National Vision Holdings, Inc. (EYE) FY2026 10-K Annual Report
National Vision Holdings, Inc. (EYE) 10-K annual report for fiscal year 2026, filed with SEC EDGAR on Mar 4, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
National Vision Holdings, Inc. FY2026 10-K Analysis
Business Overview
- • Core business model: retail and managed vision care services, including eyeglasses and contact lenses sold through stores and online
- • New emphasis on remote medicine solution deployment challenged by inconsistent telehealth regulations across states
- • Strategic focus on navigating regulatory risks in telehealth, managed care compliance, and privacy/security laws to sustain growth
- • Employee and regulatory compliance costs may rise due to complex federal and state healthcare, privacy, and safety regulations
- • Notable risk disclosure around potential suspension or revocation of FirstSight’s California managed care license affecting store openings
Management Discussion & Analysis
- • Revenue not explicitly stated; net income from continuing ops $29.6M (1.5% margin) FY2025 vs loss $(27.2M) (–1.5%) FY2024
- • Adjusted Operating Income $102.5M (5.2% margin) FY2025 vs $65.5M (3.6%) FY2024; Adjusted EBITDA $192.9M (9.7% margin) FY2025 vs $155.5M (8.5%) FY2024
- • Best performing measure: Adjusted EBITDA $192.9M (9.7% margin) FY2025; Worst income measure: Net loss $(27.2M) FY2024 continuing ops
- • Operating cash flow $146.3M FY2025, up $12.6M YoY; Capital expenditures $72.8M FY2025 (down from $95.5M FY2024); Repurchased no shares in FY2024 or FY2025, share repurchase authorization $50M expired Jan 2026
- • Management outlook: FY2026 capex $73-78M primarily for new/existing stores and IT; liquidity sufficient from cash, operations, credit; noted risks: working capital needs rise with store growth, partial termination of Walmart partnership in 2024 reduced prior cash outflows
Risk Factors
- • Managed care revenue concentration risk: 42% of total revenue in 2025 from few major vision care payors
- • Macroeconomic impact: reduced customer demand in 2025 due to inflation and geopolitical uncertainty affecting consumer behaviors
- • Optometrist availability: recruiting difficulties and wage increases raising costs, pressuring profitability and exam capacity in 2026
- • Competition risk: industry consolidation enabling competitors’ purchasing advantages and management leverage
- • New store opening dependency: 33 opened in 2025, 30-35 planned in 2026, with profitability increasing as stores mature
National Vision Holdings, Inc. FY2026 Key Financial MetricsXBRL
Source: XBRL data from National Vision Holdings, Inc. FY2026 10-K filing on SEC EDGAR. All figures in USD.
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