Electronic Device with a Lens Module

A head-mounted display may include a display system and an optical system that are supported by a housing. The optical system may be a catadioptric optical system having one or more lens elements. The optical system may include a quarter wave plate that is coated to the first lens element without an intervening adhesive layer. The optical system may further include a reflective polarizer and a linear polarizer. The linear polarizer may be formed as a coating directly on the reflective polarizer (without an intervening adhesive). A single circular reflective polarizer may be used instead of a quarter wave plate and a reflective polarizer. The circular reflective polarizer may be coated to the first lens element without an intervening adhesive layer. The circular reflective polarizer may optionally provide optical power to the lens module. The circular reflective polarizer may include a cholesteric liquid crystal layer.