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National Vision Holdings (EYE) earnings and revenue breakdown

Latest: Q2 2026 · 10-Q filed Aug 13, 2026 · National Vision Holdings (EYE) Q2 2026 earnings results →

Q2 2026 Revenue up 2% year over year to $499M · 2¢ of every $1 of revenue kept as net profit · operating margin 4.3%

National Vision Holdings made $499M in Q2 2026 (+2% Y/Y): Products $403M, Services and plans $95.7M. Operating margin 4.3%, net earnings $12.4M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 13, 2026.

Revenue$499M
Year over year+2%
Operating margin4.3%
Net earnings$12.4M
Operating cash flow$8.1M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $498.8M in Q2 2026, up 3% year over year and down 8% from the previous quarter. Products was the largest line at 81% of revenue. Products added $8.5M year over year (up 2%), 69% of the total change.

Operating profit was $21.3M, a 4.3% margin (up 0.9 points year over year). Of the extra revenue versus Q2 2025, 39% reached operating profit, above the 3% margin then. Total costs grew 2% against revenue growth of 3%. The fastest-growing cost line was Other operating costs (+15%). Net earnings were $12.4M, up 42% year over year. The effective tax rate was 30.9%.

Operating cash flow was $8.1M (down 85% year over year), 65% of net earnings. Non-cash charges added back $23.2M of depreciation and amortization and $6.4M of share-based compensation. Working capital and other items used $33.9M. Capital expenditures of $22.2M exceeded it, leaving free cash flow of −$14.1M.

Quarterly history

National Vision Holdings revenue by quarterNational Vision Holdings revenue by quarter$437MQ4 2024$510MQ1 2025$486MQ2 2025$487MQ3 2025$503MQ4 2025$544MQ1 2026$499MQ2 2026
National Vision Holdings net earnings by quarterNational Vision Holdings net earnings by quarter−$28.6MQ4 2024$14.2MQ1 2025$8.7MQ2 2025$3.4MQ3 2025$3.3MQ4 2025$31.2MQ1 2026$12.4MQ2 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 202610-QAug 13, 2026$499M+2%4.3%$12.4M$8.1M
Q1 202610-QMay 14, 2026$544M+7%8.3%$31.2M$61.7M
Q4 202510-KMar 4, 2026$503M+15%1.3%$3.3M$13.2M
Q3 202510-QNov 6, 2025$487M+8%2.0%$3.4M$46.6M
Q2 202510-QAug 7, 2025$486M+8%3.4%$8.7M$54.3M
Q1 202510-QMay 8, 2025$510M+6%5.1%$14.2M$32.2M
Q4 202410-KFeb 26, 2025$437M+4%-5.8%−$28.6M$30.3M

Charts

National Vision Holdings: revenue growth, year over year and quarter over quarterNational Vision Holdings: revenue growth, year over year and quarter over quarterY/YQ/Q+4%Q4 2024+6%+17%Q1 2025+8%-5%Q2 2025+8%+0%Q3 2025+15%+3%Q4 2025+7%+8%Q1 2026+2%-8%Q2 2026
Latest (Q2 2026): Y/Y +2%, Q/Q -8%.
National Vision Holdings: where the cash came from (+) and went (−), TTM to Q2 2026National Vision Holdings: where the cash came from (+) and went (−), TTM to Q2 2026Operating cash flow$130MCapital spending−$80.5MNet borrowing (+) / repaid (−)−$35.2MBuybacks−$32.1MCash drawn (+) / kept (−)$12.7MShares issued$3.5MOther investing$2.1M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
National Vision Holdings: profit against cash, quarter by quarterNational Vision Holdings: profit against cash, quarter by quarterNet incomeOperating cash flow−$8.5M$27.9MQ3 2024−$28.6M$30.3MQ4 2024$14.2M$32.2MQ1 2025$8.7M$54.3MQ2 2025$3.4M$46.6MQ3 2025$3.3M$13.2MQ4 2025$31.2M$61.7MQ1 2026$12.4M$8.1MQ2 2026
Latest (Q2 2026): Net income $12.4M, Operating cash flow $8.1M.
National Vision Holdings: diluted shares by fiscal yearNational Vision Holdings: diluted shares by fiscal year83MFY202096MFY202180MFY202279MFY202379MFY202481MFY2025
-2.7% since FY2020: buybacks shrank the count.
National Vision Holdings: long-term debt falling due (FY2025)National Vision Holdings: long-term debt falling due (FY2025)$13.2M2026$13.2M2027$211M2028
Cash $38.7M, short-term investments —, long-term debt $236M at 2026-01-03.
National Vision Holdings in its industry: growth against margin (7 companies, SIC 3851)National Vision Holdings in its industry: growth against margin (7 companies, SIC 3851)revenue growth, year over year →↑ operating marginmedian +2%median 4%BLCOCOOWRBYSTAARXSTLUCYWEYE (+2%, 4%)
Ophthalmic Goods; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About National Vision Holdings

National Vision Holdings, Inc., a Delaware corporation, and its consolidated subsidiaries are referred to here as “we,” “our,” “us,” “the Company,” or “National Vision.” National Vision Holdings, Inc. conducts substantially all of its activities through its indirect, wholly-owned subsidiary, National Vision, Inc. (“NVI”), and NVI’s subsidiaries. We operate under one reportable segment, our Owned & Host segment, which includes our two owned brands, America’s Best Contacts and Eyeglasses (“America’s Best”) and Eyeglass World, as well as our Host brands, Vista Optical locations within select Fred Meyer stores and Vista Optical locations on select military bases. See Part II. Item 8. Note 15. “Segment Reporting” for more information.

In its own words, from its 10-K, filed Mar 4, 2026.

National Vision Holdings against its Ophthalmic Goods peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +2% against the peers' median +2%. Operating margin: 4.3% against the peers' median 4.3%.

CompanyQuarterRevenueY/YOp. margin
EYE National Vision HoldingsQ2 2026$499M+2%4.3%
BLCO Bausch & LombQ3 2026$1.4B+7%11.3%
COO Cooper CompaniesQ3 FY26$1.1B+0.6%20.8%
WRBY Warby ParkerQ3 2026$245M+10%1.5%
STAA Staar SurgicalQ3 2026$83.4M-12%6.5%
RXST RxSightQ3 2026$24.6M-19%-75.3%
LUCYW Innovative EyewearQ2 2026$1.0M+74%-165.3%

Source: National Vision Holdings 10-Q on SEC EDGAR · CIK 1710155 · Ophthalmic Goods

13F: who owns EYE and who is buying

Largest holders of EYE (13F)Largest holders of EYE (13F)Vanguard Group$273MBlackRock$230MWellington Management Group LLP$146MVanguard Portfolio Management LLC$103MWilliam Blair Investment Manageme…$90.2MFMR LLC$77.4MEngine Capital Management, LP$66.9MState Street$65.9MVanguard Capital Management LLC$64.6MDimensional Fund Advisors LP$64.3M
Funds' net buying of EYE by quarter (13F)Funds' net buying of EYE by quarter (13F)−$76.9M2024-09$58.5M2024-12$46.4M2025-03$29.5M2025-06$100M2025-09$93.8M2025-12$92.6M2026-03$83.3M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on EYE

History

Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results

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