Usana Health Sciences Inc (USNA) · Nov 3, 2026 · Earnings

USANA earnings miss as 2026 guidance drops again

Miss — Adjusted EPS $(0.11) vs ~$0.11 consensus; revenue $206M vs ~$217.4M consensus

USANA’s Q3 earnings missed on revenue and adjusted EPS, while another 2026 guidance cut exposes continued Core and Rise weakness.

USANA is trying to shift from a weakening direct-selling Core Nutritional business toward a broader omnichannel model built around Hiya’s subscriptions and retail expansion, plus Rise Wellness. That transition was already under strain: after its August 4, 2026 report, the company had cut its full-year outlook because Hiya and Rise were underperforming, while management continued to describe the businesses as long-term growth platforms.

The quarter was a clear earnings miss, not merely a soft quarter. Revenue of $206 million fell short of the published consensus near $217.4 million, while adjusted diluted EPS was a $0.11 loss versus an expected $0.11 profit. That is a meaningful gap, even though the adjusted loss improved from $0.15 a year earlier. The filing itself calls the results mixed, but the consolidated outcome was worse than the market’s operating expectation.

The core business remains the main problem. Core Nutritional sales fell 3% year over year and 11% sequentially, while active customers dropped 8% year over year and 7% sequentially. The improvement in segment operating margin to 4.1% shows cost control is helping, but it is not yet replacing the lost customer volume. Management explicitly identifies rebuilding the active customer base as its “top priority and single largest growth lever.” 〔0〕

Hiya delivered the quarter’s genuine positive signal, but at a cost. Hiya returned to year-over-year sales growth, lifted subscribers 18% sequentially to 195,500, and expanded retail and Amazon activity. However, management increased customer-acquisition spending to capitalize on improving advertising performance, which pressured near-term margins. The rebound is encouraging, but it is still an investment story rather than a profit contribution strong enough to offset Core’s contraction.

The new guidance cut says the recovery is taking longer and costing more. Full-year consolidated sales move from $910 million to approaching $900 million, adjusted EPS from $0.76 to $0.55, and adjusted EBITDA from $80.5 million to $77 million. The mix matters: Hiya’s sales outlook rises to $130 million from $125 million, but Rise falls to $30 million from $35 million and Core falls to $740 million from $750 million. The company is effectively funding Hiya’s subscriber growth while absorbing weaker Core customers and unreliable Rise orders.

The balance sheet buys time, not proof of a turnaround. USANA ended the quarter with $179 million of cash, no debt, and $8 million of quarterly free cash flow; inventories also fell 13%. That gives management room to keep investing, but the filing also discloses a correction to previously reported Q2 adjusted EBITDA attributable to USANA, reducing it by $6.2 million because the Hiya impairment add-back had been overstated. The correction has no GAAP impact, but it is an additional blemish in a quarter already marked by weaker profitability. 〔1〕

Bottom line: Hiya is beginning to show traction, but it is not yet large or profitable enough to counter Core customer attrition, weaker Rise execution, and another outlook reduction. This filing weakens the near-term transformation story rather than overturning it outright.

What to watch next

Q3 earnings call, November 4, 2026

Original filing on SEC EDGAR