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Warby Parker cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$2.0M in Q3 2026 · $21.3M over twelve months

Operating cash flow$24.7M
Capital spending−$26.7M
Free cash flow−$2.0M
Cash / net income4.4×
Cash conversion cycle8 days

Analysis

In Q3 2026, Warby Parker generated $24.7M of operating cash flow and spent $26.7M on capital projects, leaving free cash flow of −$2.0M. That is $459K less than in Q3 2025 (−$1.5M).

Over the twelve months to Sep 30, 2026, operating cash flow was $102M; the largest uses were capital spending ($80.8M), taxes on employees’ shares ($18.2M); besides operations, cash came from other financing ($2.4M), shares issued ($2.2M); the cash balance rose by $7.6M.

Operating cash flow was $24.7M against net income of $5.6M — 4.4× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$14.4M, payables −$11.6M, accrued liabilities +$9.2M.

Its cash conversion cycle was 8 days (receivables 1 + inventory 36 − payables 29).

Free cash flow

Warby Parker: free cash flow by quarterWarby Parker: free cash flow by quarter$2.2MQ4 2024$13.2MQ1 2025$23.9MQ2 2025−$1.5MQ3 2025$8.1MQ4 2025$8.4MQ1 2026$6.8MQ2 2026−$2.0MQ3 2026
Operating cash flow less capital spending.
Warby Parker: operating cash flow against capital spendingWarby Parker: operating cash flow against capital spendingOperating cash flowCapital spending$19.9M$17.7MQ4 2024$29.4M$16.2MQ1 2025$40.2M$16.3MQ2 2025$18.0M$19.5MQ3 2025$23.3M$15.1MQ4 2025$24.5M$16.1MQ1 2026$29.6M$22.9MQ2 2026$24.7M$26.7MQ3 2026
Latest (Q3 2026): Operating cash flow $24.7M, Capital spending $26.7M.

Capital allocation, year by year

Warby Parker: where the cash came from (up) and went (down), by fiscal yearWarby Parker: where the cash came from (up) and went (down), by fiscal yearOperating cash flowShares issuedCapital spendingBuybacksFY2021: Operating cash flow −$32.0MFY2021: Shares issued $20.0MFY2021: Capital spending −$48.5MFY2021: Buybacks −$8.1M$20.0MFY2021FY2022: Operating cash flow $10.4MFY2022: Shares issued $456KFY2022: Capital spending −$60.2M$10.8MFY2022FY2023: Operating cash flow $61.0MFY2023: Shares issued $1.0MFY2023: Capital spending −$53.7M$62.0MFY2023FY2024: Operating cash flow $98.7MFY2024: Shares issued $2.7MFY2024: Capital spending −$64.0M$101MFY2024FY2025: Operating cash flow $111MFY2025: Shares issued $159KFY2025: Capital spending −$67.0M$111MFY2025
Over these 5 years operating cash flow totalled $249M; the largest uses were capital spending ($293M) and operating cash flow ($32.0M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$288M
Debtnone
Net cash$288M

Warby Parker funds itself: free cash flow was $21.3M over the last twelve months, with $288M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Warby Parker: sources (+) and uses (−) of cash, Q3 2026Warby Parker: sources (+) and uses (−) of cash, Q3 2026Capital spending−$26.7MOperating cash flow$24.7MCash drawn (+) / kept (−)$4.8MTaxes on employees’ shares−$4.3MShares issued$1.4MExchange rates$45K
Warby Parker: sources (+) and uses (−) of cash, TTM to Q3 2026Warby Parker: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$102MCapital spending−$80.8MTaxes on employees’ shares−$18.2MCash drawn (+) / kept (−)−$7.6MOther financing$2.4MShares issued$2.2MExchange rates−$128K

From profit to cash

Warby Parker: net income to operating cash flow, Q3 2026Warby Parker: net income to operating cash flow, Q3 2026Net income$5.6MDepreciation & amortization$14.4MStock-based pay$8.5MImpairments$400KReceivables−$52KInventory−$4.2MPayables−$11.6MAccrued liabilities$9.2MDeferred revenue−$1.0MPrepaid and other assets$2.8MOther liabilities−$265KOperating cash flow$24.7M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 2026136298
Q2 2026141365
Q1 20261372810
Q4 20251412022
Q3 20250401724
Q2 20251412418
Q1 20251462324
Q4 20241553224

Every quarter

QuarterOperating cash flowCapital spendingShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$24.7M−$26.7M$1.4M$4.8M−$2.0M
Q2 2026$29.6M−$22.9M$773K−$4.4M$6.8M
Q1 2026$24.5M−$16.1M—−$1.9M$8.4M
Q4 2025$23.3M−$15.1M$10K−$6.0M$8.1M
Q3 2025$18.0M−$19.5M$32K$6.0M−$1.5M
Q2 2025$40.2M−$16.3M$78K−$21.3M$23.9M
Q1 2025$29.4M−$16.2M$39K−$10.9M$13.2M
Q4 2024$19.9M−$17.7M$15K−$3.1M$2.2M

Warby Parker: income statement and cash flow

Warby Parker, Q3 2026: revenue $245M (+10% year over year), operating margin 1.5%. The chart follows the revenue to costs, profit and cash.

Warby Parker: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.