Warby Parker (WRBY) Stock Forecast & Price Target

Warby Parker is supported by a differentiated omnichannel model that combines eyewear, eye care, and a growing store footprint, with 15 net new stores opened in 2Q and eye exams up 30%+ Y/Y to about 7% of revenue. Despite soft 2Q26 demand and revenue 1% below consensus, the core business still showed resilience through 2026 guidance of 10%–12% revenue growth and $117M–$119M of Adj. EBITDA, while management expects margins to expand as scale improves. The investment case is further strengthened by the imminent launch of Google-powered AI glasses, which could materially broaden demand, improve revenue consistency, and create a meaningful long-term catalyst.

Warby Parker is facing persistent softness in the optical category, with traffic and unit pressure offsetting retail revenue growth of 14% Y/Y and a 0.3% Y/Y eCommerce decline that management says would have been much stronger absent Home Try-On headwinds. Although adjusted EBITDA reached $32.9M at a 14% margin, that result was inflated by an $11.8M tariff refund benefit and was roughly 27% below consensus excluding it, underscoring fragile underlying profitability. The outlook also reflects macro-driven demand risk, rising competition, and margin pressure from new store openings, higher occupancy and optometrist costs, and gross margin contraction of 25+ bps in 2026.