National Vision Holdings Inc

Latest Results (15.04.2026):

National Vision Holdings, Inc. — fourth quarter of fiscal 2025: The company reported continued top-line growth and improving profitability in Q4 fiscal 2025, with net revenue of $503.4 million (up 15.1% year‑over‑year) and net income from continuing operations of $3.3 million (diluted EPS $0.04) versus a loss in the year‑ago quarter. Adjusted measures showed larger improvement (Adjusted Operating Income of $17.6 million and Adjusted Diluted EPS of $0.15). For full fiscal 2025, net revenue was $1,987.5 million (up 9.0%), Adjusted Operating Income was $102.5 million and Adjusted Diluted EPS was $0.80. The results reflect store growth, pricing/product‑mix actions, operating leverage and certain timing items (53rd week and unearned revenue timing).

Revenue

Q4 net revenue: $503.4M, +15.1% YoY (benefiting from the 53rd week, new store sales and Adjusted Comparable Store Sales). Fiscal 2025 net revenue: $1,987.5M, +9.0% YoY.

Comparable Store Sales

Q4 comparable store sales growth was 6.6% and Adjusted Comparable Store Sales Growth was 4.8% (driven by higher average ticket and strength in the managed care cohort). Fiscal 2025 comparable store sales growth was 5.9% and adjusted 6.0%.

Profitability & EPS

Q4 net income from continuing operations: $3.3M (diluted EPS $0.04) versus a $(0.37) loss per share in Q4 2024. Q4 Adjusted Diluted EPS from continuing operations: $0.15 (vs. $(0.04) prior year). Fiscal 2025 diluted EPS from continuing operations: $0.37; Adjusted Diluted EPS: $0.80 (up from $0.52).

Adjusted Operating Income & Margins

Q4 Adjusted Operating Income from continuing operations: $17.6M with Adjusted Operating Margin of 3.5% (vs. $3.2M and 0.7% prior year). Fiscal 2025 Adjusted Operating Income: $102.5M and Adjusted Operating Margin 5.2% (vs. $65.5M and 3.6% in FY2024).

Costs, SG&A and Operating Leverage

Costs applicable to revenue rose in absolute terms but declined as a percentage of net revenue (Q4: 41.9%, down 40 bps) driven by pricing and product‑mix. SG&A increased in dollars but fell to 51.9% of net revenue in Q4 (Adjusted SG&A 50.0% of net revenue), reflecting operating leverage even as variable incentive and health care costs rose.

Store Count & Network Changes

Ended Q4 with 1,250 stores (opened 12 stores and closed 4 America’s Best stores during the quarter). For fiscal 2025 the company opened 33 new stores and closed 23 (12 America’s Best and 11 Fred Meyer), with overall store count growth of ~0.8% year over year.

Balance Sheet & Cash

Cash balance was $38.7M as of January 3, 2026; total debt was $245.9M. The company had no borrowings under its $300M revolver (letters of credit ~$6.7M outstanding) and entered a $100M notional interest‑rate swap in Q4 to reduce interest cash‑flow variability.

Timing and One‑time Items

The 53rd week contributed to revenue growth; conversely the timing of unearned/deferred revenue negatively affected reported revenue and margins (Q4 timing reduced revenue by ~0.8% and negatively impacted Diluted EPS/Adjusted Diluted EPS by $0.02; fiscal 2025 impact on EPS was ~$0.08). The company also recorded some non‑cash asset impairment items in prior periods and other adjustments included in its non‑GAAP reconciliations.

Fiscal 2026 Outlook (highlights)

Guidance items provided: projected new stores ~30–35 (primarily America’s Best), Adjusted Comparable Store Sales Growth 3.0%–6.0%, assumed tax rate ~28%, and the company assumes ~82 million shares for Adjusted Diluted EPS calculations. The release notes forward‑looking non‑GAAP measures are not reconciled to GAAP.