Highlights

  • Total net revenue for the three months ended July 4, 2026 was $498,805 thousand, compared with $486,423 thousand.
  • Comparable store sales growth was 3.4%, compared with 6.5%, and net income was $12,416 thousand.
  • Cash and cash equivalents were $36.0 million at July 4, 2026, and Term Loan A outstanding was $231.0 million.
  • Management outlook for fiscal 2026: net revenue $2.03 billion to $2.08 billion, adjusted operating income $119 million to $139 million.

National Vision Holdings, Inc. (NASDAQ:EYE) shares were trading at USD 15.04 on October 28, 2026, down 7.16%, with a relative volume at time of 3.18. The optical retailer filed its 10-Q for the second quarter ended July 4, 2026 on August 13, and management gave its updated full-year outlook on its August 19 earnings call.

National Vision is incorporated in Delaware and lists its principal executive offices in Duluth, Georgia. The company describes itself as one of the largest optical retailers in the U.S., providing eye exams, eyeglasses and contact lenses. It has one reportable segment, Owned & Host. As of July 4, 2026, its owned brands included 122 Eyeglass World retail stores, and its host brands consisted of 72 Vista Optical locations on select military bases and 18 Vista Optical locations within select Fred Meyer stores.

Second Quarter 2026 Results

Total net revenue for the three months ended July 4, 2026 was $498,805 thousand, compared with $486,423 thousand for the three months ended June 28, 2025. Income from operations was $21,302 thousand, compared with $16,449 thousand.

The company recorded an asset impairment of $2,506 thousand, with none in the prior-year quarter. Net income was $12,416 thousand, compared with $8,725 thousand, and diluted EPS was $0.15, compared with $0.11.

On a non-GAAP basis, Adjusted Operating Income was $31,574 thousand, Adjusted EBITDA was $54,626 thousand, and Adjusted Diluted EPS was $0.25, compared with $0.18.

Comparable store sales growth was 3.4%, compared with 6.5%. Eyeglass World comparable store sales growth was 0.4%, Military was negative 2.9% and Fred Meyer was negative 7.4%. The company had 1,281 stores open at the end of the period and opened 9 new stores during the quarter. For the six months, total net revenue was $1,042,685 thousand, compared with $996,747 thousand, and net income was $43,597 thousand, compared with $22,911 thousand.

Balance Sheet, Cash Flow and Capital

As of July 4, 2026, the company had $36.0 million in cash and cash equivalents and $293.3 million of remaining availability under its Revolving Loans, net of $6.7 million in outstanding letters of credit. It had $231.0 million of Term Loan A outstanding and was in compliance with all covenants related to its debt.

Cash flows provided by operating activities for the six months were $69,815 thousand, compared with $86,500 thousand. The company said working capital changes were $57.4 million, including increased inventory purchases.

Effective March 2, 2026, the Board authorized repurchases of up to $50 million of common stock until December 28, 2030. During the three months ended July 4, 2026, the company repurchased approximately 1.2 million shares for $20.0 million, leaving $30.0 million of remaining capacity.

Business Developments

At the beginning of the second quarter, the company re-platformed AmericasBest.com. The 10-Q states that traffic was disrupted as search and social optimization resets occurred. The company added 20 Military stores in April 2026 and plans to open approximately 30 to 35 new stores in fiscal 2026, not inclusive of those Military stores.

Fiscal 2026 Outlook

On the August 19, 2026 call, management said it expects fiscal 2026 net revenue between $2.03 billion and $2.08 billion and adjusted Comparable Store Sales growth of 3% to 5%. It expects adjusted operating income between $119 million and $139 million, which includes depreciation and amortization of $92 million to $93 million.

Management said it expects adjusted diluted EPS between $0.90 and $1.09, based on approximately 80.9 million weighted average diluted shares. It also expects interest expense between $11 million and $13 million and capital expenditures between $72 million and $76 million. These measures are non-GAAP where labeled adjusted.