On this page of StockholderLetter.com we present the latest annual shareholder letter from NU SKIN ENTERPRISES, INC. — ticker symbol NUS. Reading current and past NUS letters to shareholders can bring important insights into the investment thesis.
ANNUAL REPORT 2025
Dear shareholder, Strategic Priorities For more than four decades, Nu Skin has pursued its mission to be a global force for good by empowering people to look, feel and live better lives. As consumer expectations have shifted toward more personalized beauty and wellness, connected technologies and digital commerce, we are evolving our business to meet these changes while staying true to our mission. Over the past several years, we have taken deliberate steps to strengthen our foundation, optimize our operations and invest in the innovations that will shape our next chapter of growth as we empower our talented global sales force to meet the market opportunity with unmatched beauty and wellness innovations that will uniquely position Nu Skin to participate in the global wellness revolution, which is estimated to be a $6.8 trillion market by Global Wellness Institute. As we look ahead, our strategy remains focused on three key priorities that we believe will drive long-term growth and shareholder value. In 2025, we made meaningful progress in pursuit of our vision to become the world s leading intelligent beauty, wellness and lifestyle leadership opportunity platform. The successful transaction of Mavely and our operational efficiencies have strengthened our balance sheet. At the same time, we have invested in innovation across our product and technology platforms to advance the strategic growth initiatives that will strengthen our sales force s ability to grow their independent beauty and wellness businesses and shape our future. This transformation comes with some inherent switching costs as our company and channel realign our business practices, but we have seen this as a critical step in building mid-to-long-term success. 2025 Highlights Revenue of $1.49 billion, within our guidance range Double-digit growth in earnings per share Strengthened our balance sheet through disciplined cash management and the strategic transaction of Mavely for a total transaction value of $250 million Introduced innovative products, including new Tru Face products as part of the refreshed line featuring more sustainable packaging Built our intelligent wellness platform and introduced Prysm iO to our sales leaders ahead of a global consumer launch in 2026 Initiated pre-market operations in India in preparation for a formal market opening anticipated in late 2026 1) Launch our Prysm iO Intelligent Wellness Platform Innovation remains at the core of our strategy as we continue to expand our intelligent beauty and wellness device ecosystem with Prysm iO. This device features patentpending technology designed to non-invasively measure carotenoid levels in the skin, giving consumers intelligent insights into their nutritional health across four critical domains: diet, fitness, lifestyle and nutritional supplementation. Combined with our previous work with the BioPhotonic Scanner, we have a nutrition health database of nearly 400 million intelligent wellness datapoints from 21 million scans. From this collective wealth of information, we are developing a proprietary wellness biomarker based on carotenoid levels. This Nutrition Health Score will provide consumers critical insights with personalized, AI-powered recommendations for improving their nutritional health. Through our comprehensive wellness platform that combines devices, data and personalized product solutions, we aim to expand customer engagement and increase their lifetime value while advancing our goal of reaching 10 million healthy households by 2030. Most importantly, this innovative technology provides our sales force with a proprietary solution to build their businesses by educating consumers around the globe of their nutritional health. 2) Expand our Reach into India and other Emerging Markets in Coming Years With more than 1.4 billion people and a rapidly growing middle class, India represents one of our most significant long-term geographic growth opportunities. Our continued growth in Latin America has helped inform our emerging market strategy with a localized product portfolio, a modified compensation plan and a digital-first infrastructure. While we began pre-market-entry operations late last year, we are focused on several critical activities ahead of a formal market launch expected in late 2026: 1) establishing an operational infrastructure including manufacturing and logistics; 2) enabling fast and simple business processes with a digital-first infrastructure; and 3) acquiring customers and brand affiliates to build awareness and momentum prior to market opening. The prospects of India and other emerging markets around the world hold significant potential for Nu Skin and our global sales force, who are eager to expand their businesses around the globe.
3) Improve our Operational Performance and Efficiency Over the past few years, we have taken significant steps to improve operational performance and efficiency across the enterprise. We have evaluated nearly every aspect of our business and worked to align our cost structure with our current and expected revenue levels. We realized some of the results of those efforts with strong improvement in gross margin over the previous year. These efforts are designed to enable continued investment in innovation that will expand our ability to grow our sales force and customer base while also improving profitability and operational discipline. Our teams remain focused on strengthening execution across all markets with the goal of achieving consistent profitability and sustainable growth. Sustainability and Corporate Responsibility Our mission to be a force for good remains central to our culture and operations. We continue to pursue sustainability initiatives that support responsible business practices while also contributing to the well-being of communities around the world. Our efforts focus on three key areas of product, planet and people with initiatives that prioritize responsible sourcing and transparency, packaging designs that reduce impact and increase reuse, and reducing our impact on the planet over time. One example is that we avoided an estimated 19 metric tons of packaging waste by moving to sustainable packaging choices for our ageLOC Tru Face product line. Through our global philanthropic efforts, we remain committed to supporting the health and wellness of children worldwide. Over the years, Nu Skin has been involved in hundreds of community projects and has worked with its charity partners to benefit children in more than 50 countries. Some of our key initiatives include providing children with life-saving heart surgeries in Asia, providing cleft lip and cleft palate surgeries in the Americas and giving families in Africa hope for truly sustainable futures. Through our for-profit Nourish the Children initiative, we provide meals for about 70,000 malnourished children every day as we work toward our goal of 1 billion meals provided by 2030. We will share additional details about our progress in our annual Social Impact and Sustainability Report later this year. Looking Ahead We remain focused on our vision of becoming the world s leading intelligent beauty, wellness and lifestyle leadership opportunity platform and on our strategy and the actions taken over the past several years to position Nu Skin for the future. Our focus on advancing innovation across our intelligent beauty and wellness platform, expanding our global reach and improving operational performance provides a strong foundation for long-term growth. As we continue executing our strategy, we believe Nu Skin is well positioned to achieve our mission of empowering people around the world to look, feel and live better lives. I want to commend our employees, sales leaders and partners around the world for their dedication to our mission, and I thank our shareholders for their trust and support. There is tremendous energy across our organization as we move forward together to build long-term value and pursue our vision for the future. Sincerely, Ryan Napierski President and Chief Executive Officer Nu Skin Enterprises FORWARD-LOOKING STATEMENTS: This annual report 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 plans and expectations regarding the company s performance, growth, opportunities, investments, profitability, vision, shareholder value, strategy and strategic priorities, initiatives, sales force and customer base, and positioning in the global wellness revolution; statements about the Prysm launch and its potential benefits to the business; statements about expansion into India and its timing; 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, plan, anticipate, become, vision, potential, aim, continue, goal, strengthen, improve, evolve, focus, will, would, could, may, might, the negative of these words and other similar words. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. We caution and advise readers that these statements are based on assumptions that may not be realized and involve risks and uncertainties that could cause actual results to differ materially from the expectations and beliefs contained herein. For a summary of certain risks related to our business, see the company s Annual Report on Form 10-K, filed on February 13, 2026, and other documents filed by the company with the Securities and Exchange Commission.
 • shareholder letter icon 4/3/2026 Letter Continued (Full PDF)
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 • Benford's Law Stocks icon NUS Benford's Law Stock Score = 82


NUS Shareholder/Stockholder Letter Transcript:

ANNUAL REPORT
2025

Dear shareholder,
Strategic Priorities
For more than four decades, Nu Skin has pursued its mission
to be a global force for good by empowering people to look,
feel and live better lives. As consumer expectations have
shifted toward more personalized beauty and wellness,
connected technologies and digital commerce, we are
evolving our business to meet these changes while staying
true to our mission. Over the past several years, we have
taken deliberate steps to strengthen our foundation,
optimize our operations and invest in the innovations that
will shape our next chapter of growth as we empower our
talented global sales force to meet the market opportunity
with unmatched beauty and wellness innovations that will
uniquely position Nu Skin to participate in the global
wellness revolution, which is estimated to be a $6.8 trillion
market by Global Wellness Institute.
As we look ahead, our strategy remains focused on three key
priorities that we believe will drive long-term growth and
shareholder value.
In 2025, we made meaningful progress in pursuit of our
vision to become the world   s leading intelligent beauty,
wellness and lifestyle leadership opportunity platform. The
successful transaction of Mavely and our operational
efficiencies have strengthened our balance sheet. At the
same time, we have invested in innovation across our
product and technology platforms to advance the strategic
growth initiatives that will strengthen our sales force   s ability
to grow their independent beauty and wellness businesses
and shape our future.
This transformation comes with some inherent switching
costs as our company and channel realign our business
practices, but we have seen this as a critical step in building
mid-to-long-term success.
2025 Highlights
    Revenue of $1.49 billion, within our guidance range
    Double-digit growth in earnings per share
    Strengthened our balance sheet through disciplined cash
management and the strategic transaction of Mavely for a
total transaction value of $250 million
    Introduced innovative products, including new Tru Face
products as part of the refreshed line featuring more
sustainable packaging
    Built our intelligent wellness platform and introduced
Prysm iO to our sales leaders ahead of a global consumer
launch in 2026
    Initiated pre-market operations in India in preparation for a
formal market opening anticipated in late 2026
1) Launch our Prysm iO Intelligent Wellness Platform
Innovation remains at the core of our strategy as we continue
to expand our intelligent beauty and wellness device
ecosystem with Prysm iO. This device features patentpending technology designed to non-invasively measure
carotenoid levels in the skin, giving consumers intelligent
insights into their nutritional health across four critical
domains: diet, fitness, lifestyle and nutritional
supplementation.
Combined with our previous work with the BioPhotonic
Scanner, we have a nutrition health database of nearly 400
million intelligent wellness datapoints from 21 million scans.
From this collective wealth of information, we are developing
a proprietary wellness biomarker based on carotenoid levels.
This Nutrition Health Score will provide consumers critical
insights with personalized, AI-powered recommendations for
improving their nutritional health. Through our
comprehensive wellness platform that combines devices,
data and personalized product solutions, we aim to expand
customer engagement and increase their lifetime value while
advancing our goal of reaching 10 million healthy households
by 2030. Most importantly, this innovative technology
provides our sales force with a proprietary solution to build
their businesses by educating consumers around the globe
of their nutritional health.
2) Expand our Reach into India and other Emerging Markets
in Coming Years
With more than 1.4 billion people and a rapidly growing
middle class, India represents one of our most significant
long-term geographic growth opportunities. Our continued
growth in Latin America has helped inform our emerging
market strategy with a localized product portfolio, a modified
compensation plan and a digital-first infrastructure.
While we began pre-market-entry operations late last year,
we are focused on several critical activities ahead of a formal
market launch expected in late 2026: 1) establishing an
operational infrastructure including manufacturing and
logistics; 2) enabling fast and simple business processes
with a digital-first infrastructure; and 3) acquiring customers
and brand affiliates to build awareness and momentum prior
to market opening.
The prospects of India and other emerging markets around
the world hold significant potential for Nu Skin and our global
sales force, who are eager to expand their businesses
around the globe.

3) Improve our Operational Performance and Efficiency
Over the past few years, we have taken significant steps to improve operational performance and efficiency across the
enterprise. We have evaluated nearly every aspect of our business and worked to align our cost structure with our current and
expected revenue levels. We realized some of the results of those efforts with strong improvement in gross margin over the
previous year.
These efforts are designed to enable continued investment in innovation that will expand our ability to grow our sales force
and customer base while also improving profitability and operational discipline. Our teams remain focused on strengthening
execution across all markets with the goal of achieving consistent profitability and sustainable growth.
Sustainability and Corporate Responsibility
Our mission to be a force for good remains central to our culture and operations. We continue to pursue sustainability
initiatives that support responsible business practices while also contributing to the well-being of communities around the
world. Our efforts focus on three key areas of product, planet and people with initiatives that prioritize responsible sourcing
and transparency, packaging designs that reduce impact and increase reuse, and reducing our impact on the planet over time.
One example is that we avoided an estimated 19 metric tons of packaging waste by moving to sustainable packaging choices
for our ageLOC Tru Face product line.
Through our global philanthropic efforts, we remain committed to supporting the health and wellness of children worldwide.
Over the years, Nu Skin has been involved in hundreds of community projects and has worked with its charity partners to
benefit children in more than 50 countries. Some of our key initiatives include providing children with life-saving heart
surgeries in Asia, providing cleft lip and cleft palate surgeries in the Americas and giving families in Africa hope for truly
sustainable futures. Through our for-profit Nourish the Children initiative, we provide meals for about 70,000 malnourished
children every day as we work toward our goal of 1 billion meals provided by 2030. We will share additional details about our
progress in our annual Social Impact and Sustainability Report later this year.
Looking Ahead
We remain focused on our vision of becoming the world   s leading intelligent beauty, wellness and lifestyle leadership
opportunity platform and on our strategy and the actions taken over the past several years to position Nu Skin for the future.
Our focus on advancing innovation across our intelligent beauty and wellness platform, expanding our global reach and
improving operational performance provides a strong foundation for long-term growth. As we continue executing our strategy,
we believe Nu Skin is well positioned to achieve our mission of empowering people around the world to look, feel and live
better lives.
I want to commend our employees, sales leaders and partners around the world for their dedication to our mission, and I thank
our shareholders for their trust and support. There is tremendous energy across our organization as we move forward together
to build long-term value and pursue our vision for the future.
Sincerely,
Ryan Napierski
President and Chief Executive Officer
Nu Skin Enterprises
FORWARD-LOOKING STATEMENTS: This annual report 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 plans and
expectations regarding the company   s performance, growth, opportunities, investments, profitability, vision, shareholder value, strategy and strategic priorities, initiatives, sales
force and customer base, and positioning in the global wellness revolution; statements about the Prysm launch and its potential benefits to the business; statements about
expansion into India and its timing; 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,       plan,       anticipate,       become,       vision,       potential,       aim,       continue,       goal,       strengthen,       improve,       evolve,       focus,       will,       would,   
   could,       may,       might,    the negative of these words and other similar words. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a
result of new information, future events or otherwise, except as required by law. We caution and advise readers that these statements are based on assumptions that may not be
realized and involve risks and uncertainties that could cause actual results to differ materially from the expectations and beliefs contained herein. For a summary of certain risks
related to our business, see the company   s Annual Report on Form 10-K, filed on February 13, 2026, and other documents filed by the company with the Securities and Exchange
Commission.


shareholder letter icon 4/3/2026 Letter Continued (Full PDF)
 

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