Nu Skin Enterprises Reports Third Quarter Earnings
PROVO, Utah--( BUSINESS WIRE)--Nu Skin Enterprises Inc. (NYSE: NUS) today announced third quarter revenue and earnings per share within its guidance range.
"As we look ahead, there is growing excitement and energy for the upcoming launch of our Prysm iO intelligent wellness platform and our expansion into India – two pivotal milestones that will accelerate our vision."
Executive Summary
Q3 2025 vs. Prior-year Quarter
Revenue
$364.2 million; (15.3)% or (11.5)% excluding Mavely 2024 revenue
Earnings Per Share (EPS)
$0.34 compared to $0.17
Customers
746,256; (10)%
Paid Affiliates
130,096; (13)%
Sales Leaders
31,150; (19)%
“We are pleased with our third quarter results, which were in line with expectations, as we continue to navigate a challenging macro environment while preparing for the introduction of our intelligent wellness platform,” said Ryan Napierski, Nu Skin president and CEO. “Our Latin America region once again delivered strong, double-digit year-over-year growth, and we’re encouraged by positive trends such as sequential growth in several of our reporting segments. Through disciplined execution and operational efficiency, we delivered earnings per share at the high end of our guidance range.
“As we look ahead, there is growing excitement and energy for the upcoming launch of our Prysm iO intelligent wellness platform and our expansion into India – two pivotal milestones that will accelerate our vision to become the world’s leading intelligent beauty and wellness company. Our leaders are eager to begin building with Prysm iO with a limited sales leader preview in late Q4 followed by broader sales leader availability and a full consumer launch in 2026. We believe our AI-powered wellness assessment platform will stimulate growth in our nutritional supplements business by providing personalized product recommendations and subscriptions to drive customer lifetime value. We are also preparing for pre-market opening activities in India this month as we build sales momentum ahead of a formal launch in the second half of 2026. We believe these initiatives will lead to a renewed era of growth and shareholder value for Nu Skin.”
Q3 2025 Year-over-year Operating Results
Revenue
$364.2 million compared to $430.1 million
Gross Margin
70.5% compared to 70.1%
Selling Expenses
35.8% compared to 39.0%
G&A Expenses
28.8% compared to 26.9%
Operating Margin
5.9% compared to 4.2%
Interest Expense
$4.1 million compared to $6.5 million
Other Income/ (Expense)
$(1.5) million compared to $1.6 million
Income Tax Rate
(6.8)% compared to 37.6%
EPS
$0.34 compared to $0.17
Stockholder Value
Dividend Payments
$3.0 million
Stock Repurchases
$5.0 million
Q4 and Full-year 2025 Outlook
Q4 2025 Revenue
$365 to $400 million; (18)% to (10)% or (12)% to (3)% excluding Mavely 2024 revenue
Q4 2025 EPS
$0.25 to $0.35
2025 Revenue
$1.48 to $1.51 billion; (15)% to (13)% or (11)% to (9)% excluding Mavely 2024 revenue
2025 EPS
$3.15 to $3.25 or $1.25 to $1.35 excluding Mavely gain and other charges
“We continue to realize the benefits of our operational discipline with continued improvements in gross margin and further expansion of our net cash position,” said James D. Thomas, chief financial officer. “Looking ahead, we are narrowing our revenue and earnings guidance based on our year-to-date performance. For 2025, we project revenue of $1.48 billion to $1.51 billion and earnings per share of $3.15 to $3.25 with adjusted EPS of $1.25 to $1.35. For the fourth quarter, we project revenue between $365 million and $400 million, with earnings per share in the range of $0.25 to $0.35.”
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 Nov. 20, 2025.
About Nu Skin Enterprises Inc.
The Nu Skin Enterprises Inc. (NYSE: NUS) family of companies includes Nu Skin and Rhyz Inc. Nu Skin 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 brands including Nu Skin® personal care, Pharmanex® nutrition and ageLOC® anti-aging, which includes an award-winning line of beauty and wellness device systems. Formed in 2018, Rhyz is a synergistic ecosystem of 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 macro environment and the company’s performance, growth and growth opportunities, shareholder value, product previews and launches and their 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,” “accelerate,” “vision,” “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 important 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 excluding the gain from the Mavely sale, restructuring and impairment expense, unrealized investment loss, and 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, general & administrative expenses, 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 September 30, 2025, and 2024 for each of our reportable segments (U.S. dollars in thousands):
Three Months Ended
September 30,
Constant-Currency
2025
2024
Change
Change
Nu Skin
Americas
$
63,994
$
77,194
(17.1
)%
(10.7
)%
Southeast Asia/Pacific
56,285
59,515
(5.4
)%
(5.4
)%
Mainland China
42,519
53,020
(19.8
)%
(19.8
)%
Japan
44,545
47,222
(5.7
)%
(6.5
)%
Europe & Africa
38,002
38,577
(1.5
)%
(7.4
)%
South Korea
35,202
45,201
(22.1
)%
(20.2
)%
Hong Kong/Taiwan
31,799
33,749
(5.8
)%
(10.1
)%
Nu Skin Other
244
2,518
(90.3
)%
(90.3
)%
Total Nu Skin
312,590
356,996
(12.4
)%
(12.0
)%
Rhyz
Manufacturing
47,648
51,773
(8.0
)%
(8.0
)%
Rhyz Other
3,973
21,376
(81.4
)%
(81.4
)%
Total Rhyz
51,621
73,149
(29.4
)%
(29.4
)%
Total
$
364,211
$
430,145
(15.3
)%
(14.9
)%
The following table sets forth revenue for the nine-month periods ended September 30, 2025, and 2024 for each of our reportable segments (U.S. dollars in thousands):
Nine Months Ended
September 30,
Constant-Currency
2025
2024
Change
Change
Nu Skin
Americas
$
205,998
$
237,160
(13.1
)%
(6.8
)%
Southeast Asia/Pacific
159,291
179,921
(11.5
)%
(11.6
)%
Mainland China
143,518
178,797
(19.7
)%
(19.4
)%
Japan
131,860
134,045
(1.6
)%
(3.5
)%
Europe & Africa
108,351
121,564
(10.9
)%
(13.5
)%
South Korea
101,785
130,283
(21.9
)%
(18.4
)%
Hong Kong/Taiwan
87,773
98,061
(10.5
)%
(12.0
)%
Nu Skin Other
1,200
3,186
(62.3
)%
(62.2
)%
Total Nu Skin
939,776
1,083,017
(13.2
)%
(12.1
)%
Rhyz
Manufacturing
163,338
153,548
6.4
%
6.4
%
Rhyz Other
11,725
49,967
(76.5
)%
(76.5
)%
Total Rhyz
175,063
203,515
(14.0
)%
(14.0
)%
Total
$
1,114,839
$
1,286,532
(13.3
)%
(12.4
)%
The following tables provide information concerning the number of Customers, Paid Affiliates and Sales Leaders in our core Nu Skin business for the three-month periods ended September 30, 2025 and 2024.
Three Months Ended
September 30,
2025
2024
Change
Customers
Americas
224,013
211,583
6
%
Southeast Asia/Pacific
74,672
86,307
(13
)%
Mainland China
106,062
148,402
(29
)%
Japan
107,543
112,257
(4
)%
Europe & Africa
127,993
135,291
(5
)%
South Korea
64,360
90,248
(29
)%
Hong Kong/Taiwan
41,613
47,680
(13
)%
Total Customers
746,256
831,768
(10
)%
Paid Affiliates
Americas
28,128
28,772
(2
)%
Southeast Asia/Pacific
21,144
26,749
(21
)%
Mainland China
18,197
22,843
(20
)%
Japan
20,559
22,623
(9
)%
Europe & Africa
14,803
16,556
(11
)%
South Korea
17,111
20,774
(18
)%
Hong Kong/Taiwan
10,154
10,947
(7
)%
Total Paid Affiliates
130,096
149,264
(13
)%
Sales Leaders
Americas
5,642
6,450
(13
)%
Southeast Asia/Pacific
4,360
5,398
(19
)%
Mainland China
6,543
9,348
(30
)%
Japan
6,686
6,866
(3
)%
Europe & Africa
2,663
3,318
(20
)%
South Korea
3,082
4,388
(30
)%
Hong Kong/Taiwan
2,174
2,516
(14
)%
Total Sales Leaders
31,150
38,284
(19
)%
NU SKIN ENTERPRISES, INC.
Consolidated Statements of Income (Unaudited)
(U.S. dollars in thousands, except per share amounts)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2025
2024
2025
2024
Revenue
$
364,211
$
430,145
$
1,114,839
$
1,286,532
Cost of sales
107,488
128,682
345,422
383,828
Gross profit
256,723
301,463
769,417
902,704
Operating expenses:
Selling expenses
130,264
167,612
377,038
486,617
General and administrative expenses
104,817
115,620
324,746
358,107
Restructuring and impairment expenses
—
—
25,114
156,484
Total operating expenses
235,081
283,232
726,898
1,001,208
Operating income (loss)
21,642
18,231
42,519
(98,504
)
Interest expense
4,145
6,500
9,954
20,545
Gain on sale of business
—
—
176,162
—
Other income (expense), net
(1,503
)
1,567
(30,721
)
1,800
Income (loss) before provision for income taxes
15,994
13,298
178,006
(117,249
)
Provision (benefit) for income taxes
(1,085
)
4,996
32,293
(6,760
)
Net income (loss)
$
17,079
$
8,302
$
145,713
$
(110,489
)
Net income (loss) per share:
Basic
$
0.35
$
0.17
$
2.94
$
(2.23
)
Diluted
$
0.34
$
0.17
$
2.91
$
(2.23
)
Weighted-average common shares outstanding (000s):
Basic
49,398
49,707
49,533
49,645
Diluted
50,310
49,733
50,158
49,645
NU SKIN ENTERPRISES, INC.
Consolidated Balance Sheets (Unaudited)
(U.S. dollars in thousands)
September 30,
2025
December 31,
2024
ASSETS
Current assets:
Cash and cash equivalents
$
251,787
$
186,883
Current investments
1,210
11,111
Accounts receivable, net
48,892
50,784
Inventories, net
178,533
190,242
Prepaid expenses and other
67,721
72,643
Current assets held for sale
—
26,936
Total current assets
548,143
538,599
Property and equipment, net
375,280
379,595
Operating lease right-of-use assets
79,933
72,605
Goodwill
83,625
83,625
Other intangible assets, net
44,198
74,278
Other assets
293,227
298,008
Long-term assets held for sale
—
22,204
Total assets
$
1,424,406
$
1,468,914
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$
28,523
$
34,880
Accrued expenses
205,914
217,808
Current portion of long-term debt
20,000
30,000
Current liabilities held for sale
—
13,919
Total current liabilities
254,437
296,607
Operating lease liabilities
62,382
58,439
Long-term debt
209,044
363,613
Other liabilities
98,748
97,475
Long-term liabilities held for sale
—
1,325
Total liabilities
624,611
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
633,161
627,787
Treasury stock, at cost – 41.5 million and 40.8 million shares
(1,565,275
)
(1,563,614
)
Accumulated other comprehensive loss
(116,916
)
(124,758
)
Retained earnings
1,848,734
1,711,949
Total stockholders' equity
799,795
651,455
Total liabilities and stockholders’ equity
$
1,424,406
$
1,468,914
NU SKIN ENTERPRISES, INC.
Reconciliation of Revenue Growth Rates Excluding Mavely to GAAP Revenue Growth Rates
(in thousands)
Third Quarter
Nine Months
Ended
September 30
2024 Revenue
$
430,145
$
1,286,532
Less: Mavely 2024 Revenue
18,391
37,368
Adjusted 2024 Revenue
$
411,754
$
1,249,164
2025 Revenue
$
364,211
1,114,839
Revenue Growth Rate
(15.3
)%
(13.3
)%
Revenue Growth Rate, excluding Mavely 2024 Revenue
(11.5
)%
(10.8
)%
NU SKIN ENTERPRISES, INC.
Reconciliation of Earnings Per Share Excluding Impact of Mavely Gain and Certain Charges to GAAP Earnings Per Share
Year ended December 31, 2025
Low end
High end
Earnings Per Share
$
3.15
$
3.25
Impact of other charges (1)
Other charges
0.16
0.16
Tax impact
(0.01
)
(0.01
)
Impact of restructuring and impairment expense:
Restructuring and impairment
0.50
0.50
Tax impact
(0.11
)
(0.11
)
Impact of gain on Mavely sale
Gain on Mavely sale
(3.50
)
(3.50
)
Tax impact
0.62
0.62
Impact of unrealized investment loss
Unrealized investment loss
0.56
0.56
Tax impact
(0.12
)
(0.12
)
Adjusted Earnings Per Share
$
1.25
$
1.35
__________________________
(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.
NU SKIN ENTERPRISES, INC.
Reconciliation of Revenue Growth Rates Excluding Mavely to GAAP Revenue Growth Rates
(in thousands)
Three months ended
December 31, 2025
Year ended
December 31, 2025
Low end
High end
Low end
High end
2024 Revenue
$
445,552
$
445,552
$
1,732,084
$
1,732,084
Less: Mavely 2024 Revenue
32,252
32,252
69,620
69,620
Adjusted 2024 Revenue
$
413,300
$
413,300
$
1,662,464
$
1,662,464
Revenue Growth Rate
(18
)%
(10
)%
(15
)%
(13
)%
Revenue Growth Rate, excluding Mavely
(12
)%
(3
)%
(11
)%
(9
)%
2025 Forecasted Revenue
$
365,000
$
400,000
$
1,479,839
$
1,514,839