Nu Skin Enterprises Reports First Quarter Results
PROVO, Utah--( BUSINESS WIRE)--Nu Skin Enterprises Inc. (NYSE: NUS) today announced first quarter revenue results within its guidance range.
"We are encouraged by early signs of improving paid affiliates and new sales leader development in several markets as our leaders begin integrating Prysm iO into their businesses and continue to build upon our leading anti-aging Tru Face brand."
Executive Summary
Q1 2026 vs. Prior-year Quarter
Revenue
$320.6 million; (12.0)%
• +1.1% FX impact or $3.9 million
Earnings Per Share (EPS)
$0.04 or $0.14 excluding certain charges compared to $2.14 or $0.23 excluding one-time gain from Mavely sale and other charges
Customers
669,535; (14)%
Paid Affiliates
120,850; (8)%
Sales Leaders
26,915; (13)%
“We delivered first quarter revenue in line with our expectations and made further progress in our strategic priorities while operating in a volatile environment,” said Ryan Napierski, Nu Skin president and CEO. “As we move through 2026, we are focused on empowering our sales leaders to scale our intelligent wellness platform with our latest innovation, Prysm iO™, ahead of our full consumer rollout in the second half. We also continue to invest in laying the groundwork to expand our presence in emerging markets, including the formal launch of India anticipated in late 2026, while continuing to improve our operational discipline to return value to shareholders.
“We are encouraged by early signs of improving paid affiliates and new sales leader development in several markets as our leaders begin integrating Prysm iO into their businesses and continue to build upon our leading anti-aging Tru Face® brand. We are focused on partnering with our sales force on leveraging the proprietary nutritional health biomarker tracking from Prysm iO to expand the channel as we prepare to drive customer subscriptions for our wellness products. While these initiatives will take time to develop, we remain confident that they will increase sales leader engagement and expand our global reach over time to drive the next phase of growth for Nu Skin.”
Q1 2026 Year-over-year Operating Results
Revenue
$320.6 million compared to $364.5 million
• +1.1% FX impact or $3.9 million
Gross Margin
66.9% or 67.9% excluding certain charges compared to 67.8%
• Nu Skin business was 76.9% compared to 76.7%
Selling Expenses
34.3% compared to 32.5%
• Nu Skin business was 40.5% compared to 38.7%
G&A Expenses
30.7% or 29.9% excluding certain charges compared to 31.1% or 28.9% excluding certain charges
Impairment Expenses
$1.8 million impairment compared to $25.1 million impairment
Operating Margin
1.3% or 3.6% excluding certain charges compared to (2.7)% or 6.4% excluding impairment and other charges
Interest Expense
$4.3 million compared to $3.3 million
Other Income (Expense)
$2.8 million compared to $(28.4) million
• Prior year reflects $28.1 million unrealized loss on investment
Income Tax Rate
29.4% compared to 20.1%
EPS
$0.04 or $0.14 excluding certain charges compared to $2.14 or $0.23 excluding one-time gain from Mavely sale and other charges
Stockholder Value
Dividend Payments
$2.9 million
Stock Repurchases
$5.0 million
• $137.3 million remaining in authorization
Q2 and Full-year 2026 Outlook
Q2 2026 Revenue
$330 to $360 million; (15)% to (7)%
• Approximately 0% FX impact
Q2 2026 EPS
$0.15 to $0.25
2026 Revenue
$1.35 to $1.50 billion; (9)% to 1%
• Approximately (1)% FX impact
2026 EPS
$0.70 to $1.10 or $0.80 to $1.20 excluding certain charges
“In addition to delivering on revenue and adjusted earnings, we returned $8 million to shareholders in the form of dividends and share repurchases,” said Chelsea Lantz, interim chief financial officer. “We were also able to refinance our debt, extending our liquidity as we invest in growth initiatives and navigate market volatility while executing on our strategy. We are maintaining our annual guidance for 2026 on an adjusted basis. For the second quarter, we project revenue between $330 million and $360 million, with earnings per share in the range of $0.15 to $0.25.”
Conference Call
The Nu Skin Enterprises management team will host a conference call with the investment community today at 5 p.m. (ET). Those wishing to access the webcast, as well as the financial information presented during the call, can visit the Investor Relations page on the company's website at ir.nuskin.com. A replay of the webcast will be available on the same page through May 21, 2026.
About Nu Skin Enterprises Inc.
Nu Skin Enterprises Inc. (NYSE: NUS) is an intelligent beauty and wellness company, powered by a dynamic affiliate opportunity platform, which operates in nearly 50 markets worldwide. Backed by more than 40 years of scientific research, the company’s products help people look, feel and live their best with our newly introduced Prysm iO intelligent wellness platform, an award-winning line of beauty device systems and trusted brands in personal care and wellness products. Rhyz is the strategic investment arm of Nu Skin Enterprises, formed in 2018 consisting of synergistic consumer, technology and manufacturing companies focused on innovation within the beauty, wellness and lifestyle categories.
Important Information Regarding Forward-Looking Statements: This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that represent the company’s current expectations and beliefs. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws and include, but are not limited to, statements of management’s expectations regarding the company’s performance, growth, initiatives, plans, areas of focus, sales force and customers, shareholder value, Prysm launch and its timing and potential benefits to the business, and emerging market expansion and its timing; projections regarding revenue, expenses, margins, tax rates, earnings per share, foreign currency fluctuations, uses of cash, financial position and other financial items; statements of belief; and statements of assumptions underlying any of the foregoing. In some cases, you can identify these statements by forward-looking words such as “believe,” “expect,” “become,” “continue,” “project,” “outlook,” “guidance,” “focus,” “expand,” “will,” “would,” “could,” “may,” “might,” the negative of these words and other similar words.
The forward-looking statements and related assumptions involve risks and uncertainties that could cause actual results and outcomes to differ materially from any forward-looking statements or views expressed herein. These risks and uncertainties include, but are not limited to, the following:
The company’s financial performance and the forward-looking statements contained herein are further qualified by a detailed discussion of associated risks set forth in the documents filed by the company with the Securities and Exchange Commission. The forward-looking statements set forth the company’s beliefs as of the date that such information was first provided, and the company assumes no duty to update the forward-looking statements contained in this release to reflect any change except as required by law.
Non-GAAP Financial Measures: Constant-currency revenue change is a non-GAAP financial measure that removes the impact of fluctuations in foreign-currency exchange rates, thereby facilitating period-to-period comparisons of the company’s performance. It is calculated by translating the current period’s revenue at the same average exchange rates in effect during the applicable prior-year period and then comparing that amount to the prior-year period’s revenue. The company believes that constant-currency revenue change is useful to investors, lenders and analysts because such information enables them to gauge the impact of foreign-currency fluctuations on the company’s revenue from period to period.
Earnings per share, gross margin, general and administrative expenses, and operating margin, each excluding inventory write-off charges, impairment expense, the gain from the Mavely sale, unrealized investment loss, and/or other charges, also are non-GAAP financial measures.
The company believes that these non-GAAP financial measures are useful to investors, lenders and analysts because removing the impact of these items facilitates period-to-period comparisons of the company’s performance. Please see the reconciliations of these items to our earnings per share, gross margin, operating margin, income tax rate and revenue growth rate calculated under GAAP, below.
The following table sets forth revenue for the three-month periods ended March 31, 2026, and 2025 for each of our reportable segments (U.S. dollars in thousands):
Three Months Ended
Constant-
March 31,
Currency
2026
2025
Change
Change
Nu Skin
Americas
$
57,818
$
69,058
(16.3
)%
(12.6
)%
Southeast Asia/Pacific
45,474
52,172
(12.8
)%
(16.6
)%
Mainland China
45,148
47,775
(5.5
)%
(10.0
)%
Japan
39,739
42,765
(7.1
)%
(4.3
)%
Europe & Africa
31,218
33,021
(5.5
)%
(14.8
)%
Hong Kong/Taiwan
27,457
28,447
(3.5
)%
(5.9
)%
South Korea
25,329
32,515
(22.1
)%
(21.4
)%
Nu Skin Other
(234
)
529
(144.2
)%
(144.4
)%
Total Nu Skin
271,949
306,282
(11.2
)%
(12.5
)%
Rhyz
Manufacturing
44,925
55,290
(18.7
)%
(18.7
)%
Rhyz Other
3,734
2,918
28.0
%
28.0
%
Total Rhyz
48,659
58,208
(16.4
)%
(16.4
)%
Total
$
320,608
$
364,490
(12.0
)%
(13.1
)%
The following table provides information concerning the number of Customers, Paid Affiliates and Sales Leaders in our core Nu Skin business for the three-month periods ended March 31, 2026 and 2025:
Three Months Ended
March 31,
2026
2025
Change
Customers
Americas
186,448
227,514
(18
)%
Southeast Asia/Pacific
67,461
74,584
(10
)%
Mainland China
104,721
122,474
(14
)%
Japan
102,392
107,742
(5
)%
Europe & Africa
115,343
130,154
(11
)%
Hong Kong/Taiwan
35,899
42,523
(16
)%
South Korea
57,271
71,721
(20
)%
Total Customers
669,535
776,712
(14
)%
Paid Affiliates
Americas
27,039
26,936
0
%
Southeast Asia/Pacific
18,163
22,296
(19
)%
Mainland China
18,064
19,859
(9
)%
Japan
19,224
21,073
(9
)%
Europe & Africa
13,607
15,184
(10
)%
Hong Kong/Taiwan
9,541
9,622
(1
)%
South Korea
15,212
16,548
(8
)%
Total Paid Affiliates
120,850
131,518
(8
)%
Sales Leaders
Americas
4,930
6,174
(20
)%
Southeast Asia/Pacific
3,769
4,542
(17
)%
Mainland China
5,489
6,214
(12
)%
Japan
5,943
6,210
(4
)%
Europe & Africa
2,314
2,839
(19
)%
Hong Kong/Taiwan
2,123
2,207
(4
)%
South Korea
2,347
2,850
(18
)%
Total Sales Leaders
26,915
31,036
(13
)%
NU SKIN ENTERPRISES, INC.
Consolidated Statements of Income (Unaudited)
(U.S. dollars in thousands, except per share amounts)
Three Months Ended
March 31,
2026
2025
Revenue
$
320,608
$
364,490
Cost of sales
106,145
117,529
Gross profit
214,463
246,961
Operating expenses:
Selling expenses
110,054
118,546
General and administrative expenses
98,544
113,204
Impairment expenses
1,839
25,114
Total operating expenses
210,437
256,864
Operating income (loss)
4,026
(9,903
)
Interest expense
4,250
3,283
Gain on sale of business
-
176,162
Other income (expense), net
2,823
(28,375
)
Income before provision for income taxes
2,599
134,601
Provision for income taxes
763
27,086
Net income
$
1,836
$
107,515
Net income per share:
Basic
$
0.04
$
2.16
Diluted
$
0.04
$
2.14
Weighted-average common shares outstanding (000s):
Basic
48,202
49,764
Diluted
49,422
50,328
NU SKIN ENTERPRISES, INC.
Consolidated Balance Sheets (Unaudited)
(U.S. dollars in thousands)
March 31,
December 31,
2026
2025
ASSETS
Current assets:
Cash and cash equivalents
$
198,654
$
238,630
Current investments
1,751
1,211
Accounts receivable, net
45,013
39,544
Inventories, net
178,600
178,643
Prepaid expenses and other
98,870
89,670
Total current assets
522,888
547,698
Property and equipment, net
381,610
377,168
Operating lease right-of-use assets
70,350
74,021
Goodwill
83,625
83,625
Other intangible assets, net
39,290
42,614
Other assets
279,035
280,187
Total assets
1,376,798
1,405,313
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$
28,815
$
26,183
Accrued expenses
208,182
217,551
Current portion of long-term debt
20,000
20,000
Total current liabilities
256,997
263,734
Operating lease liabilities
54,017
57,640
Long-term debt
203,593
204,187
Other liabilities
68,104
74,512
Total liabilities
582,711
600,073
Commitments and contingencies
Stockholders’ equity:
Class A common stock – 500 million shares authorized, $0.001 par value, 90.6 million shares issued
91
91
Additional paid-in capital
613,890
635,994
Treasury stock, at cost – 42.0 million and 42.4 million shares
(1,560,799
)
(1,575,059
)
Accumulated other comprehensive loss
(118,377
)
(116,105
)
Retained earnings
1,859,282
1,860,319
Total stockholders' equity
794,087
805,240
Total liabilities and stockholders’ equity
$
1,376,798
$
1,405,313
NU SKIN ENTERPRISES, INC.
Reconciliation of Gross Margin Excluding Impact of Inventory Write-off to GAAP Gross Margin
(in thousands, except for per share amounts)
Three months ended
March 31,
2026
2025
Gross profit
$
214,463
$
246,961
Impact of inventory write-off
3,116
-
Adjusted gross profit
$
217,579
$
246,961
Gross margin
66.9
%
67.8
%
Gross margin, excluding inventory write-off impact
67.9
%
67.8
%
Revenue
$
320,608
$
364,490
NU SKIN ENTERPRISES, INC.
Reconciliation of General and Administrative Expenses Excluding Certain Charges to GAAP General and Administrative Expenses
(in thousands, except for per share amounts)
Three months ended
March 31,
2026
2025
General and administrative expenses
$
98,544
$
113,204
Impact of other charges (1)
(2,643
)
(7,966
)
Adjusted general and administrative expenses
$
95,901
$
105,238
General and administrative expenses as a percentage of revenue
30.7
%
31.1
%
General and administrative expenses as a percentage of revenue, excluding certain charges
29.9
%
28.9
%
Revenue
$
320,608
$
364,490
(1) Other charges for the first quarter of 2026 consist of $1.0 million related to the wind down of the separate BeautyBio business and $1.6 million of other employee severance charges. Other charges for the first quarter of 2025 consist of expenses incurred in connection with the Mavely sale, including $2.7 million of transaction bonuses for certain employees and $5.2 million of equity compensation as a result of the vesting of the Mavely profits interest units.
NU SKIN ENTERPRISES, INC.
Reconciliation of Operating Margin Excluding Certain Charges to GAAP Operating Margin
(in thousands, except for per share amounts)
Three months ended
March 31,
2026
2025
Operating income (loss)
$
4,026
$
(9,903
)
Impact of inventory write-off
3,116
-
Impact of other charges (1)
2,643
7,966
Impact of impairment
1,839
25,114
Adjusted operating income
$
11,624
$
23,177
Operating margin
1.3
%
(2.7
)%
Operating margin, excluding certain charges
3.6
%
6.4
%
Revenue
$
320,608
$
364,490
NU SKIN ENTERPRISES, INC.
Reconciliation of Earnings Per Share Excluding Impact of Certain Charges to GAAP Earnings Per Share
(in thousands, except for per share amounts)
Three months ended
March 31,
2026
2025
Net income
$
1,836
$
107,515
Impact of inventory write-off
Inventory write-off
3,116
-
Tax impact
(1,065
)
-
Impact of other charges:
Other charges (1)
2,643
7,966
Tax impact
(903
)
(725
)
Impact of impairment expense:
Impairment
1,839
25,114
Tax impact
(629
)
(5,433
)
Impact of Mavely sale
Gain from Mavely sale
-
(176,162
)
Tax impact
-
31,104
Impact of unrealized investment loss
Unrealized investment loss
-
28,077
Tax impact
-
(6,074
)
Adjusted net income
$
6,837
$
11,382
Diluted earnings per share
$
0.04
$
2.14
Diluted earnings per share, excluding restructuring impact
$
0.14
$
0.23
Weighted-average common shares outstanding (000)
49,422
50,328
NU SKIN ENTERPRISES, INC.
Reconciliation of Earnings Per Share Excluding Impact of Certain Charges to GAAP Earnings Per Share
Year ended December 31,
2026 -
Low end
2026 -
High end
Earnings Per Share
$
0.70
$
1.10
Impact of inventory write-off
Inventory write-off
0.06
0.06
Tax impact
(0.02
)
(0.02
)
Impact of other charges
Other charges (1)
0.05
0.05
Tax impact
(0.02
)
(0.02
)
Impact impairment expense:
Impairment
0.04
0.04
Tax impact
(0.01
)
(0.01
)
Adjusted EPS
$
0.80
$
1.20