To perform a factory reset using your phone:
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Open the Oculus app on your phone.
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Tap Settings in the bottom menu.
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Tap the headset connected to your phone.
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Tap More Settings.
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Tap Factory Reset and then Reset.
To perform a factory reset using the headset:
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Turn off your headset.
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Hold the power and volume (-) button on your headset down simultaneously until the boot screen loads on your headset.
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Use the volume buttons on your headset to highlight Factory Reset and press the power button.
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Use the volume buttons on your headset to highlight Yes and press the power button.
Notes:
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Performing a factory reset is irreversible and will remove all account information, downloaded games, and content from the headset.
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Performing a factory reset won't remove content you've purchased or downloaded from your account.