NU SKIN ENTERPRISES, INC.NUS
NU SKIN ENTERPRISES, INC. Segments Disclosure
| 16. |
Segment Information
|
The Company reports revenue from nine segments,
consisting of its seven geographic Nu Skin segments—Americas, Southeast Asia/Pacific, Mainland China, Japan, Europe & Africa, South Korea, and Hong Kong/Taiwan—and two Rhyz segments—Manufacturing and Rhyz Other.
The Nu Skin other category includes miscellaneous corporate revenue and related adjustments. The Rhyz Other segment includes other investments by our Rhyz strategic investment arm. The Chief Executive Officer is the chief operating decision maker
(“CODM”). These segments reflect the way the CODM evaluates the Company’s business performance and allocates resources. Reported revenue includes only the revenue generated by sales to external customers.
Profitability by segment as
determined under US GAAP is driven primarily by the Company’s transfer pricing policies. Segment contribution, which is the Company’s segment profitability metric presented in the table below, excludes certain intercompany charges, specifically
royalties, license fees, transfer pricing, discrete charges and other miscellaneous items. These charges have been included in Nu Skin other expenses. Nu Skin other expenses also include costs related to the Company’s executive and administrative
offices, information technology, research and development, and marketing and supply chain functions not recorded at the segment level.
Effective June 2023, the Company closed its Israel market. As a result the Europe, Middle East and Africa (“EMEA”) segment has been renamed Europe & Africa.
The accounting policies of the segments are the same as those described in Note 2, “Summary of Significant Accounting Policies.” The Company evaluates the performance of its segments
based on revenue and segment contribution. Each segment records direct expenses related to its employees and its operations.
Summarized
financial information for the Company’s reportable segments is shown in the following tables. Asset information is not reviewed or included with the Company’s internal management reporting. Therefore, the Company has not disclosed asset
information for each reportable segment.
|
Year Ended December 31, 2025
|
||||||||||||||||||||||||||||||||||||||||
|
Nu Skin
|
Rhyz
|
|||||||||||||||||||||||||||||||||||||||
|
Americas
|
Southeast
Asia/Pacific
|
Mainland
China
|
Japan
|
Europe &
Africa
|
South
Korea
|
Hong Kong/
Taiwan
|
Manufacturing(1)
|
Rhyz
Other
|
Total
Segments
|
|||||||||||||||||||||||||||||||
|
Revenue
|
$
|
282,975
|
$
|
209,802
|
$
|
195,553
|
$
|
174,364
|
$
|
150,151
|
$
|
130,216
|
$
|
117,378
|
$
|
205,788
|
$
|
17,794
|
$
|
1,484,021
|
||||||||||||||||||||
|
Cost of sales
|
73,198
|
51,044
|
34,631
|
36,067
|
38,947
|
26,402
|
19,892
|
163,707
|
4,697
|
448,585
|
||||||||||||||||||||||||||||||
|
Other segment items (2)
|
149,289
|
111,983
|
115,367
|
89,325
|
88,571
|
66,355
|
60,314
|
34,268
|
43,690
|
759,162
|
||||||||||||||||||||||||||||||
|
Segment contribution
|
$
|
60,488
|
$
|
46,775
|
$
|
45,555
|
$
|
48,972
|
$
|
22,633
|
$
|
37,459
|
$
|
37,172
|
$
|
7,813
|
$
|
(30,593
|
)
|
$
|
276,274
|
|||||||||||||||||||
|
Year Ended December 31, 2024
|
||||||||||||||||||||||||||||||||||||||||
|
Nu Skin
|
Rhyz
|
|||||||||||||||||||||||||||||||||||||||
|
Americas
|
Southeast
Asia/Pacific
|
Mainland
China
|
Japan
|
Europe &
Africa
|
South
Korea
|
Hong Kong/
Taiwan
|
Manufacturing(1)
|
Rhyz
Other
|
Total
Segments
|
|||||||||||||||||||||||||||||||
|
Revenue
|
$
|
322,516
|
$
|
244,846
|
$
|
235,235
|
$
|
181,557
|
$
|
164,164
|
$
|
163,706
|
$
|
130,610
|
$
|
201,430
|
$
|
85,188
|
$
|
1,729,252
|
||||||||||||||||||||
|
Cost of sales
|
83,461
|
64,950
|
44,059
|
36,852
|
42,766
|
33,600
|
24,932
|
164,145
|
14,532
|
509,297
|
||||||||||||||||||||||||||||||
|
Other segment items (2)
|
171,338
|
134,666
|
145,086
|
93,907
|
100,389
|
79,360
|
70,989
|
35,825
|
116,465
|
948,025
|
||||||||||||||||||||||||||||||
|
Segment contribution
|
$
|
67,717
|
$
|
45,230
|
$
|
46,090
|
$
|
50,798
|
$
|
21,009
|
$
|
50,746
|
$
|
34,689
|
$
|
1,460
|
$
|
(45,809
|
)
|
$
|
271,930
|
|||||||||||||||||||
|
Year Ended December 31, 2023
|
||||||||||||||||||||||||||||||||||||||||
|
Nu Skin
|
Rhyz
|
|||||||||||||||||||||||||||||||||||||||
|
Americas
|
Southeast
Asia/Pacific
|
Mainland
China
|
Japan
|
Europe &
Africa
|
South
Korea
|
Hong Kong/
Taiwan
|
Manufacturing(1)
|
Rhyz
Other
|
Total
Segments
|
|||||||||||||||||||||||||||||||
|
Revenue
|
$
|
398,222
|
$
|
267,206
|
$
|
298,079
|
$
|
207,833
|
$
|
192,352
|
$
|
236,099
|
$
|
153,589
|
$
|
181,395
|
$
|
35,214
|
$
|
1,969,989
|
||||||||||||||||||||
|
Cost of sales
|
104,162
|
71,364
|
46,915
|
41,191
|
54,095
|
46,326
|
27,488
|
136,875
|
5,274
|
533,690
|
||||||||||||||||||||||||||||||
|
Other segment items (2)
|
215,117
|
148,099
|
188,905
|
112,566
|
119,665
|
115,682
|
85,519
|
32,199
|
50,504
|
1,068,256
|
||||||||||||||||||||||||||||||
|
Segment contribution
|
$
|
78,943
|
$
|
47,743
|
$
|
62,259
|
$
|
54,076
|
$
|
18,592
|
$
|
74,091
|
$
|
40,582
|
$
|
12,321
|
|
$
|
(20,564
|
)
|
$
|
368,043
|
||||||||||||||||||
| (1) |
The Manufacturing segment had $38.0 million, $40.8 million and $56.5
million of intersegment revenue for the years ended December 31, 2025, 2024 and 2023, respectively. Intersegment
revenue is eliminated in the consolidated financial statements and in the table above.
|
| (2) | Other segment items primarily include selling expenses and general and administrative expenses. |
|
Year Ended December 31,
|
||||||||||||
|
2025
|
2024
|
2023
|
||||||||||
|
Total Segment Revenue
|
$
|
1,484,021
|
$
|
1,729,252
|
$
|
1,969,989
|
||||||
|
Core Nu Skin Adjustment
|
1,138
|
2,832
|
(858
|
)
|
||||||||
|
Total Revenue
|
$
|
1,485,159
|
$
|
1,732,084
|
$
|
1,969,131
|
||||||
|
Year Ended December 31,
|
||||||||||||
| 2025 | 2024 | 2023 | ||||||||||
|
Total Segment Contribution
|
$
|
276,274
|
$
|
271,930
|
$
|
368,043
|
||||||
|
Corporate and Other
|
(210,511
|
)
|
(423,515
|
)
|
(319,775
|
)
|
||||||
|
Operating income (loss)
|
65,763
|
(151,585
|
)
|
48,268
|
||||||||
|
Interest expense
|
13,948
|
26,409
|
25,560
|
|||||||||
| Gain on sale |
176,162 | — | — | |||||||||
|
Other income (expense), net
|
(31,780
|
)
|
2,943
|
3,870
|
||||||||
|
Income (loss) before provision for income taxes
|
$
|
196,197
|
$
|
(175,051
|
)
|
$
|
26,578
|
Depreciation and Amortization
|
Year Ended December 31,
|
||||||||||||
|
(U.S. dollars in thousands)
|
2025
|
2024
|
2023
|
|||||||||
|
Nu Skin
|
||||||||||||
|
Americas
|
$
|
177
|
$
|
369
|
$
|
449
|
||||||
|
Southeast Asia/Pacific
|
758
|
838
|
1,062
|
|||||||||
|
Mainland China
|
7,956
|
10,644
|
11,048
|
|||||||||
|
Japan
|
220
|
278
|
1,327
|
|||||||||
|
Europe & Africa
|
1,059
|
1,098
|
1,093
|
|||||||||
|
South Korea
|
744
|
1,022
|
1,399
|
|||||||||
|
Hong Kong/Taiwan
|
1,336
|
1,775
|
2,614
|
|||||||||
|
Total Nu Skin
|
12,250
|
16,024
|
18,992
|
|||||||||
|
Rhyz
|
||||||||||||
|
Manufacturing
|
13,219
|
13,729
|
13,293
|
|||||||||
|
Rhyz Other
|
1,969
|
7,253
|
5,836
|
|||||||||
|
Total Rhyz
|
15,188
|
20,982
|
19,129
|
|||||||||
|
Corporate and other
|
24,823
|
32,804
|
32,802
|
|||||||||
|
Total
|
$
|
52,261
|
$
|
69,810
|
$
|
70,923
|
||||||
Capital Expenditures
|
Year Ended December 31,
|
||||||||||||
|
(U.S. dollars in thousands)
|
2025
|
2024
|
2023
|
|||||||||
|
Nu Skin
|
||||||||||||
|
Americas
|
$
|
52
|
$
|
102
|
$
|
236
|
||||||
|
Southeast Asia/Pacific
|
312
|
115
|
645
|
|||||||||
|
Mainland China
|
2,201
|
5,701
|
20,052
|
|||||||||
|
Japan
|
128
|
402
|
104
|
|||||||||
|
Europe & Africa
|
77
|
412
|
411
|
|||||||||
|
South Korea
|
75
|
36
|
585
|
|||||||||
|
Hong Kong/Taiwan
|
194
|
610
|
1,212
|
|||||||||
|
Total Nu Skin
|
3,039
|
7,378
|
23,245
|
|||||||||
|
Rhyz
|
||||||||||||
|
Manufacturing
|
6,016
|
10,164
|
11,162
|
|||||||||
|
Rhyz Other
|
16
|
2,137
|
34
|
|||||||||
|
Total Rhyz
|
6,032
|
12,301
|
11,196
|
|||||||||
|
Corporate and other
|
25,206
|
21,904
|
24,049
|
|||||||||
|
Total
|
$
|
34,277
|
$
|
41,583
|
$
|
58,490
|
||||||
Revenue by Major Market
A major market is defined as one with
total revenue greater than 10% of consolidated total revenue and also includes the Company’s country of domicile (the United States). Based on this criteria, the Company has identified four major markets: Mainland China, South Korea, United States, and Japan. There are approximately 45 other markets, each of which individually is less than 10%. No single customer accounted for
10% or more of net sales for the periods presented. Sales are recorded in the jurisdiction in which the transactions occurred:
|
Year Ended December 31,
|
||||||||||||
|
(U.S. dollars in thousands)
|
2025
|
2024
|
2023
|
|||||||||
|
United States
|
$
|
388,218
|
$
|
526,059
|
$
|
514,947
|
||||||
|
Mainland China
|
195,553
|
235,235
|
298,079
|
|||||||||
|
Japan
|
174,364
|
181,557
|
207,833
|
|||||||||
| South Korea |
130,216 | 163,706 | 236,099 | |||||||||
|
All others
|
596,808
|
625,527
|
712,173
|
|||||||||
|
Total
|
$
|
1,485,159
|
$
|
1,732,084
|
$
|
1,969,131
|
||||||
Revenue by Product Line
|
Year Ended December 31,
|
||||||||||||
|
(U.S. dollars in thousands)
|
2025
|
2024
|
2023
|
|||||||||
|
Beauty
|
$
|
568,113
|
$
|
681,765
|
$
|
858,625
|
||||||
|
Wellness
|
689,062
|
757,217
|
886,093
|
|||||||||
|
Other
|
227,984
|
293,102
|
224,413
|
|||||||||
|
Total
|
$
|
1,485,159
|
$
|
1,732,084
|
$
|
1,969,131
|
||||||
Long-Lived Assets by Major Market
A major market is defined as a market with long-lived assets greater than 10% of consolidated long-lived assets and also includes the Company’s country of domicile (the
United States). Long-lived assets in Mainland China consist primarily of property, plant and equipment related to manufacturing, distribution facilities and the Mainland China headquarters. Long-lived assets in the United States consist primarily of
property, plant and equipment, including the Company’s corporate offices and distribution facilities. Long-lived assets by major market are set forth below for the periods ended December 31, 2025, 2024 and 2023:
|
Year Ended December 31,
|
||||||||||||
|
(U.S. dollars in thousands)
|
2025
|
2024
|
2023
|
|||||||||
|
United States
|
$
|
281,616
|
$
|
294,513
|
$
|
339,163
|
||||||
|
Mainland China
|
105,948
|
107,260
|
122,728
|
|||||||||
|
South Korea
|
17,855
|
18,435
|
23,578
|
|||||||||
|
Japan
|
8,620
|
10,329
|
13,322
|
|||||||||
|
All others
|
44,836
|
31,204
|
35,451
|
|||||||||
|
Total
|
$
|
458,875
|
$
|
461,741
|
$
|
534,242
|
||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 13, 2026 | Showing above |
| 2024 | Feb 14, 2025 | |
| 2023 | Feb 15, 2024 | |
| 2022 | Feb 16, 2023 | |
| 2021 | Feb 16, 2022 | |
| 2020 | Feb 11, 2021 | |
| 2019 | Feb 13, 2020 | |
| 2018 | Feb 14, 2019 | |
| 2017 | Feb 16, 2018 | |
| 2016 | Feb 27, 2017 | |
| 2015 | Feb 18, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.