National Vision (EYE) Q4 2025 earnings summary

Executive summary

• Achieved strong financial and operational performance in fiscal 2025, exceeding expectations through disciplined execution, strategic transformation, and expansion into targeted customer cohorts, resulting in significant operating margin expansion and enhanced profitability.

• 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 reached $1.99 billion, a 9% increase year-over-year, with adjusted operating income up 56.5% to $102.5 million.

• Q4 and FY2025 results benefited from a 53rd week, contributing $35.6 million in revenue and $3.5 million in adjusted operating income.

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

Financial highlights

• Fiscal 2025 net revenue grew 9% 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 EPS rose to $0.80 from $0.52 in 2024, a 54% increase; Q4 adjusted EPS was $0.15 vs. a loss of $0.04.

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

• Costs applicable to revenue as a percentage of net revenue decreased to 41.2% for the year and 41.9% in Q4.

• Adjusted SG&A as a percentage of net revenue decreased to 49.1% for the year and 50.0% in Q4.

Outlook and guidance

• Fiscal 2026 outlook: net revenue of $2.033–$2.091 billion, adjusted operating income of $107–$133 million, adjusted diluted EPS of $0.85–$1.09, and adjusted comp store sales growth of 3–6%.

• Plans to open 30–35 new stores, close 10–15, and capital expenditures of $73–$78 million.

• SG&A leverage and $10 million in annualized cost savings expected to drive margin expansion.

• Tax rate projected at approximately 28%.