Nu Skin Enterprises Reports Fourth Quarter and Full-year 2025 Results Within Guidance
PROVO, Utah--( BUSINESS WIRE)--Nu Skin Enterprises Inc. (NYSE: NUS) today announced fourth quarter and full-year 2025 revenue and earnings within guidance with more than 50% growth in earnings for 2025.
"Looking ahead, we continue to build sales leader alignment in the first half of the year around the global launch of Prysm iO, positioning us for a return to year-over-year revenue growth by year’s end."
Executive Summary
Q4 2025 vs. Prior-year Quarter
Revenue
$370.3 million; (16.9)% or (10.4)% excluding Mavely 2024 revenue
Earnings Per Share (EPS)
$0.29 compared to $(0.73) or $0.38 excluding restructuring and other charges
Customers
748,796; (10)%
Paid Affiliates
129,311; (11)%
Sales Leaders
30,045; (19)%
Executive Summary
2025 vs. 2024
Revenue:
$1.49 billion; (14.3)% or (10.7%) excluding Mavely 2024 revenue
Earnings Per Share (EPS):
$3.18 or $1.27 excluding Mavely gain and other charges compared to $(2.95) or $0.84 excluding restructuring and other charges
“We are pleased to achieve fourth quarter results within our guidance range for both revenue and earnings per share," said Ryan Napierski, Nu Skin president and CEO. “This past year was a pivotal year as we furthered our transformation toward becoming the world’s leading intelligent beauty and wellness platform and laid the groundwork for our 2026 growth initiatives. Looking ahead, we continue to build sales leader alignment in the first half of the year around the global launch of Prysm iO, positioning us for a return to year-over-year revenue growth by year’s end.
“We are now placing Prysm iO intelligent wellness devices into the hands of sales leaders around the world ahead of our consumer launch in the second half of the year. More than 20,000 devices are already in the hands of our sales leaders generating more than 700,000 scans. As we gain greater adoption and more individuals are scanning and receiving their personalized product recommendations, we anticipate this will drive growth in subscriptions leading to greater customer lifetime value. We have also begun pre-market activities in India, setting the operational foundation and infrastructure ahead of a full market opening anticipated in the back half of the year. Overall, we are encouraged by the progress we are making and believe these two initiatives give us the greatest opportunity for sustainable, long-term growth and increased shareholder value.”
Q4 2025 Year-over-year Operating Results
Revenue
$370.3 million compared to $445.6 million or $413.3 million excluding Mavely 2024 revenue
Gross Margin
70.7% compared to 62.7% or 71.4% excluding inventory write-off
Selling Expenses
35.5% compared to 37.1%
G&A Expenses
29.0% compared to 27.1%
Operating Margin
6.3% compared to (11.9)% or 7.7% excluding restructuring and other charges
Interest Expense
$4.0 million compared to $5.9 million
Other Income (Expense)
$(1.1) million compared to $1.1 million
Income Tax Rate
20.3% compared to 37.5% or 36.6% excluding restructuring and other charges
EPS
$0.29 compared to $(0.73) or $0.38 excluding restructuring and other charges
Stockholder Value
Dividend Payments
$2.9 million
Stock Repurchases
$10.0 million
Q1 and Full-year 2026 Outlook
Q1 2026 Revenue
$320 to $340 million; (12)% to (7)%
Q1 2026 EPS
$0.10 to $0.20
2026 Revenue
$1.35 to $1.50 billion; (9)% to 1%
2026 EPS
$0.80 to $1.20
“We are pleased with how we performed this year, growing earnings by more than 50% due to effective margin improvement and cost optimization amidst top-line pressures,” said James D. Thomas, chief financial officer. “As we look to return to year-over-year growth by year’s end, our annual revenue guidance is $1.35 to $1.50 billion, with an approximate 1% foreign currency headwind. We anticipate EPS of $0.80 to $1.20 with a forecasted tax rate of 35%. For the first quarter, which is typically our lowest quarter due to seasonality of our business, we project revenue of $320 to $340 million. This assumes a negative foreign currency impact of approximately 1%. We project earnings per share of $0.10 to $0.20.”
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 Feb. 26, 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, and growth opportunities and initiatives, shareholder value, transformation, the Prysm launch and its potential benefits to the business, and new 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,” “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, operating margin and income tax rate, each excluding inventory write-off charges, restructuring and impairment expense, the gain from the Mavely sale, unrealized investment loss, and/or other charges, as well as revenue growth rate excluding Mavely 2024 revenue, 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 December 31, 2025, and 2024 for each of our reportable segments (U.S. dollars in thousands):
Three Months Ended
December 31,
Constant-Currency
2025
2024
Change
Change
Nu Skin
Americas
$
76,977
$
85,356
(9.8
)%
(4.5
)%
Southeast Asia/Pacific
50,210
64,925
(22.7
)%
(22.9
)%
Mainland China
52,035
56,438
(7.8
)%
(9.0
)%
Japan
42,504
47,512
(10.5
)%
(9.5
)%
Europe & Africa
41,800
42,600
(1.9
)%
(10.2
)%
South Korea
28,431
33,423
(14.9
)%
(11.8
)%
Hong Kong/ Taiwan
29,605
32,549
(9.0
)%
(11.6
)%
Other
239
(354
)
167.5
%
171.1
%
Total Nu Skin
321,801
362,449
(11.2
)%
(11.0
)%
Rhyz
Manufacturing
42,451
47,882
(11.3
)%
(11.3
)%
Rhyz Other
6,068
35,221
(82.8
)%
(82.8
)%
Total Rhyz
48,519
83,103
(41.6
)%
(41.6
)%
Total
$
370,320
$
445,552
(16.9
)%
(16.7
)%
The following table sets forth revenue for the years ended December 31, 2025, and 2024 for each of our reportable segments (U.S. dollars in thousands):
Year Ended
December 31,
Constant-Currency
2025
2024
Change
Change
Nu Skin
Americas
$
282,975
$
322,516
(12.3
)%
(6.2
)%
Southeast Asia/Pacific
209,802
244,846
(14.3
)%
(14.6
)%
Mainland China
195,553
235,235
(16.9
)%
(16.9
)%
Japan
174,364
181,557
(4.0
)%
(5.1
)%
Europe & Africa
150,151
164,164
(8.5
)%
(12.6
)%
South Korea
130,216
163,706
(20.5
)%
(17.1
)%
Hong Kong/ Taiwan
117,378
130,610
(10.1
)%
(11.9
)%
Other
1,138
2,832
(59.8
)%
(48.5
)%
Total Nu Skin
1,261,577
1,445,466
(12.7
)%
(11.8
)%
Rhyz
Manufacturing
205,788
201,430
2.2
%
2.2
%
Rhyz Other
17,794
85,188
(79.1
)%
(79.1
)%
Total Rhyz
223,582
286,618
(22.0
)%
(22.0
)%
Total
$
1,485,159
$
1,732,084
(14.3
)%
(13.5
)%
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 December 31, 2025, and 2024:
Three Months Ended
December 31,
2025
2024
Change
Customers
Americas
225,527
227,556
(1
)%
Southeast Asia/Pacific
74,300
82,956
(10
)%
Mainland China
118,523
150,731
(21
)%
Japan
104,439
110,069
(5
)%
Europe & Africa
127,910
133,306
(4
)%
South Korea
58,880
81,301
(28
)%
Hong Kong/Taiwan
39,217
46,053
(15
)%
Total
748,796
831,972
(10
)%
Paid Affiliates
Americas
28,900
28,361
2
%
Southeast Asia/Pacific
20,260
26,310
(23
)%
Mainland China
18,922
22,125
(14
)%
Japan
20,126
22,318
(10
)%
Europe & Africa
14,918
16,860
(12
)%
South Korea
16,341
17,939
(9
)%
Hong Kong/Taiwan
9,844
10,961
(10
)%
Total
129,311
144,874
(11
)%
Sales Leaders
Americas
6,016
6,778
(11
)%
Southeast Asia/Pacific
4,272
5,288
(19
)%
Mainland China
6,065
8,969
(32
)%
Japan
6,259
6,780
(8
)%
Europe & Africa
2,722
3,343
(19
)%
South Korea
2,547
3,343
(24
)%
Hong Kong/Taiwan
2,164
2,411
(10
)%
Total
30,045
36,912
(19
)%
NU SKIN ENTERPRISES, INC.
Consolidated Statements of Income (Unaudited)
(U.S. dollars in thousands, except per share amounts)
Three Months Ended
December 31,
Year Ended
December 31,
2025
2024
2025
2024
Revenue
$
370,320
$
445,552
$
1,485,159
$
1,732,084
Cost of sales
108,339
166,405
453,761
550,233
Gross profit
261,981
279,147
1,031,398
1,181,851
Operating expenses:
Selling expenses
131,342
165,422
508,380
652,039
General and administrative expenses
107,395
120,930
432,141
479,037
—
45,876
25,114
202,360
Total operating expenses
238,737
332,228
965,635
1,333,436
Operating income (loss)
23,244
(53,081
)
65,763
(151,585
)
Interest expense
3,994
5,864
13,948
26,409
Gain on sale
—
—
176,162
—
Other income (expense), net
(1,059
)
1,143
(31,780
)
2,943
Income (loss) before provision for income taxes
18,191
(57,802
)
196,197
(175,051
)
Provision (benefit) for income taxes
3,700
(21,697
)
35,993
(28,457
)
Net income (loss)
$
14,491
$
(36,105
)
$
160,204
$
(146,594
)
Net income (loss) per share:
Basic
$
0.30
$
(0.73
)
$
3.25
$
(2.95
)
Diluted
$
0.29
$
(0.73
)
$
3.18
$
(2.95
)
Weighted-average common shares outstanding (000s):
Basic
48,581
49,712
49,293
49,662
Diluted
49,912
49,712
50,301
49,662
Consolidated Balance Sheets (Unaudited)
(U.S. dollars in thousands)
December 31,
2025
2024
ASSETS
Current assets
Cash and cash equivalents
$
238,630
$
186,883
Current investments
1,211
11,111
Accounts receivable, net
39,544
50,784
Inventories, net
178,643
190,242
Prepaid expenses and other
89,670
72,643
Current assets held for sale
—
26,936
Total current assets
547,698
538,599
Property and equipment, net
377,168
379,595
Operating lease right-of-use assets
74,021
72,605
Goodwill
83,625
83,625
Other intangible assets, net
42,614
74,278
Other assets
280,187
298,008
Long-term assets held for sale
—
22,204
Total assets
$
1,405,313
$
1,468,914
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable
$
26,183
$
34,880
Accrued expenses
217,551
217,808
Current portion of long-term debt
20,000
30,000
Current liabilities held for sale
—
13,919
Total current liabilities
263,734
296,607
Operating lease liabilities
57,640
58,439
Long-term debt
204,187
363,613
Other liabilities
74,512
97,475
Long-term liabilities held for sale
—
1,325
Total liabilities
600,073
817,459
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
635,994
627,787
Treasury stock, at cost – 42.4 million and 40.8 million shares
(1,575,059
)
(1,563,614
)
Accumulated other comprehensive loss
(116,105
)
(124,758
)
Retained earnings
1,860,319
1,711,949
Total stockholders’ equity
805,240
651,455
Total liabilities and stockholders’ equity
$
1,405,313
$
1,468,914
NU SKIN ENTERPRISES, INC.
Reconciliation of Revenue Growth Rates Excluding Mavely to GAAP Revenue Growth Rates
(in thousands)
Fourth Quarter
Full Year
2024 Revenue
$
445,552
$
1,732,084
Less: Mavely 2024 Revenue
32,252
69,620
Adjusted 2024 Revenue
$
413,300
$
1,662,464
2025 Revenue
$
370,320
$
1,485,159
Revenue Growth Rate
(16.9
)%
(14.3
)%
Revenue Growth Rate, excluding Mavely
(10.4
)%
(10.7
)%
NU SKIN ENTERPRISES, INC.
Reconciliation of Gross Margin Excluding Impact of Inventory Write-off to GAAP Gross Margin
(in thousands)
Three months ended
December 31,
Year ended
December 31,
2025
2024
2025
2024
Gross Profit
$
261,981
$
279,147
$
1,031,398
$
1,181,851
Impact of inventory write-off
-
38,765
-
38,765
Adjusted Gross Profit
$
261,981
$
317,912
$
1,031,398
$
1,220,616
Gross Margin
70.7
%
62.7
%
69.4
%
68.2
%
Gross Margin, excluding inventory write-off impact
70.7
%
71.4
%
69.4
%
70.5
%
Revenue
$
370,320
$
445,552
$
1,485,159
$
1,732,084
NU SKIN ENTERPRISES, INC.
Reconciliation of Core Nu Skin Business Gross Margin Excluding Impact of Inventory Write-off to GAAP Gross Margin
(in thousands)
Three months ended
December 31,
2025
2024
Gross Profit
$
249,869
$
244,754
Impact of inventory write-off
-
32,704
Adjusted Gross Profit
$
249,869
$
277,458
Gross Margin
77.6
%
67.5
%
Gross Margin, excluding inventory write-off impact
77.6
%
76.6
%
Revenue
$
321,801
$
362,449
NU SKIN ENTERPRISES, INC.
Reconciliation of Operating Margin Excluding Certain Charges to GAAP Operating Margin
(in thousands)
Three months ended
December 31,
Year ended December 31,
2025
2024
2025
2024
Operating (loss) income
$
23,244
$
(53,081
)
$
65,763
$
(151,585
)
Impact of inventory write-off
-
38,765
-
38,765
Impact of other charges (1)
-
2,940
7,966
2,940
Impact of restructuring and impairment
-
45,876
25,114
202,360
Adjusted operating income
$
23,244
$
34,500
$
98,843
$
92,480
Operating margin
6.3
%
(11.9
)%
4.4
%
(8.8
)%
Operating margin, excluding certain charges
6.3
%
7.7
%
6.7
%
5.3
%
Operating margin growth
152.9
%
150.0
%
Operating margin growth (decline), excluding certain charges
(18.2
)%
26.4
%
Revenue
$
370,320
$
445,552
$
1,485,159
$
1,732,084
(1) Other charges consist of expenses incurred during the first quarter of 2025 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. Other charges for the fourth quarter and full year 2024 consist of transaction-related expenses incurred related to the sale of Mavely.
NU SKIN ENTERPRISES, INC.
Reconciliation of Effective Tax Rate Excluding Impact of Mavely Gain and Certain Charges to GAAP Effective Tax Rate
(in thousands)
Three months ended
December 31,
Year ended December 31,
2025
2024
2025
2024
Provision (benefit) for income taxes
$
3,700
$
(21,697
)
$
35,993
$
(28,457
)
Impact of inventory write-off on provision for income taxes
-
14,643
14,643
Impact of other charges on provision for income taxes
-
632
725
632
Impact of restructuring and impairment on provision for income taxes
-
17,329
5,433
40,399
Impact of gain on Mavely sale on provision for income taxes
-
-
(31,104
)
-
Impact of gain on unrealized investment loss on provision for income taxes
-
-
6,074
-
Provision for income taxes, excluding impact of certain charges
$
3,700
$
10,907
$
17,121
$
27,217
Income (loss) before provision for income taxes
18,191
(57,802
)
196,197
(175,051
)
Impact of inventory-write off
-
38,765
-
38,765
Impact of other charges (1)
-
2,940
7,966
2,940
Impact of restructuring and impairment expense:
-
45,876
25,114
202,360
Impact of gain on Mavely sale
-
-
(176,162
)
-
Impact of unrealized investment loss
-
-
28,077
-
Income before provision for income taxes, excluding impact certain charges
$
18,191
$
29,779
$
81,192
$
69,014
Effective tax rate
20.3
%
37.5
%
18.3
%
16.3
%
Effective tax rate, excluding impact of certain charges
20.3
%
36.6
%
21.1
%
39.4
%
NU SKIN ENTERPRISES, INC.
Reconciliation of Earnings Per Share Excluding Impact of Mavely Gain and Certain Charges to GAAP Earnings Per Share
(in thousands, except for per share amounts)
Three months ended
December 31,
Year ended December 31,
2025
2024
2025
2024
Net income (loss)
$
14,491
$
(36,105
)
$
160,204
$
(146,594
)
Impact of inventory write-off
Inventory write-off
-
38,765
-
38,765
Tax impact
-
(14,643
)
-
(14,643
)
Impact of other charges
Other charges (1)
-
2,940
7,966
2,940
Tax impact
-
(632
)
(725
)
(632
)
Impact of restructuring and impairment expense:
Restructuring and impairment
-
45,876
25,114
202,360
Tax impact
-
(17,329
)
(5,433
)
(40,399
)
Impact of Mavely sale
Gain on 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
$
14,491
$
18,872
$
64,071
$
41,797
Diluted earnings per share
$
0.29
$
(0.73
)
$
3.18
$
(2.95
)
Diluted earnings per share, excluding impact of certain charges
$
0.29
$
0.38
$
1.27
$
0.84
Diluted earnings per share growth
139.7
%
207.8
%
Diluted earnings per share growth (decline), excluding impact of certain charges
(23.7
)%
51.2
%
Weighted-average common shares outstanding (000)
49,912
49,712
50,301
49,662