Nu Skin Enterprises, Inc. (NUS) · Nov 5, 2026 · Earnings

Nu Skin earnings miss as 2026 guidance is cut again

Miss — Revenue $311.0M vs ~$328.7M consensus

Nu Skin’s third-quarter earnings missed revenue expectations, while another full-year guidance cut shows its turnaround is losing traction.

Nu Skin is in the middle of a business-model reset: it is trying to rebuild its affiliate-driven beauty and wellness platform around Prysm iO, new wellness products, and operating-cost realignment, while its legacy sales network continues to shrink. Earlier 2026 results already showed double-digit declines and management had guided to Q3 revenue of $310 million to $340 million and adjusted EPS of $0.10 to $0.20.

The quarter missed the revenue bar and landed at the low end of its own earnings range. Revenue of $311.0 million was below the published consensus of roughly $328.7 million and only just above the bottom of management’s prior range. Adjusted EPS of $0.10 was likewise the floor of the prior $0.10-to-$0.20 outlook. 〔0〕

Q3 2026Q3 2025Consensus / Prior guide
Revenue (Financial Highlights)$311.0M (-14.6%)$364.2M~$328.7M consensus
Adjusted EPS (Financial Highlights)$0.10$0.34$0.10-$0.20 prior guide
Customers (Executive Summary)609,469 (-18%)746,256
Paid Affiliates (Executive Summary)116,449 (-10%)130,096
Sales Leaders (Executive Summary)26,995 (-13%)31,150
Gross margin (Q3 Operating Results)65.0%70.5%
Operating margin, adjusted (Q3 Operating Results)3.7%5.9%
FY revenue guidance (Q4 and Full-year Outlook)$1.26-$1.29B$1.28-$1.35B prior guide
FY adjusted EPS guidance (Q4 and Full-year Outlook)$0.55-$0.65$0.70-$0.90 prior guide

The customer funnel is weakening rather than stabilizing. Customers fell 18%, paid affiliates 10%, and sales leaders 13%; that is a broad contraction in the people who buy, sell, and recruit around the platform, not merely a currency or one-off accounting problem. 〔1〕 〔2〕 〔3〕

The guidance cut is the most damaging part of the release. Management lowered full-year revenue guidance from $1.28 billion-$1.35 billion to $1.26 billion-$1.29 billion and adjusted EPS from $0.70-$0.90 to $0.55-$0.65. That resets expectations lower even though Q3 technically fell inside the range issued in August. The company is still pointing to sequential Q4 growth, but the lower annual outlook says the recovery is taking longer and producing less profit than previously expected.

The operating engine is losing leverage. Gross margin fell to 65.0% from 70.5%, while adjusted operating margin fell to 3.7% from 5.9%. Rhyz manufacturing revenue grew 19.3% in the quarter, but the core Nu Skin business fell 19.2%, so the healthier manufacturing result is not offsetting deterioration in the company’s main affiliate network.

The accounting charges explain the headline loss, but not the underlying weakness. GAAP EPS was negative $0.02, partly reflecting $6.3 million of other charges, yet adjusted EPS was only $0.10 and the core operating metrics still deteriorated. The impairment and valuation items are not the central story here; the central story is that the operating turnaround has not yet reversed declining engagement or restored margins.

Bottom line: This is more than a routine in-range quarter: Nu Skin missed the revenue expectation, delivered earnings at the bottom of its prior range, and cut the full-year outlook again. The Prysm iO-led transition remains a work in progress while the legacy sales base continues to contract, weakening the business story rather than advancing it.

Original filing on SEC EDGAR

Nu Skin earnings miss as 2026 guidance is cut again | NUS Stock News
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