National Vision (EYE) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 4.8% YoY to $510.5M; adjusted comps grew 2.8%, adjusted operating margin expanded 320 bps to 7.3%, and adjusted diluted EPS more than doubled to $0.30.

• Higher average ticket and managed-care strength supported growth, while weaker self-pay traffic and lower-value transactions weighed on sales.

• New-store growth is expected to accelerate in 2027, one year ahead of plan, with 50–55 openings planned.

Financial highlights

• Q3 net income was $19.2M versus $3.4M; diluted EPS was $0.24 versus $0.04.

• Q3 adjusted operating income rose to $37.1M from $19.8M; excluding the $4.7M tariff refund, it was $32.4M. Adjusted diluted EPS was $0.30 versus $0.13.

• 9M revenue increased 4.7% to $1,553.2M; adjusted operating income was $124.2M versus $84.9M, and adjusted diluted EPS was $1.01 versus $0.65.

• Q3 gross profit increased 5.8%, or $16.3M, including the $4.7M tariff refund; excluding the refund, gross profit rose ~4%.

Outlook and guidance

• FY26 revenue guidance is $2.019B–$2.038B, with adjusted comps growth of 2.0%–3.0%; both ranges were lowered from prior guidance.

• FY26 adjusted operating income guidance is $119M–$131M and adjusted diluted EPS is $0.95–$1.03 on ~81M diluted shares.

• FY26 plans include 30 new stores and $72M–$74M in capital expenditures; D&A is forecast at $92M–$93M, interest at $11M–$13M, and the tax rate at 30%.

• Q4 margin is expected to decelerate with seasonal sales and reinvestment; additional planned investment versus the original guide is $2.5M–$3M.

• 2027 openings are planned at 50–55, one year ahead of schedule, subject to monitoring investment against incremental free cash flow.