Filing Flows › National Vision Holdings (EYE) › Q4 2025
National Vision Holdings (EYE) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 4, 2026
National Vision Holdings (EYE) reported revenue of $503M for the fourth quarter 2025 (Q4 2025), +15% from a year earlier and +3% from the quarter before. Operating margin was 1.3%, net earnings $3.3M (0.7% of revenue).
National Vision Holdings, Q4 2025: revenue $503M (+15% year over year), operating margin 1.3%, net earnings $3.3M, operating cash flow $13.2M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $503M | +3% | +15% |
| Operating profit | $6.6M | -31% | — |
| Net earnings | $3.3M | -2% | — |
| Operating cash flow | $13.2M | -72% | -57% |
What changed
Revenue was $503.4M in Q4 2025, up 15% year over year and up 3% from the previous quarter. Products was the largest line at 80% of revenue.
Operating profit was $6.6M, a 1.3% margin (up 7.2 points year over year). Total costs grew 7% against revenue growth of 15%. The fastest-growing cost line was Cost of revenue (+14%). Net earnings were $3.3M. The effective tax rate was -38.9%.
Operating cash flow was $13.2M (down 57% year over year), 397% of net earnings. Non-cash charges added back $23.5M of depreciation and amortization and $5.8M of share-based compensation. Working capital and other items used $19.5M. Capital expenditures of $24.4M exceeded it, leaving free cash flow of −$11.2M.
Questions
What was National Vision Holdings' revenue in the fourth quarter 2025?
National Vision Holdings (EYE) reported revenue of $503M for the fourth quarter 2025 (Q4 2025), +15% from a year earlier and +3% from the quarter before.
Was National Vision Holdings profitable in the fourth quarter 2025?
Operating profit was $6.6M (1.3% of revenue) and net earnings $3.3M.