Highlights

  • Total net revenue was $498.8 million for the three months ended July 4, 2026, compared with $486.4 million a year earlier.
  • Net income was $12,416 thousand, with diluted earnings per share of $0.15, compared with $8,725 thousand and $0.11 in 2025.
  • Adjusted Comparable Store Sales Growth was 2.2% for the quarter, compared with 5.9% in the prior year period.
  • Management expects fiscal 2026 net revenue of $2.03 billion to $2.08 billion and adjusted operating income of $119 million to $139 million.

National Vision Holdings, Inc. (NASDAQ: EYE) shares were trading at USD 16.68 on October 27, 2026, down 6.32%, with a relative volume at time of 4.10. The optical retailer repurchased approximately 1.2 million shares in the second quarter, filed its Form 10-Q for the quarter ended July 4, 2026 on August 13, 2026, and updated its fiscal 2026 outlook on an August 19, 2026 earnings call.

National Vision is incorporated in Delaware and lists its principal executive offices in Duluth, Georgia. It provides eye exams, eyeglasses and contact lenses through 1,281 retail stores across four brands as of July 4, 2026, plus omni-channel websites and a dedicated e-commerce website. Its owned brands include Eyeglass World, and its host brands are Vista Optical locations on select military bases and within select Fred Meyer stores. The company reports one segment, Owned & Host. Its fiscal year is 52 or 53 weeks ending on the Saturday closest to December 31.

Second Quarter Results

Total net revenue was $498.8 million for the three months ended July 4, 2026, an increase of $12.4 million, or 2.5%, from $486.4 million. The company cited new store sales, the timing of unearned revenue and Adjusted Comparable Store Sales Growth, partly offset by closed stores. Net product sales were $403,135 thousand and net sales of services and plans were $95,670 thousand.

Comparable store sales growth was 3.4% and Adjusted Comparable Store Sales Growth was 2.2%, which the company said reflected a higher average ticket, partly offset by lower customer traffic. Selling, general and administrative expenses were $243,432 thousand, and income from operations was $21,302 thousand, compared with $16,449 thousand.

The company recorded asset impairment of $2,506 thousand. Net income was $12,416 thousand, compared with $8,725 thousand. Adjusted EBITDA, a non-GAAP measure, was $54,626 thousand, and Adjusted Operating Income, a non-GAAP measure, was $31,574 thousand. Adjusted Diluted EPS, a non-GAAP measure, was $0.25, compared with $0.18.

For the six months ended July 4, 2026, total net revenue was $1,042.7 million and net income was $43,597 thousand, or $0.54 per diluted share.

Balance Sheet and Cash Flow

At July 4, 2026, National Vision had $36.0 million in cash and cash equivalents and $231.0 million of Term Loan A outstanding. Remaining availability under its $300.0 million revolving loans was $293.3 million, net of $6.7 million in outstanding letters of credit. The company said it was in compliance with all debt covenants.

Cash provided by operating activities for the six months was $69,815 thousand, compared with $86,500 thousand a year earlier. The company said the decrease reflected changes in working capital, including increased inventory purchases and incentive-based compensation payments. Cash used for investing activities was $34,759 thousand, and cash used for financing activities was $38,045 thousand.

The board authorized repurchases of up to $50 million of common stock effective March 2, 2026. The company repurchased approximately 1.2 million shares for $20.0 million in the second quarter, leaving $30.0 million of capacity.

Fiscal 2026 Outlook

On the August 19, 2026 call, management said it expects fiscal 2026 net revenue of $2.03 billion to $2.08 billion, with Adjusted Comparable Store Sales Growth of 3% to 5%. It narrowed its revenue expectations to reflect lower-value transactions and traffic dynamics. Management now expects adjusted operating income of $119 million to $139 million, with depreciation and amortization of $92 million to $93 million.

Management also expects interest expense of $11 million to $13 million and an effective tax rate of approximately 30%. It expects third and fourth quarter adjusted operating margin to show flat to modest expansion. The company stated that it applied for approximately $5 million in tariff refunds and plans to reinvest them in marketing. The outlook is subject to change.