# Source: Nu Skin Enterprises Form 10-K, Fiscal Year 2025 **Type:** source **Status:** Useful **Confidence:** High **Source Type:** filing **URL:** https://www.sec.gov/Archives/edgar/data/1021561/000114036126005130/ef20060638_10k.htm **Publisher:** U.S. Securities and Exchange Commission (EDGAR) **Retrieved:** 2026-08-12 **Published:** 2026-02-13 **Updated:** 2026-08-11 ## Summary Nu Skin Enterprises' annual report on Form 10-K for the year ended December 31, 2025, filed with the SEC on 2026-02-13. Accession number **0001140361-26-005130**; filer CIK **0001021561**; IRS employer identification number **87-0565309**; NYSE; Delaware corporation with principal executive offices in Provo, Utah. This is the primary record for the scale and trajectory of the largest publicly traded direct-selling company headquartered in Utah, and it documents a contraction on every operating measure at once: revenue down 14%, customers down 10%, Paid Affiliates down 11%, Sales Leaders down 19%. The company reported positive net income for 2025 only because it sold a business — the January 2025 sale of Mavely produced a pre-tax gain of roughly $176.2 million. The filing also gives the cleanest available answer to a question the industry's own vocabulary obscures: how many of the people in a direct-selling network are actually earning money. Nu Skin publishes three separate counts — Customers, Paid Affiliates (those who "earned sales compensation during the three-month period"), and Sales Leaders — and they differ by more than an order of magnitude. Filings and XBRL facts stay retrievable from EDGAR by CIK and accession: `https://data.sec.gov/submissions/CIK0001021561.json` lists every filing, and `https://data.sec.gov/api/xbrl/companyconcept/CIK0001021561/us-gaap/{tag}.json` returns tagged facts with the accession that reported each one. ## Useful Claims - Revenue for 2025 was **$1.485 billion**, down **14%** from **$1.732 billion** in 2024 (2023: **$1.969 billion**) — a decline of roughly a quarter across two years. - Earnings per share rose to **$3.18** from **$(2.95)** in 2024, but the 2025 result "benefited from the January 2025 sale of our Mavely business, which generated a pre-tax gain of approximately **$176.2 million**," partly offset by a **$25.1 million** intangible impairment in the Rhyz Other segment and a **$28.1 million** non-cash loss on an equity investment. Net income for 2025 was **$160.2 million** against a net loss of **$146.6 million** in 2024. - As of the fourth quarter of 2025, in the core Nu Skin business: **748,796 Customers** (down 10%), **129,311 Paid Affiliates** (down 11%), and **30,045 Sales Leaders** (down 19%). - Nu Skin had approximately **2,800 full- and part-time employees** worldwide as of December 31, 2025, plus approximately **5,800 sales employees** in its Mainland China operations, who are counted separately. - Principal executive offices are at **75 West Center Street, Provo, Utah 84601**. - **Utah footprint per Item 2 (Properties):** corporate headquarters in Provo; principal distribution facilities in Provo and Mainland China; research and development centers in Provo and Shanghai; and Rhyz manufacturing facilities in **Provo, Draper and West Valley City**. Nu Skin owns these properties except that it leases the Provo and West Valley City manufacturing facilities. - Rhyz — the strategic investment arm Nu Skin formed in 2018, holding consumer, technology, and manufacturing companies — generated **$223.6 million**, or **15%**, of 2025 reported revenue excluding sales to the core Nu Skin business. - The company's definitions matter for reading any direct-selling headcount: "Paid Affiliates" are those who *earned sales compensation* in the previous three months, while "Customers" includes members of the sales force who purchased but excludes consumers who bought from a member of the sales force rather than from the company. ## Verbatim > "Revenue in 2025 decreased 14% to $1.49 billion from $1.73 billion in 2024. Our 2025 revenue was > negatively impacted 0.8% from foreign-currency fluctuations. As of the end of the fourth quarter of > 2025, Customers decreased 10%, Paid Affiliates decreased 11% and Sales Leaders decreased 19% > compared to the prior year." > — Item 7, Management's Discussion and Analysis (2025 Compared to 2024) > "Earnings per share in 2025 increased to $3.18 from $(2.95) in 2024. Our 2025 earnings per share > benefited from the January 2025 sale of our Mavely business, which generated a pre-tax gain of > approximately $176.2 million, partially offset by the associated taxes, an intangible asset group > impairment of $25.1 million in our Rhyz Other segment, a non-cash loss on equity investment of $28.1 > million and the decline in revenue." > — Item 7, Management's Discussion and Analysis > "As of December 31, 2025, we had approximately 2,800 full- and part-time employees worldwide. This > does not include approximately 5,800 sales employees in our Mainland China operations." > — Item 1, Business (Human Capital Resources) > "“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." > — Item 7, Management's Discussion and Analysis (definitions preceding the Customers table) > "In 2025, the Rhyz companies generated $223.6 million, or 15%, of our 2025 reported revenue > (excluding sales to our core Nu Skin business)." > — Item 1, Business > "In addition to our core Nu Skin business, we also explore new areas of synergistic and adjacent > growth through our strategic investment arm known as Rhyz Inc., which we formed in 2018." > — Item 1, Business > "Offices—Our principal administrative offices are our corporate headquarters in Provo, Utah and our > offices in Shanghai, China." … "Research and Development Centers—We operate research and development > centers in Provo, Utah and Shanghai, China." … "Manufacturing Facilities—We operate manufacturing > facilities in Mainland China, and two of our Rhyz companies (Manufacturing segment) operate > manufacturing facilities in Provo, Utah, Draper, Utah and West Valley City, Utah." > — Item 2, Properties > "…stockholders may obtain a copy, free of charge, by making a written request to Investor Relations, > Nu Skin Enterprises, Inc., 75 West Center Street, Provo, Utah 84601." > — Item 1, Business (Available Information) > "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." > — Item 7, Management's Discussion and Analysis (definitions preceding the Customers table) > "For the three months ended December 31, 2025, we had approximately 30,045 Sales Leaders." > — Item 1, Business Fourth-quarter counts for the core Nu Skin business as the filing tabulates them, 2025 against 2024: ``` Customers 748,796 831,972 (10)% Paid Affiliates 129,311 144,874 (11)% Sales Leaders 30,045 36,912 (19)% ``` Multi-year figures as the SEC's own XBRL API returns them (`val` in USD, `accn` is the filing that reported it): ``` 2023-01-01..2023-12-31 revenue 1969131000 accn 0001140361-24-008111 2024-01-01..2024-12-31 revenue 1732084000 accn 0001140361-25-004907 2025-01-01..2025-12-31 revenue 1485159000 accn 0001140361-26-005130 2023-01-01..2023-12-31 net income 8595000 accn 0001140361-24-008111 2024-01-01..2024-12-31 net income -146594000 accn 0001140361-25-004907 2025-01-01..2025-12-31 net income 160204000 accn 0001140361-26-005130 ``` ## Reliability Notes A Form 10-K is primary tier: filed under securities-law accuracy duties, audited as to its financial statements, and kept permanently by the SEC. Two cautions specific to this filing. First, **the 2025 profit is not an operating result.** Revenue fell 14% and every sales-force count fell with it; the swing from a $146.6 million loss to a $160.2 million profit is dominated by the gain on selling Mavely. Reading $3.18 of earnings per share as a recovery would invert what the document says. Second, **Customers, Paid Affiliates, and Sales Leaders are company-defined operating metrics, not audited figures**, and each is a three-month snapshot; they are comparable across Nu Skin's own quarters and not comparable to another company's "distributor" count, because no two direct sellers define these terms alike. The filing is also the right place to notice what it does *not* report: how much the 129,311 Paid Affiliates earned. A 10-K carries no distribution of participant income. That figure only appears in companies' own income-disclosure statements, which are self-reported (see [dōTERRA's](doterra-earnings-disclosure-2026.md)) or in third-party analysis such as the [Gardner Institute's](gardner-utah-direct-selling-analysis-2022.md). ## Related Pages - [Nu Skin Enterprises](nu-skin.md) - [Utah's Direct-Selling Industry](utah-direct-selling-industry.md) - [Source: United States v. Nu Skin International — FTC Consent Decree (1997)](ftc-nu-skin-consent-decree-1997.md)