National Vision Holdings, Inc. · NASDAQ:EYE
National Vision — Q4 2025 Earnings Presentation
32 slides from National Vision's earnings presentation, Mar 4, 2026
Slide 1: Fourth Quarter 2025 Financial Results
Fourth Quarter 2025 Financial Results March 4, 2026 NASDAQ: EYE
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934. These statements include, but are not limited to, sta
Slide 3: We help people see their best to live their best
We help people see their best to live their best. National Vision's business has been driven by this belief for over 30 years.
Slide 4: Q4 2025 Highlights
Q4 2025 Highlights +15.1% 4.8% $503.4M Net Revenue Adj. Comp. Net Revenues Store Sales Growth Growth $17.6M $0.15 Adj. Operating Adj. Diluted EPS Income • $ in millions, except per share amounts, unaudited, on continuing operations basis. • Q4 2025 included a 14th week which accounted for $35.6M net
Slide 5: Fiscal 2025 Highlights
Fiscal 2025 Highlights +9.0% 6.0% $1.99B Net Revenue Adj. Comp. Net Revenues Store Sales Growth Growth $102.5M $0.80 Adj. Operating Adj. Diluted EPS Income • $ in millions, unaudited, except per share amounts, on continuing operations basis. • FY2025 included a 53rd week which accounted for $35.6M n
Slide 6: Financial Results
Financial Results 6
Slide 7: Q4 2025 Revenue Drivers
Q4 2025 Revenue Drivers Net revenue Net Revenue • Increased 15.1%, driven by the 53rd week, 4.8% Adjusted $503.4 Comparable Store Sales Growth, new store sales, partially offset by closed stores and a negative (0.8)% impact from $437.3 the timing of unearned revenue Store count • Opened 12 new store
Slide 8: Q4 2025 Results
Q4 2025 Results Adjusted operating income Costs applicable to revenue as percentage of net $30 $25 revenue decreased 40 bps to 41.9% vs. Q4 2024: $20 $17.6 • Improvement driven by successful execution of pricing and product mix initiatives, partially offset by a slight $15 increase in optometrist-re
Slide 9: Fiscal 2025 Results
Fiscal 2025 Results Net revenue Net Revenue $1,823.3 $1,987.5 • Increased 9.0%, primarily driven by 6.0% Adjusted Comparable Store Sales Growth, growth from new store sales, and the 53rd week, partially offset by closed stores and negative (0.6)% impact from timing of unearned revenue 2024 2025 • Fi
Slide 10: Q4 2025 Capital Structure and Cash Flow Highlights
Q4 2025 Capital Structure and Cash Flow Highlights Capital Expenditures $72.8 million deployed primarily driven by investments in existing and new stores and information technology Net debt to TTM Adjusted EBITDA : 1.1x Debt The Company had no borrowings under its $300.0 million first lien revolving
Slide 11: Strategic Initiatives
Strategic Initiatives
Slide 12: Four growth vectors to expand share of addressable market
Four growth vectors to expand share of addressable market UNDERDEVELOPED UNDERDEVELOPED ENHANCING THE NEW STORE CUSTOMERS PRODUCTS CUSTOMER & PATIENT GROWTH EXPERIENCE Managed Care Frame Premiumization Data-driven Segmentation New Markets Progressive Wearers Anti-reflective Creating Joyful Experienc
Slide 13: Intentional Evolution Of Customer Mix To Support Increased Profitability
Intentional Evolution Of Customer Mix To Support Increased Profitability Average Profitability $ Per Transaction by Customer Cohort These three customer cohorts are worth: ~2.4x – 4.0x the Entry Bundle Transaction ~1.4x – 2.4x the Self Pay Transaction ENTRY BUNDLE SELF PAY MANAGED CARE OUTSIDE RX PR
Slide 14: Modernization of the Brand Experience Underway…
Modernization of the Brand Experience Underway… OLD CREATIVE REBRAND TO SEGMENTED CONTENT 14
Slide 15: Deliberate Shifts To Strengthen Our Merchandising Strategy
Deliberate Shifts To Strengthen Our Merchandising Strategy, Significant Growth Runway Remains ~20% of ~40% of Mix >$99 Mix >$99 End of 2024 End of 2025 50 stores Expansion 300 stores+online Q1 Q3 Q2 Q4 pilot begins 15
Slide 16: Outlook
Outlook 16
Slide 17: 2026 Capital Allocation Priorities
2026 Capital Allocation Priorities Invest in Growth Expecting capital expenditures of $73 million - $78 million for new store openings, existing stores and investments in technology Debt Structure National Vision's cash balance was $38.7 million as of January 3, 2026. The Company had no borrowings u
Slide 18: Fiscal 2026 Outlook
Fiscal 2026 Outlook The Company is providing the following outlook for the 52 weeks ending January 2, 2027. Fiscal 2026 Outlook (As of March 4, 2026) New Stores(1) ~30-35 Adjusted Comparable Store Sales Growth (2) 3.0% - 6.0% Net Revenue $2.033 billion - $2.091 billion Adjusted Operating Income (2)
Slide 19: Appendix
Appendix 19
Slide 20: Quarterly Financial Historical Overview
Quarterly Financial Historical Overview Net revenue Adjusted comparable store sales growth (%) Adjusted operating income Adjusted diluted earnings (loss) per share $ in millions, unaudited, except per share amounts, on continuing operations basis. See Appendix for reconciliation of Non-GAAP financia
Slide 21: Historical Adjusted Comparable Sales Growth & Drivers
Historical Adjusted Comparable Sales Growth & Drivers Adjusted comparable store sales growth y/y (%) 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Traffic 5.9% -0.6% 1.9% 0.1% -1.1% 0.7% -0.4% -0.1% -2.5% Ticket 0.7% 1.2% 0.4% 1.3% 3.0% 4.5% 6.6% 7.1% 5.8% On continuing operations basis, unaudited. S
Slide 22: Fiscal Year 2025 Segment and Brand Net Revenue
Fiscal Year 2025 Segment and Brand Net Revenue The following presents, by segment and by brand, comparable store sales growth, stores open at the end of the period and net revenue from continuing operations for the fiscal year 2025, compared fiscal year 2024. Comparable store Stores open at end 1. W
Slide 23: Capital Structure and Cash Flow
Capital Structure and Cash Flow Amounts per Debt Less: Deferred Balance % of Q4 2025 Capital Structure ($M) Amount Financing Costs Sheet Total Coupon Maturity First Lien - Term A Loans $ 237.6 $ (1.1) $ 236.5 96 % Term SOFR + 1.75% 6/13/2028 First Lien - Revolving Credit Facility1 — — — —% Term SOFR
Slide 24: Q4 and FY 2025 Consolidated Financial Results
Q4 and FY 2025 Consolidated Financial Results Three Months Ended Three Months Ended January 3, 2026 December 28, 2024 Fiscal Year 2025 Fiscal Year 2024 (Unaudited) (Unaudited) Revenue: Net product sales $ 403,755 $ 349,933 $ 1,604,592 $ 1,463,139 Net sales of services and plans 99,656 87,345 382,896
Slide 25: Reconciliation of Adjusted Operating Income to Net Income (Loss)
Reconciliation of Adjusted Operating Income to Net Income (Loss)(Unaudited) Three Months Ended Fiscal Year 53rd Week Ended December March 29, June 28, September January 3, January 3, In thousands 28, 2024 2025 2025 27, 2025 2026 2024 2025 2026 Total net revenue from continuing operations $ 437,278 $
Slide 26: Reconciliation of Adjusted Diluted EPS to Diluted EPS
Reconciliation of Adjusted Diluted EPS to Diluted EPS (Unaudited) Three Months Ended Fiscal Year December March 29, June 28, September January 3, 28, 2024 2025 2025 27, 2025 2026 2024 2025 Diluted EPS $ (0.36) $ 0.18 $ 0.11 $ 0.04 $ 0.04 $ (0.36) $ 0.37 Diluted EPS from discontinued operations 0.01
Slide 27: Reconciliation of Adjusted EBITDA to Net Income (loss)
Reconciliation of Adjusted EBITDA to Net Income (loss) (Unaudited) Fiscal Year 2025 Total net revenue from continuing operations $ 1,987,488 Net income 29,600 Income from discontinued operations, net of tax — Income from continuing operations 29,600 Interest expense, net 17,148 Income tax provision
Slide 28: Reconciliation of Adjusted SG&A to SG&A
Reconciliation of Adjusted SG&A to SG&A (Unaudited) Three Months Three Months Ended January Ended December Fiscal Year Fiscal Year 3, 2026 28, 2024 2025 2024 SG&A from continuing operations $ 261,213 $ 233,052 $ 1,016,251 $ 938,524 Stock-based compensation expense (a) 5,850 4,929 23,686 16,708 Litig
Slide 29: Reconciliation of Non-GAAP to GAAP Financial Measures Footnotes
Reconciliation of Non-GAAP to GAAP Financial Measures Footnotes a. Non-cash charges related to stock-based compensation programs, which vary from period to period depending on the timing of awards and performance vesting conditions. b. Reflects the extinguishment (gain) loss related to the repurchas
Slide 30: Reconciliation of Adjusted Comparable Stores Sales Growth
Reconciliation of Adjusted Comparable Stores Sales Growth (Unaudited) Comparable store sales growth from continuing operations(a) Three Months Three Months Ended Ended January December 28, Fiscal Year Fiscal Year 3, 2026 2024 2025 2024 2026 Outlook (b) Owned & Host segment America’s Best 4.7 % 2.0 %
Slide 31: Adjusted Comparable Store Sales Growth Primer
What is Adjusted Comparable Store Sales Growth? • Calculated using net revenue at the point of sale Adjusted • Sales are adjusted for managed care insurance collection estimates Excludes the impact of unearned and deferred revenue Comparable • Why use Adjusted Comparable Store Sales Growth? Store Sa
Slide 32: Thank You
Thank You 3“6 national 2n¢ vision
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