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The Fund rebounded and outperformed the Russell 2000 ® Growth Index in the fourth quarter. Boot Barn's revenues and earnings handily exceeded estimates, with greater transaction volumes and new store openings. Abivax reported strong clinical trial results for its obefazimod treatment to address ulcerative colitis in a longer lasting manner.

BlackBarn Capital increased its Warby Parker stake by 2,000,000 shares; estimated transaction value is $43.52 million based on quarterly average price. Quarter-end value of the Warby Parker position rose by $37.79 million, reflecting both trading activity and stock price movements over the period.

Warby Parker Inc.'s retail growth story has continued. The company opened 47 stores in 2025, and plans to open 50 in 2026. A macroeconomic slowdown weighed on WRBY's earnings in Q4, and the 2026 guidance still reflects industry-wide pressure. Ultimately, earnings growth is still guided to continue. The focus is now on WRBY's 2026 AI glasses' launch in partnership with Google. The launch has significant revenue potential for WRBY.

Warby Parker is downgraded to Sell due to an unattractive valuation and slowing growth. WRBY trades at a steep 23.5x EV/FY26 EBITDA, despite guidance for only 10-12% revenue growth and single-digit customer gains. Gross margins are declining, and adjusted EBITDA margin improvement is modest, limiting upside potential.

Warby Parker Inc. (WRBY) Q4 2025 Earnings Call Transcript

Warby Parker Inc. (WRBY) reported break-even quarterly earnings per share versus the Zacks Consensus Estimate of $0.05. This compares to earnings of $0.01 per share a year ago.

NEW YORK--(BUSINESS WIRE)--Warby Parker Inc. (NYSE: WRBY) (“Warby Parker” or the “Company”), a direct-to-consumer lifestyle brand focused on vision for all, today announced financial results for the fourth quarter and full year ended December 31, 2025. Highlights Delivered revenue growth of 13.0% for full year 2025 and 11.2% for the fourth quarter. Drove Active Customer growth of 7.0%, and Average Revenue per Customer of $324, up 5.7% year over year. Achieved first full year of positive net inc.