National Vision (EYE) Q2 2026 earnings summary

Executive summary

• Net revenue for Q2 2026 rose 2.5% year-over-year to $498.8 million, driven by new store sales, higher-value transactions, and comparable store sales growth, despite temporary e-commerce re-platform headwinds and some store closures.

• Adjusted operating income grew to $31.6 million, with adjusted diluted EPS at $0.25, and net income increased to $12.4 million, reflecting improved profitability.

• Strategic transformation initiatives, including e-commerce re-platform, premium product focus, and managed care customer targeting, contributed to margin expansion and future digital growth.

• Store count grew 3.3% year-over-year to 1,281, with nine new America's Best stores opened and 20 new Military stores added through expanded AAFES relationship.

• Ongoing investments in segmentation, premiumization, and customer experience enhancements are supporting profitability and future growth.

Financial highlights

• Adjusted operating margin expanded to 6.3% in Q2 2026, up from 4.9% year-over-year.

• Adjusted EBITDA for Q2 2026 was $54.6 million (11.0% margin), up from $46.2 million (9.5% margin) in Q2 2025.

• Gross profit rose 1.5% ($4.4 million), driven by average ticket strength, despite a 4.9% decline in overall customer traffic.

• Adjusted SG&A as a percentage of net revenue decreased to 47.3% due to lower associate-related and advertising expenses.

• Cash and cash equivalents stood at $36.0 million, with total debt at $237.7 million and liquidity of $329.3 million.

Outlook and guidance

• Fiscal 2026 outlook updated: net revenue expected between $2.037 billion and $2.08 billion, adjusted operating income $119–$139 million, and adjusted diluted EPS $0.94–$1.09.

• Adjusted comparable store sales growth guidance narrowed to 3.0%–5.0%.

• CapEx forecasted at $72–$76 million, with 30–35 new store openings and 15 closures planned.

• Continued investment in digital platform enhancements, remote medicine, and marketing initiatives to drive future growth.

• Expecting continued ticket-driven growth, with traffic recovery from value-seeking customers as a key variable.