Jamieson Wellness (JWEL) Q4 2025 earnings summary

Executive summary

• Achieved consolidated revenue growth of 12% for fiscal 2025 to $822.1M, with branded business up nearly 16% and strong gains in China (+56%) and Youtheory.

• Q4 2025 revenue rose 13.4% to $277.7M, led by 17.1% growth in Jamieson Brands and double-digit growth in Canada, U.S., China (+43.9%), and international markets.

• Adjusted EBITDA for Q4 2025 increased 13.7% to $67.6M (24.3% margin); full-year adjusted EBITDA was $159.7M, up 13.3%.

• Net earnings for Q4 2025 were $37.6M; full-year net earnings were $64.5M, up 26.1%.

• Implemented a new ERP/SAP system in Q1 2025, modernizing global operations.

Financial highlights

• Q4 2025 gross profit margin improved to 42.7%, up 180 bps year-over-year; full-year gross profit margin was 41.2%.

• Adjusted diluted EPS for Q4 2025 was $0.90, up 12.5%; full-year adjusted diluted EPS was $1.85.

• Cash from operations in Q4 2025 was $31.9M, with year-end cash and available facilities at $126.6M; net debt at $373.4M.

• Simple free cash flow conversion remained above 90% for the year.

Outlook and guidance

• Fiscal 2026 consolidated revenue expected between $895M–$935M (9–13.7% growth); Jamieson Brands revenue guidance: $790M–$820M (8.7–13%).

• Regional 2026 growth: China 20–30%, U.S. 14–19%, Canada 4–6%, International 10–15%, Strategic Partners 10–20%.

• Adjusted EBITDA projected at $174M–$181M (9–13.4% growth), margin around 19.4%; adjusted diluted EPS $2.08–$2.21 (12.5–19.5% growth).

• SG&A, including marketing, expected to rise 10–16% in 2026; capital expenditures planned at $20M.