Overview

• U.S. optical retailer's Q1 revenue up 6.6% yr/yr, slightly missing analyst expectations

• Adjusted EPS for Q1 beat analyst expectations

• Company expanded military store presence, adding 20 new locations

Outlook

• Company reiterates 2026 net revenue guidance of $2.033 bln to $2.091 bln

• National Vision expects 2026 adjusted diluted EPS of $0.85 to $1.09

• Company maintains 2026 adjusted comparable store sales growth outlook of 3.0% to 6.0%

Result Drivers

• HIGHER AVERAGE TICKET & MANAGED CARE - Co said comparable store sales growth was driven by higher average ticket and continued strength in managed care, partially offset by lower self-pay customer traffic

• EXPENSE MANAGEMENT - Margin expansion attributed to disciplined expense management, including lower payroll and advertising

• UNEARNED REVENUE TIMING - Net change in margin on unearned revenue benefited net income and Adjusted Operating Income

Company press release: ID:nBw6fTYcGa

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue	Slight Miss*	$543.90 mln	$545.17 mln (11 Analysts)
Q1 Adjusted EPS	Beat	$0.45	$0.43 (12 Analysts)
Q1 Net Income		$31.20 mln
Q1 Adjusted Operating Income	Beat	$55.50 mln	$50.85 mln (10 Analysts)

*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 9 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the miscellaneous specialty retailers peer group is "buy"

• Wall Street's median 12-month price target for National Vision Holdings Inc is $35.00, about 67.1% above its May 12 closing price of $20.94

• The stock recently traded at 19 times the next 12-month earnings vs. a P/E of 29 three months ago

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