Warby Parker (NYSE:WRBY) Q4 2025 Earnings call February 26, 2026 08:00 AM ET Company ParticipantsAdrian Mitchell - CFODana Telsey - CEO and Chief Research OfficerDave Gilboa - Co-Founder and Co-CEOJaclyn Berkley - Head of Investor RelationsJosh Truppo - VP of Financial Planning and AnalysisNeil Blumenthal - Co-Founder and Co-CEOPaul Lejuez - Managing DirectorConference Call ParticipantsBrooke Roach - VP and Senior Equity Research AnalystMark Altschwager - Senior Research AnalystOliver Chen - Managing Direct ...

Warby Parker (NYSE:WRBY) Q4 2025 Earnings call February 26, 2026 08:00 AM ET Company ParticipantsAdrian Mitchell - CFODana Telsey - CEO and Chief Research OfficerDave Gilboa - Co-Founder and Co-CEOJaclyn Berkley - Head of Investor RelationsJosh Truppo - VP of Financial Planning and AnalysisNeil Blumenthal - Co-Founder and Co-CEOPaul Lejuez - Managing DirectorConference Call ParticipantsBrooke Roach - VP and Senior Equity Research AnalystMark Altschwager - Senior Research AnalystOliver Chen - Managing Direct ...

Financial Data and Key Metrics Changes - In fiscal 2025, the company achieved a revenue growth of 13%, totaling $871.9 million, with retail revenue increasing by 17.3% and e-commerce revenue by 3.1% year-over-year [32][34] - Adjusted EBITDA for the full year was $95 million, reflecting a 30% increase year-over-year, and the company reported its first full year of positive net income [9][34] - The fourth quarter revenue was $212 million, up 11.2% year-over-year, with adjusted EBITDA margin at 7.2% [29][30] Business Line Data and Key Metrics Changes - The company opened 47 new stores in 2025, the highest in a single year, contributing to high single-digit customer growth and mid-single digit average revenue per customer growth [8][32] - Eye exams grew by 37% in 2025, accounting for approximately 6% of the business, with plans to scale this further in 2026 [16][18] - E-commerce revenue was $241 million for the full year, with a low single-digit growth rate, impacted by the sunsetting of the Home Try-On program [32][38] Market Data and Key Metrics Changes - The company holds approximately 1.3% market share of the $70 billion U.S. eyewear market, with expectations for growth driven by the introduction of AI glasses [11][12] - The overall eyewear market is projected to decline low single digits in 2026, impacting the company's planning and guidance [36][38] - The company experienced softness in retail traffic and contact lens growth, particularly among the 25 to 34-year-old demographic [10][11] Company Strategy and Development Direction - The company plans to introduce AI glasses in partnership with Google and Samsung, aiming to capture a significant new total addressable market (TAM) [5][11] - Strategic priorities for 2026 include expanding the omni-channel model, increasing insurance penetration, and enhancing customer experience [14][23] - The company aims to open 50 new stores in 2026, focusing on existing markets to drive convenience and brand awareness [15][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term durability of the eyewear category despite recent volatility and softness in demand [6][11] - The company is planning conservatively for the near term while remaining optimistic about the potential of AI glasses to expand market reach [12][36] - Management acknowledged the impact of historic winter weather on store traffic and sales, particularly in high-volume locations [13][39] Other Important Information - The company ended 2025 with a strong cash position of $286 million and generated approximately $44 million in free cash flow [34][35] - The board authorized up to $100 million in share repurchases to offset dilution and support capital allocation priorities [35] Q&A Session Summary Question: Can you elaborate on the softness that you're seeing with your younger customer? - Management indicated that the softness reflects broader industry pressures, with younger consumers feeling financial strain impacting their purchasing behavior. Actions include increasing media spend on platforms popular with younger demographics and enhancing visibility of insurance benefits [48][50] Question: Can you speak to the unit capacity that you're preparing for in launch year for AI glasses? - Management highlighted the vertically integrated brand's ability to respond to customer demands and emphasized ongoing investments in optical labs to ensure capacity for the new product [51][52] Question: How are you thinking about growth rates going forward, especially with weather impacts? - Management remains committed to low double-digit growth for the year, noting that despite weather-related challenges, the fundamentals of the business remain healthy, with strong growth in non-weather impacted areas [59][60]

Core Viewpoint - Alcon forecasts sales growth for 2026 in line with market estimates, driven by new product launches and an expected expansion in operating margin, indicating confidence in improved profitability [1]. Sales Growth and Financial Guidance - Alcon anticipates constant-currency sales growth of 5% to 7%, aligning with analysts' average revenue estimate of $11.13 billion [2]. - The company expects tariff-related costs to range between $125 million and $175 million in 2026, after mitigation actions [2]. Market Dynamics - Growth in China is expected to be sensitive to volume-based procurement initiatives and broader economic conditions [3]. - Alcon experienced strong procedural demand in cataract surgery, which is considered a nondiscretionary procedure for aging populations [3]. Quarterly Performance - Surgical sales increased by 9% to $1.55 billion in Q4, with a notable 21% growth in equipment sales due to recent product launches, including the Unity surgery tools platform [4]. - Consumables, which provide recurring revenue, rose by 8% [4]. - The operating margin decreased to 11.6% in the quarter from 15.9% a year earlier, attributed to increased spending on new product launches and higher research-and-development and tariff-related costs [4]. Investor Focus - Investors are likely to monitor whether the growth momentum from products like PanOptix Pro and newer equipment platforms can be sustained through 2026, especially amid supply-chain and pricing pressures [5].

Group 1 - Bausch + Lomb Corporation (NYSE:BLCO) has seen an 8.59% increase in share price recently, but Wall Street maintains a cautious outlook on the stock [1] - The company presented its growth strategy on November 13, targeting a compound annual growth rate (CAGR) of 5% to 7% through 2028, driven by product launches and overall growth [2] - Bausch + Lomb aims for an adjusted EBITDA of around 23% by 2028 while reaffirming its guidance for 2025 [2] Group 2 - Analysts have mixed ratings on Bausch + Lomb, with Barclays reiterating a Hold rating and a price target of $17, while Bank of America Securities maintains a Sell rating with a price target of $13 [3] - Concerns have been raised regarding the company's optimistic growth projections, which some analysts believe reflect only a best-case scenario and may be overestimated [4] - The growth targets are heavily reliant on execution rather than innovation, increasing the associated risk [4] Group 3 - Bausch + Lomb is recognized as a leading company in eye health, focusing on products such as contact lenses, pharmaceuticals, and surgical equipment [5]

Investor Day November 2025 Welcome to Investor Day TAMARA GONZALEZ VP, Investor Relations & Communications INVESTOR DAY 2 Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934. These statements include, but are not limited to, statements contained under "Fiscal 2025 Outlook," as well as other statements related to our current bel ...

National Vision (EYE) FY Conference Summary Company Overview - National Vision operates in the optical retail industry, offering three main products: eye exams, eyeglasses, and contact lenses [3][4] - The company is positioned as a low-cost provider in a fragmented market, which generated $70 billion in sales last year across 45,000 retail outlets [4][5] - National Vision has over 1,200 stores and reported $1.8 billion in sales last year [5][6] Key Points and Arguments Business Model and Market Position - National Vision emphasizes its value pricing strategy, catering to a demographic that is increasingly reliant on insurance for eye care [5][6] - The company has the largest collection of employed optometrists in the nation, which is expected to play a larger role in healthcare as demand for eye care services increases [5][6] Post-COVID Transformation - The company faced challenges post-COVID due to a reduction in the availability of medical professionals, impacting the ability to conduct eye exams [7][8] - National Vision implemented a remote medicine approach, allowing optometrists to conduct eye exams from home, which has improved efficiency [9][10] Strategic Initiatives - A new management team was brought in to lead a transformation focused on expanding target demographics, revising pricing strategies, enhancing customer experience, and optimizing cost structures [10][12] - The company aims to increase its addressable market by targeting managed care consumers, progressive lens users, and outside prescription consumers [17][18] Financial Performance - In Q1, National Vision reported a 5.7% increase in net revenue and a 21.8% increase in adjusted operating income [30][31] - The company raised its guidance for 2025, projecting a same-store sales growth of 1.5% to 3.5% and adjusted operating income between $81 million and $92 million [31][33] Marketing and Customer Engagement - National Vision is modernizing its marketing approach to better target its evolving consumer base, moving away from a one-size-fits-all strategy to a more personalized experience [26][27] - The company is enhancing its in-store experience and training staff to better engage with consumers who have insurance benefits [21][22] Product Assortment and Pricing - The company plans to increase the percentage of its frame assortment priced above $99 from 20% to 40% by the end of 2025, aligning with the purchasing power of its target demographic [23][24] - New premium brands are being introduced to attract higher-income consumers [24][25] Additional Important Insights - National Vision conducts over 7 million eye exams annually, with a significant portion of consumers engaging through their online platform [36] - The management team expresses confidence in the company's transformation and growth potential, highlighting a strong organizational culture and commitment to innovation [28][29][35]

Core Viewpoint - National Vision Holdings Inc. has emerged as a significant stock in the market, experiencing a surge of over 40% in the past week, driven by strong earnings and a double upgrade from Bank of America [2][9]. Company Overview - National Vision is valued at $1.5 billion and operates over 1,300 retail optical locations in the U.S., including brands like America's Best Contacts & Eyeglasses and Eyeglass World, providing eye exams, glasses, and contact lenses [3]. Earnings Performance - The company's first-quarter earnings report exceeded expectations, with non-GAAP EPS at 34 cents, beating estimates by 3 cents, and revenue reaching $510.3 million, a nearly 6% increase year-over-year [5]. Strategic Changes - Management attributed the positive results to strategic changes implemented in late 2024, including a new pricing architecture, improved recruitment and retention of optometrists, and new remote exam capabilities [6]. Guidance and Market Reaction - National Vision raised its full-year 2025 guidance, signaling strong future performance, which has contributed to the stock's recent rally [7]. Analyst Upgrades - Bank of America issued a rare double upgrade for National Vision, moving it from Underperform to Buy, with a new price target set at $22, indicating potential for further gains [9]. Future Outlook - Analysts highlight that National Vision's initiatives are effective, with a strong setup for the latter half of 2025, focusing on promotional frame traffic and improved marketing execution [10]. Cost Structure and Risks - Less than 10% of National Vision's cost of goods sold is exposed to China, which mitigates tariff-related risks, and recent pricing changes have improved margins without negatively impacting customer satisfaction [11].

Core Insights - Alcon Inc. is experiencing strong market share gains driven by its innovative product pipeline and focus on research, despite facing challenges from geopolitical pressures and a competitive landscape [1] Group 1: Business Performance - The Surgical segment reported a 5% year-over-year revenue increase in Q4 2024, primarily due to strong international demand for advanced intraocular lenses and equipment [2] - In Vision Care, Alcon is achieving solid growth through strong sales of contact lenses and ocular health products, positioning itself as one of the fastest-growing companies in the sector [3] - Ocular Health continues to perform well, with the Systane family of artificial tears contributing to growth, and the stock has gained 8.4% year-to-date compared to the industry's 4.9% rise [4] Group 2: Challenges and Concerns - Alcon is facing inflationary pressures in electronic components, freight, labor, and materials, which are impacting margins, with net sales costs up 4.2% year-over-year in Q4 [5] - The company is encountering supply chain challenges, particularly with microchips and plastics, which are expected to persist into 2025 [5] - The ophthalmology industry is highly competitive, with Alcon facing competition from both large manufacturers and smaller specialized companies, as well as alternative medical therapies [6] - In the vision care segment, increased competition from Asian contact lens manufacturers is posing significant threats, with a shift in demand towards daily lenses and advanced materials [7]