National Vision (EYE) Q4 2025 earnings summary

Executive summary

• Achieved strong financial and operational performance in fiscal 2025, with net revenue up 9% to $1.99 billion and adjusted operating income rising 56% to $102.5 million, driven by strategic transformation, disciplined execution, and expansion into targeted customer cohorts.

• Q4 2025 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.

• Continued momentum into early 2026, with mid-single-digit comp store sales growth despite weather-related challenges.

• Opened 33 new stores and closed 23 underperforming locations, ending the year with 1,250 stores.

• 53rd week contributed $35.6 million in net revenue and $3.5 million in adjusted operating income.

Financial highlights

• Fiscal 2025 net revenue grew 9% year-over-year to $1.99 billion; adjusted comp store sales up 6%.

• Adjusted operating income increased 56% to $102.5 million, with AOI margin up to 5.2% from 3.6%.

• Adjusted EPS rose to $0.80 from $0.52 in 2024; Q4 adjusted EPS $0.15 vs. loss of $0.04.

• Q4 adjusted operating income $17.6 million (AOI margin 3.5% vs. 0.7% prior year).

• Adjusted EBITDA for FY2025 was $192.9 million; adjusted EBITDA margin 9.7%.

Outlook and guidance

• Fiscal 2026 net revenue expected between $2.033–$2.091 billion, with adjusted comp store sales growth of 3–6%.

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

• Capital expenditures projected at $73–$78 million, with 30–35 new store openings and 10–15 closures for net growth of 20–25 stores.

• Operating margin expansion of ~100 basis points expected, driven by SG&A leverage and $10 million in annualized cost savings.

• Tax rate for 2026 projected at approximately 28%.