National Vision Holdings, Inc. Reports Fourth Quarter and Fiscal 2025 Financial Results

2025 Results Mark a Year of Strong Momentum, Strategic Transformation, and Enhanced Profitability

National Vision Holdings, Inc. (Nasdaq: EYE) has announced its financial results for the fourth quarter and fiscal year ended January 3, 2026, reporting a year of robust momentum, marked by strategic transformation initiatives, cost discipline, and a successful expansion into targeted customer cohorts. These efforts have driven significant improvements in profitability and have positioned the Company for sustained growth. The Company also provided guidance for the fiscal year 2026, outlining expectations for continued expansion and earnings growth.

Key Financial Highlights

Fourth Quarter 2025 vs. Fourth Quarter 2024

• Adjusted Operating Income: Surged to \$17.6 million from \$3.2 million, reflecting an increase of 444.8%. Adjusted Operating Margin improved substantially to 3.5% from 0.7%.
• Adjusted Diluted EPS (Earnings Per Share): Improved to \$0.15, compared with a loss of \$(0.04) in the prior year period.
• Diluted EPS from Continuing Operations: Rose to \$0.04, compared to a loss of \$(0.37) previously. The net change in margin on unearned revenue negatively impacted both Diluted EPS and Adjusted Diluted EPS by \$(0.02).
• Adjusted Operating Income: The net change in margin on unearned revenue adversely affected income from continuing operations by \$(1.6) million and Adjusted Operating Income by \$(2.1) million.

Fiscal Year 2025 vs. Fiscal Year 2024

• Adjusted Operating Income: Increased 444.8% to \$17.6 million.
• Adjusted Operating Margin: Improved to 3.5% from 0.7%.
• Adjusted Diluted EPS: Rose to \$0.15 from \$(0.04).
• Net Income: \$3.3 million compared to a net loss of \$(28.5) million in the prior year.
• EBITDA from Continuing Operations: \$30.1 million, up significantly from a loss of \$(2.8) million in the prior year.
• Comprehensive Income: \$3.2 million, compared to a comprehensive loss of \$(28.6) million in 2024.

Fiscal 2026 Outlook

Note: Fiscal year 2025 included 53 weeks; fiscal year 2024 included 52 weeks. The Company’s guidance is based on current assumptions and is subject to change due to macroeconomic, regulatory, and competitive uncertainties.

Strategic Initiatives and Shareholder Updates

• Share Repurchase Program: The Board of Directors authorized a share repurchase program of up to \$100 million, effective through December 28, 2030. Repurchases may be made through open market, privately negotiated, or accelerated share repurchase transactions. Timing, manner, price, and actual amount will depend on various factors, including stock price and market conditions. The Company is not obligated to buy back any particular amount and may suspend or discontinue repurchases at any time. This is a potentially price-sensitive announcement as it may provide support for the share price or signal management’s confidence in the Company.
• Cost Discipline and Transformation: The Company’s strategic transformation and cost discipline initiatives have contributed to the margin improvements and enhanced profitability.
• Targeted Customer Cohorts: Expansion into targeted customer segments drove profitability, positioning the Company for further growth.

Other Notable Financials

• Balance Sheet (as of January 3, 2026):
  • Cash, cash equivalents, and restricted cash: \$151 million
  • Total assets: \$2.0 billion
  • Total liabilities: \$1.1 billion
  • Total stockholders’ equity: \$870 million
• Cash Flows (Fiscal Year 2025):
  • Net cash provided by operating activities: \$155.5 million
  • Net cash used in investing activities: \$(76.6) million
  • Net cash used in financing activities: \$(104.6) million
• Long-term Debt:
  • Repayments: \$(126.3) million
  • Borrowings: \$25 million

Conference Call Information

The Company will host a conference call to discuss the fourth quarter 2025 financial results and fiscal-year 2026 guidance on March 4, 2026, at 8:30 a.m. Eastern Time. Investors can pre-register and access the live audio webcast and presentation materials through the “Investors” section of the Company’s website at www.ir.nationalvision.com.

Risks and Forward-Looking Statements

Management highlighted that the fiscal 2026 outlook is forward-looking and subject to significant business, economic, regulatory, and competitive uncertainties, many of which are beyond the Company’s control. These include dynamic market conditions, unexpected disruptions, and macroeconomic risks. Actual results may vary materially from the guidance provided. Investors should note that the Company uses non-GAAP measures such as Adjusted Operating Income and Adjusted Diluted EPS, which may not be directly comparable to other companies.

Potential Share Price Impact

• The strong improvement in profitability metrics, especially Adjusted Operating Income and EPS, combined with the initiation of a \$100 million share repurchase program, are likely to be viewed positively by the market and could be price sensitive.
• Fiscal 2026 guidance implies potential for significant earnings growth, which may also support share price appreciation. However, investors should weigh the risks and uncertainties outlined by management.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. All forward-looking statements are subject to risks and uncertainties. Investors should review National Vision Holdings, Inc.’s filings with the Securities and Exchange Commission and consult with their financial advisor before making any investment decisions.

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