National Vision Holdings Inc
NASDAQ: EYE · CONSUMER CYCLICAL · SPECIALTY RETAIL
Updated 2026-06-05
National Vision Holdings Inc (EYE) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $932.70M | $1.06B | $1.20B | $1.38B | $1.54B | $1.72B | $1.71B | $2.08B | $1.64B | $2.13B | $1.82B | $1.99B |
| Revenue growth (YoY) | — | +13.9% | +12.6% | +15.0% | +11.7% | +12.2% | -0.7% | +21.5% | -20.9% | +29.3% | -14.3% | +9.0% |
| Cost of revenue | $453.45M | $491.10M | $544.78M | $636.97M | $713.57M | $806.52M | $786.62M | $904.78M | $667.66M | $1.00B | $764.06M | $910.62M |
| Gross profit | $479.24M | $571.43M | $651.41M | $738.34M | $823.28M | $917.81M | $925.14M | $1.17B | $977.01M | $1.13B | $1.06B | $1.08B |
| Gross margin | 51.4% | 53.8% | 54.5% | 53.7% | 53.6% | 53.2% | 54.0% | 56.5% | 59.4% | 52.9% | 58.1% | 54.2% |
| R&D | — | — | — | $0.00 | $0.00 | — | — | — | — | — | — | — |
| SG&A | $351.81M | $397.05M | $438.84M | $504.72M | $579.98M | $631.19M | $634.09M | $749.70M | $773.96M | $851.98M | $795.41M | $1.02B |
| Operating income | $29.48M | $44.68M | $66.38M | $67.24M | $42.35M | $73.58M | $87.01M | $174.94M | $52.77M | $-46.83M | $-10.36M | $61.26M |
| Operating margin | 3.2% | 4.2% | 5.5% | 4.9% | 2.8% | 4.3% | 5.1% | 8.4% | 3.2% | -2.2% | -0.6% | 3.1% |
| EBITDA | $35.84M | $97.36M | $118.38M | $138.38M | $116.49M | $151.03M | $178.59M | $276.74M | $158.73M | $53.12M | $89.58M | $152.42M |
| EBITDA margin | 3.8% | 9.2% | 9.9% | 10.1% | 7.6% | 8.8% | 10.4% | 13.3% | 9.7% | 2.5% | 4.9% | 7.7% |
| EBIT | $-1.87M | $53.29M | $66.38M | $76.41M | $42.15M | $63.79M | $87.01M | $174.94M | $52.77M | $-45.13M | $-9.50M | $61.26M |
| Interest expense | $0.00 | $39.29M | $39.09M | $60.06M | $37.48M | $33.30M | $48.33M | $25.61M | $462000.00 | $14.34M | $16.18M | $16.95M |
| Income tax | — | — | — | — | — | — | — | — | — | — | — | — |
| Effective tax rate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net income | $-23.92M | $3.62M | $14.76M | $45.82M | $23.65M | $32.80M | $36.28M | $128.24M | $42.12M | $-65.90M | $-28.50M | $29.60M |
| Net income growth (YoY) | — | +115.1% | +308.0% | +210.5% | -48.4% | +38.7% | +10.6% | +253.5% | -67.2% | -256.5% | +56.8% | +203.9% |
| Profit margin | -2.6% | 0.3% | 1.2% | 3.3% | 1.5% | 1.9% | 2.1% | 6.2% | 2.6% | -3.1% | -1.6% | 1.5% |
Frequently asked questions
What is National Vision Holdings Inc's revenue?
National Vision Holdings Inc's trailing twelve-month revenue is $2.02B. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is EYE?
In its most recent fiscal year, EYE ran a gross margin of 54.18%, an operating margin of 3.08%, and a net margin of 1.49%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does EYE generate?
EYE produced $73.45M in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is EYE's balance sheet healthy?
EYE holds $38.71M in cash and equivalents against $223.24M in long-term debt, on $869.53M of shareholder equity. That debt is best read against the cash flow the business throws off each year.