National Vision Holdings Inc. published the transcript of its Q4 2025 earnings conference call. The call was attended by CEO Alex Wilkes and CFO Christopher Laden, along with Vice President of Investor Relations and Communications Tamara Gonzalez. Analysts on the call included Michael Lasser $(UBS)$, Simeon Siegel (Guggenheim), Dylan Carden (William Blair), Brian Tanquilut (Jefferies), Robert Ohmes (BofA Securities), Anthony Chukumba (Loop Capital), Angus Kelleher-Ferguson (Barclays), Matthew Koranda $(ROTH)$, and Lauren Ng (Morgan Stanley). Management said fiscal 2025 results exceeded initial expectations as the company executed a transformation focused on merchandising, pricing, customer experience, marketing and technology modernization, while intentionally shifting toward more profitable customer cohorts such as managed care, progressive lens wearers and “outside Rx” customers. “We had a great year,” Wilkes said, adding the company “delivered strong mid-single-digit comp store sales and modernized our business, all while driving significant operating margin expansion.” For 2025, National Vision reported net revenue up 9% to $1.99 billion, adjusted comparable store sales up 6%, adjusted operating income up 56% to $102.5 million, and adjusted EPS of $0.80. In Q4, net revenue rose 15.1% to $503 million with adjusted comps up 4.8% and adjusted EPS of $0.15. Key initiatives discussed included expanding premium and branded frame assortments, simplifying lens pricing and assortment, and rolling out smart glasses. Wilkes said Ray-Ban Meta smart glasses have “exceeded expectations,” with availability in 300 stores and expected in all stores by the end of the second quarter; he also highlighted that Meta transactions are high value, noting “the vast majority of what we’re selling is coming with a prescription lens” and often includes premium lens add-ons. The company also emphasized consultative selling supported by iPads and digital tools, continued use of remote exam technology, and marketing changes following the launch of the “Every Eye Deserves Better” campaign and the addition of a new media partner, Infinite Roar. CFO Laden emphasized cost discipline and margin progress, stating the company “successfully rallied around” operating margin expansion, delivering 160 basis points of adjusted operating margin improvement in 2025. For 2026, National Vision guided to net revenue of $2.03 billion to $2.09 billion, adjusted comparable store sales growth of 3% to 6%, adjusted operating income of $107 million to $133 million, and adjusted diluted EPS of $0.85 to $1.09, alongside plans to open about 30 to 35 new stores and close about 10 to 15. The full transcript can be accessed through the link below.

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