National Vision Doubles Adjusted EPS in Q3 but Cuts Full Year Sales Outlook

National Vision Holdings reported mixed third-quarter results on November 12, with adjusted diluted earnings per share more than doubling to $0.30 from $0.13 a year earlier and adjusted operating margin expanding 320 basis points to 7.3% from 4.1%. Net income rose to $19.2 million from $5.4 million in Q3 2025, lifting net income margin to 3.8% from 0.7%, while net revenue climbed 4.8% to $510.5 million. Results included a one-time benefit of $4.7 million from IEEPA tariff refunds; excluding that item, adjusted operating margin expanded 230 basis points to 6.4%.

Comparable store sales growth of 3.6% and adjusted comparable store sales growth of 2.8% came in below what analysts had expected, contributing to a revenue miss relative to consensus. CEO Alex Wilkes credited the company's commercial transformation for the profitability gains, and separately said new store growth is now expected to accelerate in 2027, one year ahead of the original plan.

National Vision cut its full-year fiscal 2026 outlook, lowering adjusted comparable store sales growth guidance to 2.0%-3.0% from the prior range of 3.0%-5.0% issued in August. The full-year net revenue forecast was trimmed to $2.019 billion-$2.038 billion from $2.037 billion-$2.076 billion, and adjusted operating income guidance was reduced to $119 million-$131 million from $119 million-$139 million. The new store opening target was also nudged down to approximately 30 from the prior range of 30-35.