BlackBarn Capital Builds Warby Parker Stake as the Direct-to-Consumer Eyewear Leader Expands Nationwide
Key Points
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.
The estimated transaction represented 2.86% of BlackBarn Capital’s reportable U.S. equity assets under management as of December 31, 2025.
Post-trade, BlackBarn Capital held 3,000,000 shares of Warby Parker, valued at $65.37 million.
The position now represents 4.3% of the fund’s 13F assets, placing it outside the fund’s top five holdings.
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What happened
According to a recent SEC filing dated February 17, 2026, BlackBarn Capital Partners LP bought an additional two million shares of Warby Parker(NYSE:WRBY), bringing its total position to three million shares. The estimated transaction value was $43.52 million, calculated using the average closing price during the fourth quarter of 2025. The quarter-end value of the stake increased by $37.79 million, reflecting both share accumulation and price changes.
What else to know
BlackBarn Capital’s Warby Parker position increased, now accounting for 4.3% of its 13F reportable assets under management.
Top five holdings after this filing:
- NASDAQ: ROIV: $66.93 million (24.0% of AUM)
- NASDAQ: DHC: $31.67 million (11.4% of AUM)
- NASDAQ: PRVA: $30.82 million (11.1% of AUM)
- NYSE: NIQ: $29.68 million (10.6% of AUM)
- NYSE: NEE: $26.89 million (9.6% of AUM)
As of February 13, 2026, Warby Parker shares were priced at $22.46, down 15.0% over the past year and underperforming the S&P 500 by 26.8 percentage points.
Company overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $871.91 million |
| Net income (TTM) | $1.64 million |
| Market capitalization | $3.34 billion |
| Price (as of market close February 13, 2026) | $22.46 |
Company snapshot
Warby Parker delivers affordable eyewear and vision services through a direct-to-consumer model spanning retail and digital channels. The company has built a national retail footprint and a growing digital presence, focusing on accessible, high-quality eyewear and convenient vision care for consumers in the United States and Canada.
The company operates a vertically integrated, direct-to-consumer model through both physical retail stores and digital platforms, generating revenue from eyewear sales and vision services.
Warby Parker targets value-conscious consumers seeking affordable, stylish eyewear and convenient vision care in the United States and Canada.
What this transaction means for investors
Warby Parker built its brand by challenging the traditional economics of eyewear retail. The industry has long been dominated by vertically integrated incumbents that control manufacturing, distribution, and retail pricing. By designing its own frames and selling directly to consumers, Warby Parker positioned itself as a lower-cost alternative while capturing a greater share of the value chain.
Stores are most successful when people who come in for eye exams also buy glasses, and when inventory sells quickly. Warby Parker’s approach lets it set prices and design products, but it also means the company pays for everything from making glasses to running stores and attracting customers. The business becomes more profitable when stores have a steady flow of eye exams and customers come back for new prescriptions or extra pairs of glasses.
For investors, the key thing to watch for is whether Warby Parker can scale into a durable optical retailer rather than remain a disruptive brand. Vision care generates recurring demand, but long-term performance depends on exam conversions and repeat purchases. In optical retail, stores that control eye exams typically control eyewear sales. Warby Parker’s expanding exam capacity may ultimately determine how profitable the model will become.
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Eric Trie has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends NextEra Energy. The Motley Fool recommends Roivant Sciences and Warby Parker. The Motley Fool has a disclosure policy.
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