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FOR IMMEDIATE RELEASE

Nu Skin Enterprises Reports Third Quarter Earnings
 
Company preparing for limited introduction of Prysm iO and pre-market opening of India in the fourth quarter

PROVO, Utah — Nov. 6, 2025 — Nu Skin Enterprises Inc. (NYSE: NUS) today announced third quarter revenue and earnings per share within its guidance range.

Executive Summary
Q3 2025 vs. Prior-year Quarter

Revenue
    
$364.2 million; (15.3)% or (11.5)% excluding Mavely 2024 revenue
•          (0.4)% FX impact or $(1.7) million
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.”
 
Nu Skin Enterprises Reports Third Quarter 2025 Financial Results
page 2
Q3 2025 Year-over-year Operating Results

Revenue
    
$364.2 million compared to $430.1 million
•          (0.4)% FX impact or $(1.7) million
Gross Margin
    
70.5% compared to 70.1%
•          Nu Skin business was 77.7% compared to 76.5%
Selling Expenses
    
35.8% compared to 39.0%
•          Nu Skin business was 41.7% compared to 43.5%, which included expense for biannual sales conferences in 2024
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
•          $152.4 million remaining in authorization

Q4 and Full-year 2025 Outlook

Q4 2025 Revenue
    
$365 to $400 million; (18)% to (10)% or (12)% to (3)% excluding Mavely 2024 revenue
  •         Approximately (1)% FX impact
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
  •         Approximately (1)% FX impact
2025 EPS
    
$3.15 to $3.25 or $1.25 to $1.35 excluding Mavely gain and other charges

Nu Skin Enterprises Reports Third Quarter 2025 Financial Results
page 3
“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.
 
Nu Skin Enterprises Reports Third Quarter 2025 Financial Results
page 4
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:

•
any failure of current or planned initiatives or products to generate interest among the company’s sales force and customers and generate sponsoring and selling activities on a sustained basis;
•
risk that direct selling laws and regulations in any of the company’s markets, including the United States and Mainland China, may be modified, interpreted or enforced in a manner that results in negative changes to the company’s business model or negatively impacts its revenue, sales force or business, including through the interruption of sales activities, loss of licenses, increased scrutiny of sales force actions, imposition of fines, or any other adverse actions or events;
•
economic conditions and events globally;
•
the company’s future tax-planning initiatives, any prospective or retrospective increases in duties or tariffs on the company’s products imported into the company’s markets, and any adverse results of tax audits or unfavorable changes to tax laws in the company’s various markets;
•
competitive pressures in the company’s markets;
 •
risk that epidemics or other crises, as well as any related disruptions, could negatively impact our business;
•
adverse publicity related to the company’s business, products, industry or any legal actions or complaints by the company’s sales force or others;
•
political, legal, tax and regulatory uncertainties, including trade policies, associated with operating in Mainland China and other international markets;
•
uncertainty regarding meeting restrictions and other government scrutiny in Mainland China, as well as negative media and consumer sentiment in Mainland China on our business operations and results;
•
risk of foreign-currency fluctuations and the currency translation impact on the company’s business associated with these fluctuations;
•
uncertainties regarding the future financial performance of the businesses the company has acquired;
•
risks related to accurately predicting, delivering or maintaining sufficient quantities of products to support planned initiatives or launch strategies, and increased risk of inventory write-offs if the company over-forecasts demand for a product or changes its planned initiatives or launch strategies; and
•
regulatory risks associated with the company’s products, which could require the company to modify its claims or inhibit its ability to import or continue selling a product in a market if the product is determined to be a medical device or if the company is unable to register the product in a timely manner under applicable regulatory requirements.
 
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.
 
Nu Skin Enterprises Reports Third Quarter 2025 Financial Results
page 5
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.

•
Restructuring and impairment expense and unrealized investment loss are not part of the ongoing operations of our underlying business;
•
Mavely revenue is no longer included in our operations following our sale of this business on January 2, 2025; and
•
the gain from the Mavely sale and the other charges incurred in connection with this sale that have been excluded in the non-GAAP financial measures are not typical for our ongoing operations.

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.

Nu Skin Enterprises Reports Third Quarter 2025 Financial Results
page 6
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
)%

Nu Skin Enterprises Reports Third Quarter 2025 Financial Results
page 7
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
)%

●
“Customers” are persons who have purchased directly from the Company during the three months ended as of the date indicated. Our Customer numbers include members of our sales force who made such a purchase, including Paid Affiliates and those who qualify as Sales Leaders, but they do not include consumers who purchase directly from members of our sales force.

●
“Paid Affiliates” are any Brand Affiliates, as well as members of our sales force in Mainland China, who earned sales compensation during the three-month period. In all of our markets besides Mainland China, we refer to members of our independent sales force as “Brand Affiliates” because their primary role is to promote our brand and products through their personal social networks.

●
“Sales Leaders” are the three-month average of our monthly Brand Affiliates, as well as sales employees and independent marketers in Mainland China, who achieved certain qualification requirements as of the end of each month of the quarter.

Nu Skin Enterprises Reports Third Quarter 2025 Financial Results
page 8
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 Reports Third Quarter 2025 Financial Results
page 9
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 Reports Third Quarter 2025 Financial Results
page 10
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 Reports Third Quarter 2025 Financial Results
page 11
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
  

# # #
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