A month has gone by since the last earnings report for National Vision (EYE Quick QuoteEYE - Free Report) . Shares have lost about 10.1% in that time frame, underperforming the S&P 500.

But investors have to be wondering, 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 its 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 Q2 Earnings & Revenue Estimates

National Vision Holdings, Inc. posted second-quarter 2026 adjusted earnings of 25 cents per share, up 38.9% year over year. The bottom line beat the Zacks Consensus Estimate by 47.1%.

Quarterly net revenues rose 2.5% year over year to $498.81 million and beat the consensus mark by 1.4%. Growth reflected higher average ticket and continued strength in managed care, while adjusted comparable store sales increased 2.2%.

EYE's Store Trends Show Mixed Brand Performance

Comparable store sales increased 3.4% in the quarter. Revenues also benefited from a positive 0.8% impact tied to the timing of unearned revenues, while lower self-pay customer traffic partly offset gains from ticket and managed care.

America’s Best comparable sales rose 2.5%, while Eyeglass World’s increased 0.4%. Military comparable sales declined 2.9%, while Fred Meyer’s fell 7.4%. EYE opened nine America's Best stores and closed two, ending the quarter with 1,281 stores, up 3.3% overall.

EYE’s Margin

On a consolidated basis, gross profit in the second quarter increased 1.5% year over year to $290.4 million, supported by higher revenues of $498.8 million. Gross margin was 58.2%, down roughly 58 bps from the prior-year quarter’s level, as costs applicable to revenues rose 4% to $208.4 million.

SG&A expenses declined 1.5% year over year to $243.4 million. Operating income climbed 29.5% to $21.3 million, translating into an operating margin of 4.3%, which expanded roughly 89 bps year over year.

National Vision's Liquidity Supports Capital Flexibility

National Vision ended the quarter with $36.0 million in cash. Total debt was $237.7 million, while no borrowings were outstanding under its $300 million first-lien revolving credit facility, excluding $6.7 million of letters of credit.

During the quarter, the company repurchased about 1.2 million shares for $20.0 million, leaving $30.0 million under its authorization. For the first six months of 2026, net cash provided by operating activities was $69.8 million versus $86.5 million a year earlier. Purchases of property and equipment totaled $39.8 million compared with $32.1 million in the prior-year period.

EYE Raises Its 2026 Profit Outlook

EYE narrowed its adjusted comparable store sales growth outlook to 3-5% from 3-6%. Net revenues are now projected to be $2.037-$2.076 billion (previously $2.033-$2.091 billion).

The company also lifted the lower end of its adjusted EPS guidance to 94 cents from 85 cents, with the upper end unchanged at $1.09 (previously $0.85-$1.09).

How Have Estimates Been Moving Since Then?

Since the earnings release, investors have witnessed a downward trend in fresh estimates.

The consensus estimate has shifted -40% due to these changes.

VGM Scores

Currently, National Vision has a subpar Growth Score of D, a score with the same score on the momentum front. However, the stock was allocated a grade of B on the value side, putting it in the second quintile for value investors.

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

Outlook

Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, National Vision has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months.