Revenue growth remains volatile with a 6.6% increase in 2026Q1, while gross margins have contracted from a 59.5% peak in 2024Q1 to 55.4% in the most recent quarter.
| Sales/Revenue | 2.02B | 1.99B | 1.82B | 2.13B | 1.64B | 2.08B | 1.71B | 1.72B | 1.54B | 1.38B | 1.2B | 1.06B |
| Revenue Growth % | 10.05% | 9% | -14.26% | 29.29% | -20.91% | 21.48% | -0.73% | 12.2% | 11.75% | 14.97% | 12.58% | - |
| Cost of Goods Sold | 925.05M | 910.62M | 764.06M | 1B | 667.66M | 904.78M | 786.62M | 806.52M | 713.57M | 636.97M | 544.78M | 491.1M |
| COGS % of Revenue | - | 45.82% | 41.9% | 47.07% | 40.6% | 43.51% | 45.95% | 46.77% | 46.43% | 46.31% | 45.54% | 46.22% |
| Gross Profit | 1.1B | 1.08B | 1.06B | 1.13B | 977.01M | 1.17B | 925.14M | 917.81M | 823.28M | 738.34M | 651.41M | 571.43M |
| Gross Margin % | 54.23% | 54.18% | 58.1% | 52.93% | 59.4% | 56.49% | 54.05% | 53.23% | 53.57% | 53.69% | 54.46% | 53.78% |
| Gross Profit Growth % | - | 1.66% | -5.89% | 15.2% | -16.83% | 26.98% | 0.8% | 11.48% | 11.5% | 13.34% | 14% | - |
| Operating Expenses | 1.02B | 1.02B | 1.07B | 1.17B | 924.24M | 999.81M | 838.13M | 844.24M | 763.3M | 659.99M | 577.9M | 519.03M |
| OpEx % of Revenue | - | 51.1% | 58.66% | 55.13% | 56.2% | 48.08% | 48.96% | 48.96% | 49.67% | 47.99% | 48.31% | 48.85% |
| Selling, General & Admin | 1.02B | 1.02B | 938.52M | 991.88M | 832.61M | 900.8M | 724.99M | 744.49M | 687.48M | 597.92M | 524.24M | 474.05M |
| SG&A % of Revenue | - | 51.1% | 51.47% | 46.64% | 50.62% | 43.32% | 42.35% | 43.18% | 44.73% | 43.48% | 43.83% | 44.62% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -800K | 0 | 131.1M | 180.5M | 91.64M | 99.01M | 113.14M | 99.75M | 75.83M | 62.06M | 53.66M | 44.98M |
| Operating Income | 78.63M | 61.26M | -10.36M | -46.83M | 52.77M | 174.94M | 87.01M | 73.58M | 42.35M | 67.24M | 66.38M | 44.68M |
| Operating Margin % | 3.89% | 3.08% | -0.57% | -2.2% | 3.21% | 8.41% | 5.08% | 4.27% | 2.76% | 4.89% | 5.55% | 4.2% |
| Operating Income Growth % | - | 691.41% | 77.88% | -188.74% | -69.84% | 101.06% | 18.26% | 73.73% | -37.01% | 1.28% | 48.59% | - |
| EBITDA | 170.26M | 152.42M | 88.72M | 51.43M | 158.73M | 276.74M | 178.59M | 160.82M | 116.69M | 129.21M | 118.38M | 88.75M |
| EBITDA Margin % | 8.42% | 7.67% | 4.87% | 2.42% | 9.65% | 13.31% | 10.43% | 9.33% | 7.59% | 9.4% | 9.9% | 8.35% |
| EBITDA Growth % | 142.45% | 71.79% | 72.53% | -67.6% | -42.64% | 54.96% | 11.05% | 37.82% | -9.69% | 9.15% | 33.39% | - |
| D&A (Non-Cash Add-back) | 91.63M | 91.15M | 99.08M | 98.25M | 105.97M | 101.8M | 91.58M | 87.24M | 74.34M | 61.97M | 51.99M | 44.07M |
| EBIT | 78.63M | 61.26M | -9.5M | -45.13M | 52.77M | 174.94M | 87.01M | 63.79M | 42.15M | 59.76M | 66.38M | 42.13M |
| Net Interest Income | -15.42M | -16.95M | -16.18M | -14.34M | -462K | -25.61M | -48.33M | -33.3M | -37.48M | -60.06M | -39.09M | -39.29M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 15.42M | 16.95M | 16.18M | 14.34M | 462K | 25.61M | 48.33M | 33.3M | 37.48M | 60.06M | 39.09M | 39.29M |
| Other Income/Expense | -16.13M | -19.58M | -15.32M | -14.94M | -462K | -25.61M | -48.33M | -43.09M | -37.48M | -60.06M | -36.78M | -39.29M |
| Pretax Income | 62.51M | 41.68M | -25.68M | -61.76M | 52.3M | 149.32M | 38.68M | 30.49M | 4.87M | 7.17M | 27.29M | 5.38M |
| Pretax Margin % | 3.09% | 2.1% | -1.41% | -2.9% | 3.18% | 7.18% | 2.26% | 1.77% | 0.32% | 0.52% | 2.28% | 0.51% |
| Income Tax | 15.91M | 12.08M | 1.48M | 4.14M | 15.54M | 21.08M | 2.4M | -2.31M | -18.79M | -38.65M | 12.53M | 1.77M |
| Effective Tax Rate % | 25.46% | 28.98% | -5.77% | -6.7% | 29.72% | 14.12% | 6.21% | -7.57% | -385.89% | -538.78% | 45.93% | 32.83% |
| Net Income | 46.59M | 29.6M | -28.5M | -65.9M | 42.12M | 128.24M | 36.28M | 32.8M | 23.65M | 45.82M | 14.76M | 3.62M |
| Net Margin % | 2.31% | 1.49% | -1.56% | -3.1% | 2.56% | 6.17% | 2.12% | 1.9% | 1.54% | 3.33% | 1.23% | 0.34% |
| Net Income Growth % | 190.54% | 203.86% | 56.75% | -256.45% | -67.15% | 253.51% | 10.61% | 38.66% | -48.38% | 210.48% | 308.02% | - |
| Net Income (Continuing) | 46.59M | 29.6M | -27.16M | -65.9M | 36.76M | 128.24M | 36.28M | 32.8M | 23.65M | 43.14M | 14.76M | 3.62M |
| Discontinued Operations | 0 | 0 | -1.33M | 0 | 5.36M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.57 | 0.37 | -0.36 | -0.84 | 0.52 | 1.43 | 0.44 | 0.40 | 0.30 | 0.70 | 0.18 | 0.05 |
| EPS Growth % | 188.02% | 202.78% | 57.14% | -261.54% | -63.64% | 225% | 10% | 33.33% | -57.14% | 288.89% | 260% | - |
| EPS (Basic) | - | 0.37 | -0.36 | -0.84 | 0.53 | 1.57 | 0.45 | 0.42 | 0.31 | 0.72 | 0.18 | 0.05 |
| Diluted Shares Outstanding | 81.49M | 80.58M | 78.59M | 78.31M | 80.3M | 96.13M | 82.79M | 81.68M | 79.04M | 62.03M | 72.28M | 72.28M |
| Basic Shares Outstanding | 79.66M | 79.13M | 78.59M | 78.31M | 79.83M | 81.82M | 80.56M | 78.61M | 75.9M | 59.9M | 72.28M | 72.28M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | 373.16% | - | 4027.29% |
Optometrist labor supply constraints
As reported in recent financial statements, National Vision's revenue growth has exhibited significant volatility, with the most recent 2026Q1 period showing a 6.6% increase, following a notable 15.1% surge in 2025Q4, reflecting the ongoing impact of store fleet maturation and the legacy segment wind-down.
The inconsistent top-line performance suggests that the company is navigating a complex transition as it pivots away from legacy partnerships toward its owned retail brands. Investors should monitor whether the current growth trajectory can sustain momentum as the company loses the predictable foot traffic previously provided by its host-store arrangements.
Based on the provided income statement data, gross margins have fluctuated significantly, peaking at 59.5% in 2024Q1 before contracting to 55.4% in 2026Q1, indicating potential challenges in maintaining pricing power amidst rising input costs and shifting product mix within the retail optical segment.
The compression in gross margins appears to reflect the difficulty of maintaining high markups on eyewear while managing the costs of a vertically integrated lab network. This trend warrants further investigation into whether the company's value-oriented branding is limiting its ability to pass through inflationary pressures to the end consumer.
According to historical income statement figures, operating margins have remained thin, reaching only 8.3% in 2026Q1 after periods of negative profitability, which highlights the company's struggle to achieve meaningful operating leverage despite its significant scale and centralized infrastructure investments in recent quarters.
The high fixed-cost nature of the business, particularly regarding professional labor and physical retail footprints, appears to prevent significant margin expansion even during periods of revenue growth. This suggests that the company's profitability is highly sensitive to small changes in volume, leaving little room for operational error.
As evidenced by the quarterly data, SG&A expenses consistently consume a substantial portion of gross profit, often exceeding $250 million per quarter, which underscores the heavy reliance on physical store operations and the non-discretionary nature of professional optometric labor costs within the current business model.
The persistent level of SG&A spending suggests that management faces a difficult trade-off between maintaining its clinical-retail funnel and achieving bottom-line efficiency. Investors should monitor whether future investments in digital exam technology can successfully lower this fixed-cost base or if labor shortages will continue to drive expenses higher.
Analysis of the income statement reveals that net margins have frequently dipped into negative territory, such as the -6.5% recorded in 2024Q4, which may indicate that the company's core business model is more vulnerable to cyclical downturns and competitive pressures than the market currently anticipates.
Short-term volatility in net income suggests that the company's reliance on physical exams as a loss leader may be a double-edged sword, especially if labor costs continue to outpace retail price increases. The potential for further margin compression remains a significant risk if the company cannot successfully decouple its revenue from the high-cost physical doctor presence.
Quick answers to the most common questions about buying EYE stock.
For fiscal year 2025, National Vision Holdings, Inc. (EYE) reported total revenue of $1.99B. This represents a 87.1% increase compared to $1.06B in 2015.
National Vision Holdings, Inc. (EYE) is profitable, generating $29.6M in net income for the fiscal year ending 2025 with a net profit margin of 1.5%.
National Vision Holdings, Inc. (EYE) reported an operating income of $61.3M, resulting in an operating profit margin of 3.1%. This margin reflects the operational efficiency of the business before interest and taxes.
National Vision Holdings, Inc. (EYE) generated $1.08B in gross profit for the year, representing a gross profit margin of 54.2%. This demonstrates the company's core pricing power and production efficiency.