0001628280-26-014379 | 10-K | XBRL Viewer | National Vision Holdings INC

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Revenue from Contracts with Customers - Narrative (Details) - Owned & Host Segment	12 Months Ended
	Jan. 03, 2026
Disaggregation of Revenue [Line Items]
Extended warranty plan, term (in years)	1 year
Eye care club membership, term one (in years)	3 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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-Topic 606
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+ Details

Schedule I - Condensed Financial Information of Registrant - Condensed Balance Sheets (Details) - USD ($) $ in Thousands	Jan. 03, 2026	Dec. 28, 2024	Dec. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 38,708	$ 73,948	$ 149,896
Total current assets	225,722	249,828
Noncurrent assets:
Total noncurrent assets	1,757,956	1,757,943
Total assets	1,983,678	2,007,771
Current liabilities:
Other payables and accrued expenses	109,674	109,036
Current maturities of long-term debt	16,583	101,392
Total current liabilities	412,408	468,274
Noncurrent liabilities:
Other liabilities	8,944	8,228
Total noncurrent liabilities	701,737	723,164
Stockholders’ equity:
Common stock, $0.01 par value; 200,000,000 shares authorized; 86,278,538 and 85,444,263 shares issued as of January 3, 2026 and December 28, 2024, respectively; 79,416,050 and 78,775,117 shares outstanding as of January 3, 2026 and December 28, 2024, respectively	862	854
Additional paid-in capital	834,000	807,048
Accumulated other comprehensive loss	(121)	0
Retained earnings	255,717	226,117
Treasury stock, at cost; 6,862,488 and 6,669,146 shares as of January 3, 2026 and December 28, 2024, respectively	(220,925)	(217,686)
Total stockholders’ equity	869,533	816,333	$ 829,418	$ 901,113
Total liabilities and stockholders’ equity	1,983,678	2,007,771
Parent Company
Current assets:
Cash and cash equivalents	871	974
Total current assets	871	974
Noncurrent assets:
Deferred income taxes, net	11,892	11,618
Investment in subsidiary	925,142	970,199
Total noncurrent assets	937,034	981,817
Total assets	937,905	982,791
Current liabilities:
Other payables and accrued expenses	0	249
Current maturities of long-term debt	0	84,774
Total current liabilities	0	85,023
Noncurrent liabilities:
Other liabilities	68,372	81,435
Total noncurrent liabilities	68,372	81,435
Stockholders’ equity:
Common stock, $0.01 par value; 200,000,000 shares authorized; 86,278,538 and 85,444,263 shares issued as of January 3, 2026 and December 28, 2024, respectively; 79,416,050 and 78,775,117 shares outstanding as of January 3, 2026 and December 28, 2024, respectively	862	854
Additional paid-in capital	834,000	807,048
Accumulated other comprehensive loss	(121)	0
Retained earnings	255,717	226,117
Treasury stock, at cost; 6,862,488 and 6,669,146 shares as of January 3, 2026 and December 28, 2024, respectively	(220,925)	(217,686)
Total stockholders’ equity	869,533	816,333
Total liabilities and stockholders’ equity	$ 937,905	$ 982,791

Income taxes - Schedule of Reconciliation of Effective Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 03, 2026	Dec. 28, 2024	Dec. 30, 2023
Income Tax Disclosure [Abstract]
Earnings (loss) from continuing operations before income taxes	$ 41,681	$ (25,684)	$ 9,552
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
Federal income tax provision at statutory rate	8,753	(5,394)	2,006
State income tax provision, net of federal income tax	2,422	895	1,686
Work opportunity tax credit	(899)	(747)	(1,143)
Increase (decrease) in deferred tax asset valuation allowance	(912)	(1,272)	2,238
Executive compensation limitation	623	994	354
Goodwill impairment	0	3,539	0
Tax provision (benefit) of equity-based compensation deductions	876	1,240	1,133
Meals and entertainment	327	369	433
Other	14	(22)	(64)
Net operating loss limitation	467	0	0
Other, net	410	1,879	(637)
Income tax provision (benefit) from continuing operations	$ 12,081	$ 1,481	$ 6,006
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Federal income tax provision at statutory rate (percent)	21.00%	21.00%	21.00%
State income tax provision, net of federal income tax (percent)	5.80%	(3.50%)	17.70%
Work opportunity tax credit (percent)	(2.20%)	2.90%	(12.00%)
Increase (decrease) in deferred tax asset valuation allowance (percent)	(2.20%)	5.00%	23.40%
Executive compensation limitation (percent)	1.50%	(3.90%)	3.70%
Goodwill impairment (percent)	0.00%	(13.80%)	0.00%
Tax provision (benefit) of equity-based compensation deductions (percent)	2.10%	(4.80%)	11.90%
Meals and entertainment (percent)	0.80%	(1.40%)	4.50%
Other (percent)	0.00%	0.10%	(0.70%)
Net operating loss limitation (percent)	1.10%	0.00%	0.00%
Other, net (percent)	1.10%	(7.40%)	(6.60%)
Effective income tax rate (percent)	29.00%	(5.80%)	62.90%

Business and Significant Accounting Policies - Schedule of Property and Equipment (Details)	Jan. 03, 2026
Buildings
Property and Equipment
Estimated useful life (in years)	34 years
Equipment \| Minimum
Property and Equipment
Estimated useful life (in years)	3 years
Equipment \| Maximum
Property and Equipment
Estimated useful life (in years)	10 years
Information technology hardware and software \| Minimum
Property and Equipment
Estimated useful life (in years)	2 years
Information technology hardware and software \| Maximum
Property and Equipment
Estimated useful life (in years)	5 years
Furniture and fixtures
Property and Equipment
Estimated useful life (in years)	6 years
Leasehold improvements \| Minimum
Property and Equipment
Estimated useful life (in years)	5 years
Leasehold improvements \| Maximum
Property and Equipment
Estimated useful life (in years)	10 years
P&E under finance leases
Property and Equipment
Estimated useful life (in years)	10 years

Leases - Schedule of Lease Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 03, 2026	Dec. 28, 2024	Dec. 30, 2023
Lease Cost
Fixed lease cost	$ 109,463	$ 103,547	$ 96,215
Variable lease cost	40,104	37,733	36,133
Sublease income	(1,255)	(1,410)	(1,263)
Amortization of finance lease assets	2,194	2,370	3,061
Interest on finance lease liabilities	982	1,233	1,675
Net lease cost	$ 151,488	$ 143,473	$ 135,821

Business and Significant Accounting Policies

12 Months Ended

Jan. 03, 2026

Accounting Policies [Abstract]

Business and Significant Accounting Policies

Nature of Operations

National Vision Holdings, Inc. (“NVHI,” the “Company,” “we,” “our,” or “us”) is a holding company whose operating subsidiaries include its indirect wholly owned subsidiary, National Vision, Inc. (“NVI”) and NVI’s direct wholly owned subsidiaries. We are a leading value retailer of eyeglasses and contact lenses in the United States (“U.S”). We operated 1,250 and 1,240 retail optical locations in the U.S. and its territories as of the fiscal years ended January 3, 2026 and December 28, 2024, respectively, through our four store brands, including America’s Best Contacts and Eyeglasses (“America’s Best”), Eyeglass World, Vista Optical locations on select U.S. Army/Air Force military bases (“Military”) and within select Fred Meyer stores. We also operate omni-channel websites for our America’s Best, Eyeglass World and Military brands, as well as a dedicated e-commerce website.

We also operate a specialized health maintenance organization (“HMO”) that is licensed as a single-service health plan under California law. The HMO issues individual vision plans in connection with our America’s Best operations in California.

Fiscal Year

We operate on a retail fiscal calendar that results in a given fiscal year consisting of a 52-week or 53-week period ending on the Saturday closest to December 31. In a 52-week fiscal year, each quarter contains 13 weeks of operations; in a 53-week fiscal year, each of the first, second and third quarters include 13 weeks of operations and the fourth quarter includes 14 weeks of operations.

References herein to “fiscal year 2025” relate to the 53 weeks ended January 3, 2026. References herein to “fiscal year 2024” and “fiscal year 2023,” relate to the 52 weeks ended December 28, 2024, and December 30, 2023, respectively. Unless otherwise stated, references to years in this report relate to fiscal years rather than calendar years.

Basis of Presentation and Principles of Consolidation

We prepare our consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The consolidated financial statements include our accounts and those of our subsidiaries, all of which are wholly-owned. All intercompany balances and transactions have been eliminated in consolidation. Certain amounts within the consolidated financial statements and footnotes to the financial statements for fiscal year 2024 and fiscal year 2023 have been reclassified to conform to the fiscal year 2025 presentation.

The Company has consolidated certain entities meeting the definition of a variable interest entity (“VIE”) as the Company concluded that it is the primary beneficiary of the entities under the provisions of Accounting Standards Codification 810, Consolidation. As of January 3, 2026, the variable interest entities include 29 professional corporations. The total assets of the consolidated VIEs included in the accompanying Consolidated Balance Sheets as of January 3, 2026 and December 28, 2024, were $4.6 million and $7.0 million, respectively, and the total liabilities of the consolidated VIEs were $6.9 million and $8.4 million, respectively.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Share Repurchases

On February 23, 2022, our Board of Directors authorized a $100 million increase to the share repurchase authorization, resulting in total authorization of $200 million. During fiscal year 2023, the Company repurchased 1.1 million shares of its common stock for $25 million under the share repurchase program. The Company’s original share repurchase authorization expired on December 30, 2023, and had remaining capacity of $25 million. Effective February 23, 2024, the Board authorized the Company to repurchase up to $50 million aggregate amount of shares of the Company’s common stock until January 3, 2026. No additional shares were repurchased in fiscal years 2024 and 2025. The share repurchase authorization expired on January 3, 2026, and had remaining capacity of $50 million. Effective March 2, 2026, the Board authorized the Company to repurchase up to $50 million aggregate amount of shares of the Company’s common stock until December 28, 2030. The authorization permits the Company to make purchases of its common stock from time to time in the open market or privately negotiated transactions, and pursuant to pre-set trading plans meeting the

requirements of all applicable securities laws and regulations. The timing and amounts of any such repurchases will depend on a variety of factors, including the market price of the Company’s shares, general market and economic conditions, legal requirements and tax implications. The Company expects to fund the share repurchases using cash on hand.

CARES Act

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act was enacted in response to the COVID-19 pandemic. The CARES Act, among other things, accelerates a company’s ability to recover Alternative Minimum Tax (“AMT”) refundable credits that otherwise could have been claimed in 2020 and 2021, to 2018 and 2019, with an option to elect recovery of the full credit amount for 2018. The Company recognizes government grants for which there is a reasonable assurance of compliance with grant conditions and receipt of credits. Amounts receivable under the CARES Act were $9.0 million as of January 3, 2026 and December 28, 2024. Credits recognized under the CARES Act offset deferred payroll taxes that would otherwise have been payable as of January 1, 2022. In January 2026, subsequent to the balance sheet date, the Company received the full payment of these CARES Act credits.

Cash and Cash Equivalents

Cash and cash equivalents include cash on hand, demand deposits, and highly liquid investments with original maturities of three months or less at the date of purchase. Substantially all our cash and cash equivalents are held at a limited number of financial institutions and may exceed federally insured limits.

Accounts Receivable, Net

Accounts receivable associated with revenues consist primarily of trade receivables, which include credit card receivables from credit card companies. Trade receivables consist primarily of receivables from managed care payors. While we have relationships with almost all vision care insurers in the U.S. and with all of the major carriers, currently, a relatively small number of payors comprise the majority of our managed care revenues, subjecting us to concentration risk. Accounts receivable are reduced by allowances for credit losses. Estimates of our allowance for credit losses are based on our historical and current operating, billing, and collection trends, as well as current conditions and reasonable and supportable forecasts about the future. Accounts receivable are written off after all collection attempts have been exhausted. Credit loss expense recognized on our receivables, which is presented in Selling, general and administrative expenses (“SG&A”) in the Company’s Consolidated Statements of Operations, was approximately $1.0 million, $0.4 million and $0.6 million for the fiscal years 2025, 2024 and 2023, respectively.

Inventories

The cost of inventory is determined using the weighted average cost method. Inventories at retail stores consist of finished goods and are valued at the lower of cost or estimated net realizable value (“NRV”). Manufactured inventories are valued using absorption accounting which includes material, labor, other variable costs and other applicable manufacturing overhead. Inventory values are adjusted for estimated obsolescence and written down to NRV based on estimates of current and anticipated demand, customer preference, and merchandise age. Shrinkage is estimated and recorded throughout the period in costs applicable to revenue based on historical results and current inventory levels. Actual shrinkage is recorded throughout the year based upon periodic physical counts. See Note 3. “Details of Certain Balance Sheet Accounts” for further details.

The Company’s inventory consists primarily of eyeglass frames, contact lenses, and unprocessed eyeglass lenses. A significant portion of our inventory is supplied by a small number of key vendors. During fiscal year 2025, approximately 96% of contact lens expenditures were with three vendors and approximately 86% of lens expenditures were with one vendor. This exposes us to vendor concentration risk. We are less exposed to a supplier risk for our eyeglass frames as only approximately 55% of frame expenditures were with two vendors.

Property and Equipment

Property and equipment (“P&E”) is stated at cost less accumulated depreciation. Depreciation associated with P&E is included in Depreciation and amortization in the accompanying Consolidated Statements of Operations. When we retire or otherwise dispose of P&E, we remove the cost and related accumulated depreciation from our accounts and recognize any gain or loss on the sale of such assets in SG&A in the Consolidated Statements of Operations and Comprehensive (Loss) Income. We capitalize major replacements and remodeling, and recognize expenditures for maintenance and repairs in SG&A.

We depreciate P&E for financial accounting purposes using the straight-line method over the following estimated useful lives:


Buildings			34 years

Equipment			3 - 10 years
Information technology hardware and software (a)			2 - 5 years
Furniture and fixtures			6 years
Leasehold improvements(b)			5 - 10 years
P&E under finance leases (b)			10 years
____________
(a)Costs of developing or obtaining software for internal use, such as direct costs of materials or services and internal payroll costs related to the software development projects, are capitalized to information technology hardware and software. (b)Depreciation of leasehold improvements is recognized over the shorter of the estimated useful life of the asset or the term of the lease. The term of the lease includes renewal options for additional periods if the exercise of the renewal is considered to be reasonably assured.

Cloud Computing Arrangements

The Company capitalizes certain costs related to the acquisition and development of internal use software, including implementation costs incurred in a cloud computing arrangement during the application development stages of projects. Capitalized implementation costs are amortized on a straight-line basis over the expected term of the hosting arrangement, which includes consideration of the non-cancellable contractual term and reasonably certain renewals. Costs incurred during the preliminary project or the post-implementation stages of the project are expensed as incurred. Capitalized implementation costs are included in Other assets in our Consolidated Balance Sheets. Amortization of capitalized implementation costs is included in SG&A in the Consolidated Statements of Operations and Comprehensive (Loss) Income.

Goodwill and Intangible Assets

Indefinite-lived intangible assets include goodwill and our trademarks and tradenames; we evaluate these assets annually for impairment, or more frequently if events and circumstances indicate that it is more likely than not that goodwill or intangible assets are impaired. Our annual testing date for impairment of goodwill and indefinite-lived intangible assets is the first day of the fourth fiscal quarter, which for fiscal year 2025 was September 28, 2025. Costs to renew intangible assets are expensed as incurred.

Goodwill is impaired if a reporting unit’s carrying value exceeds its fair value, and impairment is calculated as the excess between carrying value over fair value. We consider each of our operating segments to be reporting units. We estimate the fair value of our reporting units using a combination of income and market approaches. The income approach is based on a discounted cash flow analysis and involves estimating after-tax cash flows that are discounted using a weighted average cost of capital that considers both market risk and company-specific risk. The cash flows used in the analysis are based on financial forecasts developed internally by management and require significant judgment. Significant unobservable inputs used in the fair value measurement of the reporting units include, but are not limited to, revenue growth rates, costs applicable to revenue, SG&A and discount rates. These assumptions are sensitive to future changes in the business profitability, changes in our business strategy and external market conditions, among other factors. A decrease to the long-term revenue growth rate assumption or an increase to the expense growth rate assumptions could require us to record goodwill impairment charges. The market approach estimates fair value using market‑based multiples for comparable companies and requires significant management judgment. Changes to the comparable company set or selected market‑based inputs can materially affect the estimated fair value of our reporting units. Both the income and market approaches incorporate entity‑specific inputs (Level 3) and observable market information (Level 2) within the fair value hierarchy.

We use the relief-from-royalty method to estimate fair value of our trademarks and trade names, which involves estimating a royalty rate based on comparable licensing arrangements, applying that rate to the revenue projections for the subject asset, and then estimating fair value using a discounted cash flow analysis; the discounted cash flow analysis uses a weighted average cost of capital that considers both market risk and company-specific risk. We record an impairment charge as the excess of carrying value over estimated fair value.

Finite-lived, amortizing intangible assets consist of our Fred Meyer contracts and relationship. We amortize finite-lived intangible assets on a straight-line basis over their estimated useful lives. Amortization expense associated with finite-lived intangible assets is included in Depreciation and amortization in the accompanying Consolidated Statements of Operations.

If impairment indicators related to amortizing intangible assets are present, we estimate cash flows expected to be generated over the remaining useful lives of the related assets based on current projections. If the projected net undiscounted cash flows are less than the carrying value of the related assets, we then measure impairment based on a discounted cash flow model and record an impairment charge as the excess of carrying value over estimated fair value.

See Note 4. “Goodwill and Intangible Assets”, and Note 12. “Fair Value Measurement” for further detail on impairment of goodwill and intangible assets.

Investments

In the second quarter of fiscal year 2023, we completed an investment in an entity specializing in applying artificial intelligence-powered screening and diagnostic tools to retinal imaging. During fiscal years 2024 and 2023, we invested $1.5 million and $1.8 million, respectively. The investment is valued at cost. In fiscal year 2024, we completed an investment in a convertible promissory note issued by this entity. The investments are recognized in Other assets in the Consolidated Balance Sheets and in Other in the investing section of the Consolidated Statements of Cash Flows for fiscal years fiscal years 2025, 2024 and 2023. In the fourth quarter of fiscal year 2025, the investee entered into an agreement and plan of merger pursuant to which it will be acquired by the Company’s co-preferred investor in the entity. In connection with the sale, the Company anticipates receiving full repayment in cash of its capital and promissory note investment balances, and no gain or loss is expected to be recognized. Refer to Note 12. “Fair Value Measurement” for more information on the investments in this entity.

Fair Value Measurement of Assets and Liabilities

The Company accounts for certain assets and liabilities at fair value. The Company generally uses a market approach, when practicable, in valuing financial instruments. For certain assets the Company may also use a valuation technique consistent with the income approach whereby future cash flows are converted to a single discounted amount. The carrying value of the Company’s cash equivalents and restricted cash, accounts receivable, accounts payable and other payables and accrued expenses, approximate fair value due to their short-term nature.

Non-financial assets such as P&E, right of use (“ROU”) assets and intangible assets are subject to nonrecurring fair value measurements if impairment indicators are present. Factors we consider important that could trigger an impairment review include a significant under-performance compared to expected operating results, a significant or adverse change in customer business climate, and a significant negative industry or economic trend.

Refer to “Long-lived Asset Impairment” section below and Note 12. “Fair Value Measurement” for the Company’s recurring and non-recurring fair value measurements.

Deferred Financing Costs and Loan Discounts

Costs incurred in connection with long-term debt, which are paid directly to the Company’s lenders and to third parties, are presented as reductions to our long-term debt balance, except for the costs related to our revolving credit facility which are presented as assets. These costs are amortized over the term of the related financing agreement and included in Interest expense, net in the accompanying Consolidated Statements of Operations.

Self-Insurance Liabilities

We are primarily self-insured for workers’ compensation, associate health benefits and general liability claims. We record self-insurance liabilities based on claims filed, including the development of those claims and an estimate of claims incurred but not yet reported. Should a different amount of claims occur compared to what was estimated, or costs of the claims increase or decrease beyond what was anticipated, liabilities may need to be adjusted accordingly. We periodically update our estimates and record such adjustments in the period in which such determination is made. Self-insurance liabilities are recorded on an undiscounted basis in the accompanying Consolidated Balance Sheets. Refer to the following table and Note 3. “Details of Certain Balance Sheet Accounts” for further details.

We reinsure worker’s compensation and medical claims above our retention levels with a highly rated financial institution that can be expected to fully perform under the terms of the arrangement. Estimated recoveries from reinsurance as of fiscal year end 2025 and 2024 are shown in the following table.


In thousands		Balance Sheet Classification	As of January 3, 2026		As of December 28, 2024
	Current portion	Prepaid Expenses and Other Current Assets	$	973	$	854
	Noncurrent portion	Other Assets	2,538		1,281
Total estimated recoveries from reinsurance			$	3,511	$	2,135

Derivative Financial Instruments

The Company uses interest rate derivatives to manage the exposure of its Term Secured Overnight Financing Rate (“Term SOFR”)-based debt to fluctuations in interest rates. If our derivatives are designated as cash flow hedges, we formally document our hedge relationships, including identification of the hedging instruments and the hedged items, as well as our risk management objectives and strategies for undertaking the hedge transactions. We record all interest rate derivatives in our Consolidated Balance Sheets on a gross basis at fair value. Fair value represents estimated amounts we would receive or pay upon a termination of interest rate derivatives prior to their scheduled expiration dates. The fair value is based on information that is model-driven and whose inputs were observable (Level 2 inputs) such as Term SOFR forward rates. We do not hold or enter into financial instruments for trading or speculative purposes.

The gain or loss resulting from fair value adjustments for highly effective cash flow hedges is recorded in Accumulated other comprehensive loss (“AOCL”) in the accompanying Consolidated Balance Sheets until the hedged item is recognized as Interest expense, net in the Consolidated Statements of Operations. The gain or loss resulting from fair value adjustments of derivatives not deemed to be highly effective cash flow hedges is recognized in Interest expense, net immediately. We perform assessments of the effectiveness of our derivative contracts designated as hedges on a quarterly basis at a minimum and may perform the assessment more often, if deemed applicable.

To manage credit risk associated with our interest rate hedging program, we select as counterparties major financial institutions with investment grade credit ratings. The impact of credit risk, as well as the ability of each party to fulfill its obligations under our derivative financial instruments, is considered in determining the fair value of the contracts. We were party to an interest rate collar to offset the variability of cash flows in Term SOFR-indexed debt interest payments. The interest rate collar matured on July 18, 2024. On December 23, 2025, we entered into an interest rate swap that fixed the variable benchmark component (SOFR) on $100 million of variable rate debt through May 2027. See Note 13. “Interest Rate Derivatives” for further details.

Accumulated Other Comprehensive Loss

AOCL is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. Accumulated other comprehensive loss, net of income tax, is entirely composed of the cumulative unrealized loss on our hedging instruments. See Note 16. “Accumulated Other Comprehensive Loss” for details of reclassifications out of AOCL.

Revenue Recognition

Net product sales include sales of prescription and non-prescription eyewear, contact lenses and related accessories to retail customers (including those covered by managed care). Net sales of services and plans include sales of eye exams, eye care club membership fees, product protection plans (i.e. warranties) and HMO vision plan fees.

The majority of our revenues are recognized at a point in time, either at the point of sale or upon delivery and customer acceptance. Consideration is generally paid at the time of sale in cash, credit card, or on account with managed care payors, which typically have payment terms between 14 and 120 days, with most paying within 60 days. Point in time revenues include retail sales of prescription and non-prescription eyewear, contact lenses, and related accessories to retail customers (including those covered by managed care), as well as stand-alone eye exams. Revenues recognized over time primarily include product protection plans (i.e. warranties) and eye care club memberships.

At our America’s Best brand, our signature offer is an eye exam plus two pairs of eyeglasses for one great price (“two-pair offer”). Since an eye exam is a key component in the ability for acceptable prescription eyewear to be delivered to a customer, we concluded that the eye exam service, while capable of being distinct from the eyeglass product delivery, was not distinct in the context of the two-pair offer. As a result, we do not allocate revenue to the eye exam associated with the two-pair offer, and we record all revenue associated with the offer in Owned & Host net product sales when the customer has received and accepted the merchandise.

Our retail customers generally make payments for prescription eyewear products at the time they place an order. Amounts we collect in advance for undelivered merchandise are reported as Unearned revenue in the accompanying Consolidated Balance Sheets. Unearned revenue at the end of a reporting period is estimated based on processing and delivery times throughout the current month which generally within two weeks; all unearned revenue at the end of a reporting period is recognized in the next fiscal period.

Revenue is recognized net of sales taxes and returns and includes amounts billed to customers related to shipping and handling costs. The returns allowance is based on historical return patterns. Provisions for estimated returns are established and the expected costs continue to be recognized as reductions to revenue when the products are sold. Shipping and handling costs are accounted for as fulfillment costs and are included in costs applicable to revenue.

An increasing percentage of our customers receive vision insurance coverage through managed care payors. The managed care business represents an increasingly significant portion of our overall revenues and our revenue growth and represented 42% of our revenues from continuing operations in fiscal 2025.

We record reductions in revenue for estimated price concessions granted to managed care providers. The Company considers its revenue from managed care customers to include variable consideration and estimates such amounts associated with managed care customer revenues using the history of concessions provided and cash receipts from managed care providers. We reduced our net revenue for variable considerations of $8.8 million, $17.7 million and $14.7 million during the fiscal years 2025, 2024 and 2023, respectively.

Refer to Note 8. “Revenue from Contracts with Customers” for further details of our revenues.

Costs Applicable to Revenue

Costs applicable to revenue consist primarily of cost of products sold and costs of administering services and plans. Costs of products sold include (i) costs to procure non-prescription eyewear, contacts and accessories which we purchase and sell in their finished form, (ii) costs to manufacture finished prescription eyeglasses, including direct materials, labor and overhead and (iii) remake costs, warehousing and distribution expenses and internal transfer costs. Costs of services and plans include costs associated with warranty programs, eye care club memberships, HMO vision plan fees, eye care practitioner and eye exam technician payroll, taxes and benefits and optometric and other service costs. Depreciation and amortization are excluded from costs applicable to revenue and are presented separately on the accompanying Consolidated Statements of Operations and Comprehensive (Loss) Income.

As a component of the Company’s procurement program, the Company frequently enters into contracts with its vendors that provide for payments of rebates or other allowances. These vendor payments are reflected when earned or as progress is made toward earning the rebate or allowance and, depending on the terms of the agreement with the vendor, are treated as a reduction of the carrying value of the inventory and a reduction of cost of products. Rebates that have been earned but not yet received are recognized as an increase to Accounts receivable, net or a reduction to Accounts payable, depending on the nature of the agreement with the vendor, until the payment has been received.

Selling, General and Administrative

SG&A includes store associate (including optician) payroll, taxes and benefits, occupancy and other store expenses, advertising and promotion, field services, and corporate support. Advertising and promotion costs, including online marketing arrangements, direct mail, television and radio, are recorded in SG&A and expensed at the time the advertising first occurs. Production costs of future media advertising and related promotional campaigns are deferred until the advertising events occur. Non-capital expenditures associated with opening new stores, including rent, marketing expenses, travel and relocation costs, and training costs, are recorded in SG&A as incurred. Certain vendor contracts provide for marketing co-op allowances; such allowances are reflected when earned or as progress is made toward earning the allowance and are treated as a reduction of SG&A.

Advertising expenses were $138.8 million, $138.6 million and $137.2 million for fiscal years 2025, 2024 and 2023, respectively.

Severance benefits

During fiscal years 2025, 2024 and 2023, we recognized $3.6 million, $0.1 million and $1.8 million, respectively, in SG&A in the Consolidated Statements of Operations and Comprehensive (Loss) Income, in the corporate and other category, related to termination benefits for certain associates; these charges were recognized in accordance with Financial Accounting Standards Board (“FASB”) guidance on employers’ accounting for post-employment benefits and guidance on accounting for costs associated with exit or disposal activities, as appropriate.

Leases

We lease our stores, distribution center, corporate offices, and most of our laboratories. These leases generally have noncancelable lease terms of between five and 10 years, with an option to renew for additional terms of one to 10 years or more. The lease term includes renewal option periods when the renewal is deemed reasonably certain after considering the value of the leasehold improvements at the end of the noncancelable lease period. Most leases for our stores provide for a minimum rent and typically include escalating rent over time with the exception of Military for which lease payments are variable and based on a percentage of sales. For Vista Optical locations in Fred Meyer stores, we pay the greater of fixed rent or a percentage of sales after certain minimum thresholds are achieved. The Company’s leases generally

require us to pay insurance, real estate taxes and common area maintenance expenses, substantially all of which are variable and not included in the measurement of the lease liability. Our lease arrangements frequently include tenant improvement allowances (“TIAs”), which are contractual amounts received or receivable from a lessor for improvements made to leased properties by the Company. For operating leases, TIAs are treated as a reduction of the lease payments used to measure the ROU assets in the accompanying Consolidated Balance Sheets and are amortized as a reduction in rental expense over the life of the respective leases. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.

The lease liability is measured at the present value of future lease payments over the lease term less TIAs receivable, and the ROU asset is measured at the lease liability amount, adjusted for prepaid lease payments, TIAs received and the lessee’s initial direct costs. As the rate implicit in the Company’s leases is not easily determinable, the Company’s incremental borrowing rate is used in calculating the present value of the sum of the lease payments. Factors incorporated into the calculation of the lease incremental borrowing rate include lease term, borrowing rates on the Company’s long-term debt, Term SOFR margins for issuers of similar credit rating to NVI and effect of collateralization.

For finance leases, the related ROU assets are recorded within Property and equipment, net on the Consolidated Balance Sheets. The corresponding finance lease obligations are recorded within Current maturities of long-term debt and finance lease obligations for the current portion and within Long-term debt and finance lease obligations, less current portion and debt discount for the noncurrent portion on the Consolidated Balance Sheets. Finance lease obligations are measured at the present value of lease payments due over the lease term at lease commencement.

Stock-Based Compensation

We measure stock-based compensation cost, which consists of grants of stock options, performance stock units (“PSUs”), and restricted stock units (“RSUs”), to associates and non-employee directors, based on the estimated grant date fair value of the awards. We recognize compensation expense for all awards containing a service requirement over the requisite service period using a straight-line recognition method. PSUs granted by the Company contain vesting conditions based on either performance or market conditions, in addition to a service requirement. For PSUs with performance conditions, we record compensation expense based on the portion of the award’s total fair value attributable to the service period already completed. The recognized expense is based on the number of units expected to vest, which is estimated by assessing expected performance against our defined metrics, which include Adjusted Operating Income and return on invested capital. These estimates may change over time and may result in reversals of previously recognized expense. For PSUs with market conditions, vesting is based on relative total shareholder return compared to a defined peer group. The fair value of these awards is estimated using the Monte Carlo simulation model and compensation expense is recognized based on the fair value on a straight-line basis over the requisite service period and is not adjusted for subsequent changes in actual or expected performance. We account for forfeitures as they occur. See Note 6. “Stock Incentive Plan” for further details related to our stock-based compensation plans.

Long-lived Asset Impairment

Non-financial assets such as P&E, ROU assets and intangible assets are subject to nonrecurring fair value measurements if impairment indicators are present. We evaluate impairment of long-lived tangible and ROU store assets at the store level, which is the lowest level at which independent cash flows can be identified, when events or conditions indicate the carrying values of such assets may not be recoverable. In making this evaluation, we may consider multiple factors including financial performance of the stores, regional and local business climates, industry or economic trends, future plans for the store operations and other qualitative factors. If the store’s projected undiscounted net cash flows expected to be generated by the related assets over the life of the primary asset within the asset group are less than the carrying value of the subject assets, we determine an estimate of the fair value of the asset group using an income approach based on discounted cash flows, which require estimates and assumptions related to forecasted store revenue growth rates and store profitability. If the fair value of the asset group is less than its carrying value, the loss is allocated to the long-lived assets of the group on a pro rata basis using the relative carrying amounts of those assets, except that the loss allocated to an individual long lived asset of the group shall not reduce the carrying amount of that asset below its fair value. We consider market-based indications of prevailing rental rates for retail space, market participant discount rates, and lease incentives when estimating the fair values of ROU assets.

We assess non-store, long-lived assets, including capitalized software costs in use or under development, for impairment if events or changes in circumstances indicate that the carrying value of those assets may not be recoverable.

Discontinued Operations

In accordance with ASC 205-20 “Presentation of Financial Statements: Discontinued Operations,” a disposal of a component of an entity or a group of components of an entity is required to be reported as discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. In the period in which the component meets held-for-sale or discontinued operations criteria, the major current assets, non-

current assets, current liabilities, and non-current liabilities shall be reported as components of total assets and liabilities separate from those balances of the continuing operations.

Our operations related to Walmart Inc. (“Walmart”), including our former Legacy reportable segment (“Legacy”), as well as the majority of our AC Lens operations, met the requirements to be classified as discontinued operations. Accordingly, we classified the results of these operations as discontinued operations in the Consolidated Statements of Operations and Comprehensive (Loss) Income for all periods presented. The results of all discontinued operations, less applicable income taxes, are reported as components of net income separate from the net income of continuing operations, and certain assets and liabilities associated with these operations were classified as assets and liabilities of discontinued operations in the Consolidated Balance Sheets for the periods presented. There was no discontinued operations activity in fiscal year 2025. There were no discontinued operations assets or liabilities as of December 28, 2024 and January 3, 2026. Additionally, the cash flows and comprehensive (loss) income of discontinued operations have not been segregated and are included in the Consolidated Statements of Cash Flows and Consolidated Statements of Operations and Comprehensive (Loss) Income, respectively, for all periods presented. All amounts included in the notes to the consolidated financial statements relate to continuing operations unless otherwise noted. For additional information, see Note 2. “Discontinued Operations”

Income Taxes

We account for deferred income taxes based on the asset and liability method. The Company must make certain estimates and judgments in determining income tax expense. We are required to determine the aggregate amount of income tax expense to accrue and the amount which will be currently payable or refundable based upon tax statutes of each jurisdiction in which the Company does business. Deferred income taxes are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets also include future tax benefits to be derived from the utilization of tax loss carry-forwards and application of certain carry-forward credits. The net carrying amount of deferred income tax assets and liabilities is recorded in Noncurrent deferred income tax liabilities in the accompanying Consolidated Balance Sheets.

Deferred income taxes are measured using enacted tax rates in effect for the years in which those differences are expected to be recovered or settled. The effect on deferred taxes from a change in the tax rate is recognized through continuing operations in the period that includes the enactment of the change. Changes in tax laws and rates could affect recorded deferred tax assets and liabilities in the future.

A valuation allowance is recorded if it is more likely than not that some portion of a deferred tax asset will not be realized. Valuation allowances are released as positive evidence of future taxable income sufficient to realize the underlying deferred tax assets becomes available.

We establish a liability for tax positions for which there is uncertainty as to whether the position will ultimately be sustained. We assess our tax positions by determining whether it is more likely than not that the position will be sustained upon examination by the appropriate taxing authorities, including resolution of any related appeals or litigation, based solely on the technical merits of the position. These calculations and assessments involve estimates and judgments because the ultimate tax outcomes are uncertain and future events are unpredictable. See Note 7. “Income Taxes” for further details.

Adoption of New Accounting Pronouncements

Income taxes. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in ASU 2023-09 address investor requests for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, and for interim periods within fiscal years beginning after December 15, 2025. The Company adopted this guidance retrospectively in the fourth quarter of fiscal year 2025 and has provided the applicable disclosures in Note 7. “Income Taxes.”

Future Adoption of Accounting Pronouncements

Expense Disaggregation Disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive (Loss) Income (Topic 220-40): Expense Disaggregation Disclosures (“ASU 2024-03”). This update requires, among other things, more detailed disclosure about types of expenses in commonly presented expense captions such as cost of sales and SG&A, and is intended to improve the disclosures about an entity’s expenses including purchases of inventory, employee compensation, depreciation and amortization. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The Company is currently evaluating the impact of the guidance on the consolidated financial statements and disclosures.

Credit Losses for Accounts Receivable and Contract Assets. In July 2025, the FASB issued ASU 2025-05, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. This update provides a practical expedient which allows an entity to assume that, for purposes of estimating expected credit losses related to an asset, current conditions as of a balance sheet date do not change for the remaining life of the asset. This guidance is effective for fiscal years beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating the impact of the guidance on the consolidated financial statements and disclosures.

Derivatives and Hedging. In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815), to more closely align financial reporting with the economics of an entity’s risk management activities. The effective date for this standard is for fiscal years beginning after December 15, 2026 and interim periods within those fiscal years. Early adoption is permitted. The amendments in this ASU should be applied prospectively with an option to adopt the amendments for hedging relationships existing as of the date of adoption. The Company is currently evaluating the impact of the guidance on the consolidated financial statements and disclosures.

Intangibles - Internal-Use Software. In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other Internal-Use Software (Subtopic 350-40), which updates the accounting guidance for internal-use software costs. The amendments remove references to software development project stages and align the guidance with current software development practices. The standard is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of the guidance on the consolidated financial statements and disclosures.

Interim Reporting. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements (“ASU 2025-11”). The update provides clarifications intended to improve the consistency and usability of interim disclosure requirements, including a comprehensive listing of required interim disclosures and a new disclosure principle for reporting material events occurring after the most recent annual period. The amendments do not change the underlying objectives of interim reporting but are designed to enhance clarity in application. The Company is currently evaluating the impact of the guidance on the consolidated financial statements and disclosures.

The FASB issued other accounting guidance during fiscal year 2025 that is not currently applicable or expected to have a material impact on the Company’s financial statements, and therefore, is not described above.

Goodwill and Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Jan. 03, 2026	Dec. 28, 2024
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 8,551	$ 8,551
Accumulated Amortization	(997)	(282)
Fred Meyer contracts and relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	8,400	8,400
Accumulated Amortization	$ (846)	$ (169)
Remaining Life (Years)	11 years	12 years
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 151	$ 151
Accumulated Amortization	$ (151)	$ (113)
Remaining Life (Years)	0 years	1 year

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Debt - Schedule of Interest Expense (Details) - 2025 Notes - Convertible senior notes - USD ($) $ in Thousands	12 Months Ended
	Jan. 03, 2026	Dec. 28, 2024	Dec. 30, 2023
Debt Instrument [Line Items]
Contractual interest expense	$ 802	$ 5,443	$ 9,747
Amortization of issuance costs	$ 191	$ 1,282	$ 2,293

- Definition

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+ Details

Stock Incentive Plans

12 Months Ended

Jan. 03, 2026

Share-Based Payment Arrangement [Abstract]

Stock Incentive Plans

In connection with the initial public offering of our common stock (the “IPO”), on October 23, 2017, the Company’s Board of Directors adopted, and its stockholders approved, the National Vision Holdings, Inc. 2017 Omnibus Incentive Plan (the “2017 Omnibus Incentive Plan”). The total number of shares of common stock originally issuable under the 2017 Omnibus Incentive Plan was 4,000,000. On June 12, 2024, the Company’s stockholders approved the amendment and restatement of the 2017 Omnibus Incentive Plan, increasing the number of shares of common stock authorized for issuance by an additional 5,600,000 shares. The plan authorizes the grant of stock options, stock appreciation rights, restricted stock awards (“RSAs”), RSUs, PSUs, other equity-based awards and other cash-based awards to our associates, non-employee directors, officers, consultants and advisers. In 2014, our Board of Directors and stockholders of the Company approved the 2014 Stock Incentive Plan for Key Employees of National Vision Holdings, Inc. (formerly known as Nautilus Parent, Inc.) and its subsidiaries (the “2014 Stock Incentive Plan”). There were 10,988,827 stock options authorized for issuance pursuant to the 2014 Stock Incentive Plan. All stock awards under these plans vest through continued service. All options under these plans have a contractual life of 10 years.

The Company also provides associates the opportunity to purchase Company common shares through the Associate Stock Purchase Plan (the “ASPP”), which the Company’s Board of Directors adopted and its stockholders approved on June 6, 2018. The ASPP provides that up to 850,000 shares of common stock, at par value of $0.01 per share, may be offered and issued under the ASPP.

The following table summarizes stock compensation expense under the Company’s plans, which is included in SG&A in the accompanying Consolidated Statements of Operations:


In thousands	Fiscal Year 2025		Fiscal Year 2024		Fiscal Year 2023
Stock options	$	—	$	123	$	740
RSUs and PSUs	23,565		16,457		18,312

Associate stock purchase plan	121		128		151
Pre-tax stock-based compensation expense	$	23,686	$	16,708	$	19,203
Income tax benefit	(5,972)		(4,212)		(4,841)
After-tax stock-based compensation expense	$	17,714	$	12,496	$	14,362


	RSUs and PSUs
Unrecognized compensation cost (in thousands)	$	26,534
Expected remaining weighted-average period of expense recognition (in years)	1.84

Service-based options

The following tables summarize service-based stock option activity. No service-based options were granted in fiscal years 2025, 2024, and 2023.


	Number of Options Outstanding (In thousands)	Weighted Average Exercise Price ($)		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value (In thousands) ($)
Outstanding options at December 28, 2024	549	$	29.98	4.13	$	—
Exercised	(105)	$	21.19
Forfeited	(39)	$	37.29
Outstanding options at January 3, 2026	405	$	31.54	3.36	$	1,057
Vested and exercisable at January 3, 2026	405	$	31.54	3.36	$	1,057


In thousands except per share values	Fiscal Year 2025		Fiscal Year 2024		Fiscal Year 2023
Fair value of options vested	$	—	$	635	$	1,251
Aggregate intrinsic value of options exercised	$	581	$	76	$	147

Performance-based options

The following table summarizes performance-based stock option activity:


	Number of Options Outstanding (In thousands)	Weighted Average Exercise Price ($)		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value (In thousands) ($)
Outstanding options at December 28, 2024	49	$	15.74	2.57	$	—


Outstanding options at January 3, 2026	49	$	15.74	1.55	$	502
Vested and exercisable at January 3, 2026	49	$	15.74	1.55	$	502

There were no grants, no vests and no exercises of performance-based options during fiscal years 2025, 2024, and 2023.

The following tables summarize RSU and PSU awards activity:


	RSUs (In thousands)	Weighted average grant date fair value ($)		PSUs (In thousands)	Weighted average grant date fair value ($)
Outstanding at December 28, 2024	1,353	$	20.97	861	$	24.61
Granted	1,429	$	14.19	483	$	14.07
Vested	(670)	$	22.25	—	$	—
Forfeited	(211)	$	17.45	(325)	$	27.22
Outstanding at January 3, 2026	1,901	$	15.81	1,019	$	18.78


	Fiscal Year 2025		Fiscal Year 2024		Fiscal Year 2023
RSUs
Weighted average grant date fair value of RSUs granted	$	14.19	$	18.03	$	22.65
Total fair value of RSUs vested (In thousands)	$	14,914	$	12,755	$	12,084
PSUs
Weighted average grant date fair value of PSUs granted	$	14.07	$	22.19	$	22.35
Total fair value of PSUs vested (In thousands)	$	—	$	4,070	$	3,852

Restricted stock units (RSUs)

Most RSUs vest in three equal annual installments on the first, second and third anniversary of the grant date. The RSUs outstanding as of January 3, 2026 have $49.3 million intrinsic value. Non-employee directors were granted RSUs in fiscal year 2025 that fully vest on the first anniversary of the grant date.

Performance stock units (PSUs)

PSUs are settled after the end of a three-year performance period (i.e., cliff vesting), which begins on the first day of the grant year and are based on the Company’s achievement of certain performance targets. The performance stock units outstanding as of January 3, 2026 have $26.4 million intrinsic value. While the PSU amounts shown in the tables above reflect achievement at target, the number of PSUs ultimately vested will be based on a comparison of certified performance results to predefined performance criteria that include threshold, target and maximum attainment levels.

In 2025, the Company granted PSUs that vest based on the Company’s relative total shareholder return (“TSR”) compared to a defined peer group over a three‑year performance period. The grant‑date fair value of PSUs based on TSR is estimated using a Monte Carlo simulation model. The key assumptions used in the Monte Carlo valuation include: (i) expected volatility of 57.1%, based on the Company’s three‑year daily historical volatility as of the grant date; (ii) a risk‑free interest rate of 3.97%, derived from U.S. Treasury constant‑maturity yields on the grant date; (iii) a correlation assumption calculated using three years of daily share price data for the Company and the peer group as of the grant date; and (iv) an expected dividend yield of zero.

Associate Stock Purchase Plan

Under the ASPP, eligible associates receive a 10% discount from the market trading value of common stock of the Company at the time of purchase. Participants may contribute to the ASPP, not to exceed $25,000 under the ASPP in any calendar year. During fiscal year 2025, the amount of shares issued to eligible participants through the ASPP was not material.

Details of Certain Balance Sheet Accounts - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jan. 03, 2026	Dec. 28, 2024
Property and equipment, net
Right of use assets under finance leases	$ 36,219	$ 36,219
Property, equipment, and right of use assets under finance leases, gross	988,034	946,040
Less: Accumulated depreciation	(643,415)	(583,865)
Property and equipment, net	344,619	362,175
Land and building
Property and equipment, net
Property and equipment, gross	3,736	3,736
Equipment
Property and equipment, net
Property and equipment, gross	315,231	299,823
Information technology hardware and software
Property and equipment, net
Property and equipment, gross	123,294	128,654
Furniture and fixtures
Property and equipment, net
Property and equipment, gross	88,514	85,061
Leasehold improvements
Property and equipment, net
Property and equipment, gross	386,329	360,927
Construction in progress
Property and equipment, net
Property and equipment, gross	$ 34,711	$ 31,620

Segment Reporting

12 Months Ended

Jan. 03, 2026

Segment Reporting [Abstract]

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

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Deferred Revenue - Schedule of Deferred Revenue Remaining Performance Obligation (Details) $ in Thousands	Jan. 03, 2026 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation remaining	$ 87,077
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-04
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation remaining	$ 64,560
Estimated timing of recognition of performance obligation	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-03
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation remaining	$ 17,156
Estimated timing of recognition of performance obligation	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-02
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation remaining	$ 5,361
Estimated timing of recognition of performance obligation	1 year

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 28, 2024	Jan. 03, 2026	Dec. 28, 2024	Dec. 30, 2023
Goodwill [Line Items]
Amortization of intangible assets		$ 700	$ 1,400	$ 1,600
Fred Meyer contracts and relationships
Goodwill [Line Items]
Intangible asset impairment charge	$ 10,500
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration]	Asset impairment
Owned & Host Segment
Goodwill [Line Items]
Goodwill		739,238	736,901
America’s Best \| Owned & Host Segment
Goodwill [Line Items]
Goodwill		606,500
Eyeglass World
Goodwill [Line Items]
Goodwill impairment			$ 19,200
Goodwill, Impairment Loss, Statement of Income or Comprehensive Income [Extensible Enumeration]			Asset impairment
Eyeglass World \| Owned & Host Segment
Goodwill [Line Items]
Goodwill		$ 94,100

Interest Rate Derivatives (Tables)

12 Months Ended

Jan. 03, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Position Related to Derivative Contracts

Our cash flow hedge position related to derivatives designated as hedging instruments under ASC 815 is as follows:

In thousands

Balance Sheet Classification

As of
January 3, 2026

Current portion

Other Payables and Accrued Expenses

Non-current portion

Other Liabilities

116

Total derivative liabilities designated as hedging instruments

161

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Jan. 03, 2026	Dec. 28, 2024	Dec. 30, 2023
Numerator
Income (loss) from continuing operations, net of tax	$ 29,600	$ (27,165)	$ 3,546
Income (loss) from discontinued operations, net of tax	0	(1,334)	(69,447)
Net income (loss)	$ 29,600	$ (28,499)	$ (65,901)
Denominator
Weighted average shares outstanding, Basic (in shares)	79,131	78,592	78,313
Dilutive effect of share-based awards (in shares)	1,445	0	283
Weighted average shares outstanding, Diluted (in shares)	80,576	78,592	78,596
Basic earnings (loss) per share
Continuing operations (in usd per share)	$ 0.37	$ (0.35)	$ 0.05
Discontinued operations (in usd per share)	0	(0.02)	(0.89)
Total (in usd per share)	0.37	(0.36)	(0.84)
Diluted earnings (loss) per share
Continuing operations (in usd per share)	0.37	(0.35)	0.05
Discontinued operations (in usd per share)	0	(0.02)	(0.88)
Total (in usd per share)	$ 0.37	$ (0.36)	$ (0.84)
Stock Options, Restricted Stock Units (RSUs) and Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from diluted weighted average common shares (in shares)	712	8,771	12,513

Interest Rate Derivatives - Schedule of Position Related to Derivative Contracts (Details) - Interest rate swap - Designated as Hedging Instrument $ in Thousands	Jan. 03, 2026 USD ($)
Derivatives, Fair Value [Line Items]
Derivative liabilities	$ 161
Other Payables and Accrued Expenses
Derivatives, Fair Value [Line Items]
Derivative liabilities	45
Other Liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	$ 116

- Definition

Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset.

+ References

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+ Details

Business and Significant Accounting Policies - Share Repurchases (Details) - USD ($) $ in Thousands, shares in Millions		12 Months Ended
	Feb. 23, 2022	Jan. 03, 2026	Dec. 28, 2024	Dec. 30, 2023	Mar. 02, 2026	Feb. 23, 2024
Equity, Class of Treasury Stock [Line Items]
Common stock repurchased		$ 3,239	$ 3,092	$ 28,415
February 2022 Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Stock repurchased program additional authorized amount	$ 100,000
Stock repurchase program authorized amount	$ 200,000
Shares repurchased (in shares)				1.1
Common stock repurchased				$ 25,000
February 2024 Share Repurchase
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program authorized amount						$ 50,000
Shares repurchased (in shares)		0.0	0.0
Stock repurchase program, remaining authorized repurchase amount		$ 50,000		$ 25,000
March 2026 Share Repurchase \| Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program authorized amount					$ 50,000

Business and Significant Accounting Policies - Advertising Expenses and Severance Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 03, 2026	Dec. 28, 2024	Dec. 30, 2023
Restructuring Cost and Reserve [Line Items]
Advertising expenses	$ 138.8	$ 138.6	$ 137.2
Employee Severance
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 3.6	$ 0.1	$ 1.8
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]	Selling, general and administrative expenses

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Leases - Schedule of Lease Type and Classification (Details) - USD ($) $ in Thousands	Jan. 03, 2026	Dec. 28, 2024
ASSETS
Property and equipment, net	$ 5,956	$ 8,258
Right of use assets	394,896	408,589
Total leased assets	400,852	416,847
LIABILITIES
Current maturities of long-term debt and finance lease obligations	3,333	3,368
Current operating lease obligations	90,313	99,694
Long-term debt and finance lease obligations, less current portion and debt discount	6,089	9,465
Noncurrent operating lease obligations	358,377	366,335
Total lease liabilities	458,112	478,862
Finance lease assets accumulated amortization	30,300	28,000
TIA receivable netted to operating lease liabilities	$ 6,500	$ 4,600
Finance lease, right of use assets, balance sheet	Property and equipment, net	Property and equipment, net
Finance lease liabilities, current, balance sheet	Current maturities of long-term debt and finance lease obligations	Current maturities of long-term debt and finance lease obligations
Finance lease liabilities, non-current, balance sheet	Long-term debt and finance lease obligations, less current portion and debt discount	Long-term debt and finance lease obligations, less current portion and debt discount

Goodwill and Intangible Assets

12 Months Ended

Jan. 03, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

The gross carrying amount and accumulated impairment of the Company’s goodwill balances for 2025 and 2024 are as follows:


	As of January 3, 2026				As of December 28, 2024
In thousands	Gross Carrying Amount		Accumulated Impairment		Gross Carrying Amount		Accumulated Impairment
Owned & Host Segment (1)	$	739,238	$	(38,596)	$	736,901	$	(38,596)

(1)The Company acquired $2.3 million of additional goodwill during fiscal year 2025 upon transition of select Eyeglass World stores from a sublease model to a Company owned model.

The Owned & Host Segment’s goodwill contains $606.5 million related to America’s Best and $94.1 million related to Eyeglass World. Accumulated goodwill impairment relates to our Eyeglass World, Fred Meyer and Military reporting units. In fiscal year 2024, we tested Eyeglass World goodwill for recoverability due to reduced projections of future growth and profitability and we recognized an impairment of $19.2 million of Eyeglass World goodwill. Refer to Note 1. “Business and Significant Accounting Policies” and Note 12. “Fair Value Measurement” for more information on goodwill impairment.

Indefinite-lived intangible assets by major asset class are as follows:


In thousands	As of January 3, 2026		As of December 28, 2024
Trademarks and trade names:
America’s Best	$	200,547	$	200,547
Eyeglass World	40,000		40,000
	$	240,547	$	240,547

We intend to maintain our trademarks; renewals will take place as needed.

Finite-lived, amortizing intangible assets by major asset class are as shown in the following table.


	As of January 3, 2026					As of December 28, 2024
In thousands	Gross Carrying Amount		Accumulated Amortization		Remaining Life (Years)	Gross Carrying Amount		Accumulated Amortization		Remaining Life (Years)
Contracts and relationships:

Fred Meyer contracts and relationships	$	8,400	$	(846)	11	$	8,400	$	(169)	12
Other	151		(151)		0	151		(113)		1
	$	8,551	$	(997)		$	8,551	$	(282)

In the third quarter of 2024, we recorded $10.5 million impairment related to the Fred Meyer contract and relationship intangible asset due to the decision to close certain Fred Meyer stores as part of our store fleet review in fiscal year 2024.

We intend to maintain our Fred Meyer contracts and relationships intangible asset. We amortized $0.7 million, $1.4 million, and $1.6 million in 2025, 2024, and 2023, respectively.

Aggregate amortization expense is included in Depreciation and amortization in the accompanying Consolidated Statements of Operations. Aggregate future estimated amortization expense is shown in the following table:


Fiscal Year	In thousands
2026	$	677
2027	677
2028	677
2029	677
2030	677
Thereafter	4,169
	$	7,554

Income taxes (Tables)

12 Months Ended

Jan. 03, 2026

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax (Benefit) Provision

The income tax provision (benefit) consists of:


In thousands	Fiscal Year 2025		Fiscal Year 2024		Fiscal Year 2023
Current income tax:
Federal	$	3,190	$	9,333	$	8,278
State	2,502		2,123		3,717
Deferred income tax:
Federal	5,839		(8,869)		(3,878)
State	550		(1,106)		(2,111)
Income tax provision (benefit) from continuing operations	$	12,081	$	1,481	$	6,006

Schedule of Effective Income Tax Rate Reconciliation

Our income tax provision (benefit) differs from the amounts computed by multiplying earnings (loss) before income taxes by the statutory federal income tax rate.


In thousands	Fiscal Year 2025				Fiscal Year 2024				Fiscal Year 2023
Earnings (loss) from continuing operations before income taxes	$	41,681			$	(25,684)			$	9,552
Federal income tax provision at statutory rate	8,753		21.0	%	(5,394)		21.0	%	2,006		21.0	%
State income tax provision, net of federal income tax (a)	2,422		5.8	%	895		(3.5)	%	1,686		17.7	%
Tax credits:
Work opportunity tax credit	(899)		(2.2)	%	(747)		2.9	%	(1,143)		(12.0)	%
Increase (decrease) in deferred tax asset valuation allowance	(912)		(2.2)	%	(1,272)		5.0	%	2,238		23.4	%
Nontaxable or nondeductible items:
Executive compensation limitation	623		1.5	%	994		(3.9)	%	354		3.7	%
Goodwill impairment	—		—	%	3,539		(13.8)	%	—		—	%
Tax provision (benefit) of equity-based compensation deductions	876		2.1	%	1,240		(4.8)	%	1,133		11.9	%
Meals and entertainment	327		0.8	%	369		(1.4)	%	433		4.5	%
Other	14		—	%	(22)		0.1	%	(64)		(0.7)	%

Other adjustments:
Net operating loss limitation	467		1.1	%	—		—	%	—		—	%
Other, net	410		1.1	%	1,879		(7.4)	%	(637)		(6.6)	%
Net income tax provision (benefit) from continuing operations / Effective tax rate	$	12,081	29.0	%	$	1,481	(5.8)	%	$	6,006	62.9	%

Note: Percentages reflect line item as a percentage of earnings (loss) from continuing operations before income taxes, adjusted for rounding.
(a) State taxes in Texas, Florida, California, New Jersey and Illinois made up the majority (greater than 50 percent) of the tax effect in this category.

Schedule of Income Tax Paid (Net of Refunds)

Incomes taxes paid (net of refunds) are as follows:


In thousands	Fiscal Year 2025		Fiscal Year 2024		Fiscal Year 2023
Federal	$	17,844	$	4,200	$	2,795
State	3,302		2,132		4,776
Total income taxes paid	$	21,146	$	6,332	$	7,571

Income taxes paid (net of refunds) exceeded 5 percent of total income taxes paid (net of refunds) in the following jurisdictions:

In thousands

Fiscal Year 2025

Fiscal Year 2024

Fiscal Year 2023

Texas

606

578

* Jurisdiction below the threshold for the period presented.

Schedule of Deferred Tax Assets and Liabilities

The sources of the differences between the financial accounting and tax bases of our assets and liabilities that give rise to the deferred tax assets and deferred tax liabilities and the tax effects of each are as follows:


In thousands	As of January 3, 2026		As of December 28, 2024
Deferred tax assets:
NOL carry-forwards	$	6,454	$	8,017

Credit carryforwards	289		274
Deferred revenue	6,126		5,999
Accrued expenses and reserves	12,425		13,811
Loss on equity and other investments	878		886
Stock-based compensation	7,936		6,191

Operating lease liabilities	114,237		120,990

Subtotal	148,345		156,168
Valuation allowances	(5,458)		(5,961)
Total net deferred tax assets	142,887		150,207
Deferred tax liabilities:
Depreciation of property and equipment	(58,634)		(57,150)
Amortization of intangible assets	(65,051)		(65,168)

Right of use asset	(98,716)		(102,446)
Other	(3,058)		(3,352)
Total deferred tax liabilities	(225,459)		(228,116)
Net deferred tax liabilities	$	(82,572)	$	(77,909)

Segment Reporting (Tables)

12 Months Ended

Jan. 03, 2026

Segment Reporting [Abstract]

Schedule of Financial Data by Segment


	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

Schedule of Net Product Revenue

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

Leases - Schedule of Maturity of Lease Liabilities (Details) - USD ($) $ in Thousands	Jan. 03, 2026	Dec. 28, 2024
Operating Leases
2026	$ 110,992
2027	102,659
2028	80,021
2029	70,742
2030	53,573
Thereafter	111,690
Total lease liabilities	529,677
Less: Interest	80,987
Present value of lease liabilities	448,690
Finance Leases
2026	4,249
2027	3,370
2028	1,959
2029	612
2030	273
Thereafter	136
Total lease liabilities	10,599
Less: Interest	1,177
Finance lease obligations	9,422	$ 12,833
Operating lease payments related to reasonably certain option extensions included in total lease payments	19,700
Minimum lease payments for leases signed but not yet commenced excluded from lease liability	$ 21,000

Deferred Revenue - Schedule of Current and Non-current Balances (Details) - USD ($) $ in Thousands	Jan. 03, 2026	Dec. 28, 2024	Dec. 30, 2023
Disaggregation of Revenue [Line Items]
Deferred revenue, current	$ 64,560	$ 62,507
Deferred revenue, noncurrent	22,517	22,082
Deferred revenue	87,077	84,589	$ 84,326
Product Protection Plans
Disaggregation of Revenue [Line Items]
Deferred revenue, current	36,948	35,409
Deferred revenue, noncurrent	307	291
Deferred revenue	37,255	35,700	36,419
Eye Care Clubs
Disaggregation of Revenue [Line Items]
Deferred revenue, current	27,612	27,098
Deferred revenue, noncurrent	22,210	21,791
Deferred revenue	$ 49,822	$ 48,889	$ 47,907

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Fair Value Measurement (Details) - USD ($)		12 Months Ended
Fair Value Measurement (Details) - USD ($)	Dec. 17, 2024	Jan. 03, 2026	Dec. 28, 2024	Dec. 30, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Payments to acquire convertible promissory note	$ 1,300,000	$ 1,200,000
Convertible promissory note, fair value		2,500,000
Asset impairment charges, unrelated to restructuring transaction		2,000,000.0	$ 10,100,000	$ 2,700,000
Estimated fair value of impaired assets		1,300,000	5,600,000
Debt before unamortized discount and issuance costs		237,625,000	338,962,000
Term loan \| Term A Loans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt before unamortized discount and issuance costs		237,625,000	$ 254,188,000
Credit facility \| Revolving Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Credit facility borrowing capacity		$ 300,000,000.0
Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Discount rate used in impairment analysis (in percent)		10.00%
Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Discount rate used in impairment analysis (in percent)		10.50%

Stock Incentive Plans (Tables)

12 Months Ended

Jan. 03, 2026

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Stock Compensation Expense

The following table summarizes stock compensation expense under the Company’s plans, which is included in SG&A in the accompanying Consolidated Statements of Operations:


In thousands	Fiscal Year 2025		Fiscal Year 2024		Fiscal Year 2023
Stock options	$	—	$	123	$	740
RSUs and PSUs	23,565		16,457		18,312

Associate stock purchase plan	121		128		151
Pre-tax stock-based compensation expense	$	23,686	$	16,708	$	19,203
Income tax benefit	(5,972)		(4,212)		(4,841)
After-tax stock-based compensation expense	$	17,714	$	12,496	$	14,362


	RSUs and PSUs
Unrecognized compensation cost (in thousands)	$	26,534
Expected remaining weighted-average period of expense recognition (in years)	1.84

Schedule of RSU, PSU, and RSA Activity

The following tables summarize RSU and PSU awards activity:


	RSUs (In thousands)	Weighted average grant date fair value ($)		PSUs (In thousands)	Weighted average grant date fair value ($)
Outstanding at December 28, 2024	1,353	$	20.97	861	$	24.61
Granted	1,429	$	14.19	483	$	14.07
Vested	(670)	$	22.25	—	$	—
Forfeited	(211)	$	17.45	(325)	$	27.22
Outstanding at January 3, 2026	1,901	$	15.81	1,019	$	18.78


	Fiscal Year 2025		Fiscal Year 2024		Fiscal Year 2023
RSUs
Weighted average grant date fair value of RSUs granted	$	14.19	$	18.03	$	22.65
Total fair value of RSUs vested (In thousands)	$	14,914	$	12,755	$	12,084
PSUs
Weighted average grant date fair value of PSUs granted	$	14.07	$	22.19	$	22.35
Total fair value of PSUs vested (In thousands)	$	—	$	4,070	$	3,852

Service-based options

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Stock Option Activity

The following tables summarize service-based stock option activity. No service-based options were granted in fiscal years 2025, 2024, and 2023.


	Number of Options Outstanding (In thousands)	Weighted Average Exercise Price ($)		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value (In thousands) ($)
Outstanding options at December 28, 2024	549	$	29.98	4.13	$	—
Exercised	(105)	$	21.19
Forfeited	(39)	$	37.29
Outstanding options at January 3, 2026	405	$	31.54	3.36	$	1,057
Vested and exercisable at January 3, 2026	405	$	31.54	3.36	$	1,057


In thousands except per share values	Fiscal Year 2025		Fiscal Year 2024		Fiscal Year 2023
Fair value of options vested	$	—	$	635	$	1,251
Aggregate intrinsic value of options exercised	$	581	$	76	$	147

Performance-based options

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Stock Option Activity

The following table summarizes performance-based stock option activity:


	Number of Options Outstanding (In thousands)	Weighted Average Exercise Price ($)		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value (In thousands) ($)
Outstanding options at December 28, 2024	49	$	15.74	2.57	$	—


Outstanding options at January 3, 2026	49	$	15.74	1.55	$	502
Vested and exercisable at January 3, 2026	49	$	15.74	1.55	$	502

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock Incentive Plans - Narrative (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Jan. 03, 2026 USD ($) installment $ / shares shares	Dec. 28, 2024 $ / shares shares	Dec. 30, 2023 shares	Jun. 12, 2024 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, par value (in usd per share) \| $ / shares	$ 0.01	$ 0.01
Performance-based options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in shares)	0	0	0
Options, vested (in shares)	0	0	0
Options exercised (in shares)	0	0	0
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value \| $	$ 49.3
Award vesting period (in years)	3 years
Expected volatility rate (percent)	57.10%
Risk free interest rate (percent)	3.97%
RSUs \| Vesting in three installments beginning on first anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equal vesting installments \| installment	3
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value \| $	$ 26.4
Remaining requisite service period (in years)	3 years
2017 Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for issuance (in shares)	4,000,000			5,600,000
2014 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for issuance (in shares)	10,988,827
Stock Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards contractual life (in years)	10 years
Associate stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for issuance (in shares)	850,000

Discontinued Operations - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 03, 2026	Dec. 28, 2024	Dec. 30, 2023
Walmart MSA and AC Lens \| Discontinued Operations, Disposed of by Means Other than Sale, Abandonment
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net (benefit) expense	$ 0.0	$ 4.4	$ 5.2

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Jan. 03, 2026	Dec. 28, 2024	Dec. 30, 2023
Cash flows from operating activities:
Net income (loss)	$ 29,600	$ (28,499)	$ (65,901)
Adjustments to reconcile net income (loss) to cash provided by operating activities:
Depreciation and amortization	91,152	92,680	98,252
Amortization of debt discount and deferred financing costs	1,217	2,121	3,351
Amortization of cloud computing implementation costs	8,741	6,402	3,170
Asset impairment	1,991	40,099	82,413
Deferred income tax expense (benefit)	4,663	(9,975)	(5,989)
Stock-based compensation expense	23,686	16,708	20,174
(Gains) on change in fair value of derivatives	0	(34)	(1,274)
Inventory adjustments	5,327	4,391	3,707
Other	(56)	(1,013)	3,891
Changes in operating assets and liabilities:
Accounts receivable	(8,069)	36,399	(7,817)
Inventories	(728)	21,598	(457)
Operating lease right of use assets and liabilities	(1,822)	(2,321)	524
Other assets	(45,656)	(7,286)	(3,171)
Accounts payable	25,356	(13,913)	2,280
Deferred and unearned revenue	12,766	(5,852)	7,401
Other liabilities	(1,875)	(17,856)	32,479
Net cash provided by operating activities	146,293	133,649	173,033
Cash flows from investing activities:
Purchase of property and equipment	(72,840)	(95,505)	(114,774)
Other	(3,766)	(589)	(1,048)
Net cash used for investing activities	(76,606)	(96,094)	(115,822)
Cash flows from financing activities:
Repayments on long-term debt	(126,337)	(222,064)	(103,000)
Borrowings on long-term debt	25,000	115,000	0
Payments of debt issuance costs	0	(1,703)	(3,312)
Payments on finance lease obligations	(3,475)	(2,993)	(3,918)
Proceeds from issuance of common stock	3,395	1,507	1,837
Purchase of treasury stock	(3,205)	(3,092)	(28,415)
Net cash used for financing activities	(104,622)	(113,345)	(136,808)
Net change in cash, cash equivalents and restricted cash	(34,935)	(75,790)	(79,597)
Cash, cash equivalents and restricted cash, beginning of year	75,237	151,027	230,624
Cash, cash equivalents and restricted cash, end of year (See Note 3)	40,302	75,237	151,027
Supplemental cash flow disclosure information:
Cash paid for interest	19,091	13,398	11,735
Capital expenditures accrued at the end of the period	$ 12,186	$ 9,248	$ 5,412

Details of Certain Balance Sheet Accounts (Tables)

12 Months Ended

Jan. 03, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Cash, Cash Equivalents, and Restricted Cash

The following table provides a reconciliation of Cash and cash equivalents reported within the Consolidated Balance Sheets to the total of Cash, cash equivalents and restricted cash shown in the Consolidated Statement of Cash Flows:


In thousands	Fiscal Year 2025		Fiscal Year 2024		Fiscal Year 2023
Cash, cash equivalents and restricted cash:
Cash and cash equivalents	$	38,708	$	73,948	$	149,896
Restricted cash included in Other assets	1,594		1,289		1,131
	$	40,302	$	75,237	$	151,027

Schedule of Accounts Receivable, Net

The following tables provide additional details of certain balance sheet accounts as of the dates shown below:


In thousands	As of January 3, 2026		As of December 28, 2024
Accounts receivable, net:
Trade receivables	$	42,563	$	36,208

Other receivables (1)	15,047		13,938
Allowance for credit losses	(288)		(208)
	$	57,322	$	49,938
(1) Includes CARES Act receivable in the amount of $9.0 million and $9.0 million as of January 3, 2026 and December 28, 2024, respectively. In January 2026, subsequent to the balance sheet date, the Company received the full payment of these receivables.

Schedule of Inventories


In thousands	As of January 3, 2026		As of December 28, 2024
Inventories:
Raw materials and work in process (1)	$	65,775	$	66,056
Finished goods	23,543		27,862
	$	89,318	$	93,918
(1) Due to the immaterial amount of estimated work in process and the short lead times for the conversion of raw materials to finished goods, the Company does not separately present raw materials and work in process.

Schedule of Property and Equipment, Net

We depreciate P&E for financial accounting purposes using the straight-line method over the following estimated useful lives:


Buildings			34 years

Equipment			3 - 10 years
Information technology hardware and software (a)			2 - 5 years
Furniture and fixtures			6 years
Leasehold improvements(b)			5 - 10 years
P&E under finance leases (b)			10 years
____________
(a)Costs of developing or obtaining software for internal use, such as direct costs of materials or services and internal payroll costs related to the software development projects, are capitalized to information technology hardware and software. (b)Depreciation of leasehold improvements is recognized over the shorter of the estimated useful life of the asset or the term of the lease. The term of the lease includes renewal options for additional periods if the exercise of the renewal is considered to be reasonably assured.


In thousands	As of January 3, 2026		As of December 28, 2024
Property and equipment, net:
Land and building	$	3,736	$	3,736
Equipment	315,231		299,823
Information technology hardware and software	123,294		128,654
Furniture and fixtures	88,514		85,061
Leasehold improvements	386,329		360,927
Construction in progress	34,711		31,620
Right of use assets under finance leases	36,219		36,219
	988,034		946,040
Less: Accumulated depreciation	(643,415)		(583,865)
	$	344,619	$	362,175

Schedule of Other Payables and Accrued Expenses


In thousands	As of January 3, 2026		As of December 28, 2024
Other payables and accrued expenses:
Associate compensation and benefits	$	47,719	$	42,752
Self-insurance liabilities	9,696		9,087
Capital expenditures	12,186		9,248
Advertising	6,282		6,504
Reserves for customer returns and remakes	5,489		4,840

Income tax payable	556		3,641
Supplies and other store support expenses	4,373		5,038
Litigation settlements	293		4,950

Other(1)	23,080		22,976
	$	109,674	$	109,036
(1) Primarily includes accrued patient liability refunds, professional fees, and cloud hosted software costs

Schedule of Other Non-current Liabilities


In thousands	As of January 3, 2026		As of December 28, 2024
Other noncurrent liabilities:

Self-insurance liabilities	$	6,144	$	5,577
Other	2,800		2,651
	$	8,944	$	8,228

Revenue from Contracts with Customers (Tables)

12 Months Ended

Jan. 03, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenues

The following disaggregation of revenues depicts our revenues based on the timing of revenue recognition:


In thousands	Fiscal Year 2025		Fiscal Year 2024		Fiscal Year 2023
Revenues recognized at a point in time	$	1,859,291	$	1,696,735	$	1,631,030
Revenues recognized over time	128,197		126,585		125,341
Total net revenue	$	1,987,488	$	1,823,320	$	1,756,371

Leases - Schedule of Lease Term and Discount Rate (Details)	12 Months Ended
	Jan. 03, 2026	Dec. 28, 2024
Weighted average remaining lease term (months)
Operating leases, weighted average remaining lease term (months)	70 months	71 months
Finance leases, weighted average remaining lease term (months)	37 months	48 months
Weighted average discount rate
Operating leases, weighted average discount rate (percent)	5.40%	5.10%
Finance leases, weighted average discount rate (percent)	10.20%	10.40%
Stores, laboratories, distribution centers, offices \| Minimum
Weighted average discount rate
Lease terms (in years)	5 years
Stores, laboratories, distribution centers, offices \| Maximum
Weighted average discount rate
Lease terms (in years)	10 years

Stock Incentive Plans - Schedule of RSU and PSU Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Jan. 03, 2026	Dec. 28, 2024	Dec. 30, 2023
RSUs
Number of Awards Outstanding
Outstanding, beginning balance (in shares)	1,353
Granted (in shares)	1,429
Vested (in shares)	(670)
Forfeited (in shares)	(211)
Outstanding, ending balance (in shares)	1,901	1,353
Weighted Average Grant Date Fair Value ($)
Outstanding, beginning balance (in usd per share)	$ 20.97
Granted (in usd per share)	14.19	$ 18.03	$ 22.65
Vested (in usd per share)	22.25
Forfeited (in usd per share)	17.45
Outstanding, ending balance (in usd per share)	$ 15.81	$ 20.97
Vested in period, fair value	$ 14,914	$ 12,755	$ 12,084
PSUs
Number of Awards Outstanding
Outstanding, beginning balance (in shares)	861
Granted (in shares)	483
Vested (in shares)	0
Forfeited (in shares)	(325)
Outstanding, ending balance (in shares)	1,019	861
Weighted Average Grant Date Fair Value ($)
Outstanding, beginning balance (in usd per share)	$ 24.61
Granted (in usd per share)	14.07	$ 22.19	$ 22.35
Vested (in usd per share)	0
Forfeited (in usd per share)	27.22
Outstanding, ending balance (in usd per share)	$ 18.78	$ 24.61
Vested in period, fair value	$ 0	$ 4,070	$ 3,852

Consolidated Statements of Operations and Comprehensive (Loss) Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Jan. 03, 2026	Dec. 28, 2024	Dec. 30, 2023
Revenue:
Total net revenue	$ 1,987,488	$ 1,823,320	$ 1,756,371
Costs applicable to revenue (exclusive of depreciation and amortization):
Total costs applicable to revenue	819,469	764,056	734,655
Operating expenses:
Selling, general and administrative expenses	1,016,251	938,524	904,757
Depreciation and amortization	91,152	91,349	89,874
Asset impairment	1,991	39,851	2,699
Other expense (income), net	(204)	(101)	(104)
Total operating expenses	1,109,190	1,069,623	997,226
Income (loss) from operations	58,829	(10,359)	24,490
Interest expense, net	17,148	16,184	14,339
(Gain) loss on extinguishment of debt	0	(859)	599
Earnings (loss) from continuing operations before income taxes	41,681	(25,684)	9,552
Income tax provision	12,081	1,481	6,006
Income (loss) from continuing operations	29,600	(27,165)	3,546
Income (loss) from discontinued operations, net of tax (See Note 2)	0	(1,334)	(69,447)
Net income (loss)	$ 29,600	$ (28,499)	$ (65,901)
Basic Earnings (loss) per share:
Continuing operations (in usd per share)	$ 0.37	$ (0.35)	$ 0.05
Discontinued operations (in usd per share)	0	(0.02)	(0.89)
Total (in usd per share)	0.37	(0.36)	(0.84)
Diluted Earnings (loss) per share:
Continuing operations (in usd per share)	0.37	(0.35)	0.05
Discontinued operations (in usd per share)	0	(0.02)	(0.88)
Total (in usd per share)	$ 0.37	$ (0.36)	$ (0.84)
Weighted average shares outstanding:
Basic (in shares)	79,131	78,592	78,313
Diluted (in shares)	80,576	78,592	78,596
Comprehensive income (loss):
Net income (loss)	$ 29,600	$ (28,499)	$ (65,901)
Unrealized gain (loss) on hedge instruments	(161)	548	1,019
Tax provision of unrealized gain (loss) on hedge instruments	(40)	129	259
Comprehensive income (loss)	29,479	(28,080)	(65,141)
Products
Revenue:
Total net revenue	1,604,592	1,463,139	1,423,229
Costs applicable to revenue (exclusive of depreciation and amortization):
Total costs applicable to revenue	461,213	433,194	424,011
Services and plans
Revenue:
Total net revenue	382,896	360,181	333,142
Costs applicable to revenue (exclusive of depreciation and amortization):
Total costs applicable to revenue	$ 358,256	$ 330,862	$ 310,644

Discontinued Operations (Tables)

12 Months Ended

Jan. 03, 2026

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Major Classes of Assets and Liabilities & Non-Cash Items and Cash Flows from Investing Activities Related to Discontinued Operations

The following table presents income (loss) from discontinued operations, net of tax:


In thousands	Fiscal Year 2024		Fiscal Year 2023
Revenue:
Net product sales	$	126,960	$	320,907
Net sales of services and plans	4,513		49,190
Total net revenue	131,473		370,097
Costs applicable to revenue (exclusive of depreciation and amortization):
Products	109,637		240,578
Services and plans	2,585		25,677
Total costs applicable to revenue	112,222		266,255
Operating expenses:
Selling, general and administrative expenses	21,851		87,126
Depreciation and amortization	1,331		8,378
Asset impairment	248		79,714
Other expense (income), net	(87)		(60)
Total operating expenses	23,343		175,158
Earnings (loss) from discontinued operations before income taxes	(4,092)		(71,316)
Income tax provision (benefit) from discontinued operations	(2,758)		(1,869)
Income (loss) from discontinued operations, net of tax	$	(1,334)	$	(69,447)

The following table presents significant non-cash items and cash flows from investing activities related to discontinued operations:


	Fiscal Year 2024		Fiscal Year 2023
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	$	1,331	$	8,378
Asset impairment	$	248	$	79,714

Stock-based compensation expense	$	—	$	971

Inventory adjustments	$	442	$	(177)
Other	$	(1,647)	$	—
Cash flows from investing activities:
Purchase of property and equipment	$	—	$	(1,781)
Other	$	1,738	$	—

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

Income taxes - Schedule of Components of Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 03, 2026	Dec. 28, 2024	Dec. 30, 2023
Current income tax:
Federal	$ 3,190	$ 9,333	$ 8,278
State	2,502	2,123	3,717
Deferred income tax:
Federal	5,839	(8,869)	(3,878)
State	550	(1,106)	(2,111)
Income tax provision (benefit) from continuing operations	$ 12,081	$ 1,481	$ 6,006

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

Leases

12 Months Ended

Jan. 03, 2026

Leases [Abstract]

Leases

Information related to our leases is presented below:


In thousands		As of January 3, 2026		As of December 28, 2024
Type	Classification
	ASSETS
Finance	Property and equipment, net (a)	$	5,956	$	8,258
Operating	Right of use assets (b)	394,896		408,589
	Total leased assets	$	400,852	$	416,847
	LIABILITIES
	Current Liabilities:
Finance	Current maturities of long-term debt and finance lease obligations	$	3,333	$	3,368
Operating	Current operating lease obligations (c)	90,313		99,694
	Other noncurrent liabilities:
Finance	Long-term debt and finance lease obligations, less current portion and debt discount	6,089		9,465
Operating	Noncurrent operating lease obligations	358,377		366,335
	Total lease liabilities	$	458,112	$	478,862
As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the net present value of minimum lease payments. We used the incremental borrowing rate on December 30, 2018 for operating leases that commenced prior to that date.

_________

(a) Finance lease assets are recorded net of accumulated amortization of $30.3 million and $28.0 million as of January 3, 2026 and December 28, 2024, respectively.

(b) TIA and deferred rent are treated as reductions of lease payments used to measure ROU assets in the accompanying Consolidated Balance Sheets as of January 3, 2026 and December 28, 2024.

(c) Current operating lease liabilities are measured net of TIA receivables of $6.5 million and $4.6 million as of January 3, 2026 and December 28, 2024, respectively.


In thousands	Fiscal Year 2025		Fiscal Year 2024		Fiscal Year 2023
Operating lease cost
Fixed lease cost (a)	$	109,463	$	103,547	$	96,215
Variable lease cost (b)	40,104		37,733		36,133
Sublease income(c)	(1,255)		(1,410)		(1,263)
Finance lease cost
Amortization of finance lease assets	2,194		2,370		3,061
Interest on finance lease liabilities	982		1,233		1,675
Net lease cost	$	151,488	$	143,473	$	135,821
(a)Includes short-term leases, which are immaterial. (b)Includes costs for insurance, real estate taxes and common area maintenance expenses, which are variable as well as lease costs above minimum thresholds for Fred Meyer stores and lease costs for Military stores. (c)Income from sub-leasing of stores includes rental income from operating lease properties to independent optometrists.


Lease Term and Discount Rate	As of January 3, 2026		As of December 28, 2024
Weighted average remaining lease term (months)
Operating leases	70		71
Finance leases	37		48
Weighted average discount rate (a)
Operating leases	5.4	%	5.1	%
Finance leases (b)	10.2	%	10.4	%
(a)The discount rate used to determine the lease assets and lease liabilities was derived upon considering (i) incremental borrowing rates on our term loan and revolving credit facility; (ii) Term SOFR margins for issuers of similar credit rating; and (iii) effect of collateralization. As a majority of our leases are five-year and 10-year leases, we determined a lease discount rate for such tenors and determined this discount rate is reasonable for leases that were entered into during the period. (b)The discount rate on finance leases is higher than operating leases because the present value of minimum lease payments was higher than the fair value of leased properties for certain leases entered into prior to adoption of ASC 842. The discount rate differential for those leases is not material to our results of operations.


In thousands	Fiscal Year 2025		Fiscal Year 2024		Fiscal Year 2023
Other Information

Operating cash outflows - operating leases	$	128,268	$	113,113	$	103,562

Right of use assets acquired under operating leases	$	80,740	$	96,170	$	111,792

The following table summarizes the maturity of our lease liabilities as of January 3, 2026:


In thousands	Operating Leases (a)		Finance Leases (b)
Fiscal Year
2026	$	110,992	$	4,249
2027	102,659		3,370
2028	80,021		1,959
2029	70,742		612
2030	53,573		273
Thereafter	111,690		136
Total lease liabilities	529,677		10,599
Less: Interest	80,987		1,177
Present value of lease liabilities(c)	$	448,690	$	9,422

_________

(a) Operating lease payments include $19.7 million related to options to extend lease terms that are reasonably certain of being exercised.

(b) Finance lease payments include no options to extend lease terms that are reasonably certain of being exercised.

(c) The present value of lease liabilities excludes $21.0 million of legally binding minimum lease payments for leases signed but not yet commenced.

Leases

Information related to our leases is presented below:


In thousands		As of January 3, 2026		As of December 28, 2024
Type	Classification
	ASSETS
Finance	Property and equipment, net (a)	$	5,956	$	8,258
Operating	Right of use assets (b)	394,896		408,589
	Total leased assets	$	400,852	$	416,847
	LIABILITIES
	Current Liabilities:
Finance	Current maturities of long-term debt and finance lease obligations	$	3,333	$	3,368
Operating	Current operating lease obligations (c)	90,313		99,694
	Other noncurrent liabilities:
Finance	Long-term debt and finance lease obligations, less current portion and debt discount	6,089		9,465
Operating	Noncurrent operating lease obligations	358,377		366,335
	Total lease liabilities	$	458,112	$	478,862
As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the net present value of minimum lease payments. We used the incremental borrowing rate on December 30, 2018 for operating leases that commenced prior to that date.

_________

(a) Finance lease assets are recorded net of accumulated amortization of $30.3 million and $28.0 million as of January 3, 2026 and December 28, 2024, respectively.

(b) TIA and deferred rent are treated as reductions of lease payments used to measure ROU assets in the accompanying Consolidated Balance Sheets as of January 3, 2026 and December 28, 2024.

(c) Current operating lease liabilities are measured net of TIA receivables of $6.5 million and $4.6 million as of January 3, 2026 and December 28, 2024, respectively.


In thousands	Fiscal Year 2025		Fiscal Year 2024		Fiscal Year 2023
Operating lease cost
Fixed lease cost (a)	$	109,463	$	103,547	$	96,215
Variable lease cost (b)	40,104		37,733		36,133
Sublease income(c)	(1,255)		(1,410)		(1,263)
Finance lease cost
Amortization of finance lease assets	2,194		2,370		3,061
Interest on finance lease liabilities	982		1,233		1,675
Net lease cost	$	151,488	$	143,473	$	135,821
(a)Includes short-term leases, which are immaterial. (b)Includes costs for insurance, real estate taxes and common area maintenance expenses, which are variable as well as lease costs above minimum thresholds for Fred Meyer stores and lease costs for Military stores. (c)Income from sub-leasing of stores includes rental income from operating lease properties to independent optometrists.


Lease Term and Discount Rate	As of January 3, 2026		As of December 28, 2024
Weighted average remaining lease term (months)
Operating leases	70		71
Finance leases	37		48
Weighted average discount rate (a)
Operating leases	5.4	%	5.1	%
Finance leases (b)	10.2	%	10.4	%
(a)The discount rate used to determine the lease assets and lease liabilities was derived upon considering (i) incremental borrowing rates on our term loan and revolving credit facility; (ii) Term SOFR margins for issuers of similar credit rating; and (iii) effect of collateralization. As a majority of our leases are five-year and 10-year leases, we determined a lease discount rate for such tenors and determined this discount rate is reasonable for leases that were entered into during the period. (b)The discount rate on finance leases is higher than operating leases because the present value of minimum lease payments was higher than the fair value of leased properties for certain leases entered into prior to adoption of ASC 842. The discount rate differential for those leases is not material to our results of operations.


In thousands	Fiscal Year 2025		Fiscal Year 2024		Fiscal Year 2023
Other Information

Operating cash outflows - operating leases	$	128,268	$	113,113	$	103,562

Right of use assets acquired under operating leases	$	80,740	$	96,170	$	111,792

The following table summarizes the maturity of our lease liabilities as of January 3, 2026:


In thousands	Operating Leases (a)		Finance Leases (b)
Fiscal Year
2026	$	110,992	$	4,249
2027	102,659		3,370
2028	80,021		1,959
2029	70,742		612
2030	53,573		273
Thereafter	111,690		136
Total lease liabilities	529,677		10,599
Less: Interest	80,987		1,177
Present value of lease liabilities(c)	$	448,690	$	9,422

_________

(a) Operating lease payments include $19.7 million related to options to extend lease terms that are reasonably certain of being exercised.

(b) Finance lease payments include no options to extend lease terms that are reasonably certain of being exercised.

(c) The present value of lease liabilities excludes $21.0 million of legally binding minimum lease payments for leases signed but not yet commenced.

Segment Reporting - Schedule of Consolidated Net Product Revenue Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 03, 2026	Dec. 28, 2024	Dec. 30, 2023
Revenue from External Customer [Line Items]
Total net revenue	$ 1,987,488	$ 1,823,320	$ 1,756,371
Products
Revenue from External Customer [Line Items]
Total net revenue	1,604,592	1,463,139	1,423,229
Eyeglasses and sunglasses
Revenue from External Customer [Line Items]
Total net revenue	1,269,126	1,145,725	1,115,000
Contact lenses
Revenue from External Customer [Line Items]
Total net revenue	324,196	307,314	301,268
Accessories and other
Revenue from External Customer [Line Items]
Total net revenue	11,270	10,100	6,961
Services and plans
Revenue from External Customer [Line Items]
Total net revenue	382,896	360,181	333,142
Exams
Revenue from External Customer [Line Items]
Total net revenue	254,699	233,621	207,833
Product protection plans
Revenue from External Customer [Line Items]
Total net revenue	73,565	72,854	72,069
Eyecare clubs
Revenue from External Customer [Line Items]
Total net revenue	$ 54,632	$ 53,706	$ 53,240

Goodwill and Intangible Assets - Schedule of Indefinite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Jan. 03, 2026	Dec. 28, 2024
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived trademarks and trade names	$ 240,547	$ 240,547
America’s Best
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived trademarks and trade names	200,547	200,547
Eyeglass World
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived trademarks and trade names	$ 40,000	$ 40,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 38
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-38

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-14

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-14

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-14

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 40
-SubTopic 30
-Topic 350
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482640/350-30-55-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482686/350-30-45-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2

+ Details

Business and Significant Accounting Policies - Accounts Receivable and Inventories (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 03, 2026	Dec. 28, 2024	Dec. 30, 2023
Concentration Risk [Line Items]
Credit loss on receivables	$ 1.0	$ 0.4	$ 0.6
Supplier concentration risk \| Contact Lenses \| Three Key Vendors
Concentration Risk [Line Items]
Concentration risk (percent)	96.00%
Supplier concentration risk \| Lenses \| One Key Vendor
Concentration Risk [Line Items]
Concentration risk (percent)	86.00%
Supplier concentration risk \| Frames \| Two Key Vendors
Concentration Risk [Line Items]
Concentration risk (percent)	55.00%

Business and Significant Accounting Policies - CARES Act (Details) - The CARES Act - USD ($) $ in Millions	Jan. 03, 2026	Dec. 28, 2024
Unusual or Infrequent Item, or Both [Line Items]
Government assistance receivable	$ 9.0	$ 9.0
Government Assistance, Asset, Statement of Financial Position [Extensible Enumeration]	Other payables and accrued expenses	Other payables and accrued expenses

Segment Reporting - Narrative (Details)	12 Months Ended
Segment Reporting - Narrative (Details)	Jan. 03, 2026 segment
Segment Reporting [Abstract]
Number of reportable segments	1
Number of operating segments	1

Consolidated Balance Sheets - USD ($) $ in Thousands	Jan. 03, 2026	Dec. 28, 2024
Current assets:
Cash and cash equivalents	$ 38,708	$ 73,948
Accounts receivable, net	57,322	49,938
Inventories	89,318	93,918
Prepaid expenses and other current assets	40,374	32,024
Total current assets	225,722	249,828
Noncurrent assets:
Property and equipment, net	344,619	362,175
Goodwill	700,642	698,305
Trademarks and trade names	240,547	240,547
Other intangible assets, net	7,554	8,269
Right of use assets	394,896	408,589
Other assets	69,698	40,058
Total noncurrent assets	1,757,956	1,757,943
Total assets	1,983,678	2,007,771
Current liabilities:
Accounts payable	78,999	53,643
Other payables and accrued expenses	109,674	109,036
Unearned revenue	52,279	42,002
Deferred revenue	64,560	62,507
Current maturities of long-term debt and finance lease obligations	16,583	101,392
Current operating lease obligations	90,313	99,694
Total current liabilities	412,408	468,274
Noncurrent liabilities:
Long-term debt and finance lease obligations, less current portion and debt discount	229,327	248,610
Noncurrent operating lease obligations	358,377	366,335
Deferred revenue	22,517	22,082
Other liabilities	8,944	8,228
Deferred income taxes, net	82,572	77,909
Total noncurrent liabilities	701,737	723,164
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.01 par value; 200,000,000 shares authorized; 86,278,538 and 85,444,263 shares issued as of January 3, 2026 and December 28, 2024, respectively; 79,416,050 and 78,775,117 shares outstanding as of January 3, 2026 and December 28, 2024, respectively	862	854
Additional paid-in capital	834,000	807,048
Accumulated other comprehensive loss	(121)	0
Retained earnings	255,717	226,117
Treasury stock, at cost; 6,862,488 and 6,669,146 shares as of January 3, 2026 and December 28, 2024, respectively	(220,925)	(217,686)
Total stockholders’ equity	869,533	816,333
Total liabilities and stockholders’ equity	$ 1,983,678	$ 2,007,771

Commitments and Contingencies

12 Months Ended

Jan. 03, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Contractual Commitments

As of January 3, 2026, the Company had contractual commitments of approximately $174.3 million consisting of agreements for merchandise purchases, technology, and advertising.

Warranty Costs

The Company records an allowance for the estimated amount of future warranty costs when the related revenue is recognized, which is recorded in Other payables and accrued expenses on the accompanying Consolidated Balance Sheets. Expense associated with warranty costs is presented in Cost of services and plans in the accompanying Consolidated Statements of Operations and Comprehensive (Loss) Income. Estimated future warranty costs are primarily based on historical experience of identified warranty claims. However, there can be no assurance that future warranty costs will not exceed historical amounts. The following details the activity in our product warranty liability accounts:


In thousands	Fiscal Year 2025		Fiscal Year 2024
Beginning of year balance	$	2,565	$	2,463
Accrued obligation	38,378		35,325
Claims paid	(38,076)		(35,223)
End of year balance	$	2,867	$	2,565

401(k) Plan

The Company sponsors a 401(k) plan into which associates may defer a portion of their wages. In fiscal 2025, the Company increased its employer matching contribution from 50% of the first 3% of participant contributions to 50% of the first 4% of participant contributions. The expense for the plan was $9.9 million, $7.5 million, and $7.2 million in fiscal years 2025, 2024, and 2023, respectively. Expense associated with our 401(k) plan is presented in SG&A in the Consolidated Statements of Operations and Comprehensive (Loss) Income.

Legal Proceedings

From time to time, the Company is involved in various legal proceedings incidental to its business. Because of the nature and inherent uncertainties of litigation, we cannot predict with certainty the ultimate resolution of these actions and, should the outcome of these actions be unfavorable, the Company’s business, financial position, results of operations or cash flows could be materially and adversely affected.

The Company reviews the status of its legal proceedings and records a provision for a liability when it is considered probable that a liability has been incurred and the amount of the loss can be reasonably estimated. This review is updated periodically as additional information becomes available. If either or both of the criteria are not met, we reassess whether there is at least a reasonable possibility that a loss, or additional losses, may be incurred. If there is a reasonable possibility that a loss may be incurred, we disclose the estimate of the amount of the loss or range of losses, or that an estimate of loss cannot be made. The Company expenses its legal fees as incurred.

We are currently and may in the future become subject to various claims and pending or threatened lawsuits in the ordinary course of our business.

On September 23, 2022, we were served with notice of a lawsuit filed by a former employee in California state court alleging, on behalf of a proposed class of employees, several violations of California wage and hour laws. On December 9, 2022, the case was removed to the federal District Court for the Northern District of California. On January 18, 2023, we were served with a related representative action filed in California state court pursuant to California’s Private Attorneys General Act (“PAGA”). We filed an answer to this action on February 17, 2023. On September 29, 2023, the state court set the PAGA action for trial on October 7, 2024. The parties attended mediation on March 11, 2024, but a resolution of the matter was not reached at that time. Following mediation, the parties agreed to a settlement of all claims alleged by the named plaintiff on behalf of himself and all putative class members and other aggrieved employees. The parties agreed to move the federal and state court actions to state court for review of the settlement terms agreed to by the parties. The Sacramento County state court entered preliminary approval of the settlement on March 21, 2025, and on July 29, 2025, the Court filed its order granting final approval of the settlement and entering judgment in accordance with the settlement agreement. The deadline for any appeal of the final approval and judgment expired on September 27, 2025 and the settlement agreement became effective at that time. On October 10, 2025, the Company paid a total of $4.6 million as the gross settlement fund in accordance with the settlement agreement.

On January 27, 2023, a purported class action complaint was filed in federal court in the Northern District of Georgia against the Company and two of the Company’s officers (the “Securities Class Action”). The complaint alleges violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Rule 10b-5 thereunder, for materially false and misleading statements made between May 2021 and May 2022. The complaint seeks unspecified damages as well as equitable relief. On March 28, 2023, the original plaintiff, City of Southfield General Employees Retirement System, and a new plaintiff, International Union of Operating Engineers, Local No. 793, Members Pension Benefit Trust of Ontario, filed a lead plaintiff motion, seeking to be appointed co-lead plaintiffs. On April 3, 2023, the Company along with its named officers filed a motion to dismiss the complaint. On May 19, 2023, the court granted the lead plaintiff motion. On June 30, 2023, the plaintiffs filed an amended complaint, which added a claim under Section 20A of the Exchange Act and extended the alleged class period to February 28, 2023. On August 21, 2023, the Company filed a motion to dismiss the amended complaint. The plaintiffs filed their response in opposition to this motion on October 5, 2023. On March 30, 2024, the court granted the Company’s motion and dismissed the amended complaint with prejudice. On April 29, 2024, the plaintiffs filed a motion for reconsideration of the order granting the motion to dismiss. The Company and named officers filed a response in opposition to the plaintiffs’ motion for reconsideration on May 13, 2024, and the plaintiffs then filed a reply in support of their motion on May 28, 2024. The court entered an order denying the motion for reconsideration on March 24, 2025, and no appeal was filed by the plaintiff.

On May 23, 2024, a stockholder derivative complaint was filed by a stockholder in the Delaware Court of Chancery, purportedly on behalf of the Company (the “Derivative Action”). The Derivative Action is based on the same alleged facts and circumstances as the Securities Class Action and names certain of the Company’s officers, including our Chief Executive Officer and former Chief Operating Officer, and the Company’s directors who were members of the Company’s Board of Directors during the relevant time period as defendants. The Derivative Action alleges claims for breach of fiduciary duty, unjust enrichment, and violations of the Exchange Act and seeks to recover damages on behalf of the Company. On July 24, 2024, the Company along with the named defendants, filed a motion to dismiss the complaint. On September 9, 2024, the plaintiff filed an amended complaint. Defendants filed a motion to dismiss the amended complaint on October 31, 2024. The plaintiff filed an opposition to the motion to dismiss on December 16, 2024, and the defendants filed a reply brief on January 15, 2025. Oral argument on the motion to dismiss was held on October 28, 2025. On February 11, 2026, the court granted the motion to dismiss. The plaintiff has 30 days from the date of the order to file an appeal. The defendants dispute the allegations made by the plaintiff and intend to vigorously defend the litigation should an appeal be pursued.

On September 26, 2025, the Company attended a pre-trial mediation in a lawsuit filed in Alabama state court by a patient who claims to have been injured due to medical negligence during eye exams performed by an optometrist employed by the Company. The parties failed to reach an agreement at mediation. On October 3, 2025, the parties reached a post-mediation agreement for the Company to pay $1.8 million, net of anticipated recoveries from professional liability insurance, in consideration for plaintiff dismissing the lawsuit and releasing all claims against the Company. The parties executed a settlement agreement on October 21, 2025, after which the Company and its professional liability insurance carrier issued payment according to the terms of the agreement, and the case was dismissed by the court on December 1, 2025. The litigation settlement is recognized in Other payables and accrued expenses in the Condensed Consolidated Balance Sheets as of January 3, 2026 and in SG&A in the Condensed Consolidated Statements of Operations and Comprehensive Income for the three and nine months ended January 3, 2026.

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Jan. 03, 2026
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We have developed processes for assessing, identifying and managing material risks from cybersecurity threats. Our enterprise risk assessment and management system incorporates risks from cybersecurity threats alongside other risks to the Company. We also have a management-level risk management council that supports our processes to assess and manage cybersecurity and other risks. Our information security team oversees and implements security controls designed to minimize the risk or impact of any compromise or unauthorized disclosure of our or our customers’ confidential and sensitive data, including protected health information and PII. These controls include endpoint protection and response software (anti-virus), network intrusion detection devices, a vulnerability management program, IT and third-party risk management programs, and multifactor authentication. We provide annual security awareness training for corporate and store associates, and we administer periodic phishing testing and training to associates who have access to a company email address. The security of the National Vision network is monitored by a Security Operations Center (“SOC”), which works with our information security team with the aim of preventing, detecting, and responding to cybersecurity attacks. We also maintain an incident response plan which, among other things, is designed to outline the response actions to an incident, mitigate the impact of an incident, assist in restoring normal business operations, and comply with applicable regulatory obligations arising from an incident. Our risk management processes also address cybersecurity threat risks associated with our use of third-party vendors. Our Chief Technology Officer (“CTO”) collaborates with our information security and legal teams to conduct periodic tabletop exercises to test our data security and incident response procedures. Periodically, we engage specialized third parties to assist in conducting these exercises. We also conduct third-party HIPAA security risk assessments to identify and catalog potential security risks to health data. In the last three fiscal years, we have not experienced a material information security incident, and we are not aware of any cybersecurity risks that are reasonably likely to materially affect our business, including our business strategy, results of operations, or financial condition. Further discussion of the potential impacts on our business from cybersecurity incidents is provided in “Item 1A. Risk Factors – We rely heavily on our information technology systems, as well as those of our vendors, for our business to effectively operate and to safeguard sensitive and confidential information; any significant failure, inadequacy, interruption or security incident could adversely affect our business, financial condition and operations,” the sophistication of cyber threats continues to increase, and the actions we take to reduce the risk of cyber incidents and protect our systems and information may be insufficient. As such, no matter how well our controls are designed or implemented, we cannot assure that we will be able to anticipate all security incidents, and we may not be able to implement effective preventive measures against such security incidents in a timely manner.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We have developed processes for assessing, identifying and managing material risks from cybersecurity threats. Our enterprise risk assessment and management system incorporates risks from cybersecurity threats alongside other risks to the Company.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	The Audit Committee of our Board, pursuant to its charter, oversees our enterprise risk management process, which includes risks from cybersecurity threats.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee of our Board, pursuant to its charter, oversees our enterprise risk management process, which includes risks from cybersecurity threats.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee regularly receives reports from management with respect to risks from cybersecurity threats and quarterly reviews cybersecurity and data security risks and mitigation strategies, along with program assessments, planned improvements and the status of information technology initiatives with the CTO.
Cybersecurity Risk Role of Management [Text Block]	Our CTO oversees our cybersecurity program and is responsible for assessing and managing our material risks from cybersecurity threats. Our CTO has served in this role at the Company since September 2025 and brings more than 30 years of industry experience in various senior roles involving managing global information technology and providing technology services in the areas of application development, infrastructure, data, and technology strategy, and specializing in Agentic AI, cloud solutions, enterprise software, and technology strategy. The Vice President of Information Technology Infrastructure collaborates with the CTO and a supporting team to maintain and update the Company’s technology infrastructure and corresponding safety measures. Our VP of Information Technology Infrastructure has served in this role at the Company for over eight years, has over 25 years of experience in information technology systems and holds a bachelor of science degree in computer information systems. Our CTO is informed about, and monitors the prevention, detection, mitigation and remediation of, cybersecurity incidents through the management of and participation in the cybersecurity risk management and strategy processes described above, including the operation of our incident response plan. When a cybersecurity incident occurs or we identify a vulnerability, we have cross-functional teams that are responsible for leading the initial assessment of priority and severity, and external experts may also be engaged as appropriate.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our CTO oversees our cybersecurity program and is responsible for assessing and managing our material risks from cybersecurity threats.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our CTO has served in this role at the Company since September 2025 and brings more than 30 years of industry experience in various senior roles involving managing global information technology and providing technology services in the areas of application development, infrastructure, data, and technology strategy, and specializing in Agentic AI, cloud solutions, enterprise software, and technology strategy. Our VP of Information Technology Infrastructure has served in this role at the Company for over eight years, has over 25 years of experience in information technology systems and holds a bachelor of science degree in computer information systems.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our CTO is informed about, and monitors the prevention, detection, mitigation and remediation of, cybersecurity incidents through the management of and participation in the cybersecurity risk management and strategy processes described above, including the operation of our incident response plan. When a cybersecurity incident occurs or we identify a vulnerability, we have cross-functional teams that are responsible for leading the initial assessment of priority and severity, and external experts may also be engaged as appropriate.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Debt

12 Months Ended

Jan. 03, 2026

Debt Disclosure [Abstract]

Debt

Our debt consists of the following:


In thousands	As of January 3, 2026		As of December 28, 2024
2025 Notes, due May 15, 2025	$	—	$	84,774
Term Loan A, due June 13, 2028	237,625		254,188

Debt before unamortized discount and issuance costs	237,625		338,962
Unamortized discount and issuance costs - 2025 Notes	—		(191)
Unamortized discount and issuance costs - Term Loan A	(1,137)		(1,602)
Debt less debt discount and issuance costs	236,488		337,169
Less current maturities	(13,250)		(98,024)
Long-term debt - noncurrent portion	223,238		239,145
Finance lease obligations	9,422		12,833
Less current maturities	(3,333)		(3,368)
Long-term debt and finance lease obligations, less current portion, discount, and issuance costs	$	229,327	$	248,610

2025 Notes

In May 2020, we completed the issuance of $402.5 million in aggregate principal amount of 2.50% convertible senior notes due on May 15, 2025 (the “2025 Notes”). The Company recognized an extinguishment loss of $0.6 million related to $100 million aggregate principal repurchases in fiscal year 2023. The Company recognized an extinguishment gain of $0.9 million related to $217.7 million aggregate principal repurchases in fiscal year 2024. During fiscal year 2025, the Company fully repaid the remaining outstanding balance.

We recognized the following in Interest expense, net related to the 2025 Notes:


In thousands	Fiscal Year 2025		Fiscal Year 2024		Fiscal Year 2023
Contractual interest expense	$	802	$	5,443	$	9,747
Amortization of issuance costs	$	191	$	1,282	$	2,293

Credit Agreement

On June 13, 2023, the Company entered into a second joinder and restatement agreement (“Second Restatement Agreement”) to amend and restate the original credit agreement, dated as of July 18, 2019 to, among other things, (i) establish new Term Loan A (“Term Loan A”) to repay all principal, interest, fees and other amounts outstanding (other than contingent obligations) under the original credit agreement, (ii) establish new Revolving Loans (the “Revolving Loans”), (iii) provide for a Secured Overnight Financing Rate, with a credit spread adjustment of 10 basis points for all interest periods and a SOFR floor of 0.00% per annum, and (iv) as set forth below, modify the applicable margins of Term Loan A and the revolving credit facility.

Term Loan A is amortized in equal calendar quarterly installments at a rate of 5.00% per calendar year since September 30, 2023.

Following the delivery of the financial statements for the period ending on September 30, 2023, the Applicable Margins for the Loans are based on NVI’s total leverage ratio as follows:


Consolidated Total Debt to Consolidated EBITDA Ratio	Term SOFR Rate	ABR Rate(1)
> 2.50:1.00	2.25%	1.25%
≤ 2.50:1.00 but >1.75:1.00	2.00%	1.00%
≤ 1.75:1:00 but >0.75:1.00	1.75%	0.75%
≤ 0.75:1:00	1.50%	0.50%
(1) ABR = Alternate Base Rate

In connection with the Second Restatement Agreement, we deferred $2.0 million of debt issuance costs related to the revolving credit facility in Other assets and $0.9 million of debt issuance costs related to the Term Loan A in Long-term debt and finance lease obligations, less current portion and debt discount on our Consolidated Balance Sheets. We will amortize these costs over the term of the amended credit agreement. We wrote off previously unamortized debt issuance costs of $0.2 million in Interest expense (income), net during fiscal year 2023 related to lenders who were parties to the original credit agreement but are not parties to the Second Restatement Agreement. We recognized $0.2 million of other refinancing fees in Interest expense (income), net during fiscal year 2023.

On August 9, 2024, NVI and certain other subsidiaries of the Company entered into a Joinder Agreement (the “Joinder Agreement”) to establish incremental term loans in an aggregate principal amount of $115.0 million, provided to NVI on August 9, 2024. These incremental term loans under the Joinder Agreement have the same terms as the existing term loans under the Credit Agreement. The additional borrowings resulted in $0.9 million of fees deferred on the Consolidated Balance Sheets during the fiscal year ended December 28, 2024.

The Second Restatement Agreement contains customary affirmative covenants, negative covenants, and events of default substantially comparable to the original credit agreement. The agreement includes covenants that, among other things, limit NVI’s ability to incur additional debt, create liens against assets, make acquisitions, pay dividends or distributions on its stock, merge or consolidate with another entity and transfer or sell assets. We were in compliance with all covenants related to our long-term debt as of January 3, 2026.

As of January 3, 2026, the Company had $293.3 million of availability under its $300.0 million revolving credit facility net of $6.7 million in outstanding letters of credit.

Scheduled annual maturities of debt are as follows:


Fiscal Year	In thousands
2026	$	13,250
2027	13,250
2028	211,125



	$	237,625

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 1C
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Income taxes - Schedule of Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($) $ in Thousands	Jan. 03, 2026	Dec. 28, 2024
Deferred tax assets:
NOL carry-forwards	$ 6,454	$ 8,017
Credit carryforwards	289	274
Deferred revenue	6,126	5,999
Accrued expenses and reserves	12,425	13,811
Loss on equity and other investments	878	886
Stock-based compensation	7,936	6,191
Operating lease liabilities	114,237	120,990
Subtotal	148,345	156,168
Valuation allowances	(5,458)	(5,961)
Total net deferred tax assets	142,887	150,207
Deferred tax liabilities:
Depreciation of property and equipment	(58,634)	(57,150)
Amortization of intangible assets	(65,051)	(65,168)
Right of use asset	(98,716)	(102,446)
Other	(3,058)	(3,352)
Total deferred tax liabilities	(225,459)	(228,116)
Net deferred tax liabilities	$ (82,572)	$ (77,909)

Earnings Per Share

12 Months Ended

Jan. 03, 2026

Earnings Per Share [Abstract]

Earnings Per Share

Basic earnings per share (“EPS”) is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income by the weighted average shares outstanding for the period and includes the dilutive impact of potential new shares issuable upon vesting and exercise of stock options, vesting of restricted stock units, and assumed conversion of the 2025 Notes. Potential shares of common stock are excluded from the computation of diluted EPS if their effect is anti-dilutive.

The 2025 Notes were fully settled in 2025. Diluted EPS for fiscal year 2024 and 2023 included the potential impact of the 2025 Notes using the if-converted method; the number of dilutive shares is based on the initial conversion rate associated with the 2025 Notes. A reconciliation of the numerators and denominators of the basic and diluted EPS calculations is as follows:


In thousands, except EPS	Fiscal Year 2025		Fiscal Year 2024		Fiscal Year 2023
Numerator
Income (loss) from continuing operations, net of tax	$	29,600	$	(27,165)	$	3,546
Income (loss) from discontinued operations, net of tax	—		(1,334)		(69,447)
Net income (loss)	$	29,600	$	(28,499)	$	(65,901)

Denominator
Weighted average shares outstanding, Basic	79,131		78,592		78,313
Dilutive effect of share-based awards (1)	1,445		—		283



Weighted average shares outstanding, Diluted	80,576		78,592		78,596

Basic earnings (loss) per share
Continuing operations	$	0.37	$	(0.35)	$	0.05
Discontinued operations	$	—	$	(0.02)	$	(0.89)
Total	$	0.37	$	(0.36)	$	(0.84)

Diluted earnings (loss) per share
Continuing operations	$	0.37	$	(0.35)	$	0.05
Discontinued operations	$	—	$	(0.02)	$	(0.88)
Total	$	0.37	$	(0.36)	$	(0.84)
Anti-dilutive securities excluded from diluted weighted average common shares	712		8,771		12,513
(1) Represents the dilutive impact of RSUs, PSUs and stock options
Some of the EPS totals in the table above may not foot due to rounding differences

Business and Significant Accounting Policies - Discontinued Operations (Details) - USD ($)	12 Months Ended
	Jan. 03, 2026	Dec. 28, 2024	Dec. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Discontinued operations assets	$ 0	$ 0
discontinued operations liabilities	0	0
Discontinued Operations, Disposed of by Means Other than Sale, Abandonment \| Walmart MSA and AC Lens
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net (benefit) expense	$ 0	$ (4,400,000)	$ (5,200,000)

Revenue from Contracts with Customers

12 Months Ended

Jan. 03, 2026

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

Revenues Recognized at a Point in Time

Owned & Host

Within our Owned & Host segment, product revenues include sales of prescription and non-prescription eyewear, contact lenses and related accessories to retail customers.

For sales of in-store non-prescription eyewear and related accessories, we recognize revenue at the point of sale. For sales of prescription eyewear, we recognize revenue when the performance obligations are satisfied, which generally occurs upon delivery and customer acceptance of the product. Within our Owned & Host segment services and plans revenues, eye exam services sold on a stand-alone basis are also recognized at the point of sale which occurs immediately after the exam is performed.

Other revenues

Our dedicated e-commerce website sells contact lenses and optical accessory products to retail customers, and recognizes revenue when products have been delivered to the customer. FirstSight issues individual vision plans in connection with our America’s Best operations in California.

Revenues Recognized Over Time

Within our Owned & Host segment, services and plans revenues include revenues from product protection plans (i.e. warranties), eye care club memberships and HMO vision plan fees. We offer extended warranty plans in our Owned & Host segment that generally provide repair and replacement of eyeglasses for primarily a one-year term after purchase. We recognize service revenue under these programs on a straight-line basis over the warranty or service period which is consistent with our efforts expended to satisfy the obligation. We offer three-year eyecare club memberships in our Owned & Host segment to our contact lens customers. For these programs we apply the portfolio approach of recognizing revenues of contracts with similar characteristics and use estimates and assumptions that reflect the size and composition of the portfolio of contracts. We selected the portfolio approach because our historical club membership data demonstrate that our club customers behave similarly, such that the difference between the portfolio approach and calculating revenue of each individual contract is not material. We recognize revenue across the contract portfolio based on the value delivered to the customers relative to the remaining services promised under the programs. We determine the value delivered based on the expected timing and amount of customer usage of benefits over the terms of the contracts. The unamortized portion of amounts we collect in advance for these services and plans are reported as Deferred revenue (current and noncurrent portions) in the accompanying Consolidated Balance Sheets.

The following disaggregation of revenues depicts our revenues based on the timing of revenue recognition:


In thousands	Fiscal Year 2025		Fiscal Year 2024		Fiscal Year 2023
Revenues recognized at a point in time	$	1,859,291	$	1,696,735	$	1,631,030
Revenues recognized over time	128,197		126,585		125,341
Total net revenue	$	1,987,488	$	1,823,320	$	1,756,371

Refer to Note 15. “Segment Reporting” for the Company’s disaggregation of net revenue by reportable segment/category and by product type. As our operating segments are aligned by similar economic factors, trends and customers, the reportable segment view best depicts how the nature, amount and uncertainty of revenue and cash flows are affected by economic factors.

Deferred Revenue

The following depicts a roll-forward of deferred revenue:


	Fiscal Year 2025
In thousands	Product Protection Plans		Eye Care Clubs		Total
Beginning of the year	$	35,700	$	48,889	$	84,589
Sold	75,120		55,565		130,685
Revenue recognized	(73,565)		(54,632)		(128,197)
End of year	$	37,255	$	49,822	$	87,077

Current	$	36,948	$	27,612	$	64,560
Noncurrent	307		22,210		22,517
	$	37,255	$	49,822	$	87,077


	Fiscal Year 2024
In thousands	Product Protection Plans		Eye Care Clubs		Total
Beginning of the year	$	36,419	$	47,907	$	84,326
Sold	72,135		54,713		126,848
Revenue recognized	(72,854)		(53,731)		(126,585)
End of year	$	35,700	$	48,889	$	84,589

Current	$	35,409	$	27,098	$	62,507
Noncurrent	291		21,791		22,082
	$	35,700	$	48,889	$	84,589

Unsatisfied Performance Obligations (Contract Liabilities)

During fiscal years 2025 and 2024, we recognized $62.7 million and $62.8 million, respectively, of deferred revenues outstanding at the beginning of each respective period.

Deferred revenue recorded as of the end of fiscal year 2025 is expected to be reflected in future operating results as follows:


Fiscal Year	In thousands
2026	$	64,560
2027	17,156
2028	5,361

	$	87,077

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Jan. 03, 2026	Dec. 28, 2024
Debt Instrument [Line Items]
Debt before unamortized discount and issuance costs	$ 237,625	$ 338,962
Debt less debt discount and issuance costs	236,488	337,169
Less current maturities	(13,250)	(98,024)
Long-term debt - noncurrent portion	223,238	239,145
Finance lease obligations	9,422	12,833
Less current maturities	(3,333)	(3,368)
Long-term debt and finance lease obligations, less current portion and debt discount	229,327	248,610
2025 Notes \| Convertible senior notes
Debt Instrument [Line Items]
Debt before unamortized discount and issuance costs	0	84,774
Unamortized discount and issuance costs	0	(191)
Term Loan A, due June 13, 2028 \| Term loan
Debt Instrument [Line Items]
Debt before unamortized discount and issuance costs	237,625	254,188
Unamortized discount and issuance costs	$ (1,137)	$ (1,602)

Business and Significant Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 03, 2026	Dec. 28, 2024	Dec. 30, 2023
Disaggregation of Revenue [Line Items]
Average period of recognition (in days)	60 days
Net revenue reduction for variable considerations	$ 8.8	$ 17.7	$ 14.7
Minimum
Disaggregation of Revenue [Line Items]
Period of recognition (in days)	14 days
Maximum
Disaggregation of Revenue [Line Items]
Period of recognition (in days)	120 days
Customer, Managed Care Payors \| Net revenue \| Customer concentration risk
Disaggregation of Revenue [Line Items]
Concentration risk (percent)	42.00%

Deferred Revenue

12 Months Ended

Jan. 03, 2026

Revenue from Contract with Customer [Abstract]

Deferred Revenue

Revenue from Contracts with Customers

Revenues Recognized at a Point in Time

Owned & Host

Within our Owned & Host segment, product revenues include sales of prescription and non-prescription eyewear, contact lenses and related accessories to retail customers.

Other revenues

Revenues Recognized Over Time

The following disaggregation of revenues depicts our revenues based on the timing of revenue recognition:


In thousands	Fiscal Year 2025		Fiscal Year 2024		Fiscal Year 2023
Revenues recognized at a point in time	$	1,859,291	$	1,696,735	$	1,631,030
Revenues recognized over time	128,197		126,585		125,341
Total net revenue	$	1,987,488	$	1,823,320	$	1,756,371

Deferred Revenue

The following depicts a roll-forward of deferred revenue:


	Fiscal Year 2025
In thousands	Product Protection Plans		Eye Care Clubs		Total
Beginning of the year	$	35,700	$	48,889	$	84,589
Sold	75,120		55,565		130,685
Revenue recognized	(73,565)		(54,632)		(128,197)
End of year	$	37,255	$	49,822	$	87,077

Current	$	36,948	$	27,612	$	64,560
Noncurrent	307		22,210		22,517
	$	37,255	$	49,822	$	87,077


	Fiscal Year 2024
In thousands	Product Protection Plans		Eye Care Clubs		Total
Beginning of the year	$	36,419	$	47,907	$	84,326
Sold	72,135		54,713		126,848
Revenue recognized	(72,854)		(53,731)		(126,585)
End of year	$	35,700	$	48,889	$	84,589

Current	$	35,409	$	27,098	$	62,507
Noncurrent	291		21,791		22,082
	$	35,700	$	48,889	$	84,589

Unsatisfied Performance Obligations (Contract Liabilities)

During fiscal years 2025 and 2024, we recognized $62.7 million and $62.8 million, respectively, of deferred revenues outstanding at the beginning of each respective period.

Deferred revenue recorded as of the end of fiscal year 2025 is expected to be reflected in future operating results as follows:


Fiscal Year	In thousands
2026	$	64,560
2027	17,156
2028	5,361

	$	87,077

- Definition

+ References

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-Topic 606
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-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Revenue from Contracts with Customers - Schedule of Disaggregation of Revenues (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 03, 2026	Dec. 28, 2024	Dec. 30, 2023
Disaggregation of Revenue [Line Items]
Total net revenue	$ 1,987,488	$ 1,823,320	$ 1,756,371
Revenues recognized at a point in time
Disaggregation of Revenue [Line Items]
Total net revenue	1,859,291	1,696,735	1,631,030
Revenues recognized over time
Disaggregation of Revenue [Line Items]
Total net revenue	$ 128,197	$ 126,585	$ 125,341

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
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-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

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+ Details

Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Jan. 03, 2026

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Loss

The following table presents the changes in AOCL, net of tax:


In thousands	Fiscal Year 2025		Fiscal Year 2024		Fiscal Year 2023
Cash flow hedging activity
Balance at beginning of fiscal year	$	—	$	(419)	$	(1,179)
Other comprehensive income (loss) before reclassification	(159)		—		—
Tax effect of other comprehensive income (loss) before reclassification	39		—		—
Amount reclassified from AOCL	(2)		548		1,019
Tax effect of amount reclassified from AOCL	1		(129)		(259)

Net current period other comprehensive income (loss), net of tax	(121)		419		760
Balance at end of fiscal year	$	(121)	$	—	$	(419)

Debt - Credit Agreement Narrative (Details) - USD ($)		12 Months Ended
Debt - Credit Agreement Narrative (Details) - USD ($)	Jun. 13, 2023	Dec. 30, 2023	Jan. 03, 2026	Dec. 28, 2024	Aug. 09, 2024
Debt Instrument [Line Items]
Outstanding letters of credit			$ 6,700,000
Credit Agreement
Debt Instrument [Line Items]
Applicable margin on rate (percent)	0.10%
Credit Agreement \| Minimum
Debt Instrument [Line Items]
Applicable margin on rate (percent)	0.00%
Credit facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility borrowing capacity			300,000,000.0
Borrowing capacity remaining			293,300,000
Credit facility \| Credit Agreement
Debt Instrument [Line Items]
Quarterly installments rate (percent)	5.00%
Write off of deferred debt issuance costs		$ 200,000
Debt related commitment fees and debt issuance costs		$ 200,000
Credit facility \| Credit Agreement \| Revolving Credit Facility \| Other Assets
Debt Instrument [Line Items]
Debt issuance costs			2,000,000.0
Credit facility \| Credit Agreement \| Term Loan
Debt Instrument [Line Items]
Credit facility borrowing capacity					$ 115,000,000.0
Third-party fees				$ 900,000
Credit facility \| Credit Agreement \| Term Loan \| Other Liabilities
Debt Instrument [Line Items]
Debt issuance costs			$ 900,000

Schedule I - Condensed Financial Information of Registrant - Condensed Statements of Operations and Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 03, 2026	Dec. 28, 2024	Dec. 30, 2023
Condensed Financial Statements, Captions [Line Items]
Total net revenue	$ 1,987,488	$ 1,823,320	$ 1,756,371
Total costs applicable to revenue	819,469	764,056	734,655
Total operating expenses	1,109,190	1,069,623	997,226
Interest expense, net	17,148	16,184	14,339
(Gain) loss on extinguishment of debt	0	(859)	599
Earnings (loss) from continuing operations before income taxes	41,681	(25,684)	9,552
Income tax provision (benefit)	12,081	1,481	6,006
Net income (loss)	29,600	(28,499)	(65,901)
Comprehensive income (loss):
Net income (loss)	29,600	(28,499)	(65,901)
Unrealized gain (loss) on hedge instruments	(161)	548	1,019
Tax provision of unrealized gain (loss) on hedge instruments	(40)	129	259
Comprehensive income (loss)	29,479	(28,080)	(65,141)
Parent Company
Condensed Financial Statements, Captions [Line Items]
Total net revenue	0	0	0
Total costs applicable to revenue	0	0	0
Total operating expenses	256	256	214
Interest expense, net	948	6,639	12,040
(Gain) loss on extinguishment of debt	0	(859)	599
Earnings (loss) from continuing operations before income taxes	(1,204)	(6,036)	(12,853)
Income tax provision (benefit)	(274)	(1,373)	(2,401)
Earnings (loss) before equity in net income of subsidiaries	(930)	(4,663)	(10,452)
Net income (loss) of subsidiaries	30,530	(23,836)	(55,449)
Net income (loss)	29,600	(28,499)	(65,901)
Comprehensive income (loss):
Net income (loss)	29,600	(28,499)	(65,901)
Unrealized gain (loss) on hedge instruments	(161)	548	1,019
Tax provision of unrealized gain (loss) on hedge instruments	(40)	129	259
Comprehensive income (loss)	$ 29,479	$ (28,080)	$ (65,141)

Fair Value Measurement	12 Months Ended
Fair Value Measurement	Jan. 03, 2026
Fair Value Disclosures [Abstract]
Fair Value Measurement	Fair Value Measurement General The Company uses a fair value hierarchy that is intended to increase consistency and comparability in fair value measurements and related disclosures. The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources while unobservable inputs reflect a reporting entity’s own market assumptions. The Company is required to measure certain assets and liabilities at fair value or disclose the fair values of certain assets and liabilities recorded at cost. Accounting standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is estimated assuming the transaction occurs in the principal or most advantageous market for the asset or liability and includes consideration of non-performance risk and credit risk of both parties. A three-tier fair value hierarchy prioritizes the inputs used in measuring fair value. These tiers include: •Level 1 - Valuation inputs are based upon unadjusted quoted prices for identical instruments traded in active markets. •Level 2 - Valuation inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in inactive markets, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the instruments. •Level 3 - Valuation inputs are unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are determined using model-based techniques that include discounted cash flow models and similar techniques. The fair value estimates of financial instruments are not necessarily indicative of the amounts we might pay or receive in actual market transactions. The use of different market assumptions and/or estimation methodologies may have a material impact on the estimated fair value amounts. Recurring fair value measurements Interest Rate Derivatives We recognize as assets or liabilities at fair value the estimated amounts we would receive or pay upon a termination of interest rate derivatives prior to their scheduled expiration dates. The fair value is based on information that is model-driven based on regression analysis and whose inputs were observable (Level 2 inputs) such as Term SOFR forward rates. See Note 13. “Interest Rate Derivatives” for further details. Convertible Promissory Note On December 17, 2024, the Company purchased $1.3 million principal amount of a convertible promissory note issued by a private company. During fiscal year 2025, the Company purchased an additional $1.2 million in the same instrument. The convertible promissory note is an investment that will convert to an equity stake in the private company upon a predetermined conversion event and is also convertible by us under certain circumstances. The Company elected the fair value option in accordance with accounting guidance for financial instruments to record the convertible promissory note. The fair value option allows an entity to account for the entire financial instrument at fair value with subsequent changes in fair value recognized in earnings through the consolidated statements of operations at each reporting date. The Company elected the fair value option to account for the convertible promissory note because the Company believes it reflects the fair value of the note receivable and embedded features. As of January 3, 2026, the Company estimated the fair value of the convertible promissory note to be $2.5 million; this investment is included in Other assets on the Consolidated Balance Sheets and in Other in the investing section of the Consolidated Statements of Cash Flows. Refer to Note 1. “Business and Significant Accounting Policies” for information on equity investments in this entity. Non-recurring fair value measurements These non-recurring fair value measurements are classified as Level 3 measurements in the fair value hierarchy. A decrease in the estimated cash flows would lead to a lower fair value measurement, as would an increase in the discount rate. Asset impairment charges are reflected in Asset impairment in the Consolidated Statements of Operations and Comprehensive (Loss) Income. Long-lived and Right of Use Store Assets We recognized impairments of $2.0 million, $10.1 million and $2.7 million in fiscal years 2025, 2024, and 2023, respectively, related to our store assets. The store asset impairment charges is related to our Owned & Host segment and is driven by lower than projected customer sales volume in certain stores. The cash flows used in estimating the fair value of ROU and store assets were discounted using market rates from 10% to 10.5%. The estimated remaining fair value of the long-lived and ROU assets impaired during fiscal years 2025, and 2024, was $1.3 million, and $5.6 million, respectively; the estimated remaining fair values include amounts estimated at various dates during the related fiscal years. Substantially all of the remaining fair value of the impaired store assets in fiscal years 2025 and 2024 represents the fair value of ROU assets. Refer to Note 1. “Business and Significant Accounting Policies” and Note 4. “Goodwill and Intangible Assets” for more details on impairment charges. Additional fair value information Cash Equivalents and Restricted Cash The carrying amount of cash equivalents and restricted cash approximates fair value due to the short-term maturity of the instruments. All cash and cash equivalents are denominated in U.S. currency. Accounts Receivable, Net The carrying amount of accounts receivable approximates fair value due to the short-term nature of those items and the effect of credit losses. Accounts Payable and Other Payables and Accrued Expenses The carrying amounts of accounts payable and other payables and accrued expenses approximate fair value due to the short-term nature of those items. Term Loan A and Revolving Loans Since the borrowings under the $237.6 million outstanding principal Term Loan A and $300.0 million aggregate principal Revolving Loans utilize variable interest rate setting mechanisms such as Term SOFR, the fair values of these borrowings are deemed to approximate the carrying values. We also considered the effect of our own credit risk on the fair values of our Term Loan A and Revolving Loans. Refer to Note 5. “Debt” for more information on these borrowings.

Schedule I - Condensed Financial Information of Registrant

12 Months Ended

Jan. 03, 2026

Condensed Financial Information Disclosure [Abstract]

Schedule I - Condensed Financial Information of Registrant

National Vision Holdings, Inc. and Subsidiaries (Parent Company Only)

Condensed Balance Sheets

In Thousands, Except Share Data


	As of January 3, 2026		As of December 28, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	871	$	974


Total current assets	871		974

Noncurrent assets:
Deferred income taxes, net	11,892		11,618
Investment in subsidiary	925,142		970,199

Total noncurrent assets	937,034		981,817
Total assets	$	937,905	$	982,791

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Other payables and accrued expenses	$	—	$	249
Current maturities of long-term debt	—		84,774
Total current liabilities	—		85,023


Noncurrent liabilities:
Other liabilities	68,372		81,435

Total noncurrent liabilities	68,372		81,435

Stockholders’ equity:
Common stock, $0.01 par value; 200,000,000 shares authorized; 86,278,538 and 85,444,263 shares issued as of January 3, 2026 and December 28, 2024, respectively; 79,416,050 and 78,775,117 shares outstanding as of January 3, 2026 and December 28, 2024, respectively	862		854
Additional paid-in capital	834,000		807,048
Accumulated other comprehensive loss	(121)		—
Retained earnings	255,717		226,117
Treasury stock, at cost; 6,862,488 and 6,669,146 shares as of January 3, 2026 and December 28, 2024, respectively	(220,925)		(217,686)
Total stockholders’ equity	869,533		816,333
Total liabilities and stockholders’ equity	$	937,905	$	982,791

Note: Fiscal year 2025 includes 53 weeks. Fiscal years 2024 and 2023 include 52 weeks.

The accompanying notes are an integral part of these condensed financial statements.

Schedule I - Condensed Financial Information of Registrant

National Vision Holdings, Inc. And Subsidiaries (Parent Company Only)

Condensed Statements of Operations and Comprehensive (Loss) Income

In Thousands


	Fiscal Year 2025		Fiscal Year 2024		Fiscal Year 2023
Total net revenue	$	—	$	—	$	—
Total costs applicable to revenue	—		—		—
Total operating expenses	256		256		214
Interest expense, net	948		6,639		12,040
(Gain) loss on extinguishment of debt	—		(859)		599
Earnings (loss) before income taxes	(1,204)		(6,036)		(12,853)
Income tax provision (benefit)	(274)		(1,373)		(2,401)
Earnings (loss) before equity in net income of subsidiaries	(930)		(4,663)		(10,452)
Net income (loss) of subsidiaries	30,530		(23,836)		(55,449)
Net income (loss)	$	29,600	$	(28,499)	$	(65,901)

Comprehensive income (loss):
Net income (loss)	$	29,600	$	(28,499)	$	(65,901)
Unrealized gain (loss) on hedge instruments	(161)		548		1,019
Tax provision of unrealized gain on hedge instruments	(40)		129		259
Comprehensive income (loss)	$	29,479	$	(28,080)	$	(65,141)

Note: Fiscal year 2025 includes 53 weeks. Fiscal years 2024 and 2023 include 52 weeks.

The accompanying notes are an integral part of these condensed financial statements.

Schedule I - Condensed Financial Information of Registrant

National Vision Holdings, Inc. and Subsidiaries (Parent Company Only)

Condensed Statements of Cash Flows

In Thousands


	Fiscal Year 2025		Fiscal Year 2024		Fiscal Year 2023
Cash flows from operating activities
Net cash provided by (used for) operating activities	$	(14,676)	$	(6,082)	$	(6,780)
Cash flows from investing activities
Dividend from (investment in) subsidiary	99,157		224,245		132,443
Net cash provided by (used for) investing activities	99,157		224,245		132,443
Cash flows from financing activities
Repayments on long-term debt	(84,774)		(215,000)		(99,250)

Proceeds from issuance of common stock	3,395		1,507		1,837
Purchase of treasury stock	(3,205)		(3,092)		(28,415)
Payments of debt issuance costs	—		(837)		(443)
Net cash provided by (used for) financing activities	(84,584)		(217,422)		(126,271)
Net change in cash and cash equivalents	(103)		741		(608)
Cash and cash equivalents, beginning of year	974		233		841
Cash and cash equivalents, end of year	$	871	$	974	$	233

Note: Fiscal year 2025 includes 53 weeks. Fiscal years 2024 and 2023 include 52 weeks.

The accompanying notes are an integral part of these condensed financial statements.

1. Basis of Presentation

National Vision Holdings, Inc. (“NVHI,” or the “Company”) conducts substantially all of its activities through its indirect wholly owned subsidiary, National Vision, Inc. (“NVI”) and its subsidiaries. NVHI was incorporated in Delaware on February 14, 2014 under the name Nautilus Parent, Inc. There were no financial transactions between the inception date and March 13, 2014, the date the majority ownership of NVI was transferred from private equity funds managed by Berkshire Partners LLC (“Berkshire”) to affiliates of Kohlberg Kravis Roberts & Co. L.P (“KKR”). In October 2017, we completed the initial public offering of our common stock. By August 2019, each of KKR and Berkshire had sold their remaining holdings of our common stock. In the parent-company-only financial statements, NVHI’s investment in subsidiaries is stated at cost, plus equity in undistributed earnings of subsidiaries since the date of acquisition, less dividends. The parent-company-only financial statements should be read in conjunction with the NVHI consolidated financial statements.

In May 2020, the Company issued $402.5 million principal amount of 2.50% convertible senior notes due 2025. NVHI contributed the proceeds from the 2025 Notes to NVI as additional investments during the fiscal year 2020. The Company fully repaid the 2025 Notes during fiscal year 2025. See Note 5. “Debt” to the NVHI consolidated financial statements for more information.

2. Guarantees and Restrictions

As of January 3, 2026, NVI had $237.6 million of principal amount of long-term debt outstanding under its Term Loan A and no outstanding cash borrowings under its $300.0 million Revolving Loans, which includes $6.7 million in outstanding letters of credit.

Under the terms of NVI’s amended credit agreement, provided no event of default has occurred and is continuing, NVI is permitted to pay dividends to NVHI with certain restrictions.

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Jan. 03, 2026
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Business and Significant Accounting Policies - Investment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 28, 2024	Dec. 30, 2023
Accounting Policies [Abstract]
Payments to acquire investments	$ 1.5	$ 1.8

Goodwill and Intangible Assets - Schedule of Goodwill Carrying Amount (Details) - Owned & Host Segment - USD ($) $ in Thousands	12 Months Ended
	Jan. 03, 2026	Dec. 28, 2024
Goodwill [Line Items]
Gross Carrying Amount	$ 739,238	$ 736,901
Accumulated Impairment	(38,596)	$ (38,596)
Eyeglass World
Goodwill [Line Items]
Gross Carrying Amount	94,100
Acquired goodwill	$ 2,300

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

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-Paragraph 1
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+ Details

Details of Certain Balance Sheet Accounts - Schedule of Other Payables and Accrued Expenses (Details) - USD ($) $ in Thousands	Jan. 03, 2026	Dec. 28, 2024
Other payables and accrued expenses:
Associate compensation and benefits	$ 47,719	$ 42,752
Self-insurance liabilities	9,696	9,087
Capital expenditures	12,186	9,248
Advertising	6,282	6,504
Reserves for customer returns and remakes	5,489	4,840
Income tax payable	556	3,641
Supplies and other store support expenses	4,373	5,038
Litigation settlements	293	4,950
Other	23,080	22,976
Other payables and accrued expenses	$ 109,674	$ 109,036

Goodwill and Intangible Assets - Schedule of Estimated Future Amortization Expense (Details) - USD ($) $ in Thousands	Jan. 03, 2026	Dec. 28, 2024
Aggregate future estimated amortization expense
2026	$ 677
2027	677
2028	677
2029	677
2030	677
Thereafter	4,169
Finite-lived intangible assets	$ 7,554	$ 8,269

Schedule I - Condensed Financial Information of Registrant - Condensed Balance Sheets Additional Information (Details) - $ / shares	Jan. 03, 2026	Dec. 28, 2024
Condensed Financial Statements, Captions [Line Items]
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	200,000,000	200,000,000
Common stock, issued (in shares)	86,278,538	85,444,263
Common stock, outstanding (in shares)	79,416,050	78,775,117
Treasury stock, at cost (in shares)	6,862,488	6,669,146
Parent Company
Condensed Financial Statements, Captions [Line Items]
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	200,000,000	200,000,000
Common stock, issued (in shares)	86,278,538	85,444,263
Common stock, outstanding (in shares)	79,416,050	78,775,117
Treasury stock, at cost (in shares)	6,862,488	6,669,146

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 04
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Number 210
-Section 5
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-Paragraph c
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-Number 210
-Section 7
-Subsection 05
-Paragraph c
-Subparagraph Schedule II
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 9
-Subsection 06
-Publisher SEC

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-Topic 942
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-Paragraph 2
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+ Details

Discontinued Operations - Schedule of Non-Cash items and Proceeds from Sale of Assets Related to Discontinued Operations (Details) - Discontinued Operations, Disposed of by Means Other than Sale, Abandonment - Walmart MSA and AC Lens - USD ($) $ in Thousands	12 Months Ended
	Dec. 28, 2024	Dec. 30, 2023
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	$ 1,331	$ 8,378
Asset impairment	248	79,714
Stock-based compensation expense	0	971
Inventory adjustments	442	(177)
Other	(1,647)	0
Cash flows from investing activities:
Purchase of property and equipment	0	(1,781)
Other	$ 1,738	$ 0

Commitments and Contingencies (Tables)

12 Months Ended

Jan. 03, 2026

Commitments and Contingencies Disclosure [Abstract]

Schedule of Product Warranty Liability

The following details the activity in our product warranty liability accounts:


In thousands	Fiscal Year 2025		Fiscal Year 2024
Beginning of year balance	$	2,565	$	2,463
Accrued obligation	38,378		35,325
Claims paid	(38,076)		(35,223)
End of year balance	$	2,867	$	2,565

Details of Certain Balance Sheet Accounts - Schedule of Other Non-Current Liabilities (Details) - USD ($) $ in Thousands	Jan. 03, 2026	Dec. 28, 2024
Other noncurrent liabilities:
Self-insurance liabilities	$ 6,144	$ 5,577
Other	2,800	2,651
Total other non-current liabilities	$ 8,944	$ 8,228

Income taxes - Schedule of Income Tax Paid (Net of Refunds) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 03, 2026	Dec. 28, 2024	Dec. 30, 2023
Effective Income Tax Rate Reconciliation [Line Items]
Federal	$ 17,844	$ 4,200	$ 2,795
State	3,302	2,132	4,776
Total income taxes paid	$ 21,146	6,332	7,571
Texas
Effective Income Tax Rate Reconciliation [Line Items]
Total income taxes paid		$ 606	$ 578

Audit Information	12 Months Ended
Audit Information	Jan. 03, 2026
Audit Information [Abstract]
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	Atlanta, GA

Business and Significant Accounting Policies (Tables)

12 Months Ended

Jan. 03, 2026

Accounting Policies [Abstract]

Schedule of Property and Equipment, Net

We depreciate P&E for financial accounting purposes using the straight-line method over the following estimated useful lives:


Buildings			34 years

Equipment			3 - 10 years
Information technology hardware and software (a)			2 - 5 years
Furniture and fixtures			6 years
Leasehold improvements(b)			5 - 10 years
P&E under finance leases (b)			10 years
____________
(a)Costs of developing or obtaining software for internal use, such as direct costs of materials or services and internal payroll costs related to the software development projects, are capitalized to information technology hardware and software. (b)Depreciation of leasehold improvements is recognized over the shorter of the estimated useful life of the asset or the term of the lease. The term of the lease includes renewal options for additional periods if the exercise of the renewal is considered to be reasonably assured.


In thousands	As of January 3, 2026		As of December 28, 2024
Property and equipment, net:
Land and building	$	3,736	$	3,736
Equipment	315,231		299,823
Information technology hardware and software	123,294		128,654
Furniture and fixtures	88,514		85,061
Leasehold improvements	386,329		360,927
Construction in progress	34,711		31,620
Right of use assets under finance leases	36,219		36,219
	988,034		946,040
Less: Accumulated depreciation	(643,415)		(583,865)
	$	344,619	$	362,175

Schedule of Business Insurance Recoveries

Estimated recoveries from reinsurance as of fiscal year end 2025 and 2024 are shown in the following table.


In thousands		Balance Sheet Classification	As of January 3, 2026		As of December 28, 2024
	Current portion	Prepaid Expenses and Other Current Assets	$	973	$	854
	Noncurrent portion	Other Assets	2,538		1,281
Total estimated recoveries from reinsurance			$	3,511	$	2,135

Details of Certain Balance Sheet Accounts

12 Months Ended

Jan. 03, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Details of Certain Balance Sheet Accounts


In thousands	Fiscal Year 2025		Fiscal Year 2024		Fiscal Year 2023
Cash, cash equivalents and restricted cash:
Cash and cash equivalents	$	38,708	$	73,948	$	149,896
Restricted cash included in Other assets	1,594		1,289		1,131
	$	40,302	$	75,237	$	151,027

The following tables provide additional details of certain balance sheet accounts as of the dates shown below:


In thousands	As of January 3, 2026		As of December 28, 2024
Accounts receivable, net:
Trade receivables	$	42,563	$	36,208

Other receivables (1)	15,047		13,938
Allowance for credit losses	(288)		(208)
	$	57,322	$	49,938
(1) Includes CARES Act receivable in the amount of $9.0 million and $9.0 million as of January 3, 2026 and December 28, 2024, respectively. In January 2026, subsequent to the balance sheet date, the Company received the full payment of these receivables.


In thousands	As of January 3, 2026		As of December 28, 2024
Inventories:
Raw materials and work in process (1)	$	65,775	$	66,056
Finished goods	23,543		27,862
	$	89,318	$	93,918
(1) Due to the immaterial amount of estimated work in process and the short lead times for the conversion of raw materials to finished goods, the Company does not separately present raw materials and work in process.


In thousands	As of January 3, 2026		As of December 28, 2024
Property and equipment, net:
Land and building	$	3,736	$	3,736
Equipment	315,231		299,823
Information technology hardware and software	123,294		128,654
Furniture and fixtures	88,514		85,061
Leasehold improvements	386,329		360,927
Construction in progress	34,711		31,620
Right of use assets under finance leases	36,219		36,219
	988,034		946,040
Less: Accumulated depreciation	(643,415)		(583,865)
	$	344,619	$	362,175


In thousands	As of January 3, 2026		As of December 28, 2024
Other payables and accrued expenses:
Associate compensation and benefits	$	47,719	$	42,752
Self-insurance liabilities	9,696		9,087
Capital expenditures	12,186		9,248
Advertising	6,282		6,504
Reserves for customer returns and remakes	5,489		4,840

Income tax payable	556		3,641
Supplies and other store support expenses	4,373		5,038
Litigation settlements	293		4,950

Other(1)	23,080		22,976
	$	109,674	$	109,036
(1) Primarily includes accrued patient liability refunds, professional fees, and cloud hosted software costs


In thousands	As of January 3, 2026		As of December 28, 2024
Other noncurrent liabilities:

Self-insurance liabilities	$	6,144	$	5,577
Other	2,800		2,651
	$	8,944	$	8,228

Debt - Schedule of Maturities of Debt (Details) - USD ($) $ in Thousands	Jan. 03, 2026	Dec. 28, 2024
Annual Maturities of Debt
2026	$ 13,250
2027	13,250
2028	211,125
Total	$ 237,625	$ 338,962

Leases - Schedule of Other Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 03, 2026	Dec. 28, 2024	Dec. 30, 2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash outflows - operating leases	$ 128,268	$ 113,113	$ 103,562
Right of use assets acquired under operating leases	$ 80,740	$ 96,170	$ 111,792

Interest Rate Derivatives

12 Months Ended

Jan. 03, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Interest Rate Derivatives

In December 2025, we entered into an interest rate swap agreement to help manage interest rate exposure by economically converting a portion of our variable-rate debt to fixed-rate debt. Under the interest rate swap agreement, we receive a floating interest rate of the one-month SOFR and pay a fixed interest rate of 3.43% on $100 million of notional amount. We designated the interest rate swap as the hedging instrument in an effective hedge accounting relationship.

We recognized (gains) losses on the change in fair value of the interest rate swap of $0.2 million in Other comprehensive income (loss) during fiscal year 2025. An immaterial amount of net gain was reclassified from Accumulated other comprehensive income (loss) into Interest expense, net during fiscal year 2025.

We were party to an interest rate collar to offset the variability of cash flows in Term SOFR-indexed debt interest payments. The interest rate collar matured on July 18, 2024.

We recognized (gains) losses on the change in fair value of the interest rate collar of $(0.5) million and $(2.3) million in Interest expense, net during fiscal years 2024 and 2023, respectively.

Cash flows related to derivatives are included in the operating section of the Consolidated Statements of Cash Flows and were immaterial.

As of January 3, 2026, the Company expects to reclassify an immaterial amount of unrealized losses on the derivative instruments, net of tax, from AOCL into earnings in the next 12 months. See Note 16. “Accumulated Other Comprehensive Income” for further details.

Our cash flow hedge position related to derivatives designated as hedging instruments under ASC 815 is as follows:

In thousands

Balance Sheet Classification

As of
January 3, 2026

Current portion

Other Payables and Accrued Expenses

Non-current portion

Other Liabilities

116

Total derivative liabilities designated as hedging instruments

161

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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-Publisher FASB
-URI https://asc.fasb.org/815/tableOfContent

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
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-Section 50
-Paragraph 5C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-5C

+ Details

Schedule I - Condensed Financial Information of Registrant - Notes to Condensed Financial Statements (Details) - USD ($)	Jan. 03, 2026	Dec. 28, 2024	May 31, 2020
Condensed Financial Statements, Captions [Line Items]
Aggregate principal amount	$ 237,625,000	$ 338,962,000
Outstanding letters of credit	6,700,000
Convertible senior notes \| 2025 Notes
Condensed Financial Statements, Captions [Line Items]
Aggregate principal amount			$ 402,500,000
Stated interest rate (percent)			2.50%
Aggregate principal amount	0	84,774,000
Term loan \| Term Loan A, due June 13, 2028
Condensed Financial Statements, Captions [Line Items]
Aggregate principal amount	237,625,000	$ 254,188,000
Credit facility \| Revolving Credit Facility
Condensed Financial Statements, Captions [Line Items]
Amount outstanding on line of credit	0
Credit facility borrowing capacity	$ 300,000,000.0

Commitments and Contingencies - Narrative (Details) $ in Millions				12 Months Ended
	Feb. 11, 2026	Oct. 10, 2025 USD ($)	Oct. 03, 2025 USD ($)	Jan. 03, 2026 USD ($)	Dec. 28, 2024 USD ($)	Dec. 30, 2023 USD ($)	Jan. 27, 2023 officer
Loss Contingencies [Line Items]
Contractual commitments				$ 174.3
Employer match (percent)				50.00%
Participant contributions (percent)				4.00%	3.00%
401(k) plan expense				$ 9.9	$ 7.5	$ 7.2
Federal District Court For The Northern District Of California
Loss Contingencies [Line Items]
Gross settlement fund		$ 4.6
Northern District of Georgia - Federal Court
Loss Contingencies [Line Items]
Number of company officers filed a complaint \| officer							2
Stockholder Derivative Complaint
Loss Contingencies [Line Items]
Loss contingency, damages awarded, value			$ 1.8
Stockholder Derivative Complaint \| Subsequent Event
Loss Contingencies [Line Items]
Loss contingency, settlement agreement, period (in days)	30 days

Interest Rate Derivatives - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 03, 2026	Dec. 28, 2024	Dec. 30, 2023	Dec. 31, 2025	Dec. 23, 2025
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss) on hedge instruments	$ (161)	$ 548	$ 1,019
Interest rate swap
Derivative Instruments, Gain (Loss) [Line Items]
Fixed interest rate (percent)				3.43%
Notional amount				$ 100,000	$ 100,000
Unrealized gain (loss) on hedge instruments	$ 200
Interest rate collar
Derivative Instruments, Gain (Loss) [Line Items]
(Gains) losses on change in fair value of derivative		$ (500)	$ (2,300)
Derivative, Gain, Statement of Income or Comprehensive Income [Extensible Enumeration]		Interest Income (Expense), Nonoperating	Interest Income (Expense), Nonoperating

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Paragraph 4C
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CCC

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases (Tables)

12 Months Ended

Jan. 03, 2026

Leases [Abstract]

Schedule of Lease Type and Classification on Balance Sheet

Information related to our leases is presented below:


In thousands		As of January 3, 2026		As of December 28, 2024
Type	Classification
	ASSETS
Finance	Property and equipment, net (a)	$	5,956	$	8,258
Operating	Right of use assets (b)	394,896		408,589
	Total leased assets	$	400,852	$	416,847
	LIABILITIES
	Current Liabilities:
Finance	Current maturities of long-term debt and finance lease obligations	$	3,333	$	3,368
Operating	Current operating lease obligations (c)	90,313		99,694
	Other noncurrent liabilities:
Finance	Long-term debt and finance lease obligations, less current portion and debt discount	6,089		9,465
Operating	Noncurrent operating lease obligations	358,377		366,335
	Total lease liabilities	$	458,112	$	478,862
As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the net present value of minimum lease payments. We used the incremental borrowing rate on December 30, 2018 for operating leases that commenced prior to that date.

_________

(a) Finance lease assets are recorded net of accumulated amortization of $30.3 million and $28.0 million as of January 3, 2026 and December 28, 2024, respectively.

(b) TIA and deferred rent are treated as reductions of lease payments used to measure ROU assets in the accompanying Consolidated Balance Sheets as of January 3, 2026 and December 28, 2024.

(c) Current operating lease liabilities are measured net of TIA receivables of $6.5 million and $4.6 million as of January 3, 2026 and December 28, 2024, respectively.

Schedule of Lease Cost


In thousands	Fiscal Year 2025		Fiscal Year 2024		Fiscal Year 2023
Operating lease cost
Fixed lease cost (a)	$	109,463	$	103,547	$	96,215
Variable lease cost (b)	40,104		37,733		36,133
Sublease income(c)	(1,255)		(1,410)		(1,263)
Finance lease cost
Amortization of finance lease assets	2,194		2,370		3,061
Interest on finance lease liabilities	982		1,233		1,675
Net lease cost	$	151,488	$	143,473	$	135,821
(a)Includes short-term leases, which are immaterial. (b)Includes costs for insurance, real estate taxes and common area maintenance expenses, which are variable as well as lease costs above minimum thresholds for Fred Meyer stores and lease costs for Military stores. (c)Income from sub-leasing of stores includes rental income from operating lease properties to independent optometrists.

Schedule of Lease Terms and Discount Rate


Lease Term and Discount Rate	As of January 3, 2026		As of December 28, 2024
Weighted average remaining lease term (months)
Operating leases	70		71
Finance leases	37		48
Weighted average discount rate (a)
Operating leases	5.4	%	5.1	%
Finance leases (b)	10.2	%	10.4	%
(a)The discount rate used to determine the lease assets and lease liabilities was derived upon considering (i) incremental borrowing rates on our term loan and revolving credit facility; (ii) Term SOFR margins for issuers of similar credit rating; and (iii) effect of collateralization. As a majority of our leases are five-year and 10-year leases, we determined a lease discount rate for such tenors and determined this discount rate is reasonable for leases that were entered into during the period. (b)The discount rate on finance leases is higher than operating leases because the present value of minimum lease payments was higher than the fair value of leased properties for certain leases entered into prior to adoption of ASC 842. The discount rate differential for those leases is not material to our results of operations.

Schedule of Operating Lease Cash Flows


In thousands	Fiscal Year 2025		Fiscal Year 2024		Fiscal Year 2023
Other Information

Operating cash outflows - operating leases	$	128,268	$	113,113	$	103,562

Right of use assets acquired under operating leases	$	80,740	$	96,170	$	111,792

Schedule of Maturity for Operating Lease Liabilities

The following table summarizes the maturity of our lease liabilities as of January 3, 2026:


In thousands	Operating Leases (a)		Finance Leases (b)
Fiscal Year
2026	$	110,992	$	4,249
2027	102,659		3,370
2028	80,021		1,959
2029	70,742		612
2030	53,573		273
Thereafter	111,690		136
Total lease liabilities	529,677		10,599
Less: Interest	80,987		1,177
Present value of lease liabilities(c)	$	448,690	$	9,422

_________

(a) Operating lease payments include $19.7 million related to options to extend lease terms that are reasonably certain of being exercised.

(b) Finance lease payments include no options to extend lease terms that are reasonably certain of being exercised.

(c) The present value of lease liabilities excludes $21.0 million of legally binding minimum lease payments for leases signed but not yet commenced.

Schedule of Maturity for Finance Lease Liabilities

The following table summarizes the maturity of our lease liabilities as of January 3, 2026:


In thousands	Operating Leases (a)		Finance Leases (b)
Fiscal Year
2026	$	110,992	$	4,249
2027	102,659		3,370
2028	80,021		1,959
2029	70,742		612
2030	53,573		273
Thereafter	111,690		136
Total lease liabilities	529,677		10,599
Less: Interest	80,987		1,177
Present value of lease liabilities(c)	$	448,690	$	9,422

_________

(a) Operating lease payments include $19.7 million related to options to extend lease terms that are reasonably certain of being exercised.

(b) Finance lease payments include no options to extend lease terms that are reasonably certain of being exercised.

(c) The present value of lease liabilities excludes $21.0 million of legally binding minimum lease payments for leases signed but not yet commenced.

Business and Significant Accounting Policies - Derivative Financial Instruments (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 23, 2025
Interest rate swap
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount	$ 100	$ 100

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Debt (Tables)

12 Months Ended

Jan. 03, 2026

Debt Disclosure [Abstract]

Schedule of Long-term Debt

Our debt consists of the following:


In thousands	As of January 3, 2026		As of December 28, 2024
2025 Notes, due May 15, 2025	$	—	$	84,774
Term Loan A, due June 13, 2028	237,625		254,188

Debt before unamortized discount and issuance costs	237,625		338,962
Unamortized discount and issuance costs - 2025 Notes	—		(191)
Unamortized discount and issuance costs - Term Loan A	(1,137)		(1,602)
Debt less debt discount and issuance costs	236,488		337,169
Less current maturities	(13,250)		(98,024)
Long-term debt - noncurrent portion	223,238		239,145
Finance lease obligations	9,422		12,833
Less current maturities	(3,333)		(3,368)
Long-term debt and finance lease obligations, less current portion, discount, and issuance costs	$	229,327	$	248,610

We recognized the following in Interest expense, net related to the 2025 Notes:


In thousands	Fiscal Year 2025		Fiscal Year 2024		Fiscal Year 2023
Contractual interest expense	$	802	$	5,443	$	9,747
Amortization of issuance costs	$	191	$	1,282	$	2,293

Following the delivery of the financial statements for the period ending on September 30, 2023, the Applicable Margins for the Loans are based on NVI’s total leverage ratio as follows:


Consolidated Total Debt to Consolidated EBITDA Ratio	Term SOFR Rate	ABR Rate(1)
> 2.50:1.00	2.25%	1.25%
≤ 2.50:1.00 but >1.75:1.00	2.00%	1.00%
≤ 1.75:1:00 but >0.75:1.00	1.75%	0.75%
≤ 0.75:1:00	1.50%	0.50%
(1) ABR = Alternate Base Rate

Schedule of Annual Maturities of Debt

Scheduled annual maturities of debt are as follows:


Fiscal Year	In thousands
2026	$	13,250
2027	13,250
2028	211,125



	$	237,625

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

+ Details

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 03, 2026	Dec. 28, 2024	Dec. 30, 2023
Accumulated Other Comprehensive Loss
Beginning balance	$ 816,333	$ 829,418	$ 901,113
Ending balance	869,533	816,333	829,418
Cash Flow Hedges
Accumulated Other Comprehensive Loss
Beginning balance	0	(419)	(1,179)
Other comprehensive income (loss) before reclassification	(159)	0	0
Tax effect of other comprehensive income (loss) before reclassification	39	0	0
Amount reclassified from AOCL	(2)	548	1,019
Tax effect of amount reclassified from AOCL	1	(129)	(259)
Net current period other comprehensive income (loss), net of tax	(121)	419	760
Ending balance	$ (121)	$ 0	$ (419)

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

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+ Details

Income taxes

12 Months Ended

Jan. 03, 2026

Income Tax Disclosure [Abstract]

Income taxes

The income tax provision (benefit) consists of:


In thousands	Fiscal Year 2025		Fiscal Year 2024		Fiscal Year 2023
Current income tax:
Federal	$	3,190	$	9,333	$	8,278
State	2,502		2,123		3,717
Deferred income tax:
Federal	5,839		(8,869)		(3,878)
State	550		(1,106)		(2,111)
Income tax provision (benefit) from continuing operations	$	12,081	$	1,481	$	6,006

Our income tax provision (benefit) differs from the amounts computed by multiplying earnings (loss) before income taxes by the statutory federal income tax rate.


In thousands	Fiscal Year 2025				Fiscal Year 2024				Fiscal Year 2023
Earnings (loss) from continuing operations before income taxes	$	41,681			$	(25,684)			$	9,552
Federal income tax provision at statutory rate	8,753		21.0	%	(5,394)		21.0	%	2,006		21.0	%
State income tax provision, net of federal income tax (a)	2,422		5.8	%	895		(3.5)	%	1,686		17.7	%
Tax credits:
Work opportunity tax credit	(899)		(2.2)	%	(747)		2.9	%	(1,143)		(12.0)	%
Increase (decrease) in deferred tax asset valuation allowance	(912)		(2.2)	%	(1,272)		5.0	%	2,238		23.4	%
Nontaxable or nondeductible items:
Executive compensation limitation	623		1.5	%	994		(3.9)	%	354		3.7	%
Goodwill impairment	—		—	%	3,539		(13.8)	%	—		—	%
Tax provision (benefit) of equity-based compensation deductions	876		2.1	%	1,240		(4.8)	%	1,133		11.9	%
Meals and entertainment	327		0.8	%	369		(1.4)	%	433		4.5	%
Other	14		—	%	(22)		0.1	%	(64)		(0.7)	%

Other adjustments:
Net operating loss limitation	467		1.1	%	—		—	%	—		—	%
Other, net	410		1.1	%	1,879		(7.4)	%	(637)		(6.6)	%
Net income tax provision (benefit) from continuing operations / Effective tax rate	$	12,081	29.0	%	$	1,481	(5.8)	%	$	6,006	62.9	%

Note: Percentages reflect line item as a percentage of earnings (loss) from continuing operations before income taxes, adjusted for rounding.
(a) State taxes in Texas, Florida, California, New Jersey and Illinois made up the majority (greater than 50 percent) of the tax effect in this category.

Incomes taxes paid (net of refunds) are as follows:


In thousands	Fiscal Year 2025		Fiscal Year 2024		Fiscal Year 2023
Federal	$	17,844	$	4,200	$	2,795
State	3,302		2,132		4,776
Total income taxes paid	$	21,146	$	6,332	$	7,571

Income taxes paid (net of refunds) exceeded 5 percent of total income taxes paid (net of refunds) in the following jurisdictions:

In thousands

Fiscal Year 2025

Fiscal Year 2024

Fiscal Year 2023

Texas

606

578

* Jurisdiction below the threshold for the period presented.


In thousands	As of January 3, 2026		As of December 28, 2024
Deferred tax assets:
NOL carry-forwards	$	6,454	$	8,017

Credit carryforwards	289		274
Deferred revenue	6,126		5,999
Accrued expenses and reserves	12,425		13,811
Loss on equity and other investments	878		886
Stock-based compensation	7,936		6,191

Operating lease liabilities	114,237		120,990

Subtotal	148,345		156,168
Valuation allowances	(5,458)		(5,961)
Total net deferred tax assets	142,887		150,207
Deferred tax liabilities:
Depreciation of property and equipment	(58,634)		(57,150)
Amortization of intangible assets	(65,051)		(65,168)

Right of use asset	(98,716)		(102,446)
Other	(3,058)		(3,352)
Total deferred tax liabilities	(225,459)		(228,116)
Net deferred tax liabilities	$	(82,572)	$	(77,909)

As of fiscal year-end 2025, our consolidated VIEs had $9.8 million of U.S. federal NOL carry-forwards available to reduce future federal income taxes, all of which have no expiration date. $6.7 million of these NOL carry-forwards ($1.4 million tax-effected) carry a full valuation allowance because it is more likely than not that a future tax benefit will not be realized. In addition, we have NOL carry-forwards in varying amounts and with differing expiration dates in multiple states in which we operate.

For the fiscal year end 2025, we carry various state tax credits totaling $0.3 million that are available to offset certain future taxes. These state credits carry a valuation allowance of $0.1 million for the portion that we do not expect to be able to utilize in future periods.

We have a $0.9 million deferred income tax asset for capital losses associated with the losses realized on the sale of our equity method non-consolidated investee. We do not expect to generate significant capital gains in the near future. Therefore, we believe it is more likely than not that we will not realize a tax benefit for the majority of these deferred income tax assets. Accordingly, we have established a full valuation allowance against this deferred asset.

As a result of our utilization of NOL carry-forwards to reduce or eliminate subsequent years’ tax obligations, our federal and a substantial number of our state income tax returns for fiscal years 2001 through 2025 remain open for examination by the tax authorities.

The Company evaluates uncertain tax positions using a “more-likely-than-not” threshold and recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by tax authorities. The Company evaluates uncertain tax positions on a quarterly basis and considers various factors, including, but not limited to, changes in tax law, the measurement of tax positions taken or expected to be taken in tax returns, the effective settlement of matters subject to audit, information obtained during in-process audit activities and changes in facts or circumstances related to a tax position.

In July 2025 the One Big Beautiful Bill Act (the "Tax Act") was enacted, introducing a series of corporate tax changes in the U.S. including 100% bonus depreciation on qualified property. The impacts of the Tax Act are reflected in our results for the fiscal year 2025, and there was no material impact to our income tax expense or effective tax rate. Certain provisions decreased cash taxes paid in the current fiscal year and may change the timing of cash tax payments in future periods.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Details of Certain Balance Sheet Accounts - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jan. 03, 2026	Dec. 28, 2024	Dec. 30, 2023	Dec. 31, 2022
Reconciliation of cash, cash equivalents, and restricted cash
Cash and cash equivalents	$ 38,708	$ 73,948	$ 149,896
Restricted cash included in Other assets	1,594	1,289	1,131
Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Continuing Operation, Total	$ 40,302	$ 75,237	$ 151,027	$ 230,624

Business and Significant Accounting Policies - Basis of Presentation and Principles of Consolidation (Details) $ in Thousands	Jan. 03, 2026 USD ($) corporation	Dec. 28, 2024 USD ($)
Variable Interest Entity [Line Items]
Assets	$ 1,983,678	$ 2,007,771
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Number of corporations \| corporation	29
Assets	$ 4,600	7,000
Liabilities	$ 6,900	$ 8,400

- Definition

Amount of asset recognized for present right to economic benefit.

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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Debt - 2025 Notes Narrative (Details) - USD ($)	12 Months Ended
Debt - 2025 Notes Narrative (Details) - USD ($)	Jan. 03, 2026	Dec. 28, 2024	Dec. 30, 2023	May 31, 2020
Debt Instrument [Line Items]
Gain (loss) on extinguishment of debt	$ 0	$ 859,000	$ (599,000)
2025 Notes \| Convertible senior notes
Debt Instrument [Line Items]
Aggregate principal amount				$ 402,500,000
Stated interest rate (percent)				2.50%
Gain (loss) on extinguishment of debt		900,000	(600,000)
Repurchased face amount		$ 217,700,000	$ 100,000,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Schedule I - Condensed Financial Information of Registrant - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 03, 2026	Dec. 28, 2024	Dec. 30, 2023
Cash flows from operating activities
Net cash provided by (used for) operating activities	$ 146,293	$ 133,649	$ 173,033
Cash flows from investing activities
Net cash used for investing activities	(76,606)	(96,094)	(115,822)
Cash flows from financing activities
Repayments on long-term debt	(126,337)	(222,064)	(103,000)
Purchase of treasury stock	(3,205)	(3,092)	(28,415)
Payments of debt issuance costs	0	(1,703)	(3,312)
Net cash used for financing activities	(104,622)	(113,345)	(136,808)
Net change in cash, cash equivalents and restricted cash	(34,935)	(75,790)	(79,597)
Cash, cash equivalents and restricted cash, beginning of year	75,237	151,027	230,624
Cash, cash equivalents and restricted cash, end of year (See Note 3)	40,302	75,237	151,027
Parent Company
Cash flows from operating activities
Net cash provided by (used for) operating activities	(14,676)	(6,082)	(6,780)
Cash flows from investing activities
Dividend from (investment in) subsidiary	99,157	224,245	132,443
Net cash used for investing activities	99,157	224,245	132,443
Cash flows from financing activities
Repayments on long-term debt	(84,774)	(215,000)	(99,250)
Proceeds from issuance of common stock	3,395	1,507	1,837
Purchase of treasury stock	(3,205)	(3,092)	(28,415)
Payments of debt issuance costs	0	(837)	(443)
Net cash used for financing activities	(84,584)	(217,422)	(126,271)
Net change in cash, cash equivalents and restricted cash	(103)	741	(608)
Cash, cash equivalents and restricted cash, beginning of year	974	233	841
Cash, cash equivalents and restricted cash, end of year (See Note 3)	$ 871	$ 974	$ 233

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jan. 03, 2026	Dec. 28, 2024
Statement of Financial Position [Abstract]
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	200,000,000	200,000,000
Common stock, issued (in shares)	86,278,538	85,444,263
Common stock, outstanding (in shares)	79,416,050	78,775,117
Treasury stock, at cost (in shares)	6,862,488	6,669,146

Deferred Revenue - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 03, 2026	Dec. 28, 2024
Revenue from Contract with Customer [Abstract]
Revenue recognized	$ 62.7	$ 62.8

Stock Incentive Plans - Associate Stock Purchase Plan (Details) - Associate stock purchase plan	12 Months Ended
	Jan. 03, 2026 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Discount from the market trading value of common stock at time of purchase (percent)	10.00%
Maximum annual contribution per participant for stock purchase	$ 25,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Details of Certain Balance Sheet Accounts - Schedule of Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Jan. 03, 2026	Dec. 28, 2024
Accounts receivable, net:
Allowance for credit losses	$ (288)	$ (208)
Accounts receivable, net	57,322	49,938
The CARES Act
Accounts receivable, net:
Government assistance receivable	9,000	9,000
Trade receivables
Accounts receivable, net:
Accounts receivable, gross	42,563	36,208
Other receivables
Accounts receivable, net:
Accounts receivable, gross	$ 15,047	$ 13,938

Stock Incentive Plans - Schedule of Stock Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 03, 2026	Dec. 28, 2024	Dec. 30, 2023
Stock compensation expense
Pre-tax stock-based compensation expense	$ 23,686	$ 16,708	$ 19,203
Income tax benefit	(5,972)	(4,212)	(4,841)
After-tax stock-based compensation expense	17,714	12,496	14,362
Stock options
Stock compensation expense
Pre-tax stock-based compensation expense	0	123	740
RSUs and PSUs
Stock compensation expense
Pre-tax stock-based compensation expense	23,565	16,457	18,312
Unrecognized compensation cost
Unrecognized compensation cost	$ 26,534
Expected remaining weighted-average period of expense recognition (in years)	1 year 10 months 2 days
Associate stock purchase plan
Stock compensation expense
Pre-tax stock-based compensation expense	$ 121	$ 128	$ 151

Business and Significant Accounting Policies - Nature of Operations (Details)	Jan. 03, 2026 store storeBrand	Dec. 28, 2024 store
Accounting Policies [Abstract]
Number of retail optical locations \| store	1,250	1,240
Number of store brands \| storeBrand	4

Segment Reporting - Schedule of Financial Data by Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 03, 2026	Dec. 28, 2024	Dec. 30, 2023
Selling, general and administrative expenses
Total net revenue	$ 1,987,488	$ 1,823,320	$ 1,756,371
Total costs applicable to revenue	819,469	764,056	734,655
Owned & Host SG&A	1,016,251	938,524	904,757
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
Corporate and other
Selling, general and administrative expenses
Total net revenue	20,972	27,621	33,139
Corporate and other	(271,608)	(263,496)	(228,746)
Reconciling Items
Selling, general and administrative expenses
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)
Effects of unearned and deferred revenue	(12,372)	1,452	(6,816)
Owned & Host Segment \| Operating Segments
Selling, general and administrative expenses
Total net revenue	1,978,888	1,794,247	1,730,048
Owned & Host SG&A	744,146	708,623	670,337
Owned & Host segment EBITDA	431,405	344,296	347,683
Products
Selling, general and administrative expenses
Total net revenue	1,604,592	1,463,139	1,423,229
Total costs applicable to revenue	461,213	433,194	424,011
Products \| Owned & Host Segment \| Operating Segments
Selling, general and administrative expenses
Total net revenue	1,593,503	1,433,777	1,396,355
Total costs applicable to revenue	445,146	410,527	401,385
Services and plans
Selling, general and administrative expenses
Total net revenue	382,896	360,181	333,142
Total costs applicable to revenue	358,256	330,862	310,644
Services and plans \| Owned & Host Segment \| Operating Segments
Selling, general and administrative expenses
Total net revenue	385,385	360,470	333,693
Total costs applicable to revenue	$ 358,191	$ 330,801	$ 310,643

Earnings Per Share (Tables)

12 Months Ended

Jan. 03, 2026

Earnings Per Share [Abstract]

Schedule of Reconciliation of Basic and Diluted EPS Calculations

A reconciliation of the numerators and denominators of the basic and diluted EPS calculations is as follows:


In thousands, except EPS	Fiscal Year 2025		Fiscal Year 2024		Fiscal Year 2023
Numerator
Income (loss) from continuing operations, net of tax	$	29,600	$	(27,165)	$	3,546
Income (loss) from discontinued operations, net of tax	—		(1,334)		(69,447)
Net income (loss)	$	29,600	$	(28,499)	$	(65,901)

Denominator
Weighted average shares outstanding, Basic	79,131		78,592		78,313
Dilutive effect of share-based awards (1)	1,445		—		283



Weighted average shares outstanding, Diluted	80,576		78,592		78,596

Basic earnings (loss) per share
Continuing operations	$	0.37	$	(0.35)	$	0.05
Discontinued operations	$	—	$	(0.02)	$	(0.89)
Total	$	0.37	$	(0.36)	$	(0.84)

Diluted earnings (loss) per share
Continuing operations	$	0.37	$	(0.35)	$	0.05
Discontinued operations	$	—	$	(0.02)	$	(0.88)
Total	$	0.37	$	(0.36)	$	(0.84)
Anti-dilutive securities excluded from diluted weighted average common shares	712		8,771		12,513
(1) Represents the dilutive impact of RSUs, PSUs and stock options
Some of the EPS totals in the table above may not foot due to rounding differences

Business and Significant Accounting Policies - Schedule of Self-Insurance Liabilities (Details) - USD ($) $ in Thousands	Jan. 03, 2026	Dec. 28, 2024
Insurance [Abstract]
Current portion	$ 973	$ 854
Noncurrent portion	2,538	1,281
Total estimated recoveries from reinsurance	$ 3,511	$ 2,135

Deferred Revenue (Tables)

12 Months Ended

Jan. 03, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Roll-Forward of Deferred Revenue

The following depicts a roll-forward of deferred revenue:


	Fiscal Year 2025
In thousands	Product Protection Plans		Eye Care Clubs		Total
Beginning of the year	$	35,700	$	48,889	$	84,589
Sold	75,120		55,565		130,685
Revenue recognized	(73,565)		(54,632)		(128,197)
End of year	$	37,255	$	49,822	$	87,077

Current	$	36,948	$	27,612	$	64,560
Noncurrent	307		22,210		22,517
	$	37,255	$	49,822	$	87,077


	Fiscal Year 2024
In thousands	Product Protection Plans		Eye Care Clubs		Total
Beginning of the year	$	36,419	$	47,907	$	84,326
Sold	72,135		54,713		126,848
Revenue recognized	(72,854)		(53,731)		(126,585)
End of year	$	35,700	$	48,889	$	84,589

Current	$	35,409	$	27,098	$	62,507
Noncurrent	291		21,791		22,082
	$	35,700	$	48,889	$	84,589

Schedule of Expected Deferred Revenue to be Reflected in Future Operating Results

Deferred revenue recorded as of the end of fiscal year 2025 is expected to be reflected in future operating results as follows:


Fiscal Year	In thousands
2026	$	64,560
2027	17,156
2028	5,361

	$	87,077

Income taxes - Narrative (Details) - USD ($) $ in Thousands	Jan. 03, 2026	Dec. 28, 2024
Operating Loss Carryforwards [Line Items]
Deferred tax, operating loss carryforward	$ 1,400
Valuation allowances	5,458	$ 5,961
Deferred tax asset associated with equity method non-consolidated investee	900
U.S. federal
Operating Loss Carryforwards [Line Items]
NOL carryforwards	9,800
Valuation allowance for NOL carry-forwards not likely to be realized	6,700
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Tax credit carryforward	300
Valuation allowances	$ 100

Business and Significant Accounting Policies (Policies)

12 Months Ended

Jan. 03, 2026

Accounting Policies [Abstract]

Fiscal Year

Basis of Presentation and Principles of Consolidation

Use of Estimates

Cash and Cash Equivalents

Accounts Receivable, Net

Inventories

Property and Equipment

Cloud Computing Arrangements

Goodwill and Intangible Assets

Investments

Fair Value Measurement of Assets and Liabilities

Deferred Financing Costs and Loan Discounts

Self-Insurance Liabilities


In thousands		Balance Sheet Classification	As of January 3, 2026		As of December 28, 2024
	Current portion	Prepaid Expenses and Other Current Assets	$	973	$	854
	Noncurrent portion	Other Assets	2,538		1,281
Total estimated recoveries from reinsurance			$	3,511	$	2,135

Derivative Financial Instruments

Accumulated Other Comprehensive Loss

Revenue Recognition

Costs Applicable to Revenue

Selling, General and Administrative

Leases

Stock-Based Compensation

Long-lived Asset Impairment

Discontinued Operations

current assets, current liabilities, and non-current liabilities shall be reported as components of total assets and liabilities separate from those balances of the continuing operations.

Income Taxes

Adoption of New Accounting Pronouncements and Future Adoption of Accounting Pronouncements

Adoption of New Accounting Pronouncements

Future Adoption of Accounting Pronouncements

Debt - Schedule of Consolidated Total Debt to Consolidated EBITDA Ratio (Details) - Credit Agreement	Jun. 13, 2023
Debt Instrument [Line Items]
Applicable margin on rate (percent)	0.10%
> 2.50:1.00 \| Credit facility
Debt Instrument [Line Items]
Debt covenant, minimum EBITDA ratio	2.50
> 2.50:1.00 \| Credit facility \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Applicable margin on rate (percent)	2.25%
> 2.50:1.00 \| Credit facility \| ABR
Debt Instrument [Line Items]
Applicable margin on rate (percent)	1.25%
≤ 2.50:1.00 but >1.75:1.00 \| Credit facility
Debt Instrument [Line Items]
Debt covenant, minimum EBITDA ratio	2.50
Debt covenant, maximum EBITDA ratio	1.75
≤ 2.50:1.00 but >1.75:1.00 \| Credit facility \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Applicable margin on rate (percent)	2.00%
≤ 2.50:1.00 but >1.75:1.00 \| Credit facility \| ABR
Debt Instrument [Line Items]
Applicable margin on rate (percent)	1.00%
≤ 1.75:1:00 but >0.75:1.00 \| Credit facility
Debt Instrument [Line Items]
Debt covenant, minimum EBITDA ratio	1.75
Debt covenant, maximum EBITDA ratio	0.75
≤ 1.75:1:00 but >0.75:1.00 \| Credit facility \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Applicable margin on rate (percent)	1.75%
≤ 1.75:1:00 but >0.75:1.00 \| Credit facility \| ABR
Debt Instrument [Line Items]
Applicable margin on rate (percent)	0.75%
≤ 0.75:1:00 \| Credit facility
Debt Instrument [Line Items]
Debt covenant, maximum EBITDA ratio	0.75
≤ 0.75:1:00 \| Credit facility \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Applicable margin on rate (percent)	1.50%
≤ 0.75:1:00 \| Credit facility \| ABR
Debt Instrument [Line Items]
Applicable margin on rate (percent)	0.50%

Stock Incentive Plans - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Jan. 03, 2026	Dec. 28, 2024	Dec. 30, 2023
Service-based options
Number of Options Outstanding
Outstanding, beginning balance (in shares)	549
Exercised (in shares)	(105)
Forfeited (in shares)	(39)
Outstanding, ending balance (in shares)	405	549
Vested and exercisable (in shares)	405
Weighted Average Exercise Price
Outstanding, beginning balance (usd per share)	$ 29.98
Exercised (usd per share)	21.19
Forfeited (usd per share)	37.29
Outstanding, ending balance (usd per share)	31.54	$ 29.98
Vested and exercisable (usd per share)	$ 31.54
Outstanding, weighted average remaining contractual term (years)	3 years 4 months 9 days	4 years 1 month 17 days
Vested and exercisable, weighted average remaining contractual term (years)	3 years 4 months 9 days
Outstanding, aggregate intrinsic value (beginning balance)	$ 0
Outstanding, aggregate intrinsic value (ending Balance)	1,057	$ 0
Vested and exercisable, aggregate intrinsic value	1,057
Fair value of options vested	0	635	$ 1,251
Aggregate intrinsic value of options exercised	$ 581	$ 76	$ 147
Performance-based options
Number of Options Outstanding
Outstanding, beginning balance (in shares)	49
Exercised (in shares)	0	0	0
Outstanding, ending balance (in shares)	49	49
Vested and exercisable (in shares)	49
Weighted Average Exercise Price
Outstanding, beginning balance (usd per share)	$ 15.74
Outstanding, ending balance (usd per share)	15.74	$ 15.74
Vested and exercisable (usd per share)	$ 15.74
Outstanding, weighted average remaining contractual term (years)	1 year 6 months 18 days	2 years 6 months 25 days
Vested and exercisable, weighted average remaining contractual term (years)	1 year 6 months 18 days
Outstanding, aggregate intrinsic value (beginning balance)	$ 0
Outstanding, aggregate intrinsic value (ending Balance)	502	$ 0
Vested and exercisable, aggregate intrinsic value	$ 502

Details of Certain Balance Sheet Accounts - Schedule of Inventories (Details) - USD ($) $ in Thousands	Jan. 03, 2026	Dec. 28, 2024
Inventories:
Raw materials and work in process	$ 65,775	$ 66,056
Finished goods	23,543	27,862
Inventories	$ 89,318	$ 93,918

Insider Trading Arrangements shares in Thousands	3 Months Ended
Insider Trading Arrangements shares in Thousands	Jan. 03, 2026 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
L. Reade Fahs [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On December 4, 2025, L. Reade Fahs, the Company’s Executive Chairman, adopted a trading arrangement for the sale of the Company’s common stock (a “Rule 10b5-1 Trading Plan”) that is intended to satisfy the affirmative defense conditions of the Exchange Act Rule 10b5-1(c). Mr. Fahs’ Rule 10b5-1 Trading Plan provides for the sale of up to 352,000 shares of common stock pursuant to one or more limit orders from March 6, 2026, until December 31, 2026.
Name	L. Reade Fahs
Title	Executive Chairman
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 4, 2025
Expiration Date	December 31, 2026
Arrangement Duration	392 days
Aggregate Available	352
Alex Wilkes [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On December 5, 2025, Alex Wilkes, the Company’s Chief Executive Officer, adopted a trading arrangement for the sale of the Company’s common stock (a “Rule 10b5-1 Trading Plan”) that is intended to satisfy the affirmative defense conditions of the Exchange Act Rule 10b5-1(c). Mr. Wilkes’ Rule 10b5-1 Trading Plan provides for the sale of up to 35,000 shares of common stock and expires on March 13, 2026.
Name	Alex Wilkes
Title	Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 5, 2025
Expiration Date	March 13, 2026
Arrangement Duration	98 days
Aggregate Available	35

Consolidated Statements of Stockholders' Equity - USD ($)
$ in Thousands

Total

Common Stock

Additional Paid-In Capital

Accumulated Other Comprehensive Loss

Retained Earnings

Treasury Stock

Beginning balance (in shares) at Dec. 31, 2022

78,992,000

Beginning balance at Dec. 31, 2022

$ 901,113

$ 842

$ 767,112

$ (1,179)

$ 320,517

$ (186,179)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Issuance of common stock (in shares)

^[1]

558,000

Issuance of common stock

^[1]

1,838

$ 6

1,832

Stock-based compensation

20,023

Purchase of treasury stock (in shares)

(1,239,000)

Purchase of treasury stock

(28,415)

Unrealized gain (loss) on hedge instruments, net of tax

760

Net income (loss)

(65,901)

Ending balance (in shares) at Dec. 30, 2023

78,311,000

Ending balance at Dec. 30, 2023

829,418

$ 848

788,967

(419)

254,616

(214,594)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Issuance of common stock (in shares)

^[1]

613,000

Issuance of common stock

^[1]

1,507

$ 6

1,501

Stock-based compensation

16,580

Purchase of treasury stock (in shares)

(149,000)

Purchase of treasury stock

(3,092)

Unrealized gain (loss) on hedge instruments, net of tax

419

Net income (loss)

$ (28,499)

(28,499)

Ending balance (in shares) at Dec. 28, 2024

78,775,117

78,775,000

Ending balance at Dec. 28, 2024

$ 816,333

$ 854

807,048

226,117

(217,686)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Issuance of common stock (in shares)

^[1]

834,000

Issuance of common stock

^[1]

3,395

$ 8

3,387

Stock-based compensation

23,565

Purchase of treasury stock (in shares)

(193,000)

Purchase of treasury stock

(3,239)

Unrealized gain (loss) on hedge instruments, net of tax

(121)

Net income (loss)

$ 29,600

29,600

Ending balance (in shares) at Jan. 03, 2026

79,416,050

79,416,000

Ending balance at Jan. 03, 2026

$ 869,533

$ 862

$ 834,000

$ (121)

$ 255,717

$ (220,925)

[1]	(1) Consists primarily of the vesting of shares issued under the Company’s stock incentive plans and Associate Share Purchase Plan.

Deferred Revenue - Schedule of Roll-Forward of Deferred Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 03, 2026	Dec. 28, 2024
Contract Liability
Deferred revenue, beginning balance	$ 84,589	$ 84,326
Sold	130,685	126,848
Revenue recognized	(128,197)	(126,585)
Deferred revenue, ending balance	87,077	84,589
Product Protection Plans
Contract Liability
Deferred revenue, beginning balance	35,700	36,419
Sold	75,120	72,135
Revenue recognized	(73,565)	(72,854)
Deferred revenue, ending balance	37,255	35,700
Eye Care Clubs
Contract Liability
Deferred revenue, beginning balance	48,889	47,907
Sold	55,565	54,713
Revenue recognized	(54,632)	(53,731)
Deferred revenue, ending balance	$ 49,822	$ 48,889

Business and Significant Accounting Policies - Leases (Details) - Stores, laboratories, distribution centers, offices	12 Months Ended
	Jan. 03, 2026
Minimum
Lessee, Lease, Description [Line Items]
Lease terms (in years)	5 years
Renewal terms (in years)	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease terms (in years)	10 years
Renewal terms (in years)	10 years

Goodwill and Intangible Assets (Tables)

12 Months Ended

Jan. 03, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The gross carrying amount and accumulated impairment of the Company’s goodwill balances for 2025 and 2024 are as follows:


	As of January 3, 2026				As of December 28, 2024
In thousands	Gross Carrying Amount		Accumulated Impairment		Gross Carrying Amount		Accumulated Impairment
Owned & Host Segment (1)	$	739,238	$	(38,596)	$	736,901	$	(38,596)

(1)The Company acquired $2.3 million of additional goodwill during fiscal year 2025 upon transition of select Eyeglass World stores from a sublease model to a Company owned model.

Schedule of Indefinite-Lived Intangible Assets

Indefinite-lived intangible assets by major asset class are as follows:


In thousands	As of January 3, 2026		As of December 28, 2024
Trademarks and trade names:
America’s Best	$	200,547	$	200,547
Eyeglass World	40,000		40,000
	$	240,547	$	240,547

Schedule of Amortizing Finite-Lived Intangible Assets

Finite-lived, amortizing intangible assets by major asset class are as shown in the following table.


	As of January 3, 2026					As of December 28, 2024
In thousands	Gross Carrying Amount		Accumulated Amortization		Remaining Life (Years)	Gross Carrying Amount		Accumulated Amortization		Remaining Life (Years)
Contracts and relationships:

Fred Meyer contracts and relationships	$	8,400	$	(846)	11	$	8,400	$	(169)	12
Other	151		(151)		0	151		(113)		1
	$	8,551	$	(997)		$	8,551	$	(282)

Schedule of Aggregate Future Estimated Amortization Expense

Aggregate future estimated amortization expense is shown in the following table:


Fiscal Year	In thousands
2026	$	677
2027	677
2028	677
2029	677
2030	677
Thereafter	4,169
	$	7,554

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Discontinued Operations - Schedule of Discontinued Operation (Details) - Discontinued Operations, Disposed of by Means Other than Sale, Abandonment - Walmart MSA and AC Lens - USD ($) $ in Thousands	12 Months Ended
	Dec. 28, 2024	Dec. 30, 2023
Revenue:
Total net revenue	$ 131,473	$ 370,097
Costs applicable to revenue (exclusive of depreciation and amortization):
Total costs applicable to revenue	112,222	266,255
Operating expenses:
Selling, general and administrative expenses	21,851	87,126
Depreciation and amortization	1,331	8,378
Asset impairment	248	79,714
Other expense (income), net	(87)	(60)
Total operating expenses	23,343	175,158
Earnings (loss) from discontinued operations before income taxes	(4,092)	(71,316)
Income tax provision (benefit) from discontinued operations	(2,758)	(1,869)
Income (loss) from discontinued operations, net of tax	(1,334)	(69,447)
Total net revenue
Revenue:
Total net revenue	126,960	320,907
Costs applicable to revenue (exclusive of depreciation and amortization):
Total costs applicable to revenue	109,637	240,578
Net sales of services and plans
Revenue:
Total net revenue	4,513	49,190
Costs applicable to revenue (exclusive of depreciation and amortization):
Total costs applicable to revenue	$ 2,585	$ 25,677

Cover - USD ($) $ in Billions	12 Months Ended
Cover - USD ($) $ in Billions	Jan. 03, 2026	Feb. 20, 2026	Jun. 28, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Jan. 03, 2026
Current Fiscal Year End Date	--01-03
Document Transition Report	false
Entity File Number	001-38257
Entity Registrant Name	National Vision Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-4841717
Entity Address, Address Line One	2435 Commerce Ave
Entity Address, Address Line Two	Building 2200
Entity Address, City or Town	Duluth
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30096
City Area Code	770
Local Phone Number	822‑3600
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	EYE
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 1.3
Entity Common Stock, Shares Outstanding		79,437,185
Documents Incorporated by Reference	Portions of the registrant's definitive Proxy Statement for its 2026 Annual Meeting of Stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K. The Proxy Statement will be filed with the Securities and Exchange Commission within 120 days of the registrant’s fiscal year ended January 3, 2026.
Entity Central Index Key	0001710155
Document Fiscal Year Focus	2025
Document Fiscal Period Focus (Q1,Q2,Q3,FY)	FY
Amendment Flag	false

Discontinued Operations

12 Months Ended

Jan. 03, 2026

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

As a result of the termination of various agreements with Walmart and the wind down of AC Lens operations in fiscal year 2024, our former Legacy reportable segment and certain other results previously included in corporate and other as well as related effects of unearned and deferred revenue, met the criteria to be presented as discontinued operations. Accordingly, the assets and liabilities and results of operations of the discontinued operations have been presented in the tables below. There was no discontinued operations activity in fiscal year 2025. There were no discontinued operations assets or liabilities as of December 28, 2024 and January 3, 2026.

During fiscal years 2024 and 2023, we recorded $4.4 million and $5.2 million, respectively, of net expense associated with the aforementioned termination and consolidation activities, which consisted of employee compensation benefits, early termination fees, and other exit related costs. These charges were recorded in both Selling, general, and administrative expenses and Costs applicable to revenue for discontinued operations. The plan has been substantially completed and we do not anticipate additional material costs related to this plan.

The following table presents income (loss) from discontinued operations, net of tax:


In thousands	Fiscal Year 2024		Fiscal Year 2023
Revenue:
Net product sales	$	126,960	$	320,907
Net sales of services and plans	4,513		49,190
Total net revenue	131,473		370,097
Costs applicable to revenue (exclusive of depreciation and amortization):
Products	109,637		240,578
Services and plans	2,585		25,677
Total costs applicable to revenue	112,222		266,255
Operating expenses:
Selling, general and administrative expenses	21,851		87,126
Depreciation and amortization	1,331		8,378
Asset impairment	248		79,714
Other expense (income), net	(87)		(60)
Total operating expenses	23,343		175,158
Earnings (loss) from discontinued operations before income taxes	(4,092)		(71,316)
Income tax provision (benefit) from discontinued operations	(2,758)		(1,869)
Income (loss) from discontinued operations, net of tax	$	(1,334)	$	(69,447)

The following table presents significant non-cash items and cash flows from investing activities related to discontinued operations:


	Fiscal Year 2024		Fiscal Year 2023
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	$	1,331	$	8,378
Asset impairment	$	248	$	79,714

Stock-based compensation expense	$	—	$	971

Inventory adjustments	$	442	$	(177)
Other	$	(1,647)	$	—
Cash flows from investing activities:
Purchase of property and equipment	$	—	$	(1,781)
Other	$	1,738	$	—

Accumulated Other Comprehensive Loss

12 Months Ended

Jan. 03, 2026

Equity [Abstract]

Accumulated Other Comprehensive Loss

Changes in the fair value of the Company’s cash flow hedge derivative instruments from their inception are recorded in AOCL if the instruments are deemed to be highly effective as cash flow hedges. The following table presents the changes in AOCL, net of tax:


In thousands	Fiscal Year 2025		Fiscal Year 2024		Fiscal Year 2023
Cash flow hedging activity
Balance at beginning of fiscal year	$	—	$	(419)	$	(1,179)
Other comprehensive income (loss) before reclassification	(159)		—		—
Tax effect of other comprehensive income (loss) before reclassification	39		—		—
Amount reclassified from AOCL	(2)		548		1,019
Tax effect of amount reclassified from AOCL	1		(129)		(259)

Net current period other comprehensive income (loss), net of tax	(121)		419		760
Balance at end of fiscal year	$	(121)	$	—	$	(419)

See Note 13. “Interest Rate Derivatives” for a description of the Company’s use of cash flow hedging derivatives.

- Definition

The entire disclosure for equity.

+ References

+ Details

Commitments and Contingencies - Schedule of Warranty Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 03, 2026	Dec. 28, 2024
Movement in Product Warrant Liability Accounts
Beginning balance	$ 2,565	$ 2,463
Accrued obligation	38,378	35,325
Claims paid	(38,076)	(35,223)
Ending balance	$ 2,867	$ 2,565