Nu Skin Enterprises (NUS) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue was $364.5 million, down 12.7% year-over-year but at the high end of guidance, with a 3% negative FX impact.

• Adjusted EPS was $0.23, up from $0.09 last year, while reported EPS was $2.14 due to a $176.2 million gain from the Mavely sale.

• Net income surged to $107.5 million from a loss of $0.5 million in Q1 2024, primarily due to the Mavely sale.

• Customer count declined 11%, paid affiliates fell 15%, and sales leaders dropped 20% year-over-year.

• Growth in Latin America and manufacturing offset declines in other regions, while premium beauty demand remained pressured by inflation and tariffs.

Financial highlights

• Gross margin was 67.8%, down from 70.5% year-over-year; core business gross margin was 76.7%.

• Adjusted operating margin was 6.4%, up from 3.8% year-over-year; GAAP operating margin was -2.7%.

• Adjusted net income was $11.4 million, up from $4.2 million year-over-year.

• Selling expenses were 32.5% of revenue, down from 36.8% year-over-year.

• General and administrative expenses were 28.9% of revenue (adjusted), down from 29.9%.

Outlook and guidance

• Q2 2025 revenue guidance is $355–$390 million, down 19%–11% year-over-year, with a 2–3% expected FX headwind.

• Q2 2025 EPS guidance is $0.20–$0.30.

• Full-year 2025 revenue guidance is $1.48–$1.62 billion, down 15%–6% year-over-year, or 11%–3% excluding Mavely; FX impact expected at -3%.

• Full-year 2025 EPS guidance is $2.80–$3.20, or $0.90–$1.30 excluding Mavely gain and other charges.

• Guidance maintained due to ongoing uncertainty; updates expected after Q2.