A month has gone by since the last earnings report for National Vision (EYE Quick QuoteEYE - Free Report) . Shares have lost about 18.5% in that time frame, underperforming the S&P 500.

Will the recent negative trend continue leading up to its next earnings release, or is National Vision due for a breakout? Well, first let's take a quick look at the latest earnings report in order to get a better handle on the recent catalysts for National Vision Holdings, Inc. before we dive into how investors and analysts have reacted as of late.

National Vision Tops Q4 Earnings & Revenue Estimates

National Vision Holdings, Inc. delivered fourth-quarter 2025 adjusted earnings per share from continuing operations of 15 cents compared to a loss of 4 cents a year ago. The figure surpassed the Zacks Consensus Estimate by 172.73%.

GAAP earnings from continuing operations were 4 cents per share compared to a loss of 36 cents in the prior-year quarter.

Full-year 2025 adjusted earnings per share came in at 80 cents, up 53.8% year over year.

National Vision’s Revenues

Net revenues from continuing operations in the fourth quarter were $503.4 million, which surpassed the Zacks Consensus Estimate by 0.81%. The top line rose 15.1% from the year-ago quarter’s number, driven by the 53rd week, Adjusted Comparable Store Sales Growth and new store sales.

In the fourth quarter, comparable store sales grew 6.6% year over year. Adjusted comparable store sales growth was 4.8%. National Vision opened 12 new stores and closed four America’s Best stores, ending the quarter with 1,250 stores. Overall, the store count rose 0.8% year over year.

For the full year, the company’s revenues totaled $1.99 billion, up 9% year over year and also beat the Zacks Consensus Estimate by 0.5%.

National Vision’s Q4 Margin Performance

On a consolidated basis, the gross profit in the fourth quarter rose 16% from the prior-year quarter’s level to $292.7 million. The gross margin expanded 45 basis points (bps) to 58.1% despite a 13.9% rise in the cost of revenues (comprising products, services and plans).

SG&A expenses increased 12.1% year over year to $261.2 million. The adjusted operating margin was 6.3%, which expanded 186 bps year over year.

EYE’s Financial Position

National Vision exited the fourth quarter of 2025 with cash and cash equivalents of $38.7 million compared with $73.9 million at the end of 2024.

The cumulative net cash flow from operating activities at the end of the quarter was $146.3 million compared with $133.6 million a year ago.

National Vision’s 2026 View

National Vision provided its outlook for the 52 weeks ending Jan. 2, 2027.

Net revenues are projected in the range of $2.033 billion-$2.091 billion. The Zacks Consensus Estimate for the metric is currently pegged at $2.06 billion.

Adjusted earnings per share is estimated to be between 85 cents and $1.09. The Zacks Consensus Estimate is currently pegged at 90 cents.

How Have Estimates Been Moving Since Then?

It turns out, estimates review flatlined during the past month.

VGM Scores

At this time, National Vision has a great Growth Score of A, a score with the same score on the momentum front. Charting a somewhat similar path, the stock has a grade of B on the value side, putting it in the top 40% for value investors.

Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

National Vision has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.