gallery

Key Partners

30+ supply-chain partners worldwide (FACT 10-K).
Frame makers mainly in China, Japan, Vietnam, Italy, Thailand (FACT).
Contacts — Acuvue, Biofinity, DAILIES, Precision1 (FACT).
Versant Health → 30M+ in-network lives (FACT).
Google (up to $75M + $75M) and Samsung on Intelligent Eyewear (FACT).
Target shop-in-shops; nonprofit give-a-pair partners (FACT).

Key Activities

In-house frame design; 15 collections in 2025 (FACT).
Own optical labs — Sloatsburg NY + Las Vegas NV (FACT 10-K).
Open stores — 47 net new in 2025; 50 planned 2026 (FACT).
Staff eye exams in 285 stores (FACT).
Build Virtual Try-On, Virtual Vision Test, AI Advisor (FACT).

Key Resources

Brand with industry-leading NPS (FACT 10-K).
323 stores (318 US / 5 Canada); 285 with exams (FACT).
Two in-house optical labs (FACT).
4,036 employees incl. optometrists (FACT).
End-to-end customer data (FACT 10-K).
$286.4M cash, undrawn credit line (FACT).

Value Propositions

Glasses from $95 incl. prescription lenses (FACT).
Designer-quality, designed in-house (FACT 10-K).
One-stop — glasses + contacts + exams (FACT).
Virtual Try-On + Virtual Vision Test (FACT).
Buy a Pair, Give a Pair — 20M+ pairs (FACT).
Intelligent Eyewear coming fall 2026 (FACT; no price yet).

Customer Relationships

Home Try-On (5 frames, 5 days) sunset end of 2025 (FACT / SECONDARY).
In-store service + eye exams (FACT 10-K).
Virtual Try-On, Advisor AI, Virtual Vision Test (FACT).
Revenue retention ~50% at 24 mo, >100% at 48 mo (FACT).
Insurance help — in-network + out-of-network (FACT).

Channels

Retail stores $631.0M FY25 (FACT).
E-commerce (site + app) $240.9M, +3.1% (FACT).
352 stores by Jun 30, 2026 (FACT Q2 release).
Room for 900+ US stores (FACT company estimate).
Target shop-in-shops (FACT 10-K).
Advertising $113.9M FY25 (FACT).

Customer Segments

2.71M active customers (Q2 2026, FACT).
US + Canada only (FACT 10-K).
Progressives 22.3% of Rx units vs ~40% industry (FACT).
Contact-lens wearers buy at least yearly (FACT).
Insurance-backed orders only 8.3% of revenue (FACT).

Cost Structure

COGS $401.3M = 46.0% of FY25 revenue (FACT).
COGS includes store rent + doctor pay (FACT 10-K).
SG&A $475.9M = 54.6% (FACT).
Advertising $113.9M (FACT).
Q2 2026 tariff refund $11.8M (FACT).

Revenue Streams

Eyewear $719.1M FY25 (FACT).
Contacts $97.2M — 11.1% (FACT).
Eye care $55.7M — 6.4% (FACT).
Avg revenue per customer $324 → $336 (FACT).
FY26 guide $959–$976M (FACT).

Sources: sec.gov/Archives/edgar · s28.q4cdn.com/987131352/files · warbyparker.com/intelligent-eyewear · sec.gov/Archives/edgar · retaildive.com/news/warby-parker-ends-home-try-on-program-focuses-stores-digital-q2 · sec.gov/Archives/edgar · sec.gov/Archives/edgar