National Vision (EYE) Q1 2026 earnings summary

Executive summary

• Net revenue for Q1 2026 grew 6.6% to $543.9 million, driven by comparable store sales growth, premiumization, and positive timing of unearned revenue.

• Net income more than doubled to $31.2 million, with diluted EPS rising to $0.38 from $0.18 and adjusted EPS to $0.45 from $0.34.

• Adjusted operating margin expanded to 10.2% from 8.1%, and adjusted operating income rose to $55.5 million from $41.3 million.

• Store count grew to 1,274, with 8 new America's Best stores opened and 20 new Military stores added, expanding presence and exclusive partnerships.

• Transformation initiatives, including digital modernization, premium product launches, and disciplined cost management, drove profitability and margin gains.

Financial highlights

• Net revenue increased 6.6% year-over-year to $543.9 million in Q1.

• Adjusted comparable store sales grew 4.5%, with average ticket up 5.1% and traffic down 1.2%.

• Adjusted operating income was $55.5 million (10.2% margin), up from $41.3 million (8.1%).

• Adjusted EBITDA reached $78.7 million (14.5% margin), up from $64.1 million (12.6%).

• Operating cash flow was $61.7 million; CapEx was $17.6 million in Q1.

Outlook and guidance

• Full-year 2026 net revenue expected between $2.033B and $2.091B; adjusted comp store sales growth of 3%-6%.

• Adjusted operating income guidance: $107M–$133M; adjusted EPS: $0.85–$1.09.

• CapEx planned at $73M–$78M, with 30–35 new stores and 10–15 closures for net growth of 20–25 stores, plus 20 new Military stores.

• Q2 comps tracking low single digits due to website replatforming, but sequential improvement expected.

• 2026 adjusted operating margin expected to expand ~100 bps, driven by SG&A leverage.