National Vision Holdings (EYE) FY2025 results: revenue $2.0 billion, up 9.0% on the year
National Vision Holdings, Inc. (EYE) reported revenue of $2.0 billion for fiscal 2025, the year ended 3 January 2026, up 9.0% on the year before. Net income was $30 million, and diluted earnings per share $0.37. The figures are the company's own, from the 10-K it filed with the SEC on 4 March 2026.
Revenue
$2.0 billion
+9.0% on the year
FY2018FY2025
Operating margin
3.0%
-0.6% a year earlier
FY2018FY2025
Net income
$30 million
FY2018FY2025
Diluted EPS
$0.37
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 13 new.
Net revenue rose 15.1%: Net revenue from continuing operations was $503.4 million, driven by the 53rd week, adjusted comparable store sales growth and new stores, partly offset by closed stores and a negative 0.8% unearned revenue timing effect. The 53rd week added $35.6 million.
Comparable store sales rose 6.6%: Comparable store sales growth was 6.6% and adjusted growth was 4.8%, the twelfth consecutive quarter of positive growth. Both reflected higher average ticket and managed care strength, partly offset by self-pay traffic.
Adjusted operating margin reached 3.5%: Adjusted operating income was $17.6 million, up from $3.2 million, with adjusted operating margin at 3.5% against 0.7%. Income from continuing operations was $3.3 million, a 0.7% margin.
Managed care and progressive traffic gains: Management said traffic gains came from its most profitable target customers, including managed vision care insurance users, progressive lens wearers and outside prescription customers.
Cost of revenue ratio fell 40 basis points: Costs applicable to revenue were 41.9% of net revenue, down 40 basis points, from pricing and product mix, partly offset by slightly higher optometrist-related costs.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
146
134
173
+9.5%
Capital expenditure
72.8
95.5
115
-23.7%
Free cash flow
73.5
38.1
58.3
+92.6%
Free cash flow margin
3.7%
2.1%
3.3%
Cash from investing
-76.6
-96.1
-116
Cash from financing
-105
-113
-137
Depreciation and amortisation
91.2
91.3
89.9
-0.2%
Share-based compensation
23.7
16.7
20.2
+41.8%
Buybacks
3.2
3.1
28.4
+3.7%
Diluted shares, weighted
81m
79m
78m
+2.5%
Shares outstanding at period end
79m
79m
78m
+0.8%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
870
816
829
+6.5%
Debt
236
337
445
-29.9%
Operating lease liabilities
358
366
377
-2.2%
Finance lease liabilities
6.1
9.5
13.1
-35.7%
Other liabilities
513
478
508
+7.3%
Total liabilities and equity
1,984
2,008
2,173
-1.2%
Goodwill
701
698
718
+0.3%
Intangible assets
7.6
8.3
20.2
-8.6%
Cash and equivalents
38.7
73.9
150
-47.7%
Receivables
57.3
49.9
86.9
+14.8%
Inventory
89.3
93.9
120
-4.9%
Other assets
1,090
1,083
1,078
+0.6%
Total assets
1,984
2,008
2,173
-1.2%
10-K for the year ended 3 January 2026, filed 4 March 2026: the filing.