Nu Skin Enterprises (NYSE:NUS) said it delivered fourth-quarter and full-year 2025 results within its guidance range, while leadership emphasized that 2026 will be a “pivotal year” focused on launching its Prysm iO intelligent wellness platform, expanding into India, and continuing operational efficiency initiatives.
Management frames 2025 as a transition year
President and CEO Ryan Napierski said 2025 was an important year as the company “realign[ed]” the business following the transaction of Mavely, which he said strengthened the balance sheet and enabled Nu Skin to more aggressively pursue its strategy of becoming “the world’s leading intelligent beauty, wellness, and lifestyle leadership opportunity platform.”
Prysm iO launch plan and the data strategy
Napierski positioned Prysm iO as a central part of the company’s move into the “wellness revolution,” describing it as a non-invasive carotenoid measurement device designed to provide insights across four domains: diet, fitness, lifestyle, and nutritional supplementation. He said Nu Skin is building on its portfolio of connected devices and its BioPhotonic Scanner technology.
He also highlighted the scale of the company’s nutrition-related dataset, saying Nu Skin has accumulated nearly 400 million “intelligent wellness data points” from 21 million scans of more than 10 million people in 50 countries, which the company believes represents the world’s largest database on carotenoid health. Separately, he said Nu Skin has gathered more than 1 billion data points from its connected beauty and wellness devices.
The company plans to use AI to support three applications:
- Intelligent scoring, comparing an individual’s results against the company’s scan database
- Intelligent insights, offering personalized recommendations on diet, fitness, lifestyle, and supplementation
- Intelligent product recommendations, tied to a customer’s insights
Napierski said Prysm iO will also introduce a proprietary “Nutritional Health Score,” a biomarker based on skin carotenoid levels intended to offer consumers a scalable way to measure the impact of nutrition and lifestyle choices.
From a commercialization standpoint, management described Prysm iO as both a customer acquisition tool and a driver of subscription revenue. Napierski said the company is aiming to place more than 100,000 devices by the end of 2026, following the product’s introduction in late 2025, and shared an internal aspiration to reach 10 million “healthy households” by 2030.
During Q&A, management said it is not providing direct revenue guidance yet for Prysm iO subscription conversion, citing the early stage of rollout. Napierski noted that based on an estimated market value of around $300 per device, 100,000 units would imply roughly $30 million in device revenue, while subscription uptake remains a key unknown the company expects to learn more about over time.
CFO James Thomas said the rollout is expected to be weighted toward the back half of 2026, with leader engagement and device placements in the first half, followed by full consumer launches in the second half. He added that the company is looking for a stronger back-half forecast in the third and fourth quarters of 2026.
India expansion: groundwork in 2026, opening anticipated late 2026
India was highlighted as a major long-term opportunity, with Napierski calling out the country’s population and growing middle class. Nu Skin began pre-market operations in mid-November 2025 and is preparing for a formal market opening anticipated in late 2026.
Napierski said Nu Skin’s operating model for India includes a localized product portfolio priced for the local middle class, a modified compensation plan, and a “digital-first infrastructure” through a partnership with Infosys. Current work is focused on operational infrastructure (including local manufacturing and logistics), building digital processes, and acquiring customers and brand affiliates ahead of the formal opening.
He said early learnings suggest India is advancing toward “strong digital-first aspirations,” though local infrastructure still needs improvement. He also described Indian consumers and micro-entrepreneurs as “highly aspirational but financially conservative,” with beauty and wellness seen as aspirational categories that can carry longer sales and activation cycles.
In Q&A, management said it is being conservative about near-term revenue contributions from India in 2026 given the timing of the formal opening, while emphasizing longer-term potential into 2027 and beyond.
Q4 and full-year 2025 financial results
Thomas said Nu Skin delivered 2025 adjusted earnings per share of $1.27, up from $0.84 the prior year, which he attributed to gross margin expansion, selling expense optimization, and disciplined G&A management. He also said the company strengthened its balance sheet and generated free cash flow while returning capital to shareholders.
For the fourth quarter, the company reported revenue of $370 million, including an approximately $1 million foreign-currency headwind. Adjusted EPS was $0.29. Gross margin was 70.7% compared with 71.4% a year earlier, which Thomas said was primarily due to revenue mix between Rhyz entities and Nu Skin segments. Within the core Nu Skin business, gross margin was 77.6%, up 100 basis points from the prior year. Selling expense was 35.5% versus 37.1% a year earlier, while operating margin was 6.3%.
For full-year 2025, Nu Skin generated $1.49 billion in revenue, with a foreign-currency headwind of approximately $13.4 million. Core Nu Skin gross margin was 77.4%, up 80 basis points year over year. Thomas said the company saw sequential improvement through the first three quarters, with a slight fourth-quarter dip tied to a higher promotional period, and added that current inventory levels may provide further gross margin expansion opportunity in 2026. Adjusted operating margin was 6.7%, up from 5.3% the prior year.
Thomas said the company benefited from an R&D tax credit that reduced tax expense by about $8.1 million, resulting in an 18.8% effective tax rate for 2025.
On liquidity, Nu Skin ended the quarter with about $240 million in cash and reduced debt to $224 million, which Thomas said produced an expanded net cash position. Full-year cash flow from operations was $80.3 million. The company returned capital through about $11.8 million in dividends and $20 million of share repurchases, and it had $142.3 million remaining under its repurchase authorization.
2026 outlook and operating assumptions
For 2026, the company guided to revenue of $1.35 billion to $1.5 billion, including an estimated foreign exchange headwind of $13 million to $15 million (about 1%). Adjusted earnings per share is expected to be $0.80 to $1.20, reflecting an expected 35% tax rate.
For the first quarter of 2026, Nu Skin forecast revenue of $320 million to $340 million, with about a 1% foreign-currency headwind, and EPS of $0.10 to $0.20, noting the first quarter is typically the lowest due to seasonality.
In Q&A, Thomas discussed elements of leverage in the outlook, pointing to potential gross margin expansion consistent with 2025’s improvement, selling expense generally targeted around 40% to 41% in the core business, and continued efforts to align G&A with revenue. He also noted the year-over-year comparison in EPS reflects the absence of the prior-year R&D tax credit benefit, even as the company expects operating margin improvement.
Also during Q&A, management highlighted the restaging and rollout of Tru Face, described as a premium skincare line that has been reformulated and updated with sustainable packaging, and said it has been receiving strong reception as it rolls out globally. Napierski also pointed to Latin America as a continued strong performer and said the company is watching for improvements across China, Europe, and markets in Southeast Asia, with focus on China, Japan, Korea, and North America as Prysm iO adoption ramps.
Closing the call, Napierski reiterated that the company’s roadmap centers on the 2026 Prysm iO launch and progress toward a formal India market opening anticipated late in the year, alongside efforts to improve operating efficiency and support a return to growth by the end of 2026.
About Nu Skin Enterprises (NYSE:NUS)
Nu Skin Enterprises, Inc is a Utah-based direct selling company that develops and distributes personal care products and dietary supplements. Operating through a network marketing model, Nu Skin offers a portfolio of wellness, anti-aging skin care, hair care and nutritional products designed to support healthy living and appearance. The company leverages independent distributors to market its offerings directly to consumers across multiple channels, including online platforms and localized events.
Founded in 1984 by Blake M.
