National Vision (EYE) financial statements
National Vision reported revenue of $2.0B in fiscal 2025, up 5.8% a year over 9 years.
Net income was $30M and the operating margin 3.0%, against 5.4% in 2016.
Free cash flow was $73M, and the company returned $3M in net buybacks.
The diluted share count rose 41% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from National Vision's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.2B | $1.4B | $1.5B | $1.7B | $1.7B | $2.1B | $1.6B | $1.8B | $1.8B | $2.0B |
| Cost of revenue | $545M | $637M | $714M | $807M | $787M | $905M | $668M | $735M | $764M | $819M |
| Gross profit | $651M | $738M | $823M | $918M | $925M | $1.2B | $977M | $1.0B | $1.1B | $1.2B |
| Selling, general and admin | $526M | $600M | $687M | $744M | $725M | $901M | $833M | $905M | $939M | $1.0B |
| Operating income | $64M | $64M | $42M | $74M | $87M | $175M | $53M | $24M | -$10M | $59M |
| Interest expense | $39M | $56M | $37M | $33M | $48M | $26M | — | — | — | — |
| Pre-tax income | $25M | $4M | $5M | $30M | $39M | $149M | $52M | $10M | -$26M | $42M |
| Income tax | $12M | -$39M | -$19M | -$2M | $2M | $21M | $16M | $6M | $1M | $12M |
| Net income | $13M | $43M | $24M | $33M | $36M | $128M | $42M | -$66M | -$28M | $30M |
| EPS (diluted) | $0.23 | $0.70 | $0.30 | $0.40 | $0.44 | $1.43 | $0.52 | -$0.84 | -$0.36 | $0.37 |
| Diluted shares | 57M | 62M | 79M | 82M | 83M | 96M | 80M | 79M | 79M | 81M |
| Gross margin | 54.5% | 53.7% | 53.6% | 53.2% | 54.0% | 56.5% | 59.4% | 58.2% | 58.1% | 58.8% |
| Operating margin | 5.4% | 4.7% | 2.8% | 4.3% | 5.1% | 8.4% | 3.2% | 1.4% | -0.6% | 3.0% |
| Net margin | 1.1% | 3.1% | 1.5% | 1.9% | 2.1% | 6.2% | 2.6% | -3.8% | -1.6% | 1.5% |
Balance sheet
Fiscal years, from National Vision's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $5M | $4M | $17M | $39M | $374M | $306M | $229M | $150M | $74M | $39M |
| Receivables | $34M | $43M | $51M | $44M | $58M | $56M | $80M | $87M | $50M | $57M |
| Inventory | $87M | $91M | $116M | $128M | $111M | $124M | $123M | $120M | $94M | $89M |
| Total current assets | $147M | $162M | $215M | $235M | $567M | $515M | $474M | $397M | $250M | $226M |
| Property, plant and equipment | $256M | $302M | $355M | $367M | $341M | $346M | $360M | $360M | $362M | $345M |
| Goodwill | $793M | $793M | $778M | $778M | $778M | $778M | $778M | $718M | $698M | $701M |
| Total assets | $1.5B | $1.6B | $1.7B | $2.0B | $2.3B | $2.3B | $2.3B | $2.2B | $2.0B | $2.0B |
| Total current liabilities | $200M | $211M | $212M | $273M | $329M | $344M | $344M | $398M | $468M | $412M |
| Long-term debt | $738M | $562M | $571M | $556M | $652M | $566M | $563M | $451M | $249M | $229M |
| Total liabilities | $1.1B | $927M | $918M | $1.3B | $1.4B | $1.4B | $1.4B | $1.3B | $1.2B | $1.1B |
| Shareholders' equity | $400M | $655M | $743M | $776M | $907M | $926M | $901M | $829M | $816M | $870M |
| Net debt | $733M | $558M | $553M | $527M | $278M | $260M | $334M | $308M | $273M | $204M |
Cash flow
Fiscal years, from National Vision's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $98M | $90M | $107M | $165M | $235M | $259M | $119M | $173M | $134M | $146M |
| Capital spending | $90M | $93M | $104M | $101M | $77M | $96M | $114M | $115M | $96M | $73M |
| Free cash flow | $8M | -$3M | $2M | $64M | $158M | $163M | $6M | $58M | $38M | $73M |
| Stock-based compensation | $4M | $5M | $21M | $13M | $11M | $15M | $14M | $20M | $17M | $24M |
| Dividends paid | $0 | $171M | $0 | $0 | — | — | — | — | — | — |
| Share buybacks (net) | -$188,000 | $0 | -$2M | -$26M | -$689,000 | -$73M | -$84M | -$28M | -$3M | -$3M |
| Net borrowing | -$7M | -$193M | -$4M | -$25M | $180M | -$167M | -$4,000 | -$103M | -$107M | -$101M |
| Free cash flow margin | 0.6% | -0.2% | 0.1% | 3.7% | 9.2% | 7.9% | 0.3% | 3.3% | 2.1% | 3.7% |
| Dividends per share | — | $2.76 | — | — | — | — | — | — | — | — |
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Open EYE in InvestinglyQuestions
What was National Vision's revenue in 2025?
$2.0B in fiscal 2025, from its 10-K filing.
How much free cash flow does National Vision generate?
$73M in fiscal 2025 (operating cash flow minus capital spending).
From National Vision's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.