National Vision Holdings, Inc.: Comprehensive Corporate Profile

Source: National Vision Holdings, Inc. Form 10-K for the Fiscal Year Ended January 3, 2026.

Quick Facts / Company Snapshot

Metric / Attribute	Company Disclosed Detail
Official Corporate Name	National Vision Holdings, Inc.
Stock Ticker & Listing Exchange	EYE (Nasdaq Global Select Market)
Commission File Number	001-38257
I.R.S. Employer Identification No.	46-4841717
Chief Executive Officer	Alex Wilkes
Corporate Headquarters	2435 Commerce Ave, Building 2200, Duluth, Georgia 30096
Fiscal Year Ended / Reporting Period	January 3, 2026 (Fiscal Year 2025: 53 weeks)
Total Net Revenue	$1,987,488 thousand
Net Product Sales	$1,604,592 thousand
Net Sales of Services and Plans	$382,896 thousand
Operating Income (GAAP)	$58,829 thousand
Net Income from Continuing Operations	$29,600 thousand
Adjusted Operating Income (Non-GAAP)	$102,468 thousand
Adjusted EBITDA (Non-GAAP)	$192,943 thousand
Diluted Earnings Per Share (GAAP)	$0.37
Total Consolidated Assets	$1,983,678 thousand
Total Stockholders’ Equity	$869,533 thousand
Total Long-Term Debt (Principal)	$237,625 thousand (Term Loan A)
Total Retail Store Count	1,250 retail stores (across 40 states and Puerto Rico)
Workforce & Clinical Network	13,138 associates; 2,367 optometrists network (635 direct)

Source: National Vision Holdings, Inc. Form 10-K for the Fiscal Year Ended January 3, 2026.

Company Overview

National Vision Holdings, Inc. is an optical retailer in the United States, operating within the value segment of the optical retail industry. The company operates through its primary operating subsidiary, National Vision, Inc. (NVI), conducting retail operations across physical and digital storefronts nationwide. Its mission is to make eye care and eyewear affordable and accessible to consumers across diverse income levels.

The business model integrates retail optical dispensaries with professional optometric services. Through a store base of 1,250 locations as of January 3, 2026, the company sells prescription eyeglasses, contact lenses, eyeglass frames, lenses, plano sunglasses, readers, and eyewear accessories, while also providing comprehensive medical eye examinations.

• Total net revenues reached $1,987,488 thousand in fiscal year 2025, an increase of 9.0% compared to $1,823,320 thousand in fiscal year 2024.
• The store footprint comprises 1,057 America’s Best Contacts & Eyeglasses locations, 122 Eyeglass World superstores, 53 military base optical locations, and 18 Fred Meyer locations.
• Operating income generated for fiscal year 2025 totaled $58,829 thousand, rebounding from an operating loss of $10,359 thousand in fiscal year 2024.
• Adjusted Comparable Store Sales Growth from continuing operations registered at 6.0% for the 53-week fiscal year 2025.

During fiscal year 2025, the company operated under an updated strategic transformation mandate focused on business modernization, margin expansion, and targeted demographic shifts. Historically, the retail network concentrated on lower-income, price-conscious consumers through promotional offers centered on value.

While maintaining its value proposition, the organization altered its customer acquisition model to capture higher-value consumer segments. This includes individuals utilizing managed vision care benefits, patients requiring progressive lenses, and outside prescription customers who obtain refractions elsewhere but purchase optical hardware at retail locations.

To support this shift, retail operations expanded their merchandising architecture. Frames priced above $99 accounted for approximately 40% of frame assortments at the end of fiscal year 2025, compared to 20% at the start of the year. The company introduced designer collections, advanced-material lenses, specialized coatings, and new categories such as Ray-Ban Meta smart glasses.

• The clinical network supports eye care access across 800+ America’s Best locations equipped with synchronous remote telehealth technologies.
• National Vision’s centralized manufacturing infrastructure operates across four domestic laboratories and one outsourced laboratory partner in Mexico.
• Managed care participation represented 42% of net revenues from continuing operations in fiscal year 2025, with an operational objective to achieve 50%.

The company’s digital strategy incorporates brand-specific omni-channel platforms for America’s Best, Eyeglass World, and Vista Optical Military, alongside a dedicated proprietary e-commerce portal, DiscountContacts.com. Omni-channel and e-commerce platforms accounted for approximately 7% of consolidated net revenue in fiscal year 2025.

Business Segments

National Vision Holdings, Inc. reports its financial performance and manages its business through a single reportable segment: the Owned & Host segment. Consolidated disclosures also present unallocated corporate functions and timing-based revenue adjustments through Corporate and other and Effects of unearned and deferred revenue.

                           ┌─────────────────────────────────────────┐
                           │      National Vision Holdings, Inc.     │
                           │         (Consolidated Entity)           │
                           └────────────────────┬────────────────────┘
                                                │
         ┌──────────────────────────────────────┼──────────────────────────────────────┐
         │                                      │                                      │
         ▼                                      ▼                                      ▼
┌─────────────────────────────────┐   ┌──────────────────────────────────┐   ┌──────────────────────────────────┐
│      Owned & Host Segment       │   │       Corporate and Other        │   │ Effects of Unearned/Deferred Rev │
│  $1,978,888k (99.57% of total)  │   │     $20,972k (1.06% of total)    │   │    $(12,372)k (-0.62% of total)  │
└────────┬────────────────────────┘   └──────────────────────────────────┘   └──────────────────────────────────┘
         │
         ├────────► America's Best Contacts & Eyeglasses ($1,743,304k | 87.71%)
         ├────────► Eyeglass World ($200,107k | 10.07%)
         ├────────► Vista Optical Military ($23,555k | 1.19%)
         └────────► Vista Optical Fred Meyer ($10,482k | 0.53%)

The tables and text below present each reporting category sorted by net revenue contribution for fiscal year 2025.

Segment Revenue Breakdown

Segment / Category	FY 2025 Net Revenue ($ in thousands)	FY 2025 % of Total Net Revenue	FY 2024 Net Revenue ($ in thousands)	FY 2024 % of Total Net Revenue	FY 2023 Net Revenue ($ in thousands)
Owned & Host Segment	$1,978,888	99.57% (Calculated by FirmsWorld)	$1,794,247	98.41% (Calculated by FirmsWorld)	$1,727,159
Corporate and Other	$20,972	1.06% (Calculated by FirmsWorld)	$27,621	1.51% (Calculated by FirmsWorld)	$27,333
Effects of Unearned and Deferred Revenue	$(12,372)	-0.62% (Calculated by FirmsWorld)	$1,452	0.08% (Calculated by FirmsWorld)	$1,879
Total Net Revenue	$1,987,488	100.00%	$1,823,320	100.00%	$1,756,371

Source: National Vision Holdings, Inc. Form 10-K for the Fiscal Year Ended January 3, 2026.

Owned & Host Segment Profile

The Owned & Host segment encompasses the company’s two owned retail brands—America’s Best Contacts & Eyeglasses and Eyeglass World—along with two host retail partnerships: Vista Optical locations within select Fred Meyer stores and Vista Optical locations on active U.S. military installations.

For fiscal year 2025, the segment generated net revenues of $1,978,888 thousand, representing 99.57% of consolidated net revenue (Calculated by FirmsWorld). This reflects a 10.29% expansion (Calculated by FirmsWorld) over the $1,794,247 thousand reported in fiscal year 2024.

• Owned & Host operating profit reached $168,918 thousand in fiscal year 2025, compared to $119,776 thousand in fiscal year 2024 and $109,248 thousand in fiscal year 2023.
• Total retail store units active within the segment stood at 1,250 stores across 40 U.S. states and Puerto Rico as of January 3, 2026.
• Capital expenditures allocated to the segment totaled $38,733 thousand during fiscal year 2025.
• Depreciation and amortization expense attributed to segment operations reached $82,883 thousand in fiscal year 2025.

Operations within Owned & Host utilize centralized supply chain, manufacturing, and distribution infrastructure. Eyeglass orders generated at retail stores are routed via automated scheduling software to regional optical laboratories.

The segment includes omni-channel consumer websites operating under brand banners for America’s Best, Eyeglass World, and Vista Optical Military. These portals offer online appointment booking, frame browsing, contact lens ordering, and fulfillment features such as “buy-in-store and ship-to-home.”

Corporate and Other Profile

The Corporate and Other category generated $20,972 thousand in net revenue for fiscal year 2025, representing 1.06% of total revenue (Calculated by FirmsWorld), compared to $27,621 thousand in fiscal year 2024 and $27,333 thousand in fiscal year 2023.

This classification houses two direct commercial operations:

1. DiscountContacts.com: A dedicated direct-to-consumer e-commerce website selling contact lenses and eye care accessory items, recognizing product revenue upon delivery to the consumer’s address.
2. FirstSight Vision Services, Inc.: A specialized health maintenance organization (HMO) licensed under California state law that underwrites and issues individual vision health plans for America’s Best retail stores in California.

• Corporate and Other incurred an operating loss of $(110,089) thousand during fiscal year 2025, compared to an operating loss of $(130,135) thousand in fiscal year 2024.
• Operating expenses include corporate overhead: headquarters executive and staff payroll, information technology administration, occupancy costs, and professional consulting.
• Non-cash charges housed in this unit include $1,991 thousand in store asset impairments and $23,686 thousand in total stock-based compensation expense for fiscal year 2025.
• Capital expenditures tied to corporate IT and infrastructure totaled $34,107 thousand in fiscal year 2025.

Effects of Unearned and Deferred Revenue Profile

The Effects of Unearned and Deferred Revenue represents an adjustment category reconciling segment operating data with consolidated GAAP accounting. In fiscal year 2025, this adjustment subtracted $(12,372) thousand from consolidated net revenue, compared to an addition of $1,452 thousand in fiscal year 2024 and an addition of $1,879 thousand in fiscal year 2023.

This category tracks two balance sheet items:

• Deferred Revenue: Timing differences between initial point-of-sale customer cash collection and subsequent service delivery under Eyecare Club multi-year memberships and product protection warranty plans.
• Unearned Revenue: Timing variances between initial customer payment and retail acceptance of customized prescription eyeglasses, typically covering orders placed during the final two weeks of the fiscal year.

History and Evolution

National Vision, Inc. was formed as an optical retailer and grew through store additions, brand acquisitions, and retail partnerships. A milestone in corporate capitalization occurred in 2014, when affiliates of private equity firm KKR & Co. Inc. acquired the company. This institutional transaction led to the incorporation of National Vision Holdings, Inc. in Delaware as the ultimate corporate parent entity.

The company completed an initial public offering (IPO) of its common stock on October 23, 2017, listing its shares on the Nasdaq Global Select Market under the ticker symbol “EYE.” During this period, the company expanded its retail presence through its owned store network and long-term host partnerships with large commercial retailers.

• Between 2006 and the end of fiscal year 2025, the company opened more than 1,100 total retail stores, including 1,072 units under the America’s Best and Eyeglass World banners.
• In May 2020, National Vision issued $402.5 million in 2.50% convertible senior notes due May 15, 2025, to provide liquidity during pandemic-related operational disruptions.
• A major corporate portfolio restructuring took place in fiscal year 2024 with the termination of the Walmart partnership and the wind-down of AC Lens operations.

The termination of the commercial agreements with Walmart and the exit from third-party AC Lens supply operations led the company to reclassify those businesses as discontinued operations in fiscal year 2024. During fiscal years 2023 and 2024, National Vision recorded $5.2 million and $4.4 million in net exit charges, including severance, early lease termination fees, and contract exit costs.

2014                  2017                  2020                  2024                  2025
 ┌─────────────────────┼─────────────────────┼─────────────────────┼─────────────────────┐
 │ Acquired by         │ Initial Public      │ $402.5M Convertible │ Walmart Partnership │ Strategic
 │ KKR Affiliates;     │ Offering (IPO) on   │ Notes Issued;       │ Terminated; AC Lens │ Modernization;
 │ Delaware Parent     │ Nasdaq Global       │ Remote Telehealth   │ Wound Down;         │ Rebrand; 2025 Notes
 │ Formed              │ Select ("EYE")      │ Rolled Out          │ Fleet Optimization  │ Fully Repaid

In 2024 and 2025, management introduced a multi-year transformation strategy. The plan focused capital on the core Owned & Host retail business, modernized brand assets, and upgraded pricing architecture.

During fiscal year 2025, the company repaid the remaining $84.8 million principal balance of its 2025 convertible senior notes using available cash balances and revolving credit borrowings. This completed the retirement of the debt instrument without equity dilution.

Concurrently, National Vision initiated a brand relaunch for America’s Best and deployed remote telehealth infrastructure to address clinical staffing constraints in local retail optical markets.

Products and Services

National Vision generates revenues across two categories: Net Product Sales and Net Sales of Services and Plans. Consolidated revenues are categorized by revenue stream and timing of revenue recognition under GAAP ASC Topic 606.

Product and Service Revenue Breakdown

Category	FY 2025 Net Revenue ($ in thousands)	FY 2025 % of Total Net Revenue	FY 2024 Net Revenue ($ in thousands)	FY 2024 % of Total Net Revenue	FY 2023 Net Revenue ($ in thousands)	FY 2024–2025 Change ($)	FY 2024–2025 Change (%)
Net Product Sales	$1,604,592	80.73% (Calculated by FirmsWorld)	$1,463,139	80.25% (Calculated by FirmsWorld)	$1,423,229	+$141,453	+9.67%
Net Sales of Services and Plans	$382,896	19.27% (Calculated by FirmsWorld)	$360,181	19.75% (Calculated by FirmsWorld)	$333,142	+$22,715	+6.31%
Total Net Revenue	$1,987,488	100.00%	$1,823,320	100.00%	$1,756,371	+$164,168	+9.00%

Source: National Vision Holdings, Inc. Form 10-K for the Fiscal Year Ended January 3, 2026.

Timing of Revenue Recognition

Revenue Timing Attribute	FY 2025 ($ in thousands)	FY 2025 % of Total Net Revenue	FY 2024 ($ in thousands)	FY 2024 % of Total Net Revenue	FY 2023 ($ in thousands)
Point in Time Recognition	$1,859,291	93.55% (Calculated by FirmsWorld)	$1,696,735	93.06% (Calculated by FirmsWorld)	$1,631,030
Over Time Recognition	$128,197	6.45% (Calculated by FirmsWorld)	$126,585	6.94% (Calculated by FirmsWorld)	$125,341
Total Net Revenue	$1,987,488	100.00%	$1,823,320	100.00%	$1,756,371

Source: National Vision Holdings, Inc. Form 10-K for the Fiscal Year Ended January 3, 2026.

Net Product Sales Profile

Net product sales represent the core of National Vision’s commercial volume, contributing $1,604,592 thousand in fiscal year 2025, or 80.73% of total net revenue (Calculated by FirmsWorld). This represents a 9.67% expansion over fiscal year 2024.

• Eyeglass sales drove $123.4 million (a 10.8% increase) of total product growth, supported by retail pricing actions and enhanced product mix.
• Contact lens sales expanded by $16.9 million (a 5.5% increase), driven by replenishment volume and private-label conversion.
• Costs of products stood at $461,213 thousand in fiscal year 2025, delivering an improved product gross margin of 71.26% (Calculated by FirmsWorld) compared to 70.40% in fiscal year 2024.

The company’s product inventory covers frames, lenses, contact lenses, plano sunglasses, and ocular accessories. Frame inventory includes private-label lines, direct-import models, and third-party designer brands such as Ray-Ban, Coach, and Calvin Klein.

Merchandising adjustments in fiscal year 2025 shifted frame assortments toward higher price points. Frames retailing above $99 grew from 20% of store stock at the start of 2025 to approximately 40% by year-end.

The lens portfolio covers single-vision, bifocal, and progressive options, alongside upgrades including anti-reflective coatings, blue-light filtering, polycarbonates, high-index materials, and photochromic transitions. Contact lens inventory covers major international manufacturers alongside private-label offerings Sofmed and Natural Eyes HydraWear, manufactured by CooperVision.

Net Sales of Services and Plans Profile

Services and plans generated $382,896 thousand in net revenue in fiscal year 2025, representing 19.27% of consolidated net revenue (Calculated by FirmsWorld), expanding 6.31% year-over-year from $360,181 thousand in fiscal year 2024.

• Professional eye exam services generated $21.1 million of the annual increase, reflecting a 9.0% rise in clinical exam receipts.
• Costs of services and plans totaled $358,256 thousand in fiscal year 2025, compared to $330,862 thousand in fiscal year 2024.
• Costs of services as a percentage of service revenue rose 170 basis points to 93.56% (Calculated by FirmsWorld), driven by clinical optometrist wages.

Service revenues include eye examinations, club membership programs, product protection plans, and health maintenance organization vision plan fees. Stand-alone eye examinations are recognized as revenue at the point of clinical service.

Under America’s Best signature two-pair promotion (two pairs of eyeglasses with an eye examination included for a single bundled price), accounting rules treat the examination as non-distinct from product delivery. Consequently, revenue from this promotional offer is recorded entirely within Net Product Sales upon customer pickup and acceptance of the eyeglasses.

Revenues recognized over time generated $128,197 thousand during fiscal year 2025. This category includes:

• Eyecare Club Memberships: A three-year loyalty program primarily serving contact lens consumers. Members pay a one-time upfront fee for two clinical examinations annually and a 10% discount on eyewear and contact lenses. The program had approximately 1.3 million active members as of January 3, 2026.
• Product Protection Plans: Extended warranty arrangements covering eyeglass repairs and replacements for a one-year period post-purchase. Revenue is recognized on a straight-line basis over the coverage term.

Brand Portfolio

National Vision operates across four store brands, alongside its dedicated direct-to-consumer e-commerce portal. The store brands operate across two retail formats: high-volume strip-center retail locations and optical superstores featuring on-site laboratories.

Brand Performance and Store Footprint Breakdown

Brand Portfolio Entity	FY 2025 Net Revenue ($ in thousands)	FY 2025 % of Total Net Revenue	FY 2024 Net Revenue ($ in thousands)	FY 2024 % of Total Net Revenue	FY 2025 Store Count	FY 2024 Store Count	FY 2025 Comparable Store Sales Growth
America’s Best Contacts & Eyeglasses	$1,743,304	87.71% (Calculated by FirmsWorld)	$1,561,062	85.62% (Calculated by FirmsWorld)	1,057	1,036	6.3%
Eyeglass World	$200,107	10.07% (Calculated by FirmsWorld)	$202,404	11.10% (Calculated by FirmsWorld)	122	122	4.2%
Vista Optical – Military	$23,555	1.19% (Calculated by FirmsWorld)	$22,596	1.24% (Calculated by FirmsWorld)	53	53	2.6%
Vista Optical – Fred Meyer	$10,482	0.53% (Calculated by FirmsWorld)	$10,482	0.57% (Calculated by FirmsWorld)	18	29	4.9%

Source: National Vision Holdings, Inc. Form 10-K for the Fiscal Year Ended January 3, 2026.

America’s Best Contacts & Eyeglasses Profile

America’s Best is National Vision’s primary brand, contributing $1,743,304 thousand in net revenue during fiscal year 2025, or 87.71% of total net revenues (Calculated by FirmsWorld). This reflects an 11.67% increase (Calculated by FirmsWorld) over the $1,561,062 thousand recorded in fiscal year 2024.

• America’s Best operated 1,057 retail stores across the United States as of January 3, 2026, opening 33 new stores and closing 12 during the fiscal year.
• The brand delivered comparable store sales growth of 6.3% in fiscal year 2025, compared to 1.8% in fiscal year 2024.
• Stores are situated primarily in high-traffic shopping centers alongside other value-oriented retail chains.

The operating model centers on value and convenience. Stores feature a signature bundled promotion offering two pairs of prescription eyeglasses with a comprehensive eye examination included.

In fiscal year 2025, the company updated the brand’s visual identity and introduced the platform “Every Eye Deserves Better.” Sales associates shifted toward consultative selling, supporting upgrades to progressive lenses, premium lens treatments, and designer frames.

Clinical examinations are performed by optometrists employed directly by NVI, contracted through professional corporations, or operating via independent subleases. To expand clinical capacity, the company deployed synchronous telehealth equipment to over 800 America’s Best locations by the end of fiscal year 2025.

Eyeglass World Profile

Eyeglass World operates as an optical superstore format, generating $200,107 thousand in net revenue in fiscal year 2025, representing 10.07% of consolidated net revenue (Calculated by FirmsWorld). This compares to $202,404 thousand in fiscal year 2024.

• The brand operated 122 optical superstores as of January 3, 2026, holding store count flat relative to fiscal year 2024.
• Comparable store sales growth rebounded to 4.2% in fiscal year 2025, reversing a decline of (2.2)% in fiscal year 2024.
• All 122 store locations are equipped with on-site optical laboratories capable of providing same-day prescription eyeglass fulfillment and frame repairs.

Eyeglass World stores are typically located in freestanding or in-line retail sites near major commercial shopping hubs. The format carries a larger selection of designer frame inventories and specialty lens options than standard value optical storefronts.

During fiscal year 2025, management initiated an operational review of Eyeglass World. Store teams completed updated customer service and sales training programs, and the company plans to launch a refreshed brand identity for the chain in fiscal year 2026.

Following reduced performance projections in fiscal year 2024, the company recorded a non-cash goodwill impairment charge of $19.2 million against Eyeglass World. As of January 3, 2026, the carrying value of goodwill for Eyeglass World was $94.1 million.

Vista Optical – Military Profile

Vista Optical Military locations operate through retail concession agreements on active U.S. Army and Air Force military installations. The brand generated $23,555 thousand in net revenue in fiscal year 2025, representing 1.19% of consolidated net revenue (Calculated by FirmsWorld), compared to $22,596 thousand in fiscal year 2024.

• The military store network maintained an operating base of 53 retail locations as of January 3, 2026, unchanged from fiscal year 2024.
• Comparable store sales growth reached 2.6% in fiscal year 2025, compared to (0.5)% in fiscal year 2024.
• Store leases on military installations operate under master concession contracts, with variable rent structures calculated as a percentage of retail sales.

Stores provide prescription eyewear, contact lenses, and optometric eye examinations to active military personnel, retirees, and their families. Lenses are surfaced and edged through the company’s centralized domestic laboratory network.

Vista Optical – Fred Meyer Profile

Vista Optical Fred Meyer locations operate as optical departments within select Fred Meyer multi-department hypermarkets in the Pacific Northwest. Net revenue generated in fiscal year 2025 was $10,482 thousand, representing 0.53% of consolidated net revenue (Calculated by FirmsWorld), matching the $10,482 thousand generated in fiscal year 2024.

• Store locations declined from 29 to 18 units during fiscal year 2025 following 11 planned store closures.
• Comparable store sales growth expanded to 4.9% in fiscal year 2025, compared to a contraction of (4.5)% in fiscal year 2024.
• Two location closures during the year resulted directly from host decisions to cease store operations at those properties.

Following a portfolio review in fiscal year 2024, National Vision recorded a non-cash impairment of $10.5 million against the Fred Meyer contracts and relationships intangible asset. The carrying value of this finite-lived intangible asset stood at $7,554 thousand as of January 3, 2026, with a remaining amortization life of 11 years.

Geographical Presence

National Vision operates in the United States and its territories, with its store base concentrated in strip shopping centers, optical superstores, hypermarkets, and military installations. The operating network spans 40 U.S. states and Puerto Rico, totaling 1,250 retail locations as of January 3, 2026.

                          National Vision Store Network: 1,250 Locations
 ┌───────────────────────────────────────────────┬───────────────────────────────────────────────┐
 │ Top States by Store Presence                  │ Operating Infrastructure                      │
 ├───────────────────────────────────────────────┼───────────────────────────────────────────────┤
 │ • Texas: 149 stores (138 AB, 6 EGW, 5 Other)  │ • Lawrenceville, GA: Lab & 118,000 sq ft DC   │
 │ • Florida: 156 stores (110 AB, 44 EGW, 2 Oth) │ • St. Cloud, MN: Optical Lab (Owned)          │
 │ • California: 96 stores (93 AB, 0 EGW, 3 Oth) │ • Plano, TX: Optical Lab (Leased)             │
 │ • Georgia: 65 stores (56 AB, 4 EGW, 5 Other)  │ • Salt Lake City, UT: Optical Lab (Leased)    │
 │ • Illinois: 64 stores (62 AB, 2 EGW)          │ • Mexico: Third-party outsourced optical lab  │
 └───────────────────────────────────────────────┴───────────────────────────────────────────────┘

The table below lists store distribution by state, sorted in descending order by total retail store count.

Store Footprint by State and Territory

State / Territory	America’s Best Stores	Eyeglass World Stores	Other Stores (Military / Fred Meyer)	Total Retail Stores
Florida	110	44	2	156
Texas	138	6	5	149
California	93	0	3	96
Georgia	56	4	5	65
Illinois	62	2	0	64
Pennsylvania	50	5	0	55
Ohio	46	1	1	48
New Jersey	45	0	1	46
Arizona	32	11	2	45
Michigan	37	4	0	41
Virginia	38	0	1	39
Colorado	27	7	3	37
Tennessee	29	6	0	35
Washington	20	1	13	34
North Carolina	28	0	2	30
Indiana	18	11	0	29
Missouri	27	1	1	29
Alabama	25	1	3	29
South Carolina	23	2	1	26
Maryland	24	0	1	25
Utah	14	5	1	20
Oregon	12	0	5	17
Louisiana	15	0	1	16
Minnesota	13	0	0	13
Wisconsin	9	0	0	9
Connecticut	8	0	0	8
Nebraska	6	1	1	8
Kentucky	5	1	2	8
Idaho	7	0	0	7
Iowa	6	1	0	7
Alaska	0	0	6	6
New Mexico	0	2	3	5
Nevada	0	4	1	5
Kansas	0	2	2	4
New York	33	0	1	34
Mississippi	0	0	2	2
Arkansas	0	0	1	1
Wyoming	1	0	0	1
Puerto Rico	0	0	1	1
Total Stores	1,057	122	71	1,250

Source: National Vision Holdings, Inc. Form 10-K for the Fiscal Year Ended January 3, 2026.

Manufacturing and Corporate Footprint Profile

National Vision’s physical network is supported by centralized corporate, distribution, and manufacturing properties:

• Corporate Headquarters: Located in Duluth, Georgia, housing executive leadership, financial accounting, IT administration, clinical support, and customer service teams. A regional administrative office in Upland, California, supports FirstSight HMO operations.
• Central Distribution Center: A leased 118,000 square foot logistics center in Lawrenceville, Georgia, handling frame procurement, direct-import processing, centralized inventory storage, and shipping across the retail store fleet.
• Domestic Optical Laboratories: Four centralized manufacturing plants:
  • Lawrenceville, Georgia (leased);
  • Plano, Texas (leased);
  • Salt Lake City, Utah (leased);
  • St. Cloud, Minnesota (company-owned real estate).
• Outsourced Optical Laboratory Partner: The company maintains an outsourcing relationship with a third-party laboratory in Mexico for lens surfacing, finishing, and assembly. (An outsourced laboratory relationship in China was terminated in 2024).
• On-Site Store Laboratories: All 122 Eyeglass World superstore locations operate on-site finishing laboratories for same-day eyeglass cutting, edging, assembly, and repair.
• Legacy Facility: The company remains obligated through March 2028 on a lease for a former AC Lens distribution center in Ohio, which has been subleased to a third party.

Profit and Loss

Consolidated results for the fiscal years ended January 3, 2026 (53 weeks), December 28, 2024 (52 weeks), and December 30, 2023 (52 weeks) illustrate top-line growth and operational recovery following the exit from discontinued operations in 2024.

Consolidated Statements of Operations

Financial Line Item ($ in thousands, except per share data)	Fiscal Year 2025	Fiscal Year 2024	Fiscal Year 2023
Revenue:
Net product sales	$1,604,592	$1,463,139	$1,423,229
Net sales of services and plans	$382,896	$360,181	$333,142
Total net revenue	$1,987,488	$1,823,320	$1,756,371
Costs applicable to revenue (exclusive of depreciation and amortization):
Products	$461,213	$433,194	$424,011
Services and plans	$358,256	$330,862	$310,644
Total costs applicable to revenue	$819,469	$764,056	$734,655
Operating expenses:
Selling, general and administrative expenses	$1,016,251	$938,524	$904,757
Depreciation and amortization	$91,152	$91,349	$89,874
Asset impairment	$1,991	$39,851	$2,699
Other expense (income), net	$(204)	$(101)	$(104)
Total operating expenses	$1,109,190	$1,069,623	$997,226
Income (loss) from operations	$58,829	$(10,359)	$24,490
Interest expense, net	$17,148	$16,184	$14,339
(Gain) loss on extinguishment of debt	$—	$(859)	$599
Earnings (loss) from continuing operations before income taxes	$41,681	$(25,684)	$9,552
Income tax provision	$12,081	$1,481	$6,006
Income (loss) from continuing operations	$29,600	$(27,165)	$3,546
Income (loss) from discontinued operations, net of tax	$—	$(1,334)	$(69,447)
Net income (loss)	$29,600	$(28,499)	$(65,901)
Diluted earnings (loss) per share:
Continuing operations	$0.37	$(0.35)	$0.05
Discontinued operations	$—	$(0.02)	$(0.88)
Total Diluted EPS	$0.37	$(0.36)	$(0.84)
Weighted average shares outstanding: Basic	79,131	78,592	78,313
Weighted average shares outstanding: Diluted	80,576	78,592	78,596

Source: National Vision Holdings, Inc. Form 10-K for the Fiscal Year Ended January 3, 2026.

Non-GAAP Financial Measures Reconciliation

Management utilizes Adjusted Operating Income, Adjusted EBITDA, and Adjusted Diluted EPS to evaluate underlying core operational performance across reporting periods.

Non-GAAP Metric Reconciliation ($ in thousands, except per share data)	Fiscal Year 2025	Fiscal Year 2024	Fiscal Year 2023
Net income (loss)	$29,600	$(28,499)	$(65,901)
Income (loss) from discontinued operations, net of tax	$—	$(1,334)	$(69,447)
Income (loss) from continuing operations, net of tax	$29,600	$(27,165)	$3,546
Interest expense, net	$17,148	$16,184	$14,339
Income tax provision	$12,081	$1,481	$6,006
Stock-based compensation expense	$23,686	$16,708	$19,203
(Gain) loss on extinguishment of debt	$—	$(859)	$599
Asset impairment	$1,991	$39,851	$2,699
Litigation settlement	$1,903	$4,450	$—
Amortization of acquisition intangibles	$677	$1,313	$1,525
ERP and CRM implementation expenses	$6,420	$5,990	$484
Other non-operating adjustments	$8,962	$7,536	$5,493
Adjusted Operating Income from continuing operations	$102,468	$65,489	$53,894
Adjusted Operating Margin	5.2%	3.6%	3.1%
Depreciation and amortization	$91,152	$91,349	$89,874
Less: Amortization of acquisition intangibles	$(677)	$(1,313)	$(1,525)
Adjusted EBITDA from continuing operations	$192,943	$155,525	$142,237
Adjusted EBITDA Margin	9.7%	8.5%	8.1%
Adjusted Diluted EPS from continuing operations	$0.80	$0.52	$0.47

Source: National Vision Holdings, Inc. Form 10-K for the Fiscal Year Ended January 3, 2026.

Financial Performance and Expense Analysis

Total net revenues grew 9.0% to $1,987,488 thousand in fiscal year 2025. The inclusion of a 53rd operating week contributed $35.6 million in revenue and approximately $0.03 to diluted earnings per share.

Adjusted Comparable Store Sales Growth reached 6.0%, driven by higher average customer tickets and gains in managed vision care customer retention, offset by a slight decline in customer traffic.

• Costs applicable to revenue totaled $819,469 thousand, declining 70 basis points to 41.23% of net revenue (Calculated by FirmsWorld) compared to 41.90% in fiscal year 2024.
• Eyeglass product margins expanded by 140 basis points, driven by retail price updates, premium frame sales, and higher-tier lens add-ons.
• Selling, general, and administrative expenses reached $1,016,251 thousand, improving 40 basis points to 51.13% of net revenue (Calculated by FirmsWorld).
• Advertising spending totaled $138,827 thousand in fiscal year 2025, compared to $138,555 thousand in fiscal year 2024 and $137,163 thousand in fiscal year 2023.

SG&A leverage reflected advertising efficiencies and cost-discipline programs, offset by higher employee healthcare costs, an increase of 100 basis points in variable incentive compensation, and a 30-basis-point increase in stock compensation expenses.

Net interest expense rose to $17,148 thousand, reflecting lower interest earnings on cash balances ($3.8 million reduction), partially offset by reduced interest payments following term loan amortization and debt retirements.

The effective tax rate was 29.0% in fiscal year 2025, compared to (5.8)% in fiscal year 2024. The prior-year rate had been distorted by the partial non-deductibility of goodwill impairment write-offs associated with Eyeglass World.

Balance Sheet

National Vision’s balance sheet reflects the retirement of convertible senior notes, store asset management, and capitalized lease obligations under ASC Topic 842.

Consolidated Balance Sheets

Financial Item ($ in thousands, except share data)	As of January 3, 2026	As of December 28, 2024
ASSETS
Current assets:
Cash and cash equivalents	$38,708	$73,948
Accounts receivable, net	$57,322	$49,938
Inventories	$89,318	$93,918
Prepaid expenses and other current assets	$40,374	$32,024
Total current assets	$225,722	$249,828
Noncurrent assets:
Property and equipment, net	$344,619	$362,175
Goodwill	$700,642	$698,305
Trademarks and trade names	$240,547	$240,547
Other intangible assets, net	$7,554	$8,269
Right of use assets (Operating leases)	$394,896	$408,589
Other assets	$69,698	$40,058
Total noncurrent assets	$1,757,956	$1,757,943
Total assets	$1,983,678	$2,007,771
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$78,999	$53,643
Other payables and accrued expenses	$109,674	$109,036
Unearned revenue	$52,279	$42,002
Deferred revenue	$64,560	$62,507
Current maturities of long-term debt and finance leases	$16,583	$101,392
Current operating lease obligations	$90,313	$99,694
Total current liabilities	$412,408	$468,274
Noncurrent liabilities:
Long-term debt and finance leases, less current portion & discount	$229,327	$248,610
Noncurrent operating lease obligations	$358,377	$366,335
Deferred revenue	$22,517	$22,082
Other liabilities	$8,944	$8,228
Deferred income taxes, net	$82,572	$77,909
Total noncurrent liabilities	$701,737	$723,164
Total liabilities	$1,114,145 (Calculated by FirmsWorld)	$1,191,438 (Calculated by FirmsWorld)
Stockholders’ equity:
Common stock, $0.01 par value (79,416,050 and 78,775,117 shares outstanding)	$862	$854
Additional paid-in capital	$834,000	$807,048
Accumulated other comprehensive loss	$(121)	$—
Retained earnings	$255,717	$226,117
Treasury stock, at cost (6,862,488 and 6,669,146 shares)	$(220,925)	$(217,686)
Total stockholders’ equity	$869,533	$816,333
Total liabilities and stockholders’ equity	$1,983,678	$2,007,771

Source: National Vision Holdings, Inc. Form 10-K for the Fiscal Year Ended January 3, 2026.

Inventories and Asset Composition

Inventories totaled $89,318 thousand as of January 3, 2026, comprising $65,775 thousand in raw materials and optical laboratory work-in-process, and $23,543 thousand in finished retail optical goods.

• Gross property, plant, and equipment stood at $988,034 thousand, offset by $643,415 thousand in accumulated depreciation, resulting in net P&E of $344,619 thousand.
• Operating lease right-of-use assets totaled $394,896 thousand, matched against $448,690 thousand in current and noncurrent operating lease liabilities.
• Indefinite-lived trademarks stood at $240,547 thousand, allocated between America’s Best ($200,547 thousand) and Eyeglass World ($40,000 thousand).
• Cash balances declined to $38,708 thousand, reflecting the full retirement of the remaining $84.8 million convertible note balance in May 2025.

Net accounts receivable stood at $57,322 thousand, including $42,563 thousand in trade receivables and $15,047 thousand in other receivables. This other receivables balance includes $9.0 million in CARES Act alternative minimum tax refunds, which were paid in full by the federal government in January 2026.

Total stockholders’ equity expanded to $869,533 thousand as of January 3, 2026, supported by retained earnings growth from $29,600 thousand in fiscal year 2025 net income.

Cash Flow

The consolidated statement of cash flows tracks the cash generated by operations and its allocation toward capital expenditures, debt repayments, and working capital needs.

Consolidated Statements of Cash Flows

Cash Flow Category ($ in thousands)	Fiscal Year 2025	Fiscal Year 2024	Fiscal Year 2023
Cash flows from operating activities:
Net income (loss)	$29,600	$(28,499)	$(65,901)
Depreciation and amortization	$91,152	$92,680	$98,252
Amortization of debt discount and deferred financing costs	$1,217	$2,121	$3,351
Amortization of cloud computing implementation costs	$8,741	$6,402	$3,170
Asset impairment	$1,991	$40,099	$82,413
Deferred income tax expense (benefit)	$4,663	$(9,975)	$(5,989)
Stock-based compensation expense	$23,686	$16,708	$20,174
(Gains) on change in fair value of derivatives	$—	$(34)	$(1,274)
Inventory adjustments	$5,327	$4,391	$3,707
Other non-cash reconciling adjustments	$(56)	$(1,013)	$3,891
Changes in operating assets and liabilities:
Accounts receivable	$(8,069)	$36,399	$(7,817)
Inventories	$(728)	$21,598	$(457)
Operating lease right-of-use assets and liabilities	$(1,822)	$(2,321)	$524
Other assets	$(45,656)	$(7,286)	$(3,171)
Accounts payable	$25,356	$(13,913)	$2,280
Deferred and unearned revenue	$12,766	$(5,852)	$7,401
Other liabilities	$(1,875)	$(17,856)	$32,479
Net cash provided by operating activities	$146,293	$133,649	$173,033
Cash flows from investing activities:
Purchase of property and equipment (Capital Expenditures)	$(72,840)	$(95,505)	$(114,774)
Other investing activities	$(3,766)	$(589)	$(1,048)
Net cash used for investing activities	$(76,606)	$(96,094)	$(115,822)
Cash flows from financing activities:
Repayments on long-term debt	$(126,337)	$(222,064)	$(103,000)
Borrowings on long-term debt	$25,000	$115,000	$—
Payments of debt issuance costs	$—	$(1,703)	$(3,312)
Payments on finance lease obligations	$(3,475)	$(2,993)	$(3,918)
Proceeds from issuance of common stock	$3,395	$1,507	$1,837
Purchase of treasury stock	$(3,205)	$(3,092)	$(28,415)
Net cash used for financing activities	$(104,622)	$(113,345)	$(136,808)
Net change in cash, cash equivalents and restricted cash	$(34,935)	$(75,790)	$(79,597)
Cash, cash equivalents and restricted cash at beginning of year	$75,237	$151,027	$230,624
Cash, cash equivalents and restricted cash at end of year	$40,302	$75,237	$151,027

Source: National Vision Holdings, Inc. Form 10-K for the Fiscal Year Ended January 3, 2026.

Cash Flow Dynamics and Free Cash Flow Analysis

Net cash provided by operating activities grew by $12.6 million to $146,293 thousand in fiscal year 2025, driven by an operational turnaround that improved net income by $58,099 thousand (Calculated by FirmsWorld) over fiscal year 2024.

• Free cash flow generated in fiscal year 2025 reached $73,453 thousand (Calculated by FirmsWorld: $146,293 thousand operating cash minus $72,840 thousand capex).
• Working capital cash outflows into other assets were $(45,656) thousand, driven by investments in cloud software and ERP/CRM systems.
• Accounts payable contributed $25,356 thousand in operating cash inflows through vendor payment term management.
• Operating lease cash outflows totaled $128,268 thousand in fiscal year 2025, compared to $113,113 thousand in fiscal year 2024.

Financing activities used $(104,622) thousand in cash. This was driven by the full repayment of the remaining $84,774 thousand principal on the 2025 convertible notes, $16,563 thousand in quarterly Term Loan A amortization, and the payoff of a temporary $25.0 million revolving credit draw.

Board of Directors and Leadership Team

Corporate governance and operational execution are overseen by executive officers and the Board of Directors of National Vision Holdings, Inc.

Executive Leadership Profile

• Alex Wilkes, Chief Executive Officer: Leads corporate strategy and execution, directing the multi-year transformation program across retail brands, marketing, clinical remote medicine, and operational margin initiatives.
• Chief Technology Officer (CTO): Appointed in September 2025, bringing more than 30 years of industry experience across global information technology management, application development, cloud solutions, and enterprise software, specializing in Agentic AI and technology infrastructure.
• Vice President of Information Technology Infrastructure: Has served in this leadership role for more than eight years, possessing over 25 years of IT infrastructure management experience, and holds a Bachelor of Science degree in Computer Information Systems.

Board of Directors and Committee Oversight

The Board of Directors oversees corporate strategy, compliance, capital allocation, executive compensation, and risk management through three standing committees:

• Audit Committee: Oversees financial reporting processes, corporate accounting policies, independent auditor engagements, internal controls over financial reporting, and enterprise risk management. The committee reviews cybersecurity threat assessments, mitigation programs, and IT initiatives with the CTO on a quarterly basis.
• Compensation Committee: Evaluates and approves executive base salaries, annual short-term incentive plans, and equity compensation grants under the 2017 Omnibus Incentive Plan. The committee reviews talent acquisition, doctor compensation frameworks, and employee retention programs.
• Nominating and Corporate Governance Committee: Governs board composition, evaluates director candidates, manages corporate governance guidelines, and oversees environmental, sustainability, and corporate responsibility policies.

Subsidiaries, Associates, Joint Ventures

National Vision Holdings, Inc. conducts its commercial and clinical activities through direct and indirect operating subsidiaries and consolidated professional entities.

Disclosed Subsidiary and Entity Schedule

Entity Name	Jurisdiction	Direct / Indirect Ownership	Operational Scope and Function
National Vision, Inc. (NVI)	Georgia / Delaware	100% Indirect Subsidiary	Primary operating company; manages store retail operations, optical labs, distribution, and associate employment.
FirstSight Vision Services, Inc.	California	100% Indirect Subsidiary	Specialized HMO licensed under the California Department of Managed Health Care; underwrites retail vision care plans.
Consolidated Variable Interest Entities (VIEs)	Various U.S. States	0% (Contractually Consolidated)	29 independent optometric professional corporations consolidated under ASC 810 to comply with state healthcare laws.
DiscountContacts.com	United States	100% Indirect Brand Operation	Dedicated consumer e-commerce portal selling contact lenses and ocular health accessories nationwide.

Source: National Vision Holdings, Inc. Form 10-K for the Fiscal Year Ended January 3, 2026.

Operating Subsidiary Profiles

• National Vision, Inc. (NVI): The primary operating engine of the corporation. It holds operating leases, employs retail associates and in-house optometrists, contracts with independent doctors, operates the centralized laboratory network, and maintains vendor contracts.
• FirstSight Vision Services, Inc.: Operates as a single-service HMO under California state regulatory oversight. This entity provides individual vision plans sold at America’s Best retail locations across California.
• Consolidated Professional Corporation VIEs: State laws prohibiting the corporate practice of medicine prevent non-physician corporations from directly employing optometrists or practicing medicine in several jurisdictions. National Vision operates 29 optometric professional corporations structured as Variable Interest Entities. While NVI holds no equity ownership in these entities, it is designated as the primary beneficiary under ASC 810 through administrative service agreements. Consolidated VIE assets were $4.6 million and liabilities were $6.9 million as of January 3, 2026.

Other Investments (Including Minority / Portfolio Holdings)

National Vision selectively deploys venture capital into optical technology and diagnostic platforms.

Retinal Imaging Artificial Intelligence Investment

Investment Attribute	Disclosed Investment Detail
Investee Specialization	Artificial intelligence-powered screening and diagnostic clinical tools for retinal imaging.
Cumulative Capital Invested	$3.3 million ($1.8 million in FY 2023; $1.5 million in FY 2024).
Additional Holding Instrument	Convertible promissory note issued by the investee in fiscal year 2024.
Balance Sheet Classification	Included in Noncurrent Other Assets; valued at cost less impairment.
M&A Transaction Status	Investee entered into an agreement and plan of merger in Q4 2025 to be acquired by its co-preferred investor.
Anticipated Liquidity Outcome	Full repayment in cash of capital and convertible promissory note balances; no material gain or loss expected.

Source: National Vision Holdings, Inc. Form 10-K for the Fiscal Year Ended January 3, 2026.

National Vision invested in an artificial intelligence technology company developing automated screening and diagnostic software applied to digital retinal photography.

The company deployed $1.8 million in fiscal year 2023 and $1.5 million in fiscal year 2024, while also funding a convertible promissory note to support the partner’s clinical pipeline.

During the fourth quarter of fiscal year 2025, the investee entered into a definitive merger agreement to be acquired by its co-preferred institutional investor. National Vision expects to receive full cash repayment of its invested equity and note balances upon transaction close.

Physical Properties

The company operates its retail, logistics, and manufacturing footprint almost entirely through long-term commercial operating and finance leases.

                           Consolidated Facility Real Estate Footprint
 ┌──────────────────────────┬──────────────────────────┬──────────────────────────┬──────────────────────────┐
 │ Retail Store Leases      │ Logistics Distribution   │ Optical Laboratories     │ Corporate Headquarters   │
 ├──────────────────────────┼──────────────────────────┼──────────────────────────┼──────────────────────────┤
 │ • 1,179 Leased stores    │ • Lawrenceville, GA:     │ • St. Cloud, MN (Owned)  │ • Duluth, GA: Corporate  │
 │ • Initial terms: 5–10 yrs│   118,000 sq ft leased   │ • Lawrenceville, GA (Lsd)│   Headquarters (Leased)  │
 │ • 71 Host master license │ • Columbus, OH (Legacy   │ • Plano, TX (Leased)     │ • Upland, CA: FirstSight │
 │   concession agreements  │   facility subleased)    │ • Salt Lake City, UT(Lsd)│   HMO Office (Leased)    │
 └──────────────────────────┴──────────────────────────┴──────────────────────────┴──────────────────────────┘

Leased and Owned Facility Schedule

Facility Type	Location / Geography	Square Footage / Store Scope	Ownership Status	Primary Operating Function
Corporate Headquarters	Duluth, Georgia	Consolidated office space	Leased	Executive management, finance, legal, IT, and clinical support.
Regional HMO Office	Upland, California	Dedicated office space	Leased	FirstSight administrative and California HMO regulatory operations.
Central Distribution Center	Lawrenceville, Georgia	118,000 sq ft	Leased	Central merchandise receiving, sorting, and fulfillment facility.
Central Optical Laboratory	Lawrenceville, Georgia	Industrial manufacturing	Leased	Digital lens surfacing, coating, finishing, and distribution.
Central Optical Laboratory	Plano, Texas	Industrial manufacturing	Leased	Automated optical prescription processing and lens edging.
Central Optical Laboratory	Salt Lake City, Utah	Industrial manufacturing	Leased	High-volume lens manufacturing and regional order fulfillment.
Central Optical Laboratory	St. Cloud, Minnesota	Industrial manufacturing	Owned Real Estate	Lens manufacturing facility owned directly by the company.
Legacy Distribution Center	Columbus, Ohio	Industrial warehouse space	Leased (Subleased)	Former AC Lens distribution center; subleased through March 2028.
America’s Best Store Fleet	40 States	1,057 retail strip locations	Leased	Retail eyewear sales and comprehensive clinical optometry centers.
Eyeglass World Store Fleet	Multiple U.S. States	122 freestanding/in-line sites	Leased	Retail superstores featuring full in-store optical processing labs.

Source: National Vision Holdings, Inc. Form 10-K for the Fiscal Year Ended January 3, 2026.

Store leases generally run for initial terms of five to 10 years, with multiple renewal options spanning one to 10 years. In recent periods, the company has increasingly negotiated 10-year initial lease terms with contractual rent escalations.

• Operating lease obligations totaled $448,690 thousand on a present value basis as of January 3, 2026.
• Undiscounted contractual cash commitments for operating leases stand at $529,677 thousand through 2030 and beyond.
• Operating lease right-of-use assets carried on the balance sheet totaled $394,896 thousand at year-end.
• Finance lease obligations totaled $9,422 thousand, covering clinical, diagnostic, and IT hardware.

Store lease contracts typically require minimum fixed base rents alongside tenant shares of common area maintenance, property taxes, and building insurance. For Vista Optical Military, lease costs are variable and calculated as a percentage of store gross sales.

Investments and Capital Expenditure Plans

National Vision funds its capital expenditures primarily from operating cash flows, using available revolving credit borrowings as needed to maintain liquidity.

Capital Expenditures Historical Summary

Capital Allocation Category ($ in thousands)	Fiscal Year 2025	Fiscal Year 2024	Fiscal Year 2023
New store development (owned brands)	$16,798	$44,347	$51,938
Laboratories, distribution centers, and optometric equipment	$21,935	$7,981	$26,030
Information technology and infrastructure	$34,107	$43,177	$36,806
Total Capital Expenditures	$72,840	$95,505	$114,774

Source: National Vision Holdings, Inc. Form 10-K for the Fiscal Year Ended January 3, 2026.

• Capital expenditures planned for fiscal year 2026 are projected between $73 million and $78 million (Company guidance).
• New store build-out targets require a cash investment of $0.4 million to $0.6 million per store, net of tenant improvement allowances (Management target).
• New retail storefronts target a sales range of $1.5 million to $1.7 million by their fifth full operating year (Management target).
• New stores target achieving at least 55% of fifth-year sales during their first full year of operation (Management target).

Capital spending moderation in fiscal year 2025 (dropping to $72,840 thousand from $95,505 thousand in 2024) reflected a temporary slowdown in new store openings to 33 units. This adjustment allowed the company to reallocate capital into existing store refreshes, optometric equipment, and IT systems.

During fiscal year 2026, the company plans to open 30 to 35 new stores, primarily under the America’s Best banner (Company guidance). Management plans to accelerate store openings to approximately 60 per year starting in fiscal year 2028, targeting approximately 240 new stores through 2030 (Management target).

IT investments remain focused on deploying a centralized Customer Relationship Management (CRM) platform, updating Enterprise Resource Planning (ERP) systems, moving e-commerce storefronts to updated architectures, and expanding telehealth technology across the doctor network.

Shareholding Pattern

National Vision Holdings, Inc. is publicly listed on the Nasdaq Global Select Market under the ticker “EYE.” Equity ownership includes institutional investment firms, retail shareholders, company directors, and executive leadership.

Capital Stock and Shareholder Structure

• Common Stock Authorized: 200,000,000 shares at a par value of $0.01 per share.
• Common Stock Issued: 86,278,538 shares as of January 3, 2026, compared to 85,444,263 shares as of December 28, 2024.
• Common Stock Outstanding: 79,416,050 shares as of January 3, 2026, and 79,437,185 shares as of February 20, 2026.
• Treasury Stock: 6,862,488 shares held at a cost basis of $220,925 thousand as of January 3, 2026.
• Holders of Record: Approximately 12 registered holders of record as of February 20, 2026 (excluding beneficial owners holding shares in street name).
• Preferred Stock Authorized: 50,000,000 shares authorized; zero shares issued or outstanding as of January 3, 2026.

       Common Stock Distribution (as of January 3, 2026)
 ┌─────────────────────────────────────────────────────────────────┐
 │ Shares Outstanding: 79,416,050 (92.05%)                         │
 ├────────────────────────────────────────┬────────────────────────┤
 │ Public / Institutional Ownership       │ Treasury Stock Held    │
 │ (Includes Street Name Holders)         │ 6,862,488 (7.95%)      │
 └────────────────────────────────────────┴────────────────────────┘

Share Repurchase Authorizations

The company’s prior share repurchase authorization expired on January 3, 2026, with $50 million in remaining capacity. No share buybacks were executed during fiscal years 2024 or 2025. During fiscal year 2023, the company repurchased 1.1 million shares for $25 million.

Effective March 2, 2026, the Board of Directors authorized a new share repurchase program permitting the repurchase of up to $50 million in common stock through December 28, 2030. The program authorizes open-market purchases and privately negotiated transactions funded with cash on hand.

Future Strategy

National Vision’s strategic roadmap focuses on addressing areas where it is under-indexed relative to the broader $69.5 billion U.S. optical retail market. Strategic execution centers on four growth initiatives:

                           Four Core Growth Vectors
 ┌──────────────────────────┬──────────────────────────┬──────────────────────────┬──────────────────────────┐
 │ Target Customer Segments │ Target Product Categories│ Enhanced Experience      │ Disciplined Store Growth │
 ├──────────────────────────┼──────────────────────────┼──────────────────────────┼──────────────────────────┤
 │ • Managed Vision Care    │ • Premium Lens Coatings  │ • Consultative Selling   │ • 30–35 Stores/yr (near) │
 │ • Progressive Wearers    │ • Progressive Lenses     │ • Telehealth (800+ stores│ • ~60 Stores/yr by 2028  │
 │ • Outside Rx Customers   │ • Smart Eyewear Tech     │ • Modern CRM Integration │ • ~240 Stores thru 2030  │
 └──────────────────────────┴──────────────────────────┴──────────────────────────┴──────────────────────────┘

1. High-Value Customer Segmentation

Management is expanding the customer base beyond traditional price-driven consumers into higher-margin optical cohorts:

• Managed Vision Care: With 70% of U.S. consumers holding vision care benefits in 2025, National Vision is leveraging its national footprint to expand this segment. Managed care generated 42% of 2025 revenues from continuing operations, and the company targets reaching a 50% revenue contribution (Management target).
• Progressive Wearers: Presbyopic adults require multi-focal lens solutions. These premium optical packages deliver higher average transaction tickets and wider gross profit margins.
• Outside Prescription Customers: Marketing campaigns target consumers who completed an eye examination with external ophthalmology or optometry providers but seek value-priced designer frames and lens finishing.

2. Merchandising Evolution and Product Modernization

Merchandising programs continue to expand frame price tiers. Store assortments with frames retailing above $99 increased from 20% to approximately 40% during fiscal year 2025.

The company is expanding offerings in anti-reflective treatments, thin polycarbonate lenses, and Transitions photochromic options.

National Vision is also entering the smart eyewear market, offering products like Ray-Ban Meta glasses to attract tech-focused shoppers and lift average order values.

3. Patient Experience and Telehealth Capabilities

The retail model is transitioning from transactional interactions focused primarily on base pricing to a consultative sales approach supported by associate education programs.

To resolve optometrist staffing shortages in rural and high-cost markets, the company deployed its proprietary remote medicine platform across more than 800 America’s Best locations by the end of fiscal year 2025.

Optometrists conduct refractions, ocular surface health reviews, and diagnostic consultations remotely using two-way synchronous audio-video feeds and remote diagnostic hardware. This platform is integrated with an enterprise Electronic Health Record (EHR) system.

4. Disciplined Store Fleet Expansion

National Vision plans to moderate new store openings in the near term, scheduling 30 to 35 store openings annually through fiscal year 2026, primarily under the America’s Best banner (Company guidance).

This cadence allows capital to be directed toward existing store remodels, CRM deployments, and lab automation.

Management plans to re-accelerate expansion to approximately 60 new store openings per year starting in fiscal year 2028, targeting approximately 240 new store additions through 2030 (Management target).

Store unit economics target $1.5 million to $1.7 million in annual sales by year five, second-year store-level profitability, and full capital payback within three to five years (Management target).

Key Strengths

National Vision maintains operational advantages supported by scale, integrated manufacturing, clinical access, and value-driven market positioning:

• Integrated Centralized Optical Laboratory Network: Operating four domestic production centers (Lawrenceville, GA; Plano, TX; Salt Lake City, UT; and St. Cloud, MN) alongside an outsourced partner in Mexico provides automated lens-finishing scale. Centralized routing software routes orders to optimize production timing and minimize unit processing costs.
• Hybrid Telehealth Network: Equipping more than 800 retail storefronts with synchronous remote optometry platforms enables the company to provide eye exams in areas facing clinical labor constraints.
• Dual Value Store Portfolio: America’s Best targets value-oriented strip shopping centers with its promotional bundled pricing, while Eyeglass World provides superstore footprints featuring same-day in-store laboratories.
• Expanding Managed Care Footprint: Contractual provider relationships with commercial vision insurance carriers generated 42% of fiscal year 2025 revenues from continuing operations, providing recurring patient traffic and more predictable margins.
• Predictable Eyecare Loyalty Base: The proprietary Eyecare Club membership had approximately 1.3 million active members at year-end, driving contact lens replenishment orders, regular examinations, and repeat store visits.
• Secured Balance Sheet Structure: The complete retirement of the 2025 convertible notes in May 2025 eliminated potential dilution, leaving debt concentrated in a Term Loan A due in 2028. Total debt to Adjusted EBITDA closed fiscal year 2025 at 1.1x.

Key Challenges and Risks

The company’s operations are subject to risks across operational, clinical, supply chain, regulatory, and capital structures:

                           Key Risk and Challenge Matrix
 ┌─────────────────────────┬─────────────────────────┬─────────────────────────┬─────────────────────────┐
 │ Regulatory & Healthcare │ Optometrist Shortages   │ Supplier Concentration  │ Lease Commitments       │
 ├─────────────────────────┼─────────────────────────┼─────────────────────────┼─────────────────────────┤
 │ • Corporate Practice of │ • Severe competition    │ • EssilorLuxottica:     │ • $529.7M undiscounted  │
 │   Medicine restrictions │   for OD professionals  │   86% of lens purchases │   operating lease debt  │
 │ • State-by-state        │ • Wage inflation across │ • Top 3 contact makers: │ • Fixed base rent with  │
 │   telehealth limits     │   clinical network      │   96% of contact spend  │   escalation clauses    │
 └─────────────────────────┴─────────────────────────┴─────────────────────────┴─────────────────────────┘

1. Optometrist Shortages and Clinical Wage Pressures

Optical retail relies on licensed optometrists to conduct refractions and generate prescription hardware orders. The optical sector continues to experience shortages of licensed optometrists, driven by shifting work schedule preferences and a competitive recruiting market for optometry graduates.

These labor constraints have capped exam capacity in specific markets. Optometrist wage increases placed upward pressure on Services Costs, which rose 170 basis points to 93.56% of services revenue (Calculated by FirmsWorld) in fiscal year 2025.

Failure to recruit, contract, or retain optometrists directly limits retail customer conversion.

2. High Supplier and Vendor Concentration

National Vision exhibits supplier concentration across its primary merchandise categories:

• Lenses: Approximately 86% of all lens procurement spending in fiscal year 2025 was concentrated with a single vendor, EssilorLuxottica, under an exclusive supply agreement running through May 2028.
• Contact Lenses: Approximately 96% of contact lens purchases in fiscal year 2025 were concentrated across three manufacturers.
• Frames: Approximately 55% of eyeglass frame expenditures were concentrated with two suppliers.

Deteriorations in these commercial partnerships, pricing disagreements, or supply chain bottlenecks could impact product delivery and profitability across retail stores.

3. Healthcare Regulation and Corporate Practice of Medicine Laws

Many states enforce strict Corporate Practice of Medicine/Optometry doctrines prohibiting non-professional business entities from employing optometrists, controlling clinical decision-making, or participating in fee-splitting arrangements.

National Vision manages compliance through contractual agreements with 29 independent professional corporations structured as Variable Interest Entities. Regulatory enforcement actions or state law changes could require operational restructurings that increase operating costs.

Furthermore, state optometry boards enforce varying standards regarding synchronous remote telehealth. Some states limit or prohibit remote refractions, which could restrict the company’s ability to deploy its 800+ location remote medicine platform in those jurisdictions.

4. Third-Party Managed Care Reimbursement Concentration

With managed vision care generating 42% of revenue from continuing operations, financial performance is tied to contracts with private vision insurers and HMOs. Several vision insurers operate vertically integrated businesses, owning captive retail optical chains that compete directly with National Vision.

Disputes over reimbursement rates, delays in electronic data interchange (EDI) claims, or exclusion from insurer provider panels could adversely affect customer traffic and operating revenue.

5. Substantial Long-Term Operating Lease Liabilities

National Vision operates its retail store network through long-term commercial real estate leases. As of January 3, 2026, undiscounted noncancelable operating lease commitments totaled $529,677 thousand through 2030 and beyond, with $110,992 thousand due in fiscal year 2026.

Store leases contain fixed rent escalation clauses. In underperforming shopping centers or locations with declining foot traffic, the company remains obligated to service noncancelable lease agreements through maturity unless termination terms can be negotiated.

6. Macroeconomic Headwinds and Value Consumer Sensitivity

Rising inflation, higher consumer interest rates, and broader cost-of-living pressures impact consumer discretionary spending.

While vision care remains a medical necessity, self-pay and cash-reliant customer cohorts may delay exam appointments, defer optical upgrades, or stretch eyeglass replacement cycles beyond the historical two-year industry average.

Conclusion and Strategic Outlook

National Vision Holdings, Inc. closed fiscal year 2025 with revenue growth, operational execution, and balance sheet deleveraging. Top-line revenues reached $1,987,488 thousand, supported by a 6.0% Adjusted Comparable Store Sales Growth rate.

Adjusted Operating Income expanded to $102,468 thousand, and Adjusted EBITDA rose to $192,943 thousand. The complete retirement of the 2025 convertible notes eliminated upcoming debt maturities, while leverage stood at 1.1x net debt to Adjusted EBITDA.

The corporate strategy centers on operational modernization. Strategic initiatives are repositioning America’s Best toward higher-margin managed care, outside prescription, and progressive lens customers, while maintaining its historical value proposition.

Merchandising programs that expanded frames priced over $99 to 40% of inventory, combined with store associate consultative selling initiatives, drove positive average ticket growth.

Clinical coverage continues to expand through the deployment of remote telehealth across 800+ store locations, mitigating industry-wide optometrist labor shortages.

Looking ahead, management is prioritizing capital discipline. The company plans to open 30 to 35 stores annually through fiscal year 2026, with capital spending projected between $73 million and $78 million (Company guidance).

Expansion plans anticipate accelerating to approximately 60 store openings annually starting in fiscal year 2028, targeting 240 new store additions through 2030 (Management target).

National Vision’s centralized manufacturing scale, remote clinical infrastructure, and focus on higher-value customer cohorts provide an operational framework to pursue market share within the $69.5 billion U.S. optical retail industry.

Official Site: https://www.nationalvision.com