(PRESS RELEASE) DULUTH, GA — National Vision Holdings, Inc. (NASDAQ: EYE) reported net revenue from continuing operations of $1.99 billion for fiscal year 2025, a 9.0% increase over fiscal 2024. Net income from continuing operations reached $29.6 million, compared to a net loss of $27.2 million in the prior year. Diluted earnings per share from continuing operations came in at $0.37, versus $(0.35) in fiscal 2024.
Adjusted Operating Income rose 56.5% to $102.5 million from $65.5 million, and Adjusted Operating Margin improved to 5.2% from 3.6%. Adjusted Diluted EPS increased to $0.80 from $0.52.
For the fourth quarter ended Jan. 3, 2026, net revenue from continuing operations increased 15.1% to $503.4 million. The company noted that results included a 53rd fiscal week, which contributed $35.6 million in net revenue and approximately $0.03 to diluted EPS. Comparable store sales grew 6.6% in the quarter, the 12th consecutive quarter of positive comparable store sales growth. Adjusted Operating Income for the quarter increased to $17.6 million from $3.2 million in the prior-year period.
“2025 was a year in which we embarked on a reinvention of our company and executed our plan with discipline and precision, achieving results that surpassed our own expectations,” said CEO Alex Wilkes. “We saw strong traffic gains from our most profitable target customers, including those who use managed vision care insurance, progressive lens wearers, and those who bring in outside prescriptions.”
The company ended fiscal 2025 with 1,250 stores after opening 33 new locations and closing 23, including 11 Fred Meyer locations. Store count grew 0.8% overall.
Costs applicable to revenue decreased 70 basis points as a percentage of net revenue to 41.2%, which the company attributed to pricing and product mix initiatives, partially offset by a decrease in contact lens product margin. SG&A as a percentage of net revenue declined 40 basis points to 51.1%.
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Balance Sheet
National Vision held $38.7 million in cash as of Jan. 3, 2026, with no borrowings drawn on its $300 million revolving credit facility. Total debt was $245.9 million, consisting of first lien term loans and finance lease obligations net of unamortized discounts. During the fourth quarter, the company entered into a $100 million notional interest rate swap to reduce variability in term loan interest payments.
The company’s board authorized a new $50 million share repurchase program effective March 2, 2026, running through December 2030. The authorization replaced a prior program that expired Jan. 3, 2026 with $50 million in unused capacity.
Fiscal 2026 Outlook
For the 52-week fiscal year ending Jan. 2, 2027, the company is projecting net revenue of $2.033 billion to $2.091 billion, Adjusted Operating Income of $107 million to $133 million, and Adjusted Diluted EPS of $0.85 to $1.09. The company expects to open approximately 30 to 35 new stores, primarily under the America’s Best banner, and projects Adjusted Comparable Store Sales Growth of 3.0% to 6.0%.
The company cautioned that its outlook is subject to business, economic, regulatory, and competitive uncertainties, including potential disruptions from tariffs and other macroeconomic conditions.
National Vision hosted a conference call to discuss results. Webcast details are available at ir.nationalvision.com.
