National Vision (EYE) Q1 2026 earnings summary

Executive summary

• Net revenue for Q1 2026 grew 6.6% year-over-year to $543.9 million, driven by comparable store sales growth, higher average ticket, and managed care strength.

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

• Adjusted operating income increased to $55.5 million (10.2% margin), up from $41.3 million (8.1%), and Adjusted EBITDA margin rose to 14.5%.

• Store count expanded to 1,274, with 8 new America's Best stores opened and 20 new Military stores added.

• Transformation initiatives, including premiumization, digital upgrades, and disciplined cost management, drove margin expansion and profitability.

Financial highlights

• Net revenue: $543.9 million, up 6.6% year-over-year; comparable store sales grew 4.4%–4.5%.

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

• Adjusted EPS: $0.45 (vs. $0.34 prior year); diluted EPS: $0.38 (vs. $0.18 prior year).

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

• Cash balance: $67.9 million; total debt: $241.8 million; total liquidity: $361.2 million.

Outlook and guidance

• Full-year 2026 guidance reiterated: net revenue of $2.033–$2.091 billion, adjusted operating income of $107–$133 million, and adjusted diluted EPS of $0.85–$1.09.

• Adjusted comparable store sales growth expected between 3.0% and 6.0%.

• Plans to open 30–35 new stores (mainly America's Best), plus 20 new Military stores added in April 2026.

• Capital expenditures for 2026 projected at $73–$78 million.

• Q2 comps tracking low single digits due to website replatforming, with sequential improvement and back half benefits from new product launches and segmentation.