National Vision (EYE) 28th Annual ICR Conference 2026 summary

Transformation strategy and execution

• Executing a shift to a more innovative, digital, and joyful retail model, with elevated assortment and refined pricing strategies.

• Early actions have led to stronger profitability and mid-single digit comparable sales growth in 2025.

• Transformation is in early stages, with significant runway for continued evolution and growth.

• Focus on expanding operating margins through customer segmentation, premium product mix, enhanced experience, and moderated new store growth.

• Reinvestment in organic growth and modernization to become a best-in-class retailer.

Product and customer mix evolution

• Increased premium frame offerings, with frames over $99 rising from 20% in 2024 to 40% in 2025.

• Introduction of high-performing brands and smart glasses, with more premium brands planned for 2026.

• Premium lens offerings and tiered products now available, optimizing managed care customer benefits.

• Majority of value-add in lens manufacturing occurs domestically, providing tariff insulation.

• Maintaining value positioning while adding luxury and premium options.

Customer experience and marketing

• Managed care transactions now make up 40% of the mix, up from low single digits at founding.

• Enhanced focus on helping customers maximize insurance benefits and trade up to premium products.

• Both managed care and cash pay segments show positive comps, with cash pay consumers trading up at higher rates.

• Marketing spend is being redirected to target higher-value customer cohorts, improving ROI without increasing spend.

• Expanding total addressable market by targeting higher-income households and premium segments.