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National Vision Holdings cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$14.1M in Q2 2026 · $49.1M over twelve months

Operating cash flow$8.1M
Capital spending−$22.2M
Free cash flow−$14.1M
Cash / net income0.7×
Cash conversion cycle22 days

Analysis

In Q2 2026, National Vision Holdings generated $8.1M of operating cash flow and spent $22.2M on capital projects, leaving free cash flow of −$14.1M.

Over the twelve months to Jul 4, 2026, operating cash flow was $130M; the largest uses were capital spending ($80.5M), net borrowing (+) / repaid (−) ($35.2M), buybacks ($32.1M); besides operations, cash came from shares issued ($3.5M), other investing ($2.1M); the cash balance fell by $12.7M.

Operating cash flow was $8.1M against net income of $12.4M — 0.7× profit, less cash than reported earnings, worth checking against working capital. The largest differences: depreciation & amortization +$23.2M, inventory −$16.6M, other liabilities −$14.4M.

Its cash conversion cycle was 22 days (receivables 7 + inventory 50 − payables 36).

Free cash flow

National Vision Holdings: free cash flow by quarterNational Vision Holdings: free cash flow by quarter$4.1MQ3 2024−$1.7MQ4 2024$12.0MQ1 2025$42.4MQ2 2025$30.3MQ3 2025−$11.2MQ4 2025$44.1MQ1 2026−$14.1MQ2 2026
Operating cash flow less capital spending.
National Vision Holdings: operating cash flow against capital spendingNational Vision Holdings: operating cash flow against capital spendingOperating cash flowCapital spending$27.9M$23.9MQ3 2024$30.3M$32.0MQ4 2024$32.2M$20.2MQ1 2025$54.3M$11.8MQ2 2025$46.6M$16.4MQ3 2025$13.2M$24.4MQ4 2025$61.7M$17.6MQ1 2026$8.1M$22.2MQ2 2026
Latest (Q2 2026): Operating cash flow $8.1M, Capital spending $22.2M.

Capital allocation, year by year

National Vision Holdings: where the cash came from (up) and went (down), by fiscal yearNational Vision Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingBuybacksFY2021: Operating cash flow $259MFY2021: Net borrowing −$172MFY2021: Shares issued $23.7MFY2021: Capital spending −$95.5MFY2021: Buybacks −$73.3M$283MFY2021FY2022: Operating cash flow $119MFY2022: Net borrowing −$3.9MFY2022: Shares issued $3.7MFY2022: Capital spending −$114MFY2022: Buybacks −$84.4M$123MFY2022FY2023: Operating cash flow $173MFY2023: Net borrowing −$107MFY2023: Shares issued $1.8MFY2023: Capital spending −$115MFY2023: Buybacks −$28.4M$175MFY2023FY2024: Operating cash flow $134MFY2024: Net borrowing −$110MFY2024: Shares issued $1.5MFY2024: Capital spending −$95.5MFY2024: Buybacks −$3.1M$135MFY2024FY2025: Operating cash flow $146MFY2025: Net borrowing −$105MFY2025: Shares issued $3.4MFY2025: Capital spending −$72.8MFY2025: Buybacks −$3.2M$150MFY2025
Over these 5 years operating cash flow totalled $831M; the largest uses were net borrowing ($498M) and capital spending ($492M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$36.0M
Debt$230M
Net debt$194M
Due within a year$13.2M

National Vision Holdings funds itself: free cash flow was $49.1M over the last twelve months, and $36.0M of cash and investments stands against $230M of debt ($13.2M due within a year, 2.7× covered by cash).

National Vision Holdings: debt maturities by year (FY2025)National Vision Holdings: debt maturities by year (FY2025)$13.2MYear 1$13.2MYear 2$211MYear 3
Principal due in each year as disclosed in the annual report, against $36.0M of cash and investments now.

Where the cash came from and went

National Vision Holdings: sources (+) and uses (−) of cash, Q2 2026National Vision Holdings: sources (+) and uses (−) of cash, Q2 2026Cash drawn (+) / kept (−)$32.3MCapital spending−$22.2MBuybacks−$20.1MNet borrowing (+) / repaid (−)−$14.1MOther financing$10.0MOperating cash flow$8.1MOther investing$5.7MShares issued$320K
National Vision Holdings: sources (+) and uses (−) of cash, TTM to Q2 2026National Vision Holdings: sources (+) and uses (−) of cash, 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 profit to cash

National Vision Holdings: net income to operating cash flow, Q2 2026National Vision Holdings: net income to operating cash flow, Q2 2026Net income$12.4MDepreciation & amortization$23.2MStock-based pay$6.4MDeferred taxes−$2.5MImpairments$2.5MOther non-cash$676KReceivables$9.1MInventory−$16.6MPayables−$10.5MDeferred revenue−$12.3MPrepaid and other assets$2.0MOther liabilities−$14.4MOperating cash flow$8.1M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 20267503622
Q1 20268413515
Q4 202510413616
Q3 20259403117
Q2 20259402327
Q1 20259402030
Q4 202410452332
Q3 202411432132

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026$8.1M−$22.2M−$20.1M−$14.1M$320K$32.3M−$14.1M
Q1 2026$61.7M−$17.6M−$10.5M−$4.1M$501K−$29.3M$44.1M
Q4 2025$13.2M−$24.4M−$650K−$7.8M$2.4M$17.3M−$11.2M
Q3 2025$46.6M−$16.4M−$876K−$19.1M$277K−$7.6M$30.3M
Q2 2025$54.3M−$11.8M−$55K−$88.8M$471K$31.9M$42.4M
Q1 2025$32.2M−$20.2M−$1.6M−$4.0M$265K−$6.6M$12.0M
Q4 2024$30.3M−$32.0M−$273K−$4.0M$306K$7.4M−$1.7M
Q3 2024$27.9M−$23.9M−$44K−$101M$531K$98.3M$4.1M

National Vision Holdings: income statement and cash flow

National Vision Holdings, Q2 2026: revenue $499M (+2% year over year), operating margin 4.3%. The chart follows the revenue to costs, profit and cash.

National Vision Holdings: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.