National Vision Holdings, Inc. reported a total net revenue of $487.3 million for the three months ended September 27, 2025, marking a 7.9% increase from $451.5 million in the same period last year. The growth was primarily driven by a 6.8% increase in comparable store sales and the opening of four new stores, bringing the total number of retail locations to 1,242. The company also saw a significant rise in net product sales, which increased by 8.4% to $393.5 million, while net sales of services and plans rose by 6.2% to $93.8 million. For the nine months ended September 27, 2025, total net revenue reached $1.48 billion, a 7.1% increase compared to $1.39 billion for the same period in 2024.
The company reported a net income of $3.4 million for the third quarter, a notable recovery from a loss of $8.5 million in the prior year. This improvement was attributed to a combination of higher revenues and a decrease in operating expenses, which totaled $274.5 million, up from $270.4 million a year earlier. The operating income for the quarter was $9.6 million, compared to a loss of $8.8 million in the same quarter of 2024. The effective tax rate for the quarter was 38.6%, reflecting changes in tax impacts from consolidated variable interest entities (VIEs) and other permanent items.
In terms of strategic developments, National Vision has focused on expanding its store footprint and enhancing its product offerings. The company operated 1,242 retail locations as of September 27, 2025, compared to 1,231 a year earlier. The company also converted four Eyeglass World stores to America’s Best locations during the period. Additionally, National Vision has invested in technology, including a $3.3 million investment in an entity specializing in artificial intelligence for retinal imaging, which is expected to enhance its service offerings.
Operationally, the company reported a slight increase in customer engagement metrics, with comparable store sales growth driven by a higher average ticket and continued strength in the managed care segment. However, customer traffic remained relatively flat. The company’s total costs applicable to revenue decreased as a percentage of net revenue, from 42.1% to 41.7%, indicating improved operational efficiency. The company also reported a decrease in asset impairment charges, recognizing no impairment during the third quarter compared to $13.7 million in the prior year.
Looking ahead, National Vision Holdings anticipates continued growth driven by its strategic initiatives, including store openings and enhancements to customer experience. The company plans to open approximately 32 new stores in fiscal year 2025 and remains focused on optimizing its cost structure while navigating macroeconomic challenges such as inflation and labor market pressures. The company’s liquidity position remains strong, with $56 million in cash and cash equivalents and significant availability under its revolving credit facility, positioning it well for future investments and operational needs.
About National Vision Holdings, Inc.
National Vision Holdings, Inc. is a leading U.S. optical retailer offering affordable eye care services, eyeglasses, and contact lenses through a diverse portfolio of brands. Its business model emphasizes value, convenience, and recurring customer demand, supported by centralized laboratories, efficient supply chains, and omni-channel platforms. The company targets broad consumer segments, leveraging low-cost sourcing, strategic store locations, and digital channels to deliver accessible vision solutions.
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