Nu Skin Enterprises (NUS) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue was $370.3M, down 16.9% year-over-year, or 10.4% excluding Mavely, with a 0.2% negative FX impact; EPS was $0.29, compared to $(0.73) prior year, or $0.38 excluding restructuring and other charges.

• Full-year 2025 revenue was $1.49B, down 14.3% year-over-year, or 10.7% excluding Mavely; adjusted EPS was $1.27, up 51% from $0.84 in 2024, reflecting margin expansion and cost optimization.

• Stock price increased 40% in 2025, reflecting improved earnings and strategic transformation progress.

• Customer, paid affiliate, and sales leader counts declined 10%, 11%, and 19% year-over-year, respectively, in Q4.

• Completed the Mavely transaction, strengthening the balance sheet and enabling more aggressive pursuit of growth initiatives.

Financial highlights

• Q4 2025 gross margin was 70.7% (71.4% excluding inventory write-off), up from 62.7% prior year; core business gross margin was 77.6%.

• Q4 operating margin was 6.3% (7.7% ex-charges), up from (11.9)% prior year; adjusted operating margin for 2025 was 6.7%, up 140 bps.

• Full-year net income was $160.2M, up from a loss of $(146.6)M in 2024.

• Q4 adjusted net income was $14.5M; Q4 interest expense was $4.0M, down from $5.9M.

• Cash and cash equivalents at year-end: $238.6M, with long-term debt reduced to $204.2M.

Outlook and guidance

• Full-year 2026 revenue guidance is $1.35–$1.5B, down 9% to up 1% year-over-year, with a $13–$15M FX headwind; EPS expected between $0.80 and $1.20, reflecting a higher projected tax rate of 35%.

• Q1 2026 revenue guidance is $320–$340M, down 12% to 7% year-over-year, with EPS of $0.10–$0.20.

• Anticipates return to year-over-year revenue growth by end of 2026, driven by Prysm iO launch and India market entry.