National Vision Holdings (EYE) Cash Flow: Operating & Free Cash Flow

National Vision Holdings Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for National Vision Holdings, Inc. (EYE) - Annual data in millions USD
Breakdown	FY 2025	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2021	FY 2020	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Jan 2026	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Jan 2022	Dec 2021	Jan 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Operating Activities
Net Income	29.60	29.60	-28.50	-65.90	42.12	128.24	128.24	36.28	36.28	32.80	23.65	45.82
Depreciation & Amortization	91.15	99.89	99.87	101.42	99.96	97.09	97.09	91.59	91.59	87.24	74.34	61.12
Deferred Income Tax	-	4.66	-9.98	-5.99	11.02	-	16.70	-	-0.23	-2.38	-19.34	-39.73
Stock Based Compensation	23.69	23.69	16.71	20.17	13.51	14.89	14.89	10.74	10.74	12.67	20.94	5.15
Change in Working Capital	-	-20.03	10.77	31.24	-44.63	-10.73	-6.02	48.76	48.76	-3.09	-26.03	-12.54
Change in Accounts Receivable	-8.07	-8.07	36.40	-7.82	-24.82	1.18	1.18	-13.70	-13.70	-6.93	-14.65	-16.86
Change in Inventory	-0.73	-0.73	21.60	-0.46	-1.86	-14.88	-14.88	11.43	11.43	-15.89	-28.74	-9.58
Change in Accounts Payable	25.36	25.36	-13.91	2.28	0.95	-0.53	-0.53	24.08	24.08	-2.86	7.93	-3.69
Change in Other Working Capital	-49.35	6.49	-33.32	10.95	-18.90	-2.51	8.21	19.96	26.94	22.58	9.43	17.59
Other Operating Activities	21.88	6.49	44.77	10.95	-2.79	29.45	8.04	13.73	47.86	37.84	33.07	30.44
Net Cash from Operating Activities	146.29	146.29	133.65	173.03	119.20	258.94	258.94	234.98	234.98	165.08	106.63	90.25
Investing Activities
Capital Expenditures	-72.84	-72.84	-95.51	-114.77	-113.55	-95.52	-95.52	-76.82	-76.82	-101.33	-104.49	-93.22
Purchases of Investments	-	0.00	0.00	0.00	0.00	-	0.00	-	0.00	0.00	0.00	-1.50
Other Investing Activities	-3.77	-3.77	-0.59	-1.05	2.65	2.62	2.62	0.41	0.41	0.69	0.27	-0.11
Net Cash from Investing Activities	-76.61	-76.61	-96.09	-115.82	-110.89	-92.90	-92.90	-76.41	-76.41	-100.63	-104.22	-94.83
Financing Activities
Debt Repayment	-126.34	-129.81	-110.06	-106.92	-3.91	-167.38	-171.97	-372.47	176.30	-28.33	-6.08	-193.68
Common Stock Issued	3.40	3.40	1.51	1.84	3.74	11.84	11.84	13.11	13.11	14.77	19.80	373.02
Common Stock Repurchased	-3.21	-3.21	-3.09	-28.42	-84.39	-73.30	-73.30	-0.69	-0.69	-25.65	-1.93	0.00
Dividends Paid	-	0.00	0.00	0.00	0.00	-	0.00	-	0.00	0.00	0.00	-170.98
Other Financing Activities	-3.48	0.00	-1.70	-3.31	0.00	-0.90	-0.90	-12.44	-12.44	-2.93	18.40	-4.53
Net Cash from Financing Activities	-104.62	-104.62	-113.35	-136.81	-84.56	-234.32	-234.32	176.28	176.28	-42.14	10.40	3.84
Summary
Effect of Forex Changes on Cash	-	-0.31	0.00	0.00	0.00	-	0.00	-	0.00	0.00	0.00	0.00
Net Change in Cash	-34.94	-34.94	-75.79	-79.60	-76.25	-68.28	-68.28	334.85	334.85	22.31	12.80	-0.74
Cash at Beginning of Period	-	75.24	151.03	230.62	306.88	-	375.16	-	40.31	18.00	5.19	4.95
Cash at End of Period	-	40.30	75.24	151.03	230.62	-	306.88	-	375.16	40.31	18.00	4.21
Free Cash Flow	73.45	73.45	38.14	58.26	5.65	163.42	163.42	158.16	158.16	63.76	2.14	-2.97
Supplemental Disclosures
Interest Paid	-	-	13.40	11.74	16.94	24.90	-	30.79	-	-	-	-
Income Taxes Paid	-	-	6.33	7.57	7.48	10.43	-	0.89	-	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jul 4, 2026. Data sources and methodology

Frequently Asked Questions About National Vision Holdings Cash Flow

What is National Vision Holdings's free cash flow?

National Vision Holdings generated free cash flow of $73.45M in fiscal 2025 (fiscal year ended Jan 3, 2026), operating cash flow of $146.29M minus $72.84M of capital expenditures. That was up 92.6% from $38.14M a year earlier. Free cash flow equaled 3.7% of revenue.

How much does National Vision Holdings spend on capital expenditures?

National Vision Holdings spent $72.84M on capital expenditures in fiscal 2025, compared with $95.50M a year earlier. That equals 49.8% of operating cash flow.

Does National Vision Holdings pay dividends or buy back shares?

Yes. In fiscal 2025 National Vision Holdings returned $3.21M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition