National Vision (EYE) Q4 2025 earnings summary

Executive summary

• Achieved strong financial and operational performance in fiscal 2025, exceeding expectations with significant operating margin expansion through disciplined execution, strategic transformation, and targeted customer cohort expansion.

• Fourth quarter 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.

• Fiscal 2025 net revenue increased 9.0% to $1.99 billion, with adjusted operating income up 56.5% to $102.5 million and adjusted EPS rising to $0.80.

• Successfully launched new branded products, digital tools, and refreshed store environments, supporting higher average ticket and customer satisfaction.

• Maintained strong doctor retention and recruiting, supporting network capacity and care delivery.

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 expanding to 5.2%; adjusted EBITDA margin was 9.7%.

• Adjusted EPS rose to $0.80 from $0.52 in 2024.

• Fourth quarter adjusted operating income was $17.6 million (AOI margin 3.5% vs. 0.7% prior year); adjusted EPS $0.15 vs. loss of $0.04.

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

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.

• Adjusted operating margin expected to expand by ~100 basis points in 2026, primarily via SG&A leverage and $10 million in annualized cost savings.

• Tax rate for 2026 projected at approximately 28%.