National Vision Holdings, Inc. (EYE): Business Model Canvas [Dec-2025 Updated]

You're looking to understand the engine room of National Vision Holdings, Inc. right now, and after two decades analyzing market movers, I can tell you their model is a fascinating blend of high-volume retail and managed care integration. They are pushing hard on a multi-year transformation while running over 1,200 locations, aiming for a full-year 2025 net revenue between $1.97 billion and $1.99 billion by making quality eye care accessible, often with that compelling two-for-one value proposition. It's a complex balancing act between managing high costs of goods sold for frames and lenses and driving patient traffic through those Managed Care Organization (MCO) partnerships. Dive into the full Business Model Canvas below to see exactly how they structure their resources-like their $48.5 million in cash as of mid-year-and capture revenue in this competitive space.

National Vision Holdings, Inc. (EYE) - Canvas Business Model: Key Partnerships

You're looking at how National Vision Holdings, Inc. structures its external relationships to drive traffic and manage costs as of late 2025. These alliances are definitely critical to their operational health, especially given the focus on operational efficiency and patient experience transformation.

The relationship with Managed Care Organizations (MCOs) is a clear traffic driver. The continued strength in this cohort is explicitly cited as a reason for positive sales momentum; for instance, the 7.7% Adjusted Comparable Store Sales Growth reported in the third quarter of 2025 reflected this strength, alongside a higher average ticket. You can see this reliance in the financial reporting, where the company focuses on its ability to develop, maintain, and extend relationships with managed vision care companies and vision insurance providers. This segment is key to accessing a broad customer base that relies on third-party coverage and reimbursement.

For in-store eye exams, the Independent Optometrists (ODs) network is essential, though the exact size of this network isn't public. What we do see is the financial impact, as costs applicable to revenue in the first quarter of 2025 totaled $205.2 million, which includes optometrist-related costs that scale with revenue growth. The company is actively working on recruiting and retaining qualified vision care professionals to address exam capacity challenges, showing this partnership is under active management.

The co-location strategy with Kroger's Fred Meyer stores shows a dynamic partnership, with National Vision Holdings, Inc. operating under the Vista Opticals brand within these locations. As of March 29, 2025, the company reported having 20 Fred Meyer locations. However, this relationship is being actively managed for profitability, as the company closed nine Fred Meyer stores during the first quarter of 2025 alone. This portfolio management suggests a focus on maximizing returns from the host relationship.

The reliance on Suppliers for frames, lenses, and contact lenses is a core operational dependency. The company has noted risks associated with being dependent on a limited number of suppliers. The scale of procurement is suggested by the total Costs Applicable to Revenue, which reached $205.2 million in Q1 2025. The company is also focused on improving product margins, as seen by the margin improvement in eyeglass frames and lenses offsetting a decrease in contact lens product margin in Q1 2025.

The presence on U.S. Military bases through Vista Opticals is a specific, captive channel. As of March 29, 2025, National Vision Holdings, Inc. operated 53 dedicated Military locations. This channel contributes to the overall store fleet, which totaled 1,237 retail stores across all brands at that same date.

Here's a quick look at the store footprint as of the end of the first quarter of fiscal year 2025:

The overall strategic alignment of these partnerships is aimed at achieving the raised fiscal 2025 outlook, which estimates net revenue between $1.919 billion and $1.955 billion. The company is also working to manage its real estate portfolio actively, as evidenced by the plan to moderate new store openings to 30-35 new stores for fiscal year 2025, prioritizing capital allocation to existing operations and better locations.

The key external relationships driving the business include:

• Managed Care Organizations driving customer traffic and sales growth.
• Independent Optometrists providing essential in-store exam capacity.
• Host partners like Fred Meyer for physical co-location presence.
• Suppliers for the core product inventory of frames and lenses.
• U.S. Military bases as a specific, dedicated retail channel.

National Vision Holdings, Inc. (EYE) - Canvas Business Model: Key Activities

Operating and expanding the retail store fleet of over 1,200 locations is a core activity for National Vision Holdings, Inc. As of the end of the third quarter of fiscal 2025, the company operated 1,242 stores.

The physical footprint is segmented across its primary brands, which is key to its dispensing activity. Here's the breakdown of the store fleet as of March 29, 2025:

The expansion component of this activity is structured for acceleration. National Vision Holdings, Inc. remained on track to open 32 new stores during fiscal 2025, projecting 9 net new stores for the year after planned closures. Looking further out, the plan involves opening about 30 stores annually during 2026-2027, with unit growth accelerating to approximately 60 new stores per year between 2028 and 2030. Capital expenditures for this growth are expected to represent approximately 4-5% of annual revenue through 2030.

Executing the multi-year commercial model transformation strategy is a major focus area, detailed in November 2025. This strategy is designed to drive consistent, profitable growth through fiscal 2030. A key component is a multi-year cost saving plan expected to achieve approximately $20 million in annualized savings, with about half of that anticipated in fiscal 2026. The savings primarily stem from renegotiated vendor pricing, efficiency in consumption, and working capital management improvements. The transformation strategy centers on four growth vectors, with specific targets for customer cohorts:

• Expanding managed care patient share from about 40% of the mix to a target of 50% over the next several years.
• Increasing penetration among progressive lens wearers, a segment where the company is currently in the 20-ish-percent range.
• Increasing penetration in premium lens categories.
• Enhancing customer experience through data-driven segmentation.

Managing a complex, vertically-integrated supply chain for eyewear supports the dispensing activity. The company maintains a network of labs and stores. The gross profit margin for National Vision Holdings, Inc. stood at an impressive 58.69% as of late 2025. Costs applicable to revenue for the third quarter of 2025 were $203.2 million. Year-to-date through Q3 2025, Costs applicable to revenue were $608.8 million.

Providing comprehensive eye exams and dispensing eyewear/contacts drives the top line. For the third quarter of 2025, net revenue increased 7.9% year-over-year to $487.3 million. This was supported by strong comparable sales growth metrics:

• Comparable store sales growth for Q3 2025 was 6.8%.
• Adjusted Comparable Store Sales Growth for Q3 2025 was 7.7%.
• Year-to-date through Q3 2025, Comparable store sales growth was 5.7%.
• Year-to-date through Q3 2025, Adjusted Comparable Store Sales Growth was 6.4%.

The growth in sales reflects a higher average ticket and continued strength in the managed care cohort, though customer traffic was relatively flat compared to the prior year period in Q3 2025.

Driving digital engagement and omni-channel customer experience involves platform upgrades. National Vision Holdings, Inc. is migrating its e-commerce platform to the Adobe Experience platform in 2026. This is intended to better serve the 3.5 million customers who book eye exams online, opening opportunities for online transactions that weren't possible before.

National Vision Holdings, Inc. (EYE) - Canvas Business Model: Key Resources

You're looking at the core assets National Vision Holdings, Inc. (EYE) relies on to execute its business strategy. These aren't just line items; they are the engines of their value delivery, especially in a competitive, value-driven market.

The physical presence is massive, forming the bedrock of accessibility. National Vision Holdings, Inc. maintains an extensive retail footprint of over $\mathbf{1,200}$ stores across 38 states. To be fair, that footprint is actively managed; for instance, by the end of the third quarter of 2025, the total store count stood at $\mathbf{1,242}$ locations, showing continued, albeit measured, expansion.

The company's brand portfolio is specifically tailored to capture different segments of the value-conscious consumer base:

• America's Best
• Eyeglass World
• DiscountContacts.com

The clinical capacity is another critical, non-physical resource. National Vision Holdings, Inc. supports its retail operations with a network of approximately $\mathbf{2,400}$ affiliated and employed optometrists. This network is essential for driving the exam component of the business, which is a key driver for comparable store sales growth.

Here's a quick look at some of the most recent, hard numbers that define the current resource base as of mid-to-late 2025:

Finally, the intangible assets are increasingly important for personalized service and efficiency. National Vision Holdings, Inc. possesses proprietary data and technology specifically used for customer segmentation and delivering personalized solutions. This capability helps them manage the mix of managed care versus cash pay customers, a dynamic that significantly impacts their comparable sales performance.

National Vision Holdings, Inc. (EYE) - Canvas Business Model: Value Propositions

You're looking at the core reasons why customers choose National Vision Holdings, Inc. over the competition. It all boils down to making necessary eye care and eyewear something the average person can actually afford and easily get to. This is the foundation of their entire business structure.

Making quality eye care and eyewear more affordable and accessible

National Vision Holdings, Inc. explicitly positions itself as the destination for value in the optical retail space. This isn't just marketing talk; it's reflected in their customer mix compared to the broader category. For instance, while managed care customers make up about 70% of the overall optical retail category, they only represent about 40% of National Vision Holdings, Inc.'s total mix as of late 2025.

Similarly, the segment buying prescription glasses from an outside doctor (Outside Rx customers) is about 50% of the category, but National Vision Holdings, Inc. captures this group in the 'teens' percentage-wise. The company is actively working to close these gaps, signaling a clear intent to expand accessibility to these higher-value segments while maintaining its low-price anchor for its traditional cash-pay customer.

The scale of the operation supports this accessibility goal. By the end of the third quarter of 2025, National Vision Holdings, Inc. operated 1,242 retail stores. The fiscal 2025 net revenue guidance is set between $1.970 billion and $1.985 billion.

Strong value proposition, often two pairs of glasses and an exam for one low price

The historical messaging, which you've definitely seen, centered on the compelling offer of two pairs of eyewear bundled with an exam for a single, low price. This is the classic value anchor. Even as the company evolves its product mix, this core value perception remains critical for attracting traffic, especially for the value-seeking, middle-income consumer base.

The success of this value focus is evident in the comparable sales figures. For the third quarter of 2025, Adjusted Comparable Store Sales Growth was 7.7%, driven by a higher average ticket and strength in the managed care cohort. The company is focused on increasing the average ticket, which suggests they are successfully upselling within that initial value framework.

Best-in-class, consistent in-store eye exam experience

National Vision Holdings, Inc. is making strategic investments to ensure the in-store exam experience is consistent and professional, moving beyond just the transaction. They are leveraging their extensive doctor of optometry network and advanced exam technology to enhance this service component.

The focus on improving the customer experience is a key pillar of their transformation strategy, aiming to create a more joyful experience through data-driven segmentation and personalized selling techniques. Healthy Net Promoter Scores in early 2025 suggest that their pricing actions and customer-centric approach are resonating with consumers regarding the service they receive.

Broadening product mix to include premium lens categories

A major part of the current value proposition is shifting the product mix to capture more revenue per customer by introducing premium options. National Vision Holdings, Inc. historically under-indexed the market in these areas, but they are actively changing that. For example, anti-reflective coatings are on 35-40% of their lens sales, compared to an estimated 65-70% for the category.

Here's a quick look at where the premiumization gap is largest compared to the overall category:

The financial impact of closing this gap is significant; management noted that increasing penetration by just 1% across three key products could drive nearly $40 million in incremental annual revenue. This focus on premiumization is expected to drive growth in the average ticket.

Convenience of a one-stop-shop for exam and purchase

The integrated physical footprint offers the convenience of handling both the eye exam and the eyewear purchase in one location. This is a direct counter to the highly fragmented market where independent optometrists still hold about 50% of the share. National Vision Holdings, Inc. aims to be the clear destination for value, offering the full service in-house.

The company's strategy involves capturing the 'Outside Rx' customer-those who get an exam elsewhere but fill their prescription in-store-which is a business segment that represents about 50% of the optical retail category but is only in the 'teens' for National Vision Holdings, Inc.. This indicates a clear opportunity to convert the convenience of their retail locations into sales from customers who might otherwise go elsewhere for lens fulfillment.

• The company is focused on enhancing its branded frame assortment.
• They are improving the digital experience to better integrate with in-store activity.
• The goal is to have one single view of the customer across all channels.
• They plan to open approximately 32 new stores in fiscal 2025.

Finance: draft 13-week cash view by Friday.

National Vision Holdings, Inc. (EYE) - Canvas Business Model: Customer Relationships

You're looking at how National Vision Holdings, Inc. keeps its customers engaged across its various touchpoints as of late 2025. It's a mix of high-volume foot traffic and targeted digital outreach, all underpinned by the value proposition of affordability.

High-volume, transaction-focused retail model

The core relationship is built on frequent, accessible transactions, which management tracks closely using Adjusted Comparable Store Sales Growth. This metric, which focuses on the number and value of transactions, has shown consistent positive momentum through the first three quarters of fiscal 2025. For instance, the year-to-date performance through the third quarter showed a solid 6.4% Adjusted Comparable Store Sales Growth.

Looking at the quarterly progression, the transaction focus intensified:

• Q1 2025 Adjusted Comparable Store Sales Growth was 5.5%.
• Q2 2025 Adjusted Comparable Store Sales Growth reached 5.9%.
• Q3 2025 Adjusted Comparable Store Sales Growth accelerated to 7.7%.

This growth is supported by an expanding physical presence. As of the end of the third quarter on September 27, 2025, National Vision Holdings, Inc. operated 1,242 retail stores. The company confirmed plans to open approximately 32 new stores in fiscal 2025, continuing to build out the physical network where many customer interactions occur.

Data-driven segmentation for personalized marketing and offers

National Vision Holdings, Inc. explicitly focuses on broadening its exposure to higher-value customer segments. The success in driving higher average ticket values, which contributed to the 5.5% Adjusted Comparable Store Sales Growth in Q1 2025, suggests that segmentation efforts are guiding better offer placement. The strategic shift mentioned by the President in Q2 2025 is about tailoring the experience to these identified groups.

Managed care cohort engagement for repeat, higher-ticket business

The managed care segment is a critical driver for repeat business and higher-value transactions. Reports consistently cite the 'continued strength in the managed care cohort' as a primary factor in positive comparable sales growth throughout 2025. This strength was noted in Q1 2025, Q2 2025, and Q3 2025. Specifically, the Q3 2025 results highlighted 'strong traffic growth with Managed Care' customers, which, combined with a higher average ticket, fueled the 7.7% Adjusted Comparable Store Sales Growth for that period. The company views this as an intentional evolution of its customer mix leading to a healthier business overall.

In-store associate and optometrist interaction for service and trust

Trust is built face-to-face, supported by the quality of the eye exam. The CEO noted in Q3 2025 that associates are embracing new selling techniques and that the company is focused on its 'best-in-class exam experience.' This service component is a key differentiator, even as the company manages costs. For example, in Q1 2025, costs applicable to revenue included higher optometrist-related costs tied to revenue growth, indicating investment in the clinical side of the relationship.

Here's a snapshot of the operational scale supporting these in-store relationships through the first nine months of 2025:

Digital self-service via the DiscountContacts.com e-commerce platform

The digital channel provides a self-service option, though its recent performance has been a focus area for improvement. For the full fiscal year 2024, revenue from the dedicated e-commerce website, DiscountContacts.com, was noted as being lower compared to the prior year. Strategically, the company is actively working to address this by 'improving our digital experience to delight our customers and deliver the value they expect from us both in-store and online' as of Q2 2025.

National Vision Holdings, Inc. (EYE) - Canvas Business Model: Channels

You're looking at how National Vision Holdings, Inc. gets its products and services into the hands of customers. It's a multi-pronged approach, heavily weighted toward physical retail but with a clear push toward digital integration. The physical footprint is the engine, but the digital layer is where they see significant future growth, especially by capturing more managed care and progressive lens wearers.

The core of the channel strategy remains the physical store presence, which as of the end of the third quarter of 2025, totaled 1,242 stores across 38 states and Puerto Rico. National Vision Holdings operates its four retail brands through this physical network, which is supported by a network of approximately 2,400 optometrists. The company is actively managing this portfolio, as seen by the net store count growth of 0.9% year-to-date through Q3 2025, despite strategic closures.

Here's a breakdown of the physical channel composition based on the latest available detailed store count from March 29, 2025, adjusted for known Q3 activity:

America's Best Contacts & Eyeglasses retail stores (primary channel)

This brand is the volume driver for National Vision Holdings, Inc. It is the primary channel, and the company has been actively growing this segment, opening 21 new America's Best stores year-to-date through Q3 2025, even after accounting for 8 closures in the same period. The brand's marketing, such as the '2 pair of eyewear for x price with an exam' proposition, is central to its value-driven customer acquisition, though management is working to evolve the customer mix away from being solely dependent on this structure.

Eyeglass World standalone retail locations

Eyeglass World represents a distinct standalone retail format within the portfolio. As of the first quarter close on March 29, 2025, there were 122 such locations. The company has also been strategically optimizing this format, including converting some Eyeglass World stores to the America's Best brand in prior periods.

Vista Opticals stores inside Fred Meyer and on military bases

This channel is characterized by its host-partner locations. As of March 29, 2025, the company operated 20 locations inside Fred Meyer stores and 53 locations on military bases. This channel has seen rationalization, with 11 Fred Meyer stores closed year-to-date through Q3 2025, including 2 closures in the third quarter alone.

E-commerce platform DiscountContacts.com for contact lenses

DiscountContacts.com serves as the dedicated digital channel, primarily for contact lenses. While the company is focused on growing its overall digital experience, this specific platform saw lower revenue in the fourth quarter of fiscal 2024. A key strategic move to enhance this digital presence is planned for 2026: National Vision Holdings is migrating its e-commerce platform to the Adobe Experience platform to improve flexibility and integration with their CRM.

Omni-channel integration connecting in-store and digital experiences

The transformation strategy explicitly includes enhancing the customer experience through an omnichannel perspective. The goal is to leverage the digital platform to drive in-store traffic, specifically targeting the 3.5 million customers who book eye exams online, aiming for better pull-through from the online booking to in-store appointments. Furthermore, the digital evolution is intended to open up opportunities to transact online in ways the company hasn't previously. This integration supports the strategic push to expand customer segments, as managed care patients currently represent about 40% of the mix, with a stated goal to reach 50% over the next several years.

National Vision Holdings, Inc. (EYE) - Canvas Business Model: Customer Segments

You're looking at how National Vision Holdings, Inc. segments its customer base as of late 2025. The company is actively shifting focus, moving beyond its historical core to capture higher-value cohorts. This is a deliberate pivot to align with the broader market composition, which is now predominantly managed care.

Price-sensitive, cash-pay customers seeking high value

This group represents the company's historical foundation. National Vision has always marketed its base offer, like 2 pair of eyewear for a set price with an exam, to attract this value-seeking consumer. While the strategy is broadening, this segment remains important. Lower-income consumers are estimated to account for between 10% and 20% of National Vision's business. Through the third quarter of 2025, management noted that the purchase cycle for the cash-pay consumer was starting to move back in the right direction, though still not at pre-COVID levels.

Managed Care patients utilizing vision insurance benefits

This is a critical, high-growth focus area, reflecting the overall market shift. The U.S. optical retail category is now estimated to be 70% managed care, but National Vision's mix was only about 40% as of fiscal year 2024. Management has a stated goal to reach 50% managed care penetration over the next several years. The strength of this cohort was evident in Q1 2025, where managed care delivered double-digit comparable store sales growth, and in Q2 2025, where there was continued strength in this cohort. These customers are considered significantly more valuable from a profit perspective-about four times more profitable than the entry-bundle-level customer, partly because managed care plans often motivate movement toward premium lenses and add-ons.

Progressive lens wearers (a high-value, underdeveloped segment)

Progressive lens wearers are a key target because they represent an outsized profit contribution compared to the historical cash-pay target. The penetration for progressive wearers at National Vision Holdings, Inc. sits at about 20% of their customers, compared to an estimated 40% penetration in the overall category. This gap signals substantial room for growth. The company identified that increasing penetration by every 1% across three key products, which includes progressives, could drive nearly $40M in incremental annual revenue. This segment is grouped with 'wellness shoppers' in their new segmentation model.

Outside prescription shoppers bringing their own Rx

This segment is defined as customers who get their prescription from an independent doctor or a different retail chain and then fill that prescription at a National Vision location. This business is currently in the teens percentage-wise for National Vision Holdings, Inc. The optical retail category for Outside Rx customers is about 50%, meaning the company is underdeveloped by a three-to-one gap relative to the category. Capturing this customer is a major strategic vector, as about half of all market prescriptions are filled outside the point of sale.

Contact lens users via the e-commerce channel

While the company is enhancing its digital experience, the e-commerce channel for contact lenses has seen some recent headwinds. For the full fiscal year 2024, net revenue included lower revenue from the dedicated e-commerce consumer website, DiscountContacts.com. The company is focused on integrating e-commerce and CRM to create one single view of the customer as part of its transformation playbook.

Here's a quick look at the current positioning versus the category benchmarks for the three high-value segments:

The company's overall scale is important context for these segments. National Vision Holdings, Inc. reported annual revenue of approximately $1.82B for fiscal year 2024, with a fiscal 2025 net revenue outlook between $1.919B and $1.955B. They operate over 1,200+ stores across 38 states, representing about 3% of the total optical retail category.

• The strategic goal is to grow annual net revenue in the high-single-digits range over the next five years (fiscal 2025 through fiscal 2030).
• The company is actively investing in associate selling behavior transformation to enable more personalized experiences for these distinct segments.
• The focus on higher-value segments is expected to drive margin expansion of approximately 50 to 150 basis points annually through fiscal 2030.

National Vision Holdings, Inc. (EYE) - Canvas Business Model: Cost Structure

You're looking at the core expenses National Vision Holdings, Inc. has to manage to deliver its value proposition. Honestly, for a retailer dealing in medical necessity and fashion, the cost structure is dominated by the physical goods and the people needed to sell and service them.

The High cost of goods sold (COGS), which National Vision Holdings, Inc. calls Costs Applicable to Revenue, is a major component. For the third quarter of fiscal 2025, these costs hit $203.2 million, representing 41.7% of that period's net revenue. To give you a slightly broader view, year-to-date 2025, COGS was $608.8 million, or 41.0% of net revenue. This reflects the expense of frames, lenses, and contact lenses inventory. For context, in the first quarter of 2025, COGS was $205.2 million, or 40.2% of revenue, showing some margin fluctuation based on product mix.

Next up are the Significant Selling, General, and Administrative (SG&A) expenses. These are the costs of running the stores and the corporate office. In Q3 2025, SG&A was $252.3 million, which was 50.9% of revenue for the quarter. Year-to-date 2025, total SG&A reached $755.0 million, also at 50.9% of revenue. This bucket includes substantial payroll for store associates and occupancy costs for the physical footprint. Adjusted SG&A for Q3 2025 was slightly better at 48.7% of net revenue, coming in at $723.4 million.

You can't ignore the Optometrist-related costs tied to revenue growth. These costs are embedded within COGS, and management has noted that increases in these costs can put pressure on gross margins, even when exam revenue grows from pricing actions or volume. For instance, in Q1 2025, higher optometrist-related costs partially offset product margin improvements in the COGS line. Conversely, the leveraging of these costs contributed to an 80 basis point decrease in COGS as a percentage of revenue year-to-date 2025.

The company is actively managing these costs while planning for the future. They have identified a multi-year plan to achieve approximately $20 million in annualized savings, with about half of that expected in fiscal 2026. These savings are planned to come from vendor pricing renegotiations and efficiency improvements.

Here's a quick look at how the major cost components stacked up in the third quarter of 2025 compared to the first quarter of 2025:

On the investment side, National Vision Holdings, Inc. is committing capital to its long-term strategy. They expect Capital expenditures projected at 4-5% of annual revenue through 2030. This investment is phased, with 2026 and 2027 focused heavily on the transformation work before unit growth accelerates in the later years of the decade.

This investment phase includes significant spending on structural improvements. You see this reflected in the SG&A line item through Investment in transformation initiatives and cloud-based software. For example, in prior periods, higher amortization related to cloud-based software investments was cited as a driver for increased Adjusted SG&A as a percentage of revenue. The current multi-year transformation strategy is the primary driver for near-term investment spending.

Key cost drivers and investment areas include:

• High cost of frames, lenses, and contacts inventory.
• Payroll and occupancy for the store base.
• Optometrist compensation tied to exam volume.
• Amortization from investments in new ERP and cloud software.
• Capital outlay expected to be 4-5% of revenue through 2030.

Finance: draft 13-week cash view by Friday.

National Vision Holdings, Inc. (EYE) - Canvas Business Model: Revenue Streams

You're looking at the core ways National Vision Holdings, Inc. (EYE) brings in money as of late 2025. The revenue streams are tied directly to their physical footprint across America's Best Contacts & Eyeglasses, Eyeglass World, Vista Opticals inside select Fred Meyer stores, and the digital channel via DiscountContacts.com. The company is definitely seeing traction from its transformation efforts, which is reflected in the latest guidance.

The overall expectation for the full fiscal year 2025 is strong, with National Vision Holdings raising its full-year net revenue guidance to a range of $1.97 billion to $1.99 billion. This forecast includes an estimated contribution of approximately $35 million to net revenue from the 53rd week of fiscal 2025, which ends on January 3, 2026. For context, the net revenue for the 52 weeks ending December 27, 2025, is the bulk of that figure, building upon the year-to-date performance.

Here's a quick look at the key financial metrics supporting that outlook, based on the latest reported figures:

The revenue streams are fundamentally built on the sale of physical goods and the provision of professional services. You see the results of this in the comparable store sales growth, which hit 6.8% (or 7.7% adjusted) in the third quarter, marking the eleventh consecutive quarter of positive growth. This growth is fueled by several components:

• Sales of eyeglasses (frames and lenses): This is supported by a higher average ticket, which increased by 7.1% in Q3 2025 adjusted comparable sales.
• Sales of contact lenses (in-store and e-commerce): While a component, product margins for contact lenses saw some pressure, partially offsetting gains elsewhere in the cost structure.
• Revenue from eye exam services: These services are integral to the transaction, with the company seeing strong traffic growth across customer types.
• Managed care reimbursements (a key growth driver): This cohort is defintely a highlight, showing strong traffic growth and approaching low teens comp sales growth in the third quarter.

Also, the company is actively managing its pricing architecture. For instance, the lead offer price point was modernized, moving from $89.95 to a clean $95. This, combined with the traction from premium frames like Lam, Ted Baker, Jimmy Choo, and HUGO Boss, is helping drive that higher average ticket across both cash pay and managed care customers. Finance: draft 13-week cash view by Friday.