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National Vision
National Vision (EYE) investor relations material
National Vision Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary4 Mar, 2026
Executive summary
Achieved strong financial and operational performance in fiscal 2025, exceeding expectations through disciplined execution, strategic transformation, and expansion into targeted customer cohorts, resulting in significant operating margin expansion and enhanced profitability.
Fourth quarter net revenue rose 15.1% year-over-year to $503.4 million, with adjusted comparable store sales growth of 4.8% and 12 new stores opened.
Fiscal 2025 net revenue reached $1.99 billion, a 9% increase year-over-year, with adjusted operating income up 56.5% to $102.5 million.
Q4 and FY2025 results benefited from a 53rd week, contributing $35.6 million in revenue and $3.5 million in adjusted operating income.
Opened 33 new stores and closed 23 underperforming locations, ending the year with 1,250 stores.
Financial highlights
Fiscal 2025 net revenue grew 9% to $1.99 billion; adjusted comp store sales up 6%; adjusted operating income increased 56% to $102.5 million, with AOI margin expanding to 5.2%.
Adjusted EPS rose to $0.80 from $0.52 in 2024, a 54% increase; Q4 adjusted EPS was $0.15 vs. a loss of $0.04.
Adjusted EBITDA for FY2025 was $192.9 million; adjusted EBITDA margin was 9.7%.
Costs applicable to revenue as a percentage of net revenue decreased to 41.2% for the year and 41.9% in Q4.
Adjusted SG&A as a percentage of net revenue decreased to 49.1% for the year and 50.0% in Q4.
Outlook and guidance
Fiscal 2026 outlook: net revenue of $2.033–$2.091 billion, adjusted operating income of $107–$133 million, adjusted diluted EPS of $0.85–$1.09, and adjusted comp store sales growth of 3–6%.
Plans to open 30–35 new stores, close 10–15, and capital expenditures of $73–$78 million.
SG&A leverage and $10 million in annualized cost savings expected to drive margin expansion.
Tax rate projected at approximately 28%.
Self-pay traffic decline: What's the strategy?
How sustainable is operating margin expansion?
Detail store portfolio optimization strategy.
When will overall traffic growth normalize?
Smart eyewear: Long-term revenue impact potential?
Future margin expansion: Sources beyond sales growth?
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Next National Vision earnings date
Citi’s 2026 Global Consumer & Retail Conference 20269 Mar, 2026
National Vision
Next National Vision earnings date
Citi’s 2026 Global Consumer & Retail Conference 20269 Mar, 2026
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Frequently asked questions
National Vision Holdings Inc operates a network of optical retail stores offering eye exams, prescription eyewear, and contact lenses. The company serves value-oriented customers through various retail brands and partnerships with mass retailers and warehouse clubs across the United States. The company is headquartered in Duluth, Georgia, and its shares are listed on the NASDAQ.
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