Operating margins have compressed significantly to 5.5% in 2026Q1, reflecting a disconnect between robust 76.2% gross margins and bottom-line profitability.
| Metric | TTM | Jan'26 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 925.94M | 925.26M | 854.5M | 921.01M | 998.6M | 1.19B | 1.13B | 1.06B | 1.19B | 1.05B | 1.01B | 918.5M | 790.47M | 718.17M | 648.73M | 581.94M | 517.64M | 436.94M | 429.01M | 423.15M | 374.19M | 327.74M | 272.82M | 200.01M | 133.78M | 114.28M | 123.18M | 129.4M | 121.6M | 85.2M | 56.7M |
| Revenue Growth % | 5.67% | 8.28% | -7.22% | -7.77% | -15.83% | 4.57% | 6.95% | -10.79% | 13.56% | 4.09% | 9.54% | 16.2% | 10.07% | 10.71% | 11.48% | 12.42% | 18.47% | 1.85% | 1.39% | 13.08% | 14.17% | 20.13% | 36.4% | 49.51% | 17.06% | -7.23% | -4.81% | 6.41% | 42.72% | 50.26% | 131.43% |
| Cost of Goods Sold | 215.59M | 200.85M | 175.75M | 189.4M | 207.28M | 230.93M | 222.86M | 202.03M | 217.44M | 195.36M | 193.67M | 169.66M | 149.6M | 136.48M | 124.63M | 110.17M | 103.4M | 96.87M | 95.58M | 93.22M | 95.11M | 83.92M | 71.66M | 44.42M | 33.39M | 32.8M | 32.16M | 21M | 21.9M | 15.6M | 10.8M |
| COGS % of Revenue | - | 21.71% | 20.57% | 20.56% | 20.76% | 19.46% | 19.64% | 19.04% | 18.28% | 18.65% | 19.25% | 18.47% | 18.93% | 19% | 19.21% | 18.93% | 19.97% | 22.17% | 22.28% | 22.03% | 25.42% | 25.61% | 26.27% | 22.21% | 24.96% | 28.7% | 26.11% | 16.23% | 18.01% | 18.31% | 19.05% |
| Gross Profit | 710.35M | 724.4M | 678.75M | 731.62M | 791.32M | 955.53M | 911.79M | 858.87M | 971.81M | 851.9M | 812.41M | 748.84M | 640.87M | 581.7M | 524.1M | 471.77M | 414.25M | 340.07M | 333.44M | 329.93M | 279.08M | 243.82M | 201.16M | 155.59M | 100.38M | 81.48M | 91.02M | 108.4M | 99.7M | 69.6M | 45.9M |
| Gross Margin % | 76.72% | 78.29% | 79.43% | 79.44% | 79.24% | 80.54% | 80.36% | 80.96% | 81.72% | 81.35% | 80.75% | 81.53% | 81.07% | 81% | 80.79% | 81.07% | 80.03% | 77.83% | 77.72% | 77.97% | 74.58% | 74.39% | 73.73% | 77.79% | 75.04% | 71.3% | 73.89% | 83.77% | 81.99% | 81.69% | 80.95% |
| Gross Profit Growth % | - | 6.73% | -7.23% | -7.54% | -17.19% | 4.8% | 6.16% | -11.62% | 14.08% | 4.86% | 8.49% | 16.85% | 10.17% | 10.99% | 11.09% | 13.89% | 21.81% | 1.99% | 1.06% | 18.22% | 14.46% | 21.21% | 29.29% | 55% | 23.2% | -10.49% | -16.03% | 8.73% | 43.25% | 51.63% | 140.31% |
| Operating Expenses | 661.28M | 673.54M | 612.43M | 638.54M | 683.7M | 785.34M | 735.29M | 712.68M | 783.46M | 719.4M | 673.79M | 607.18M | 524.76M | 464.98M | 425.92M | 394.52M | 346.03M | 289.28M | 285.44M | 259.22M | 216.74M | 185.46M | 156.32M | 124.47M | 87.59M | 77.28M | 85.57M | 94.4M | 84.5M | 59M | 38M |
| OpEx % of Revenue | - | 72.8% | 71.67% | 69.33% | 68.47% | 66.19% | 64.8% | 67.18% | 65.88% | 68.69% | 66.97% | 66.11% | 66.39% | 64.75% | 65.65% | 67.79% | 66.85% | 66.21% | 66.53% | 61.26% | 57.92% | 56.59% | 57.3% | 62.23% | 65.48% | 67.62% | 69.47% | 72.95% | 69.49% | 69.25% | 67.02% |
| Selling, General & Admin | 413.49M | 337.37M | 600.86M | 627.1M | 672.14M | 774.23M | 724.66M | 702.42M | 773.22M | 710.45M | 664.95M | 600.76M | 519.64M | 459.9M | 421.25M | 390.45M | 342.19M | 285.65M | 282.14M | 255.86M | 213.54M | 183.12M | 154.28M | 123.09M | 86.56M | 76.2M | 79.97M | 88.5M | 79.7M | 55.6M | 36.4M |
| SG&A % of Revenue | - | 36.46% | 70.32% | 68.09% | 67.31% | 65.25% | 63.87% | 66.21% | 65.02% | 67.84% | 66.09% | 65.41% | 65.74% | 64.04% | 64.94% | 67.09% | 66.1% | 65.38% | 65.77% | 60.47% | 57.07% | 55.87% | 56.55% | 61.54% | 64.7% | 66.68% | 64.92% | 68.39% | 65.54% | 65.26% | 64.2% |
| Research & Development | 0 | 0 | 11.57M | 11.45M | 11.56M | 11.11M | 10.63M | 10.26M | 10.24M | 8.95M | 8.84M | 6.42M | 5.13M | 5.08M | 4.66M | 4.07M | 3.84M | 3.63M | 3.3M | 3.36M | 3.2M | 2.34M | 2.03M | 1.38M | 1.03M | 1.08M | 1.41M | 1.4M | 1.4M | 1.2M | 800K |
| R&D % of Revenue | - | - | 1.35% | 1.24% | 1.16% | 0.94% | 0.94% | 0.97% | 0.86% | 0.85% | 0.88% | 0.7% | 0.65% | 0.71% | 0.72% | 0.7% | 0.74% | 0.83% | 0.77% | 0.79% | 0.85% | 0.71% | 0.74% | 0.69% | 0.77% | 0.95% | 1.14% | 1.08% | 1.15% | 1.41% | 1.41% |
| Other Operating Expenses | 3M | 336.17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.19M | 4.5M | 3.4M | 2.2M | 800K |
| Operating Income | 49.06M | 50.86M | 66.32M | 93.07M | 107.61M | 170.19M | 176.49M | 146.19M | 188.35M | 132.5M | 138.62M | 141.66M | 116.1M | 116.71M | 98.18M | 77.26M | 68.22M | 50.79M | 48M | 70.7M | 62.34M | 58.36M | 44.85M | 31.12M | 12.79M | 4.2M | 5.46M | 14M | 15.2M | 10.6M | 7.9M |
| Operating Margin % | 5.3% | 5.5% | 7.76% | 10.11% | 10.78% | 14.34% | 15.55% | 13.78% | 15.84% | 12.65% | 13.78% | 15.42% | 14.69% | 16.25% | 15.13% | 13.28% | 13.18% | 11.62% | 11.19% | 16.71% | 16.66% | 17.81% | 16.44% | 15.56% | 9.56% | 3.68% | 4.43% | 10.82% | 12.5% | 12.44% | 13.93% |
| Operating Income Growth % | - | -23.31% | -28.74% | -13.51% | -36.77% | -3.57% | 20.73% | -22.39% | 42.15% | -4.41% | -2.15% | 22.02% | -0.52% | 18.88% | 27.08% | 13.25% | 34.31% | 5.82% | -32.11% | 13.41% | 6.82% | 30.14% | 44.11% | 143.25% | 204.6% | -23.01% | -61.04% | -7.89% | 43.4% | 34.18% | 125.71% |
| EBITDA | 88.31M | 90.56M | 88.55M | 113.47M | 129.02M | 192.38M | 199M | 168.98M | 205.08M | 148.46M | 152.1M | 151.64M | 124.91M | 125.76M | 107M | 85.73M | 76.13M | 57.86M | 54.69M | 76.03M | 67.91M | 64.27M | 49.69M | 35M | 16.93M | 8.32M | 9.64M | 18.5M | 18.6M | 12.8M | 8.7M |
| EBITDA Margin % | 9.54% | 9.79% | 10.36% | 12.32% | 12.92% | 16.21% | 17.54% | 15.93% | 17.24% | 14.18% | 15.12% | 16.51% | 15.8% | 17.51% | 16.49% | 14.73% | 14.71% | 13.24% | 12.75% | 17.97% | 18.15% | 19.61% | 18.21% | 17.5% | 12.66% | 7.28% | 7.83% | 14.3% | 15.3% | 15.02% | 15.34% |
| EBITDA Growth % | 4.25% | 2.27% | -21.96% | -12.06% | -32.93% | -3.32% | 17.76% | -17.6% | 38.13% | -2.39% | 0.31% | 21.4% | -0.67% | 17.52% | 24.82% | 12.61% | 31.58% | 5.79% | -28.07% | 11.97% | 5.66% | 29.35% | 41.98% | 106.71% | 103.58% | -13.74% | -47.89% | -0.54% | 45.31% | 47.13% | 128.95% |
| D&A (Non-Cash Add-back) | 39.25M | 39.7M | 22.23M | 20.39M | 21.41M | 22.19M | 22.51M | 22.79M | 16.73M | 15.96M | 13.48M | 9.98M | 8.81M | 9.04M | 8.83M | 8.47M | 7.92M | 7.07M | 6.7M | 5.33M | 5.56M | 5.9M | 4.84M | 3.88M | 4.14M | 4.12M | 4.19M | 4.5M | 3.4M | 2.2M | 800K |
| EBIT | 40.92M | 42.37M | 76.63M | 102.72M | 108.81M | 170.7M | 178.46M | 146.19M | 191.55M | 134.69M | 138.62M | 141.66M | 116.1M | 116.71M | 98.45M | 77.49M | 68.96M | 51.59M | 47.11M | 70.7M | 63.7M | 60.14M | 62.34M | 31.12M | 12.79M | 4.2M | 5.46M | 14.01M | 15.22M | 10.6M | 7.9M |
| Net Interest Income | 1.46M | 1.57M | 11.04M | 9.38M | 3.6M | 2.46M | 2.03M | 4.64M | 4.39M | 2.14M | 1.04M | 1.1M | 371K | 463K | 227K | 182K | 73K | -527K | -543K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 2.13M | 2.42M | 11.32M | 9.64M | 3.79M | 2.52M | 2.54M | 4.71M | 4.43M | 2.19M | 1.48M | 1.12M | 500K | 464K | 247K | 191K | 167K | 82K | 249K | 0 | 0 | 0 | 572K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 671K | 842K | 281K | 262K | 192K | 57K | 507K | 66K | 36K | 46K | 444K | 15K | 129K | 1K | 20K | 9K | 94K | 609K | 792K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -8.81M | -9.34M | 10.03M | 9.38M | 1.01M | 450K | 1.46M | 4.31M | 3.16M | 2.14M | -70K | 927K | -449K | -131K | 247K | 222K | 648K | 187K | -1.68M | 471K | 1.41M | 487K | 233K | 192K | -221K | -692K | -677K | -4.45M | 200K | 100K | 200K |
| Pretax Income | 40.25M | 41.53M | 76.35M | 102.45M | 108.62M | 170.64M | 177.95M | 150.5M | 191.51M | 134.64M | 138.55M | 142.59M | 115.65M | 116.58M | 98.43M | 77.48M | 68.86M | 50.98M | 46.32M | 71.17M | 63.75M | 58.85M | 45.08M | 31.31M | 12.57M | 3.51M | 4.78M | 9.6M | 15.4M | 10.7M | 8.1M |
| Pretax Margin % | 4.35% | 4.49% | 8.94% | 11.12% | 10.88% | 14.38% | 15.68% | 14.19% | 16.1% | 12.86% | 13.77% | 15.52% | 14.63% | 16.23% | 15.17% | 13.31% | 13.3% | 11.67% | 10.8% | 16.82% | 17.04% | 17.96% | 16.52% | 15.65% | 9.4% | 3.07% | 3.88% | 7.42% | 12.66% | 12.56% | 14.29% |
| Income Tax | 31.11M | 30.05M | 34.29M | 38.66M | 39.27M | 54.14M | 53.28M | 49.97M | 65.29M | 72.11M | 38.51M | 47.92M | 39.02M | 37.56M | 31.99M | 26.73M | 23.21M | 17.42M | 16.38M | 25.24M | 22.49M | 19.86M | 14.3M | 10.49M | 4.07M | 1.31M | 1.91M | 3.7M | 5.9M | 4.1M | 3.1M |
| Effective Tax Rate % | 77.28% | 72.36% | 44.91% | 37.74% | 36.15% | 31.73% | 29.94% | 33.2% | 34.09% | 53.55% | 27.8% | 33.6% | 33.74% | 32.22% | 32.5% | 34.49% | 33.71% | 34.18% | 35.35% | 35.47% | 35.27% | 33.74% | 31.73% | 33.52% | 32.37% | 37.31% | 40% | 38.54% | 38.31% | 38.32% | 38.27% |
| Net Income | 8.87M | 10.76M | 42.03M | 63.79M | 69.35M | 116.5M | 124.66M | 100.53M | 126.22M | 62.53M | 100.04M | 94.67M | 76.64M | 79.02M | 66.43M | 50.75M | 45.65M | 33.56M | 29.95M | 45.32M | 41.27M | 38.99M | 30.78M | 20.82M | 8.5M | 2.2M | 2.87M | 5.9M | 9.5M | 6.6M | 5M |
| Net Margin % | 0.96% | 1.16% | 4.92% | 6.93% | 6.94% | 9.82% | 10.99% | 9.48% | 10.61% | 5.97% | 9.94% | 10.31% | 9.7% | 11% | 10.24% | 8.72% | 8.82% | 7.68% | 6.98% | 10.71% | 11.03% | 11.9% | 11.28% | 10.41% | 6.36% | 1.92% | 2.33% | 4.56% | 7.81% | 7.75% | 8.82% |
| Net Income Growth % | -74.59% | -74.4% | -34.11% | -8.02% | -40.47% | -6.54% | 24.01% | -20.36% | 101.85% | -37.49% | 5.67% | 23.53% | -3.02% | 18.95% | 30.9% | 11.17% | 36.04% | 12.06% | -33.92% | 9.82% | 5.83% | 26.7% | 47.85% | 144.82% | 286.68% | -23.3% | -51.41% | -37.89% | 43.94% | 32% | 117.39% |
| Net Income (Continuing) | 9.15M | 11.48M | 42.06M | 63.79M | 69.35M | 116.5M | 124.66M | 100.53M | 126.22M | 62.53M | 100.04M | 94.67M | 76.64M | 79.02M | 66.43M | 50.75M | 45.65M | 33.56M | 29.95M | 45.93M | 41.27M | 38.99M | 30.78M | 20.82M | 8.5M | 2.2M | 2.87M | 5.9M | 9.5M | 6.6M | 5M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 51.24M | 53.17M | 54.22M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.48 | 0.58 | 2.19 | 3.30 | 3.59 | 5.73 | 5.86 | 4.41 | 5.12 | 2.53 | 3.99 | 3.59 | 2.80 | 2.78 | 2.23 | 1.63 | 1.43 | 1.09 | 0.93 | 1.32 | 1.10 | 0.99 | 0.76 | 0.49 | 0.21 | 0.06 | 0.07 | 0.12 | 0.17 | 0.12 | 0.10 |
| EPS Growth % | -74.01% | -73.52% | -33.64% | -8.08% | -37.35% | -2.22% | 32.88% | -13.87% | 102.37% | -36.59% | 11.14% | 28.21% | 0.72% | 24.66% | 36.81% | 13.99% | 31.19% | 17.2% | -29.55% | 20% | 11.11% | 30.26% | 55.1% | 133.33% | 265.22% | -20.69% | -39.58% | -29.41% | 41.67% | 26.32% | 90% |
| EPS (Basic) | - | 0.58 | 2.20 | 3.33 | 3.60 | 5.78 | 5.89 | 4.44 | 5.36 | 2.60 | 4.09 | 3.71 | 3.11 | 2.85 | 2.40 | 1.70 | 1.43 | 1.10 | 0.94 | 1.36 | 1.15 | 1.03 | 0.81 | 0.55 | 0.23 | 0.06 | 0.07 | 0.12 | 0.18 | 0.13 | 0.10 |
| Diluted Shares Outstanding | 18.41M | 18.57M | 19.16M | 19.34M | 19.31M | 20.34M | 21.26M | 22.82M | 24.64M | 24.71M | 25.05M | 26.35M | 27.38M | 28.41M | 29.85M | 31.15M | 31.88M | 30.86M | 32.33M | 34.41M | 37.45M | 39.44M | 40.83M | 42.64M | 41.29M | 38.82M | 39.56M | 49.89M | 55.72M | 53.28M | 52.63M |
| Basic Shares Outstanding | 18.4M | 18.57M | 19.06M | 19.25M | 19.25M | 20.15M | 21.04M | 22.64M | 23.57M | 24.02M | 24.48M | 24.98M | 25.27M | 27.77M | 27.64M | 29.88M | 30.62M | 30.7M | 32.1M | 33.47M | 36.11M | 37.75M | 38.33M | 38.04M | 37.77M | 38.71M | 39.15M | 48.63M | 51.75M | 50.96M | 50M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Greater China regulatory exposure
According to recent financial statements, USANA's revenue growth has exhibited significant inconsistency, oscillating between a 10.8% expansion in 2025Q2 and a 6.2% contraction in 2024Q3, suggesting that the company's reliance on the Greater China market creates unpredictable top-line performance tied to regional economic and regulatory shifts.
The fluctuation in quarterly revenue growth indicates that the company's core direct-selling model is struggling to maintain a consistent trajectory in its primary markets. Investors should monitor whether the recent return to positive growth in early 2026 represents a sustainable recovery or merely a temporary rebound from prior-year weakness.
As reported in recent filings, USANA maintains a robust gross margin profile averaging near 78%, yet this structural strength is increasingly disconnected from bottom-line results, as net margins have compressed to as low as -3.1% in 2025Q3 due to elevated operating costs and incentive payouts.
The persistent gap between high gross margins and thin net profitability suggests that the company's cost of maintaining its Associate network is disproportionately high relative to the value captured. This divergence implies that the business model may be facing structural headwinds that prevent the conversion of premium product pricing into meaningful shareholder earnings.
Based on the provided income statement data, USANA's operating income has failed to scale efficiently with revenue, as evidenced by operating margins dropping from 11.0% in 2023Q4 to 5.5% in 2026Q1, indicating that SG&A expenses are consuming an increasing share of the company's gross profit.
The inability to achieve operating leverage suggests that the company is forced to reinvest heavily in its distribution network just to maintain current revenue levels. This trend warrants further investigation into whether the current commission structure is becoming a permanent drag on the company's ability to generate operating income.
Analysis of the reported figures reveals that USANA's net income has been significantly impacted by non-operating items and periodic losses, with net margins swinging from a 7.6% profit in 2023Q4 to a net loss of $6.5 million in 2025Q3, highlighting the fragility of the company's bottom-line performance.
The erratic nature of net income suggests that the company's earnings are highly sensitive to operational disruptions and potential inventory loading dynamics. Investors should be cautious of the reported EPS, as the volatility in net income makes it a less reliable indicator of the company's underlying long-term earning power.
While USANA maintains a fortress balance sheet with minimal debt, the income statement suggests a potential long-term risk, as the company's reliance on high commission payouts to sustain its Associate base may be reaching a point of diminishing returns in a competitive e-commerce environment.
Short-term observers might focus on the company's cash position, but the fundamental concern remains the erosion of net margins and the potential for regulatory intervention in its primary markets. If the company cannot improve its operating efficiency, the current business model may face a permanent reset in its ability to deliver value to shareholders.
Quick answers to the most common questions about buying USNA stock.
For fiscal year 2025, USANA Health Sciences, Inc. (USNA) reported total revenue of $925.3M. This represents a 1531.8% increase compared to $56.7M in 1996.
USANA Health Sciences, Inc. (USNA) is profitable, generating $10.8M in net income for the fiscal year ending 2025 with a net profit margin of 1.2%.
USANA Health Sciences, Inc. (USNA) reported an operating income of $50.9M, resulting in an operating profit margin of 5.5%. This margin reflects the operational efficiency of the business before interest and taxes.
USANA Health Sciences, Inc. (USNA) generated $724.4M in gross profit for the year, representing a gross profit margin of 78.3%. This demonstrates the company's core pricing power and production efficiency.