National Vision Holdings, Inc.EYE
National Vision Holdings, Inc. Segments Disclosure
Segment Reporting
The Company’s operating segments were determined on the same basis as used by the Chief Operating Decision Maker (“CODM”) to evaluate performance internally. Our CODM is our chief executive officer. Our operations consist primarily of one reportable segment: the Owned & Host segment. Our owned brands consist of our America’s Best and Eyeglass World operating segments. In America’s Best stores, vision care services are provided by optometrists employed either by us or by independent professional corporations. Eyeglass World locations have on-site laboratories and offer eye exams, provided by optometrists employed either by us or independent professional corporations. Our Host operating segments consist of Military and Fred Meyer. These brands provide eye exams principally by independent optometrists in nearly all locations. We have aggregated our America’s Best, Eyeglass World, Military and Fred Meyer operating segments into a single reportable segment due to similar economic characteristics and similarity of the nature of products and services, production processes, class of customers, regulatory environment and distribution methods of those brands.
In addition to our single reportable segment, the results of our dedicated e-commerce website and FirstSight, which sells single-service health plans in connection with the operations of America’s Best operations in California, are presented in the “corporate and other” category. The Company concluded that our dedicated e-commerce website meets the criteria to be an operating segment but does not meet the quantitative thresholds for separate disclosure as a reportable segment. Further, in 2025, the Company concluded that FirstSight, does not meet the criteria to be an operating segment. Its results are not separately provided to the CODM, and therefore, they are also included in the “corporate and other” category. Prior-period information has been recast to reflect the segment presentation.
Our “corporate and other” category also includes corporate overhead support expenses as well certain non-cash charges, including asset impairment, stock-based compensation expense, and the impact of certain events, gains, or losses excluded from the assessment of segment performance.
Other adjustments to reportable segment results represent adjustments necessary for the presentation of consolidated financial results in accordance with U.S. GAAP, specifically effects of the change in unearned and deferred revenue during the period.
Our former Legacy reportable segment and the majority of our former AC Lens operations as well as related effects of unearned and deferred revenue are classified as discontinued operations. Refer to Note 2. “Discontinued Operations” for information related to our discontinued operations.
The operating segments identified above are the business activities of the Company for which discrete financial information is available and for which operating results are regularly provided to, and reviewed by, our CODM to allocate resources and assess performance. The Company considers each of our brands to be an operating segment and has further concluded that presenting the results of our reportable segment provides meaningful information consistent with the objectives of ASC 280, Segment Reporting.
The CODM uses segment EBITDA, calculated as net revenue, less costs applicable to revenue, less SG&A expenses, to evaluate the performance, and make decisions about the allocation of resources to segments predominantly in the annual budget and forecasting process. The CODM considers budget-to-actual variances on a monthly and quarterly basis when making decisions about the allocation of resources to each segment. Consistent with what the CODM reviews, depreciation and amortization and interest expense(income), net are excluded from segment EBITDA.
There are no differences between the measurement of our reportable segment’s assets and consolidated assets. There have been no changes from prior periods in the measurement methods used to determine reportable segment profit or loss, and there have been no asymmetrical allocations to segments.
Reportable segment information is presented on the same basis as our consolidated financial statements, except for net revenue and associated costs applicable to revenue, which exclude the effects of unearned and deferred revenue, consistent with what the CODM regularly reviews. Asset information is not included in the following summary since the CODM does not regularly review such information for the reportable segment.
The following table is a summary of certain financial data for our Owned & Host reportable segment, and other categories, and includes a reconciliation to the Company’s consolidated earnings (loss) from continuing operations before income taxes.
| Fiscal Year 2025 | Fiscal Year 2024 | Fiscal Year 2023 | |||||||||||||||
| In thousands | |||||||||||||||||
| Owned & Host revenue: | |||||||||||||||||
| Net product sales | $ | 1,593,503 | $ | 1,433,777 | $ | 1,396,355 | |||||||||||
| Net sales of services and plans | 385,385 | 360,470 | 333,693 | ||||||||||||||
| Total Owned & Host revenue | 1,978,888 | 1,794,247 | 1,730,048 | ||||||||||||||
| Less: | |||||||||||||||||
| Owned & Host costs applicable to revenue (exclusive of depreciation and amortization) | |||||||||||||||||
| Cost of products | 445,146 | 410,527 | 401,385 | ||||||||||||||
| Cost of services and plans | 358,191 | 330,801 | 310,643 | ||||||||||||||
| Owned & Host SG&A | 744,146 | 708,623 | 670,337 | ||||||||||||||
| Owned & Host segment EBITDA | 431,405 | 344,296 | 347,683 | ||||||||||||||
| Corporate and other | (271,608) | (263,496) | (228,746) | ||||||||||||||
| Effects of unearned and deferred revenue | (9,816) | 1,049 | (5,172) | ||||||||||||||
| Depreciation and amortization | (91,152) | (91,349) | (89,874) | ||||||||||||||
| Interest expense, net | (17,148) | (16,184) | (14,339) | ||||||||||||||
| Earnings (loss) from continuing operations before income taxes | $ | 41,681 | $ | (25,684) | $ | 9,552 | |||||||||||
The following table presents a reconciliation of revenue:
| In thousands | Fiscal Year 2025 | Fiscal Year 2024 | Fiscal Year 2023 | ||||||||||||||
| Revenue | |||||||||||||||||
| Owned & Host | $ | 1,978,888 | $ | 1,794,247 | $ | 1,730,048 | |||||||||||
Corporate and other | 20,972 | 27,621 | 33,139 | ||||||||||||||
| Effects of unearned and deferred revenue | (12,372) | 1,452 | (6,816) | ||||||||||||||
| Total consolidated revenue | $ | 1,987,488 | $ | 1,823,320 | $ | 1,756,371 | |||||||||||
Entity-wide Information
The following table presents our consolidated net revenue information:
| In thousands | Fiscal Year 2025 | Fiscal Year 2024 | Fiscal Year 2023 | ||||||||||||||
| Net product sales | |||||||||||||||||
| Eyeglasses and sunglasses | $ | 1,269,126 | $ | 1,145,725 | $ | 1,115,000 | |||||||||||
| Contact lenses | 324,196 | 307,314 | 301,268 | ||||||||||||||
| Accessories and other | 11,270 | 10,100 | 6,961 | ||||||||||||||
Total net product sales | 1,604,592 | 1,463,139 | 1,423,229 | ||||||||||||||
| Net sales of services and plans | |||||||||||||||||
| Exams | 254,699 | 233,621 | 207,833 | ||||||||||||||
| Product protection plans | 73,565 | 72,854 | 72,069 | ||||||||||||||
| Eyecare clubs | 54,632 | 53,706 | 53,240 | ||||||||||||||
Total net sales of services and plans | 382,896 | 360,181 | 333,142 | ||||||||||||||
| Total net revenue | $ | 1,987,488 | $ | 1,823,320 | $ | 1,756,371 | |||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2026 | Mar 4, 2026 | Showing above |
| 2024 | Feb 26, 2025 | |
| 2023 | Feb 27, 2024 | |
| 2022 | Feb 28, 2022 | |
| 2021 | Mar 3, 2021 | |
| 2019 | Feb 26, 2020 | |
| 2018 | Feb 27, 2019 | |
| 2017 | Mar 8, 2018 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.