Here are 1-3 brief analogies to describe National Vision (EYE):

• It's like the Walmart for eyeglasses and eye exams.
• Think of it as the Starbucks of affordable eye care.
• It's essentially a Jiffy Lube for your eyes.

• Eyeglasses: Prescription and non-prescription eyewear for vision correction.
• Contact Lenses: Corrective contact lenses for various vision needs.
• Optical Accessory Products: Complementary items such as cleaning solutions, cases, and other accessories for eyewear.
• Eye Exams: Professional vision testing and assessments provided by optometrists.
• Health Maintenance Organization (HMO) Services: Services related to vision care provided under managed healthcare plans.
• Optometric Services: Professional services provided by optometrists, including consultations and vision care management.

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Alex Wilkes, Chief Executive Officer

Alex Wilkes joined National Vision as President in August 2024 and became Chief Executive Officer in August 2025. Prior to his current role, he served as President, Americas at CooperVision. Wilkes also spent more than a decade at EssilorLuxottica, where his roles included Senior Vice President and General Manager of Pearle Vision, overseeing the expansion of one of the largest franchises in the vision care industry, and Vice President of Vision Care for LensCrafters. His early career involved management consulting at Accenture and Deloitte. He holds a B.A. in Economics from the University of Iowa.

Christopher Laden, Chief Financial Officer

Christopher Laden was appointed Chief Financial Officer of National Vision, effective March 31, 2025. He most recently served as Chief Financial Officer for Community Veterinary Partners, a consolidator of veterinary hospitals. Previously, Laden was CFO for Women's Care and MD Now Urgent Care. He also held various leadership positions, including Head of Finance, at Pearle Vision, a division of EssilorLuxottica. Laden brings nearly two decades of experience leading finance organizations within the service and optical industries.

Reade Fahs, Executive Chairman

Reade Fahs served as CEO of National Vision for 23 years, from early 2002 until August 2025, when he transitioned to Executive Chairman. Under his leadership, National Vision grew to become one of the largest and fastest-growing optical retailers in the United States. Before joining National Vision, Fahs was the Chief Executive Officer of the European internet start-up company First Tuesday from 1999 to 2001. Prior to that, he was the Managing Director of Vision Express U.K. between 1997 and 1999. He began his optical career at LensCrafters in 1986, where he spent a decade leading advertising, strategy, and new product development. Fahs also serves on the boards of VisionSpring and RestoringVision, and is involved with KKR-owned PetVet Care Centers, Montag Wealth Management, The Atlanta Committee for Progress, and Atlanta's Alliance Theatre. He holds a B.A. in English and American Literature from Harvard University.

Jeff McAllister, Chief Operating Officer

Jeff McAllister serves as the Chief Operating Officer for National Vision, a role he began in July 2017. Before joining National Vision, McAllister was a Senior Vice President at Walmart, where he spent 19 years. His extensive experience at Walmart includes roles such as Vice President of Logistics Engineering and Planning, Vice President of Global Supply Chain, Chief Operating Officer for Walmart Japan, and Senior Vice President for Optical. He also led operations for Walmart's Health and Wellness Group and its Texas Division. Earlier in his career, McAllister managed logistics for Saks Fifth Avenue and May Department Stores. He earned his undergraduate degree from the University of Michigan.

Alexander Smith, O.D., Head of Doctor Network

Alexander Smith, O.D., is the Head of Doctor Network at National Vision. In this role, he collaborates with leaders across the organization to ensure that optometrists deliver high standards of clinical care and support their career development. His responsibilities include overseeing the Doctor network's leadership programs and initiatives related to doctor training, development, mentorship, innovation, and continuing education. Dr. Smith has over two decades of experience in the optometric industry, starting his career as a practicing optometrist at America's Best. He has practiced in various settings, including medical, retail, and group practices, and has held executive management roles focused on advocating for optometrists. He holds a B.A. from James Madison University and both a B.S. and Doctor of Optometry degree from the Pennsylvania College of Optometry.

1. Economic Uncertainty and Consumer Spending: National Vision's performance is highly sensitive to the overall economic environment, including factors like inflation, consumer confidence, and employment rates. The company's reliance on discretionary consumer spending, particularly from its focus on lower-income consumers, makes it vulnerable to economic downturns and shifts in consumer behavior, which can materially harm sales, profitability, and financial condition. The current macroeconomic environment has already impacted customer demand, and predictability of recurring purchase behavior, especially for cash-pay consumers, remains uncertain.
2. Highly Competitive Industry Landscape: The optical retail industry is intensely competitive and fragmented. National Vision faces significant competition from a diverse range of players, including mass merchants, specialty retail chains, online retailers, and independent practitioners. Failure to compete successfully in this environment could materially adversely impact the business.
3. Regulatory Changes and Compliance: As an optical retailer, National Vision is subject to extensive legal and regulatory requirements across federal, state, and local levels, particularly concerning healthcare laws, insurance coverage, and labor regulations. Changes in these regulations, or the company's inability to continuously monitor and adapt to them, could affect operations and profitability. There are also specific risks related to the recruitment and contractual relationships with vision care professionals, as certain jurisdictions may challenge the legality of existing arrangements.

The rise of direct-to-consumer (DTC) online optical providers, offering eyewear directly to consumers with enhanced convenience and often competitive pricing, poses a clear emerging threat to traditional brick-and-mortar optical retailers. Furthermore, the increasing adoption and technological advancements in teleoptometry and remote eye examination services could reduce the necessity for in-store eye exams, a core service provided by National Vision, thereby facilitating purely online eyewear purchases and potentially bypassing physical store locations.

The addressable markets for National Vision's main products and services in the United States are as follows:

• Overall U.S. Optical/Vision Care Market: The U.S. optical industry was estimated to be valued at $69.5 billion in 2025.
• Eyeglasses (Spectacles): The U.S. eyewear market was valued at USD 45.50 billion in 2024. Spectacles accounted for approximately 75% of this market in 2023, which would be around USD 34.125 billion.
• Contact Lenses: The United States contact lenses market was valued at US$ 3.09 billion in 2024.
• Eye Exams/Optometric Services: The U.S. eye care services market, which includes vision testing and eye exams, was valued at USD 47.55 billion in 2024.

National Vision Holdings, Inc. (EYE) is focusing on several key drivers to fuel future revenue growth over the next two to three years:

1. Expansion into Underdeveloped Customer Segments: The company is strategically shifting its focus beyond traditional cash-pay customers to attract and capture a larger share of more profitable customer groups, including managed care patients, progressive lens wearers, and individuals with outside prescriptions. This intentional evolution of the customer base is expected to drive a healthier business overall.
2. Product Premiumization and Evolving Offerings: National Vision is enhancing its product mix by increasing the penetration of premium lens products and branded frames. This strategy has already seen the proportion of frames priced above $99 double from approximately 20% at the end of 2024 to 40% by the end of 2025, leading to a higher average ticket per customer. The rollout of new eyewear such as Meta AI glasses is also contributing to this growth.
3. Strategic Store Expansion: While new store openings will proceed at a measured pace of around 30 stores per year between 2026 and 2027, the company plans to accelerate this expansion to approximately 60 stores annually from 2028 to 2030.
4. Enhancing Customer Experience and Technology Investments: The company is investing in modernizing various aspects of its business, including customer engagement, in-store digital tools, data, and technology infrastructure. This also involves leveraging remote technology to expand eye exam capacity and implementing electronic health records to improve efficiency and the overall patient experience.

Share Repurchases

• In November 2021, National Vision's board of directors authorized an increase of $50 million, bringing the total share repurchase program to $100 million. Approximately $48.4 million worth of shares had been repurchased as of December 2021, with the program valid through December 30, 2023.
• Effective March 2, 2026, the company's board authorized a new share repurchase program for up to $50 million, valid until December 28, 2030.
• The initial intent of share repurchase authorizations has been to offset dilution from equity grants.

Share Issuance

• The company's share repurchase programs have aimed to offset share dilution related to equity grants.
• National Vision had approximately 80.576 million weighted diluted shares outstanding in fiscal 2025.
• Additional Paid-in Capital for National Vision has shown an increase, from $750.48 million in 2022 to $834.00 million in 2026.

Capital Expenditures

• For fiscal year 2025, National Vision invested $72.8 million in capital expenditures, primarily focused on new and existing stores and information technology. The company opened 33 new stores during this period, while closing 12 America's Best stores and 11 Fred Meyer stores.
• For fiscal year 2026, the company expects capital expenditures to be between $73 million and $78 million.
• These projected capital expenditures for 2026 include investments to open approximately 30 to 35 new stores, with a primary focus on America's Best locations, as well as continued investments in existing stores and technology.