What CEOs Are Saying: Warby Parker, Sweetgreen, Allbirds

Three direct-to-consumer companies had earnings calls on Friday. Here's what happened.

Today, let’s look at three earnings calls from Friday that give us a nice window into consumer brands: Warby Parker (eyewear), Sweetgreen (fast-casual salads), and Allbirds (footwear).

As you’ll see below, American consumers are pulling back, but not evenly. Younger buyers (25-35) are cutting discretionary spending harder than their older counterparts, and urban markets are struggling while suburban locations hold up.

Let’s get into that, and much more.

Warby Parker – Earnings Call Q3 2025

Warby Parker is an eyewear retailer that launched in 2010 by selling prescription glasses online at a fraction of traditional retail prices ($95 starting point vs. $300+ at traditional opticians). The company now operates 313 stores nationwide and has expanded into eye exams and contact lenses, creating a vertically integrated vision care business.

Q3 2025 Results

• Revenue: $221.7M (+15.2% YoY), missed guidance by ~$3M

• Adjusted EBITDA: $25.7M, up ~50% YoY with 260 bps margin expansion

• Same-store sales: Not disclosed, but performance “moderated” starting in September

• Store count: 313 stores (including 5 new Target shop-in-shops)

Three Critical Takeaways

1. The Generational Consumer Divide

Warby Parker revealed a sharp bifurcation in customer behavior that’s reshaping their business model. Younger customers buying single-vision lenses (typically under 35 years old) are trading down to $95 frames, buying fewer multiple pairs, and purchasing smaller contact lens quantities. Meanwhile, their progressive lens customers (typically 45+, higher income) remain completely resilient.

As Co-CEO Dave Gilboa explained: