USANA Health Sciences (USNA) Q4 2025 earnings summary

Executive summary

• Leadership transition with the CEO returning to drive renewed and sustainable growth, emphasizing strategic focus and operational discipline.

• Q4 2025 net sales reached $226.2M, up 6% year-over-year, with full-year 2025 net sales at $925.3M, an 8% increase year-over-year, driven by Hiya's full-year contribution and growth in omnichannel brands.

• Strategic priorities include strengthening global brand positioning, enhancing customer and partner experience, reinvigorating sales, advancing product innovation, improving operational efficiency, and executing with accountability.

• Focus on omni-channel expansion, technology modernization, and leveraging in-house manufacturing to improve margins and efficiency.

• Active customer counts declined to 387,000 from 454,000 year-over-year, but Hiya gained 181,700 active monthly subscribers.

Financial highlights

• Fiscal 2026 net sales expected to grow 4% at the midpoint, driven by Rise Wellness and Hiya brands.

• Inventory increased by $35 million (48%) year-over-year to $107 million, mainly to support growth at Rise Wellness and Hiya.

• Cost realignment in Q4 reduced workforce by about 10%, resulting in $10+ million in annual savings, primarily in SG&A.

• Adjusted EBITDA for 2025 was $101.3M, down 8% year-over-year; Q4 2025 adjusted EBITDA was $27.3M, up 7% sequentially.

• Net earnings for 2025 were $10.8M, down 74% year-over-year, with diluted EPS at $0.58 and adjusted diluted EPS at $1.93.

Outlook and guidance

• Fiscal 2026 consolidated net sales are projected between $925M and $1.0B (flat to 8% growth), with net earnings of $20.3M–$26.6M and diluted EPS of $1.11–$1.45.

• Adjusted diluted EPS expected at $1.95–$2.29; adjusted EBITDA at $101.3M–$109.3M.

• Technology investments to improve customer experience and efficiency are planned but not yet included in 2026 guidance.

• Effective tax rate for 2026 expected between 55% and 60%, impacted by geographic revenue/cost misalignment and one-time costs.

• Seasonality expected, with stronger Q1 and Q2 due to Chinese New Year and conventions, a lull in Q3, and a rebound in Q4.