EYE · National Vision Holdings, Inc.

National Vision Holdings delivered strong Q1 2026 results, with net revenue growing 6.6% to $543.9 million, driven by 4.5% Adjusted Comparable Store Sales Growth from higher average ticket and managed care strength, plus a 2.0% unearned revenue timing benefit. Gross margin held steady at 59.7% despite product mix pressures, offset by pricing and optometrist leverage. SG&A efficiency shone, dropping 300 bps to 47.1% of revenue via payroll and advertising cuts, boosting Adjusted Operating Margin by 210 bps to 10.2%. CEO Alex Wilkes highlighted transformation progress, including merchandising, store experience, and data-driven agility, positioning the company as value leader in optical retail. Store expansion added eight America's Best net new stores, with total count at 1,274 (up 3.0%), bolstered by a key AAFES deal adding 20 Military stores effective April 1, 2026, expanding into two new states. Balance sheet remains solid with $67.9 million cash, zero revolver draws, and $241.8 million debt. Reaffirmed FY2026 guidance signals confidence amid execution of store segmentation and premium lens strategies, targeting sustainable profitability gains despite macroeconomic risks.