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National Vision Holdings, Inc. (EYE)·Q2 2026 Earnings Summary

Executive Summary

  • Q2 2026 earnings materials (8‑K 2.02, press release, transcript) are not yet available; this recap synthesizes the latest comparable quarter (Q2 2025) and prior two quarters, plus current S&P Global consensus ahead of Q2 2026 for context .
  • In Q2 2025, National Vision delivered revenue of $486.4M, GAAP diluted EPS of $0.11 and Adjusted Diluted EPS of $0.18, beating consensus revenue and EPS; EBITDA was below consensus on a non‑adjusted basis . Relative to Q2 2024, revenue rose 7.7%, costs applicable to revenue fell 170 bps, and adjusted operating margin expanded to 4.9% .
  • Management raised FY2025 guidance on Aug 6, reflecting stronger demand, pricing/mix, and SG&A discipline; net revenue outlook increased to $1.934–$1.970B, AOI to $85–$95M, and Adjusted EPS to $0.62–$0.70 .
  • Strategic drivers: pricing architecture (frames and lens bundles), lifestyle selling, branded assortment refresh, managed care focus (low‑double‑digit comp growth), CRM rollout, and remote exam scale (>1M exams cumulative by Q2) .

What Went Well and What Went Wrong

What Went Well

  • Pricing/mix and cost leverage expanded margins: costs applicable to revenue decreased 170 bps YoY; adjusted operating margin rose to 4.9% (vs. 3.1% LY) .
  • Demand and comps: Adjusted comparable store sales growth of 5.9%; average ticket up 6.6%; managed care comp growth in low double digits; conversion steady and NPS improved .
  • Guidance raised: net revenue, AOI, and Adjusted EPS ranges increased; ~53rd week expected to add ~$35M revenue and ~$3M AOI .
    “We are particularly encouraged by the customer response to our enhanced product offerings and elevated shopping experience…we remain confident in our strategic direction as reflected in our improved outlook for the year.” — CEO Alex Wilkes .

What Went Wrong

  • EBITDA below Street (non‑adjusted) despite AOI and EPS beats; adjusted EBITDA improved but consensus comparison references unadjusted EBITDA (see Estimates Context).
  • Cash pay traffic softness: overall transactions slightly down as prior‑year promotions were not anniversary’d; growth skewed to managed care .
  • Healthcare cost headwinds and higher variable incentive compensation partially offset SG&A leverage .
  • Eyeglass World remains a stabilization focus; brand comps positive but still smaller contributor vs. America’s Best; unit closures continue in fleet optimization .

Financial Results

P&L vs Prior Quarter and Prior Year (oldest → newest)

MetricQ1 2025Q2 2024Q2 2025Q3 2025
Revenue ($USD Millions)$510.3 $451.7 $486.4 $487.3
Diluted EPS – Continuing Ops ($)$0.18 $(0.01) $0.11 $0.04
Adjusted Diluted EPS ($)$0.34 $0.15 $0.18 $0.13
Costs Applicable to Revenue (% of Revenue)40.2% 42.9% 41.2% 41.7%
SG&A (% of Revenue)50.1% 51.2% 50.8% 51.8%
Adjusted Operating Margin (%)8.1% 3.1% 4.9% 4.1%

Segment/Brand Mix – Q2 2025 vs Q2 2024

Brand revenue ($USD Millions)Q2 2024Q2 2025
America’s Best$381.6 $416.8
Eyeglass World$49.5 $49.1
Military$5.6 $5.8
Fred Meyer$2.7 $2.4
Owned & Host total$439.5 $474.2
Other segments$8.1 $5.7

KPIs – Q2 2025

KPIQ2 2025Notes
Comparable store sales (total)+6.5% Positive unearned revenue timing +0.6%
Adjusted comp store sales+5.9% Adjusted for deferred/unearned revenue
Average ticket change+6.6% Price/mix and selling methods
Managed care compLow double-digits Higher ticket & traffic
Exam conversionSteady Customer acceptance maintained
NPSIncreased Brand experience improvements

Guidance Changes

MetricPeriodPrevious Guidance (May 7, 2025)Updated Guidance (Aug 6, 2025)Change
New StoresFY202530–35 ~32 Maintained/clarified
Adjusted Comparable Store Sales GrowthFY2025 (52-week)1.5%–3.5% 3.0%–5.0% Raised
Net Revenue ($B)FY2025$1.919–$1.955 $1.934–$1.970 Raised
Adjusted Operating Income ($M)FY2025$81–$92 $85–$95 Raised
Adjusted Diluted EPS ($)FY2025$0.59–$0.67 $0.62–$0.70 Raised
D&A ($M)FY2025$93–$96 $93–$96 Maintained
Interest ($M)FY2025$17–$19 $17–$19 Maintained
Tax RateFY202527% 27% Maintained
Capex ($M)FY2025$90–$95 $87–$90 Lowered

Earnings Call Themes & Trends

TopicPrevious Mentions (Q1 2025, Q4 2024)Current Period (Q2 2025)Trend
Pricing & lifestyle sellingTactical frame pricing; two‑pair offer increased; early ticket lift Pricing/mix drove gross margin expansion; average ticket +6.6% Strengthening
Managed care focus40% of sales growing high single‑digit comps Low double‑digit comps; targeted CRM journeys planned Strengthening
CRM & digitalAdobe CRM slated for H2’25; VML agency engaged CRM migration completed; first journeys launched; improved engagement Improving
Branded assortmentPair, Florence by Mills; pilots for Nuance and Ray‑Ban Meta Meta smart glasses pilot expanded; premium brand turns above average Scaling
Remote exams & doctor coverage~730 locations; >10% grad class recruited >1,000,000 remote exams milestone; coverage healthy Stable to improving
SG&A & cost actions$12M SG&A takeout planned SG&A % leveraged YoY; healthcare costs a headwind Mixed (leverage vs. cost headwinds)

Management Commentary

  • “Top line performance and adjusted operating income expansion are primarily related to the pricing actions we took earlier this year, our improved product assortment, continued efforts to improve our customer experience and our focus on driving cost efficiency.” — CEO Alex Wilkes .
  • “Given the gross margin expansion we have seen through the first half of the year, we now expect gross margin to expand slightly for fiscal 2025.” — CFO Chris Laden .
  • “Our remote exam technology reached a significant milestone this quarter surpassing 1,000,000 exams conducted.” — CEO Alex Wilkes .

Q&A Highlights

  • Managed care runway: Targeting ~50% penetration over time; CRM personalization to plan‑specific messaging; assortment tuned to insured customer preferences .
  • Pricing path: Q4 actions on lenses/add‑ons and bundle modernization ($95 price point); lens pricing to be more surgical; further assortment premiumization expected .
  • SG&A & incentives: SG&A leverage expected; higher variable incentive and healthcare costs embedded in guidance; Accenture partnership for multi‑year cost optimization .
  • Eyeglass World: Best first half since 2021; Florida doctor model shift; brand modernization slated for 2026 .
  • Smart glasses: Meta pilot strong; sell‑through among best seen; scaling to ~250 locations .

Estimates Context

  • Q2 2025 actual vs consensus: Revenue $486.4M vs $469.5M* (beat); Primary EPS $0.18 vs $0.137* (beat); EBITDA $39.0M vs $40.7M* (miss on non‑adjusted EBITDA) .
  • Ahead of Q2 2026 (consensus as of today): Primary EPS ~$0.22*, Revenue ~$508.8M*, EBITDA ~$51.9M*, Target Price ~$32.9* (use for expectation context; results not yet reported).
    Values retrieved from S&P Global.*

Key Takeaways for Investors

  • Margin expansion is durable: Pricing/mix and optometrist cost leverage reduced COGS % by 170 bps YoY in Q2; SG&A leverage persisted despite healthcare cost pressure .
  • Demand quality improving: Adjusted comps +5.9% with average ticket +6.6%, steady conversion, higher NPS; growth driven by managed care and premium assortment .
  • Raised FY2025 outlook underscores momentum: Net revenue, AOI, and Adjusted EPS lifted; capex trimmed—improved capital efficiency .
  • Strategic catalysts: CRM personalization live, brand relaunch (America’s Best), premium frames turning above average, Meta smart glasses expansion; supports ticket growth and retention .
  • Cost program continues: SG&A discipline and Accenture partnership targeting multi‑year savings; watch healthcare cost trajectory .
  • Fleet optimization ongoing: Eyeglass World stabilization and selective closures; expect mix to remain AB‑led .
  • Near‑term setup: Expect continued pricing/mix benefits and managed care growth; monitor cash‑pay traffic and healthcare costs. Upcoming quarter results (Q3 2025) showed continued revenue growth and margin progress, validating the trajectory .

Appendix: Sources

  • Q2 2025 press release and 8‑K: revenue, comps, margins, guidance table .
  • Q2 2025 10‑Q: brand mix and segment data; P&L detail; KPIs .
  • Q2 2025 call transcript: strategy, pricing, managed care, CRM, remote exams .
  • Q1 2025 10‑Q: Q1 revenue/EPS and margins for trend .
  • Q3 2025 press release and transcript: incremental trend and FY2025 guidance raise .
  • Q4 2024 press release/transcript: transformation foundation and early pricing lift .
  • S&P Global consensus (Q2 2025, Q2 2026): GetEstimates data; values noted with asterisks.*