US Market News
1月前
Herbalife Reports First Quarter 2026 Net Sales Growth and Adjusted EBITDA1 Above Guidance; Raises Full-Year 2026 Constant Currency2 Net Sales and Adjusted EBITDA1 Guidance MidpointsMay 6, 2026 4:10 PM
Business Wire Q1 Results in Line with Preliminary Results Announced on April 14 Herbalife Ltd. (NYSE: HLF) today reported financial results for the first quarter ended March 31, 2026: This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260506758807/en/ “We delivered strong Q1 results that exceeded guidance and we successfully completed our debt refinancing. At the same time, we took further strategic actions to build on Herbalife’s deep-rooted strength in personalization, enhance speed to market capabilities, and position us for long-term growth and value creation.” - Stephan Gratziani, CEO Highlights First Quarter 2026 Net sales of $1.3 billion exceeds guidance Up 7.8% vs. Q1 ‘25 Up 5.4% year-over-year on constant currency basis2; exceeds guidance Net income attributable to Herbalife of $61.9 million; adjusted net income1 of $69.0 million Adjusted EBITDA1 of $175.7 million exceeds guidance Adjusted EBITDA1 at constant currency2 of $180.3 million exceeds guidance Diluted EPS of $0.57; adjusted diluted EPS1 of $0.64 Net cash provided by operating activities of $113.8 million; capital expenditures of $10.9 million Reduced total leverage ratio to 2.7x and net leverage ratio1 to 2.1x at March 31 Recent Developments Completed $1.45 billion senior secured debt refinancing on April 29 Acquired substantially all of the assets of Bioniq’s core personalized nutrition business on April 30 Outlook Second quarter 2026 guidance provided Full-year 2026 guidance revised: net sales and adjusted EBITDA1 ranges narrowed and constant currency2 midpoints increased, capital expenditures reaffirmed _______________ 1 Non-GAAP measure. Refer to Schedule A – “Reconciliation of Non-GAAP Financial Measures” for a detailed reconciliation of these measures to the most directly comparable U.S. GAAP measure for historical periods, as applicable, and a discussion of why the Company believes these non-GAAP measures are useful and certain information regarding non-GAAP guidance. 2 Non-GAAP measure. Refer to Schedule A – “Reconciliation of Non-GAAP Financial Measures” for a discussion of why the Company believes adjusting for the effects of foreign exchange is useful. Management Commentary Herbalife reported first quarter 2026 net sales of $1.3 billion, up 7.8% year-over-year, including 240 basis points of foreign currency (“FX”) tailwinds. On a constant currency basis2, net sales increased 5.4% year-over-year for the quarter. Gross profit margin was 77.9% in the first quarter, compared to 78.3% in the prior year period. On a year-over-year and approximate basis, the change primarily reflects 50 basis points of input cost inflation, mainly due to lower absorption rates, 30 basis points of unfavorable sales mix, 20 basis points of other unfavorable cost changes and 50 basis points of FX headwinds. These impacts were partially offset by 70 basis points of pricing benefits and 40 basis points from lower inventory write-downs. For the quarter, net income attributable to Herbalife was $61.9 million, with net income margin of 4.7%, and adjusted net income1 of $69.0 million. Adjusted EBITDA1 of $175.7 million includes approximately $5 million of FX headwinds year-over-year, with adjusted EBITDA1 margin of 13.3%, down 20 basis points versus the first quarter of 2025. Diluted EPS was $0.57, with adjusted diluted EPS1 of $0.64, which includes a $0.03 year-over-year FX headwind. Net cash provided by operating activities was $113.8 million for the quarter ended March 31, 2026. Capital expenditures were $10.9 million and capitalized software as a service (“SaaS”) implementation costs were $10.0 million in the first quarter. As of March 31, 2026, the Company’s revolving credit facility was undrawn. Total leverage ratio declined to 2.7x from 2.8x, and net leverage ratio1 declined to 2.1x from 2.3x, each compared to December 31, 2025. In late March, the Company held Herbalife Honors, its annual global leadership development and recognition event, in Vienna, Austria. At the event, the Company announced strategic initiatives, including the planned acquisition of certain assets from Bioniq, a UK-based personalized supplements company, as well as the rollout of new packaging across the Company’s global product portfolio. The packaging redesign is guided by a clear strategy to bring science and nutrition to the forefront of the design and is being introduced through a multi-year rollout that began in March 2026. The redesign features a significantly refreshed, more modern and colorful look, new packaging formats, and enhanced category labeling—ensuring that the science, nutrition, and benefits inside the product are clearly reflected on the outside, making it easier for distributors and customers to identify products aligned to specific health and nutrition goals. In April, the Company launched its first 2026 Extravaganza events. In India, the Company hosted three consecutive Extravaganza events across Delhi and Bengaluru, with approximately 46,200 attendees, reflecting strong distributor engagement and continued demand for in-person training and business development opportunities. Recent Developments Senior Secured Debt Refinancing On April 29, the Company completed a $1.45 billion senior secured debt refinancing, which included: a $425 million senior secured revolving credit facility due April 2031 (“2026 Revolving Credit Facility”); a $225 million senior secured Term Loan A due April 2031; and $800 million aggregate principal amount of 7.750% senior secured notes due May 2033 Proceeds from the transactions, together with borrowings under the 2026 Revolving Credit Facility and available cash, were used to repay the $365 million outstanding principal balance on the 2024 Term Loan B and to fully redeem the $800 million outstanding principal balance on the 12.250% senior secured notes due 2029 (“2029 Secured Notes”), plus accrued and unpaid interest, and to pay related fees and expenses. The 2029 Secured Notes were redeemed at 106.125% of principal. No early termination penalties were incurred in connection with the refinancing, other than the call premium reflected in the redemption price of the 2029 Secured Notes. Upon completion of the refinancing transactions, $200 million was outstanding under the 2026 Revolving Credit Facility as of April 29, 2026. The transaction is expected to result in approximately $45 million in annual cash interest savings, based on the total senior secured debt outstanding immediately before and after the refinancing and current applicable interest rates. “We delivered net sales growth and adjusted EBITDA1 above our guidance for the quarter,” said Chief Financial Officer John DeSimone. “We were also pleased to complete our $1.45 billion senior secured debt refinancing in April, achieving our pricing objectives, meaningfully reducing interest expense, extending our maturity profile, and further strengthening our balance sheet and financial flexibility.” Bioniq Asset Acquisition On April 30, the Company acquired substantially all of the assets of Bioniq’s core personalized nutrition business, as contemplated by the agreement announced on March 26, 2026, for $55 million in total base consideration, payable over five years, of which $10 million was paid subsequent to closing. The agreement also provides for up to $95 million in contingent payments based on certain future Bioniq product sales performance. As part of the transaction, Herbalife also obtained a call option to acquire Bioniq LAB, a separate platform focused on small molecules and peptides. The option expires on December 31, 2031, and provides Herbalife with strategic flexibility to evaluate potential longer-term opportunities in this area in a disciplined and capital-efficient manner. Bioniq’s personalized nutritional supplements will be offered through Herbalife independent distributors to customers across 11 European countries beginning in late June, followed by the United States in July and additional markets later in 2026. Bioniq complements Herbalife’s prior acquisitions of Pro2col and Link BioSciences and will enable Herbalife to offer a broader range of personalized nutritional supplements across multiple delivery formats. Combining Bioniq’s offering with Herbalife’s global manufacturing expertise will better enable the Company to expand personalized nutrition at scale and speed. “Personalization has long been foundational to Herbalife’s business, and our history is defined by innovation, a forward-looking mindset and a willingness to evolve alongside consumer needs,” said Chief Executive Officer Stephan Gratziani. “Our recent acquisitions of Pro2col, Link BioSciences, Pruvit and Bioniq expand our personalization ecosystem, enabling an enhanced and differentiated experience for both customers and distributors and accelerating our evolution into the world’s premier health and wellness company, community and platform.” First Quarter 2026 Key Metrics Regional Net Sales and FX Impact Reported Net Sales YoY Growth (Decline) $ million Q1 ‘26 Q1 ‘25 including FX excluding FX2 North America 247.6 254.4 (2.7)% (2.8)% Latin America 242.0 206.7 17.1% 6.8% EMEA 274.8 273.3 0.5% (6.5)% Asia Pacific 495.8 422.5 17.3% 20.8% China 57.0 64.8 (12.0)% (16.2)% Worldwide 1,317.2 1,221.7 7.8% 5.4% Outlook Second Quarter 2026 Guidance $ million Net Sales Adjusted EBITDA1 CapEx Reported +1.5% to +5.5% YoY 150 – 170 15 – 25 Constant Currency(a) +1.0% to +5.0% YoY 150 – 170 Q2 ‘25 Actuals 1,259.1 173.6 13.8% margin 22.8 Full-Year 2026 Guidance – REVISED $ million Net Sales Adjusted EBITDA1 CapEx Reported +1.5% to +5.5% YoY 675 – 705 50 – 80 Previous Guidance (Feb 18 ‘26) +1.0% to +6.0% YoY 670 – 710 50 – 80 Constant Currency(a) +1.0% to +5.0% YoY 675 – 705 Previous Guidance (Feb 18 ‘26) +0.0% to +5.0% YoY 665 – 705 FY ‘25 Actuals 5,037.5 657.6 13.1% margin 80.4 (a) Non-GAAP Measure. Represents projections using U.S. dollars at Q2 ‘25 and FY ‘25 average FX rates, respectively, and adjusting for other FX related impacts. Refer to Schedule A – “Reconciliation of Non-GAAP Financial Measures” for a discussion of why the Company believes adjusting for the effects of foreign exchange is useful and non-GAAP guidance. Guidance Assumptions Net sales and adjusted EBITDA1 use the average daily exchange rates for the first two weeks of April 2026 to translate local currency projections Additional FY 2026 Expectations Capitalized SaaS implementation costs of $35 million to $55 million (reduced from $40 million to $60 million), which are not included in capital expenditures Depreciation and amortization, and amortization of SaaS implementation costs, of $140 million to $150 million Adjusted effective tax rate of approximately 30% Earnings Webcast and Conference Call Herbalife’s senior management team will host an audio webcast and conference call to discuss its first quarter 2026 financial results on Wednesday, May 6, 2026, at 5:30 p.m. ET (2:30 p.m. PT). The audio webcast will be available at the following link: https://edge.media-server.com/mmc/p/udjduiru Participants joining via the conference call may obtain the dial-in information and personal PIN to access the call by registering at the following link: https://register-conf.media-server.com/register/BIe923418ddce542868d28ccd0723ec5e3 Senior management also plans to reference slides during the webcast and call, which will be available under the Investor Relations section of Herbalife’s website at https://ir.herbalife.com, where financial and other information is posted from time to time. The webcast will also be available at the same website, along with a replay of the webcast following the completion of the event and for three months thereafter. About Herbalife Ltd. Herbalife (NYSE: HLF) is a premier health and wellness company, community and platform that has been changing people's lives with great nutrition products and a business opportunity for its independent distributors since 1980. The Company offers science-backed products to consumers in more than 90 markets through entrepreneurial distributors who provide one-on-one coaching and a supportive community that inspires their customers to embrace a healthier, more active lifestyle to live their best life. For more information, visit https://ir.herbalife.com. Forward-Looking Statements This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including any projections of earnings, revenue or other financial items; any statements of the plans, strategies and objectives of management, including for future operations, capital expenditures, or share repurchases; any statements concerning proposed new products, services, or developments; any statements regarding future economic conditions or performance; any statements of belief or expectation; and any statements of assumptions underlying any of the foregoing or other future events. Forward-looking statements may include, among others, the words “may,” “will,” “estimate,” “intend,” “continue,” “believe,” “expect,” “anticipate” or any other similar words. Although we believe that the expectations reflected in any of our forward-looking statements are reasonable, actual results or outcomes could differ materially from those projected or assumed in any of our forward-looking statements. Our future financial condition and results of operations, as well as any forward-looking statements, are subject to change and to inherent risks and uncertainties, many of which are beyond our control. Important factors that could cause our actual results, performance and achievements, or industry results to differ materially from estimates or projections contained in or implied by our forward-looking statements include the following: the potential impacts of current global economic conditions, including inflation, unfavorable foreign exchange rate fluctuations, and tariffs or retaliatory tariffs, on us; our Members, customers, and supply chain; and the world economy; our ability to attract and retain Members; our relationship with, and our ability to influence the actions of, our Members; our noncompliance with, or improper action by our employees or Members in violation of, applicable U.S. and foreign laws, rules, and regulations; adverse publicity associated with our Company or the direct-selling industry, including our ability to comfort the marketplace and regulators regarding our compliance with applicable laws; changing consumer preferences and demands and evolving industry standards, including with respect to climate change, sustainability, and other environmental, social, and governance matters; the competitive nature of our business and industry; legal and regulatory matters, including regulatory actions concerning, or legal challenges to, our products or network marketing program and product liability claims; the Consent Order entered into with the Federal Trade Commission, or FTC, the effects thereof and any failure to comply therewith; risks associated with operating internationally and in China; our ability to execute our growth and other strategic initiatives (such as restructuring efforts, increased market penetration in existing markets, and personalized product and related technology initiatives); the effectiveness and acceptance of new technology-driven initiatives; any material disruption to our business caused by natural disasters, other catastrophic events, acts of war or terrorism, including the wars in Ukraine and the Middle East, cybersecurity incidents, pandemics, and/or other acts by third parties; our ability to adequately source ingredients, packaging materials, and other raw materials and manufacture and distribute our products; our reliance on our information technology infrastructure, and our ability to successfully develop, deploy, and integrate artificial intelligence into our business; noncompliance by us or our Members with any privacy, artificial intelligence and data protection laws, rules, or regulations or any security breach involving the misappropriation, loss, or other unauthorized use or disclosure of confidential information; contractual limitations on our ability to expand or change our direct-selling business model; the sufficiency of our trademarks and other intellectual property; product concentration; our reliance upon, or the loss or departure of any member of, our senior management team; our ability to integrate and capitalize on acquisition transactions; restrictions imposed by covenants in the agreements governing our indebtedness; risks related to our convertible notes; changes in, and uncertainties relating to, the application of transfer pricing, income tax, customs duties, value added taxes, and other tax laws, treaties, and regulations, or their interpretation; our incorporation under the laws of the Cayman Islands; and share price volatility related to, among other things, speculative trading and certain traders shorting our common shares. Additional factors and uncertainties that could cause actual results or outcomes to differ materially from our forward-looking statements are set forth in the Company's filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the Securities and Exchange Commission on February 18, 2026, including under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and in our Consolidated Financial Statements and the related Notes included therein. In addition, historical, current, and forward-looking sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future. Forward-looking statements made in this release speak only as of the date hereof. We do not undertake any obligation to update or release any revisions to any forward-looking statement or to report any events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law. Results of Operations Herbalife Ltd. and Subsidiaries Condensed Consolidated Statements of Income (in millions, except per share amounts) Three Months Ended March 31, 2026 2025 (unaudited) Net sales $ 1,317.2 $ 1,221.7 Cost of sales 291.1 265.2 Gross profit 1,026.1 956.5 Selling expenses (1) 461.8 433.4 General and administrative expenses (1) 431.4 400.3 Other operating income (2) (5.5 ) - Operating income 138.4 122.8 Interest expense, net 46.8 52.0 Income before income taxes 91.6 70.8 Income taxes 30.4 20.4 Net income 61.2 50.4 Net loss attributable to noncontrolling interest (0.7 ) - Net income attributable to Herbalife $ 61.9 $ 50.4 Earnings per share attributable to Herbalife: Basic $ 0.60 $ 0.50 Diluted $ 0.57 $ 0.49 Weighted-average shares outstanding: Basic 103.8 101.5 Diluted 108.4 102.2 (1) Prior period amounts were reclassified to conform to current period presentation. Refer to Schedule B – “Reclassifications” for additional details. (2) Other operating income for the three months ended March 31, 2026 relates to certain China government grant income Herbalife Ltd. and Subsidiaries Condensed Consolidated Balance Sheets (in millions) March 31, December 31, 2026 2025 (unaudited) ASSETS Current assets: Cash and cash equivalents $ 451.2 $ 353.1 Receivables, net 106.0 91.9 Inventories 494.6 511.7 Prepaid expenses and other current assets 200.3 188.0 Total current assets 1,252.1 1,144.7 Property, plant and equipment, net 429.3 447.7 Operating lease right-of-use assets 169.0 168.3 Marketing-related intangibles and other intangible assets, net 314.6 315.1 Goodwill 99.1 100.5 Deferred income tax assets 463.7 464.3 Other assets 147.4 145.3 Total assets $ 2,875.2 $ 2,785.9 LIABILITIES AND SHAREHOLDERS' DEFICIT Current liabilities: Accounts payable $ 88.1 $ 99.8 Member compensation liabilities (1) 361.1 402.4 Current portion of long-term debt 9.2 20.9 Other current liabilities (1) 563.7 489.8 Total current liabilities 1,022.1 1,012.9 Non-current liabilities: Long-term debt, net of current portion 1,981.9 1,971.7 Non-current operating lease liabilities 155.2 155.7 Other non-current liabilities 150.2 155.0 Total liabilities 3,309.4 3,295.3 Commitments and contingencies Shareholders' deficit: Common shares 0.1 0.1 Paid-in capital in excess of par value 334.0 316.0 Accumulated other comprehensive loss (257.8 ) (251.5 ) Accumulated deficit (517.8 ) (579.7 ) Total Herbalife shareholders' deficit (441.5 ) (515.1 ) Noncontrolling interest 7.3 5.7 Total shareholders' deficit (434.2 ) (509.4 ) Total liabilities and shareholders' deficit $ 2,875.2 $ 2,785.9 (1) Prior period amounts were reclassified to conform to current period presentation. Refer to Schedule B – “Reclassifications” for additional details. Herbalife Ltd. and Subsidiaries Condensed Consolidated Statements of Cash Flows (in millions) Three Months Ended March 31, 2026 2025 (unaudited) Cash flows from operating activities: Net income $ 61.2 $ 50.4 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 29.4 30.7 Share-based compensation expenses 10.6 11.6 Non-cash interest expense 4.2 4.1 Deferred income taxes 0.3 (13.1 ) Inventory write-downs 5.9 11.4 Foreign exchange transaction (gain) loss (0.4 ) 1.4 Other (1.5 ) (1.4 ) Changes in operating assets and liabilities: Receivables (14.3 ) (20.0 ) Inventories 4.2 (16.7 ) Prepaid expenses and other current assets (6.4 ) (2.3 ) Accounts payable (12.1 ) 11.5 Member compensation liabilities (1) (36.9 ) (33.5 ) Other current liabilities (1) 81.3 (25.7 ) Other (11.7 ) (8.2 ) Net cash provided by operating activities 113.8 0.2 Cash flows from investing activities: Purchases of property, plant and equipment (10.9 ) (18.3 ) Other (0.3 ) (0.5 ) Net cash used in investing activities (11.2 ) (18.8 ) Cash flows from financing activities: Borrowings from senior secured credit facility and other debt 67.0 65.0 Principal payments on senior secured credit facility and other debt (72.2 ) (70.3 ) Repayment of senior notes - (65.0 ) Share repurchases (0.7 ) (2.2 ) Other 7.9 0.3 Net cash provided by (used in) financing activities 2.0 (72.2 ) Effect of exchange rate changes on cash, cash equivalents, and restricted cash (6.9 ) 3.7 Net change in cash, cash equivalents, and restricted cash 97.7 (87.1 ) Cash, cash equivalents, and restricted cash, beginning of period 375.3 438.1 Cash, cash equivalents, and restricted cash, end of period $ 473.0 $ 351.0 (1) Prior period amounts were reclassified to conform to current period presentation. Refer to Schedule B – “Reclassifications” for additional details. Supplemental Information SCHEDULE A: RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (unaudited) Adjusted Net Income, Adjusted Diluted EPS, Adjusted EBITDA, Credit Agreement EBITDA and Net Debt In addition to its reported results calculated in accordance with U.S. GAAP, the Company has included in this release adjusted net income, adjusted diluted EPS, adjusted EBITDA and credit agreement EBITDA, performance measures that the Securities and Exchange Commission defines as “non-GAAP financial measures.” Adjusted net income, adjusted diluted EPS, adjusted EBITDA and credit agreement EBITDA are calculated as net income attributable to Herbalife excluding the impact of certain unusual or non-recurring items such as expenses related to restructuring initiatives, expenses related to the digital technology program, gains or losses from sale of property, gains or losses from extinguishment of debt and certain tax expenses and benefits, as further detailed in the reconciliations below. In addition, during the fourth quarter of 2024, the Company recognized $147.3 million of non-cash net deferred income tax benefits related to changes the Company initiated to its corporate entity structure, including intra-entity transfers of intellectual property to one of its European subsidiaries, which was excluded from adjusted net income and adjusted diluted EPS. A portion of these non-cash net deferred income tax benefits will reduce cash taxes paid and result in net deferred tax expense recognized in future periods. Beginning in the first quarter of 2025 and in future periods, the related net deferred tax effects will be excluded from adjusted net income and adjusted diluted EPS. Adjusted EBITDA margin represents adjusted EBITDA divided by net sales. Credit agreement EBITDA represents EBITDA adjusted for items permitted under the Company’s senior secured credit facilities. Management believes that such non-GAAP performance measures, when read in conjunction with the Company’s reported results, calculated in accordance with U.S. GAAP, can provide useful supplemental information for investors because they facilitate a period to period comparative assessment of the Company’s operating performance relative to its performance based on reported results under U.S. GAAP, while isolating the effects of some items that vary from period to period without any correlation to core operating performance and eliminate certain charges that management believes do not reflect the Company’s operations and underlying operational performance. Net debt is calculated as the aggregate outstanding principal amount of total debt less cash and cash equivalents. Management believes net debt is useful, when read in conjunction with the Company’s reported balance sheet, because it provides investors with information regarding the Company’s leverage profile, including its debt obligations that could not be repaid with cash and cash equivalents on hand. This measure is not meant, however, to imply that the Company intends to use all available cash to pay down debt. The Company’s definitions and calculations as set forth in the tables below of adjusted net income, adjusted diluted EPS, adjusted EBITDA, credit agreement EBITDA and net debt may not be comparable to similarly titled measures used by other companies because other companies may not calculate them in the same manner as the Company does and should not be viewed in isolation from, nor as alternatives to, net income attributable to Herbalife, diluted EPS or total debt, as applicable, calculated in accordance with U.S. GAAP. The Company does not provide a reconciliation of forward-looking adjusted EBITDA or constant currency adjusted EBITDA guidance to net income attributable to Herbalife, the comparable U.S. GAAP measure, because, due to the unpredictable or unknown nature of certain significant items, such as income tax expenses or benefits, loss contingencies, and any gains or losses in connection with refinancing transactions, the Company cannot reconcile these non-GAAP projections without unreasonable efforts. The Company expects the variability of these items, which are necessary for a presentation of the reconciliation, could have a significant impact on the Company’s reported U.S. GAAP financial results. Currency Fluctuation The Company’s international operations have provided and will continue to provide a significant portion of its total net sales. As a result, total net sales will continue to be affected by fluctuations in the U.S. dollar against foreign currencies. In order to provide a framework for assessing how the Company’s underlying businesses performed excluding the effect of foreign currency fluctuations, in addition to comparing the percent change in net sales from one period to another in U.S. dollars, the Company also compares the percent change in net sales from one period to another period using “net sales in local currency.” Net sales in local currency is not a measure presented in accordance with U.S. GAAP. Net sales in local currency removes from net sales in U.S. dollars the impact of changes in exchange rates between the U.S. dollar and the local currencies of the Company’s foreign subsidiaries, by translating the current period net sales into U.S. dollars using the same foreign currency exchange rates that were used to translate the net sales for the previous comparable period. The Company believes presenting net sales in local currency is useful to investors because it allows a meaningful comparison of net sales of its foreign operations from period to period. In addition, the Company presents adjusted EBITDA on a constant currency basis, which is a non-GAAP financial measure, and is calculated by translating the current period adjusted EBITDA into U.S. dollars using the same foreign currency exchange rates that were used to translate such measure for the previous comparable period and adjusting for other FX related impacts. However, net sales in local currency and adjusted EBITDA on a constant currency basis should not be considered in isolation or as an alternative to net sales and adjusted EBITDA, respectively, in U.S. dollar measures that reflect current period exchange rates, or to net sales and net income attributable to Herbalife calculated and presented in accordance with U.S. GAAP. The following is a reconciliation of net income attributable to Herbalife to adjusted net income: Three Months Ended March 31, $ million 2026 2025 Net income attributable to Herbalife $ 61.9 $ 50.4 Expenses related to Technology Realignment Program (1) 2.4 - Expenses related to Restructuring Program (1) - 3.3 Digital technology program costs (1) - 2.4 Income tax adjustments for above items (1) (0.7 ) (1.3 ) Deferred income tax effects, net, related to corporate entity reorganization (2) 5.4 5.1 Adjusted net income $ 69.0 $ 59.9 The following is a reconciliation of diluted earnings per share to adjusted diluted earnings per share: Three Months Ended March 31, $ per share 2026 2025 Diluted earnings per share $ 0.57 $ 0.49 Expenses related to Technology Realignment Program (1) 0.02 - Expenses related to Restructuring Program (1) - 0.03 Digital technology program costs (1) - 0.02 Income tax adjustments for above items (1) (0.01 ) (0.01 ) Deferred income tax effects, net, related to corporate entity reorganization (2) 0.05 0.05 Adjusted diluted earnings per share (3) $ 0.64 $ 0.59 (1) Based on interim income tax reporting rules, these expense items are not considered discrete items. The tax effect of the adjustments between our U.S. GAAP and non-GAAP results takes into account the tax treatment and related tax rate(s) that apply to each adjustment in the applicable tax jurisdiction(s). Excludes tax (benefit)/expense as follows: Three Months Ended March 31, $ million 2026 2025 Expenses related to Technology Realignment Program $ (0.7 ) $ - Expenses related to Restructuring Program - (0.9 ) Digital technology program costs - (0.4 ) Total income tax adjustments $ (0.7 ) $ (1.3 ) Three Months Ended March 31, $ per share 2026 2025 Expenses related to Technology Realignment Program $ (0.01 ) $ - Expenses related to Restructuring Program - (0.01 ) Digital technology program costs - - Total income tax adjustments $ (0.01 ) $ (0.01 ) (2) Non-cash net deferred tax effects related to an income tax benefit previously recognized due to changes to corporate entity structure in the fourth quarter of 2024. Refer to Supplemental Information included herein for further details. (3) Amounts may not total due to rounding The following are reconciliations of net income attributable to Herbalife to EBITDA, adjusted EBITDA and Credit Agreement EBITDA, as well as Credit Agreement total leverage ratio and net leverage ratio for the respective periods: Three Months Ended TTM Year Ended $ million Mar 31 '25 Jun 30 '25 Sep 30 '25 Dec 31 '25 Mar 31 '26 Mar 31 '26 Dec 31 '25 Net sales $ 1,221.7 $ 1,259.1 $ 1,273.7 $ 1,283.0 $ 1,317.2 $ 5,133.0 $ 5,037.5 Net income attributable to Herbalife $ 50.4 $ 49.3 $ 43.2 $ 85.4 $ 61.9 $ 239.8 $ 228.3 Interest expense, net 52.0 53.6 51.0 49.3 46.8 200.7 205.9 Income taxes 20.4 29.8 31.7 (34.6 ) 30.4 57.3 47.3 Depreciation and amortization 30.7 30.5 30.7 29.3 29.4 119.9 121.2 EBITDA 153.5 163.2 156.6 129.4 168.5 617.7 602.7 Amortization of SaaS implementation costs 5.7 5.7 5.0 4.9 4.8 20.4 21.3 Expenses related to Technology Realignment Program - 3.6 0.6 4.9 2.4 11.5 9.1 Expenses related to Restructuring Program 3.3 0.7 0.8 2.2 - 3.7 7.0 Expenses related to Transformation Program - - - - - - - Digital technology program costs 2.4 0.4 - 3.4 - 3.8 6.2 Transition charge related to Sep ‘25 India Goods and Services Tax amendments - - - 11.3 - 11.3 11.3 Adjusted EBITDA 164.9 173.6 163.0 156.1 175.7 668.4 657.6 Interest income 2.6 1.8 2.0 2.1 2.7 8.6 8.5 Inventory write-downs 11.4 3.5 6.5 4.5 5.9 20.4 25.9 Share-based compensation expenses 11.6 10.4 11.2 10.9 10.6 43.1 44.1 Other expenses (income) (1) 1.5 3.1 1.5 (0.2 ) (0.9 ) 3.5 5.9 Credit Agreement EBITDA $ 192.0 $ 192.4 $ 184.2 $ 173.4 $ 194.0 $ 744.0 $ 742.0 Credit Agreement total debt (2) $ 2,044.6 $ 2,050.0 Less: cash and cash equivalents (3) (451.2 ) (353.1 ) Net debt $ 1,593.4 $ 1,696.9 Credit Agreement total leverage ratio (4) 2.7x 2.8x Net leverage ratio (5) 2.1x 2.3x Net income margin 4.1 % 3.9 % 3.4 % 6.7 % 4.7 % 4.7 % 4.5 % Adjusted EBITDA margin 13.5 % 13.8 % 12.8 % 12.2 % 13.3 % 13.0 % 13.1 % (1) Other expenses (income) include certain non-cash items such as bad debt expense, unrealized foreign currency gains and losses, and other gains and losses (2) Represents the aggregate outstanding principal amount of total debt as of the respective period end (3) Represents cash and cash equivalents as of the respective period end (4) Represents the ratio of credit agreement total debt to the trailing twelve months of credit agreement EBITDA for the respective period as calculated pursuant to the Credit Agreement (5) Represents the ratio of net debt to the trailing twelve months of credit agreement EBITDA for the respective period SCHEDULE B: RECLASSIFICATIONS Effective in the fourth quarter of 2025, the Company retrospectively separated selling expenses from selling, general, and administrative expenses in the consolidated statements of income and combined those selling expenses with royalty overrides in the consolidated statements of income to simplify its financial statement presentation. Specifically, the Company’s Member compensation payments recognized as operating expenses, previously reported as royalty overrides, have been combined with the service fees to China’s independent service providers which were previously reported as selling expense within selling, general, and administrative expenses, and the two categories of expense are now collectively being presented in selling expenses within the condensed consolidated statements of income. As a result, $31.6 million related to service fees to China independent service providers previously presented as selling, general, and administrative expenses and all amounts previously presented as royalty overrides were collectively reclassified to selling expenses within the condensed consolidated statements of income for the three months ended March 31, 2025. As a result of the above, the Member compensation previously reported as royalty overrides within the operating activities in the condensed consolidated statements of cash flows is now presented as Member compensation liabilities. In addition, $0.8 million of cash outflows related to service fees to China independent service providers were reclassified from other current liabilities to Member compensation liabilities within the Company’s cash flows from operating activities in the condensed consolidated statements of cash flows for the three months ended March 31, 2025. These reclassifications did not impact the amounts of the prior period total assets, total liabilities, operating income, net income attributable to Herbalife, and net cash provided by (used in) operating activities, investing activities and financing activities, and did not impact the Company’s condensed consolidated statements of comprehensive income and condensed consolidated statements of changes in shareholders’ deficit. View source version on businesswire.com: https://www.businesswire.com/news/home/20260506758807/en/ Media Contact:
Miguel Lopez-Najera
Director, Global Corporate Communications
miguellope@herbalife.com Investor Contact:
Erin Banyas
Vice President, Head of Investor Relations
erinba@herbalife.com Original: Herbalife Reports First Quarter 2026 Net Sales Growth and Adjusted EBITDA1 Above Guidance; Raises Full-Year 2026 Constant Currency2 Net Sales and Adjusted EBITDA1 Guidance Midpoints
US Market News
2月前
Herbalife Announces Pricing of $800 Million Aggregate Principal Amount of Senior Secured Notes OfferingApril 15, 2026 7:02 PM
Business Wire
Herbalife Ltd. (NYSE: HLF) (the “Company”), a global health and wellness company, today announced the pricing of the previously announced offering, by HLF Financing SaRL, LLC and Herbalife International, Inc. (together, the “Issuers”), each a wholly owned subsidiary of the Company, of $800 million aggregate principal amount of senior secured notes due 2033 (the “Notes”) at a price to the public of 100.00% of par.
The Notes have a fixed annual interest rate of 7.750%, which will be paid semi-annually on May 1 and November 1 of each year, commencing on November 1, 2026. The Notes will be guaranteed on a senior secured basis by each of the Company and the Company’s existing and future subsidiaries that is a guarantor of the obligations of any domestic borrower under the Company’s senior secured credit facility.
The Company expects to use the net proceeds from the offering, together with proceeds from the refinancing of the Company’s existing senior secured credit facility, including borrowings under its revolving credit facility, and available cash, to repay indebtedness, including borrowings outstanding under the Company’s senior secured credit facility and the Issuers’ 12.250% Senior Secured Notes due 2029, and to pay related fees and expenses.
The offering is expected to close on April 29, 2026, subject to customary closing conditions.
This press release is neither an offer to sell nor a solicitation of an offer to buy the Notes, nor shall there be any sale of the Notes in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction. Any offer, if at all, will be made only pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and to non-U.S. persons outside the United States in reliance on Regulation S under the Securities Act. The Notes have not been and are not expected to be registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This press release does not constitute a notice of redemption with respect to the Issuers’ 12.250% Senior Secured Notes due 2029.
About Herbalife Ltd.
Herbalife (NYSE: HLF) is a premier health and wellness company, community and platform that has been changing people's lives with great nutrition products and a business opportunity for its independent distributors since 1980. The Company offers science-backed products to consumers in more than 90 markets through entrepreneurial distributors who provide one-on-one coaching and a supportive community that inspires their customers to embrace a healthier, more active lifestyle to live their best life.
Forward-Looking Statements
This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including any projections of earnings, revenue or other financial items; any statements of the plans, strategies and objectives of management, including for future operations, capital expenditures, or share repurchases; any statements concerning proposed new products, services, or developments; any statements regarding future economic conditions or performance; any statements of belief or expectation; and any statements of assumptions underlying any of the foregoing or other future events. Forward-looking statements may include, among others, the words “may,” “will,” “estimate,” “intend,” “continue,” “believe,” “expect,” “anticipate” or any other similar words.
Although we believe that the expectations reflected in any of our forward-looking statements are reasonable, actual results or outcomes could differ materially from those projected or assumed in any of our forward-looking statements. Our future financial condition and results of operations, as well as any forward-looking statements, are subject to change and to inherent risks and uncertainties, many of which are beyond our control. Important factors that could cause our actual results, performance and achievements, or industry results to differ materially from estimates or projections contained in or implied by our forward-looking statements include the following:
the potential impacts of current global economic conditions, including inflation, unfavorable foreign exchange rate fluctuations, and tariffs or retaliatory tariffs, on us; our Members, customers, and supply chain; and the world economy;
our ability to attract and retain Members;
our relationship with, and our ability to influence the actions of, our Members;
our noncompliance with, or improper action by our employees or Members in violation of, applicable U.S. and foreign laws, rules, and regulations;
adverse publicity associated with our Company or the direct-selling industry, including our ability to comfort the marketplace and regulators regarding our compliance with applicable laws;
changing consumer preferences and demands and evolving industry standards, including with respect to climate change, sustainability, and other environmental, social, and governance matters;
the competitive nature of our business and industry;
legal and regulatory matters, including regulatory actions concerning, or legal challenges to, our products or network marketing program and product liability claims;
the Consent Order entered into with the Federal Trade Commission, or FTC, the effects thereof and any failure to comply therewith;
risks associated with operating internationally and in China;
our ability to execute our growth and other strategic initiatives (such as restructuring efforts, increased market penetration in existing markets, and personalized product and related technology initiatives);
the effectiveness and acceptance of new technology-driven initiatives;
any material disruption to our business caused by natural disasters, other catastrophic events, acts of war or terrorism, including the wars in Ukraine and the Middle East, cybersecurity incidents, pandemics, and/or other acts by third parties;
our ability to adequately source ingredients, packaging materials, and other raw materials and manufacture and distribute our products;
our reliance on our information technology infrastructure, and our ability to successfully develop, deploy, and integrate artificial intelligence into our business;
noncompliance by us or our Members with any privacy, artificial intelligence and data protection laws, rules, or regulations or any security breach involving the misappropriation, loss, or other unauthorized use or disclosure of confidential information;
contractual limitations on our ability to expand or change our direct-selling business model;
the sufficiency of our trademarks and other intellectual property;
product concentration;
our reliance upon, or the loss or departure of any member of, our senior management team;
our ability to integrate and capitalize on acquisition transactions;
restrictions imposed by covenants in the agreements governing our indebtedness;
risks related to our convertible notes;
changes in, and uncertainties relating to, the application of transfer pricing, income tax, customs duties, value added taxes, and other tax laws, treaties, and regulations, or their interpretation;
our incorporation under the laws of the Cayman Islands; and
share price volatility related to, among other things, speculative trading and certain traders shorting our common shares.
Additional factors and uncertainties that could cause actual results or outcomes to differ materially from our forward-looking statements are set forth in the Company’s filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the Securities and Exchange Commission on February 18, 2026, including under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and in our Consolidated Financial Statements and the related Notes included therein. In addition, historical, current, and forward-looking sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future.
Forward-looking statements made in this release speak only as of the date hereof. We do not undertake any obligation to update or release any revisions to any forward-looking statement or to report any events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260415718935/en/
Media Contact:
Miguel Lopez-Najera
Director, Global Corporate Communications
miguellope@herbalife.com
Investor Contact:
Erin Banyas
Vice President, Head of Investor Relations
erinba@herbalife.com
Original: Herbalife Announces Pricing of $800 Million Aggregate Principal Amount of Senior Secured Notes Offering
US Market News
3月前
Herbalife to Expand Its Personalized Nutritional Supplement Capabilities Through Planned Acquisition of BioniqMarch 26, 2026 6:30 AM
Business Wire
Transaction accelerates Herbalife and Cristiano Ronaldo’s commitment to scale personalized nutrition and wellness globally
Herbalife Ltd. (NYSE: HLF), a premier health and wellness company, community and platform, today announced an agreement to acquire certain assets from Bioniq, a UK-based personalized supplements company focused on making health more accessible and actionable. The transaction advances Herbalife’s vision of becoming a technology-enabled, data-driven health and wellness platform.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260326423343/en/Herbalife to Expand Its Personalized Nutritional Supplement Capabilities Through Planned Acquisition of Bioniq
“The future of health and wellness is becoming more personalized and informed by data,” said Herbalife Chief Executive Officer, Stephan Gratziani. “By combining Bioniq’s personalized supplement technology with Pro2col and the power of our global distributor network, we are expanding our ability to deliver personalized wellness at global scale.”
Bioniq develops personalized supplement formulas using its patented product personalization engine, an individual’s health background, and a proprietary database of biomarkers. Bioniq’s personalized supplement formulations are designed for a broad range of individuals, from everyday wellness consumers to elite athletes, including Cristiano Ronaldo.
Bioniq will complement Herbalife’s prior acquisitions of Pro2col and Link BioSciences by enabling Herbalife to offer a broader range of personalized nutritional supplements across multiple delivery formats. Combining Bioniq’s offering with Herbalife’s global manufacturing expertise will enable the Company to expand personalized nutrition at scale and speed.
“I founded Bioniq in 2019 with a vision to help people optimize their wellbeing through a science-driven approach to nutrition that incorporates biomarker and lifestyle data,” said Vadim Fedotov, Founder and President of Bioniq. “I am excited to join Herbalife with its global distributor network and commitment to advancing wellness at scale.”
As a long-time global nutrition partner of Herbalife and Bioniq shareholder, Cristiano Ronaldo shares Herbalife’s vision to accelerate the availability of personalized nutritional supplements at scale through its global distributor network.
“Throughout my career, biometrics and personalized nutrition have been central to helping me perform and compete at the highest level. As a longtime Herbalife and Bioniq user, I’ve experienced firsthand how a tailored approach to nutrition can help optimize performance,” said Cristiano Ronaldo. “I'm delighted to see Bioniq’s personalized supplements become part of Herbalife’s expanding access to nutritional supplements, helping people take a more informed approach to their health, wellness and performance."
The transaction is expected to close in the second quarter of 2026, subject to customary closing conditions and regulatory approvals. The $55 million purchase price will be paid over five years, including an initial payment of $10 million at closing. In addition, the transaction value includes up to $95 million of contingent payments based on future performance.
As part of the transaction, Herbalife also obtained a call option to acquire Bioniq LAB, a separate platform focused on small molecules and peptides. The call option provides Herbalife with strategic flexibility to evaluate potential longer-term opportunities in this area in a disciplined and capital-efficient manner.
Bioniq’s personalized nutritional supplements are expected to be offered later this year through Herbalife independent distributors for customers in select countries in Europe and the United States, with additional markets to follow.
For more information, visit www.herbalife.com.
About Herbalife Ltd.
Herbalife (NYSE: HLF) is a premier health and wellness company, community and platform that has been changing people's lives with great nutrition products and a business opportunity for its independent distributors since 1980. The Company offers science-backed products to consumers in more than 90 markets through entrepreneurial distributors who provide one-on-one coaching and a supportive community that inspires their customers to embrace a healthier, more active lifestyle to live their best life.
For more information, visit https://ir.herbalife.com.
About Bioniq
Bioniq, launched in 2019 in London, UK, is an industry leader in offering personalized supplements based on personal questionnaires and blood test data. Shipping globally and utilizing one of the largest personalized nutrition databases, Bioniq has created unique formulas for hundreds of thousands of users that incorporate components and dosages tailor-made to each individual’s nutrient deficiencies.
For more information, visit: https://www.bioniq.com/.
Forward-Looking Statements
This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including any projections of earnings, revenue or other financial items; any statements of the plans, strategies and objectives of management, including for future operations, capital expenditures, or share repurchases; any statements concerning proposed new products, services, or developments; any statements regarding future economic conditions or performance; any statements of belief or expectation; and any statements of assumptions underlying any of the foregoing or other future events. Forward-looking statements may include, among others, the words “may,” “will,” “estimate,” “intend,” “continue,” “believe,” “expect,” “anticipate” or any other similar words.
Although we believe that the expectations reflected in any of our forward-looking statements are reasonable, actual results or outcomes could differ materially from those projected or assumed in any of our forward-looking statements. Our future financial condition and results of operations, as well as any forward-looking statements, are subject to change and to inherent risks and uncertainties, many of which are beyond our control. Important factors that could cause our actual results, performance and achievements, or industry results to differ materially from estimates or projections contained in or implied by our forward-looking statements include the following:
the potential impacts of current global economic conditions, including inflation, unfavorable foreign exchange rate fluctuations, and tariffs or retaliatory tariffs, on us; our Members, customers, and supply chain; and the world economy;
our ability to attract and retain Members;
our relationship with, and our ability to influence the actions of, our Members;
our noncompliance with, or improper action by our employees or Members in violation of, applicable U.S. and foreign laws, rules, and regulations;
adverse publicity associated with our Company or the direct-selling industry, including our ability to comfort the marketplace and regulators regarding our compliance with applicable laws;
changing consumer preferences and demands and evolving industry standards, including with respect to climate change, sustainability, and other environmental, social, and governance matters;
the competitive nature of our business and industry;
legal and regulatory matters, including regulatory actions concerning, or legal challenges to, our products or network marketing program and product liability claims;
the Consent Order entered into with the Federal Trade Commission, or FTC, the effects thereof and any failure to comply therewith;
risks associated with operating internationally and in China;
our ability to execute our growth and other strategic initiatives (such as restructuring efforts, increased market penetration in existing markets, and personalized product and related technology initiatives);
the effectiveness and acceptance of new technology-driven initiatives;
any material disruption to our business caused by natural disasters, other catastrophic events, acts of war or terrorism, including the wars in Ukraine and the Middle East, cybersecurity incidents, pandemics, and/or other acts by third parties;
our ability to adequately source ingredients, packaging materials, and other raw materials and manufacture and distribute our products;
our reliance on our information technology infrastructure, and our ability to successfully develop, deploy, and integrate artificial intelligence into our business;
noncompliance by us or our Members with any privacy, artificial intelligence and data protection laws, rules, or regulations or any security breach involving the misappropriation, loss, or other unauthorized use or disclosure of confidential information;
contractual limitations on our ability to expand or change our direct-selling business model;
the sufficiency of our trademarks and other intellectual property;
product concentration;
our reliance upon, or the loss or departure of any member of, our senior management team;
our ability to integrate and capitalize on acquisition transactions;
restrictions imposed by covenants in the agreements governing our indebtedness;
risks related to our convertible notes;
changes in, and uncertainties relating to, the application of transfer pricing, income tax, customs duties, value added taxes, and other tax laws, treaties, and regulations, or their interpretation;
our incorporation under the laws of the Cayman Islands; and
share price volatility related to, among other things, speculative trading and certain traders shorting our common shares.
Additional factors and uncertainties that could cause actual results or outcomes to differ materially from our forward-looking statements are set forth in the Company's filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the Securities and Exchange Commission on February 18, 2026, including under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and in our Consolidated Financial Statements and the related Notes included therein. In addition, historical, current, and forward-looking sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future.
Forward-looking statements made in this release speak only as of the date hereof. We do not undertake any obligation to update or release any revisions to any forward-looking statement or to report any events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260326423343/en/
Media Contact:
Miguel Lopez-Najera
Director, Global Corporate Communications
miguellope@herbalife.com
Investor Contact:
Erin Banyas
Vice President, Head of Investor Relations
erinba@herbalife.com
Original: Herbalife to Expand Its Personalized Nutritional Supplement Capabilities Through Planned Acquisition of Bioniq
US Market News
3月前
Next-Generation Platforms Scale Across Energy, Wellness, and Smokeless Consumer SegmentsMarch 5, 2026 9:00 AM
PR Newswire (US)
Issued on behalf of Doseology Sciences Inc.Equity-Insider.com VANCOUVER, BC, March 5, 2026 /PRNewswire/ -- Consumers are voting with their wallets, and zero-sugar is winning. Zero-sugar beverages are driving 6x more dollar growth than regular varieties as buyers actively choose clean-label products with natural sweeteners and functional ingredients[1]. The global market is forecast to expand from $350 billion in 2024 toward $500 billion by 2029, fueled by health-conscious consumers who want naturally functional products without heavy processing[1]. This structural shift is creating validated demand for precision-dosed, portable formats across energy and wellness categories, positioning Doseology Sciences (CSE: MOOD) (OTCPK: DOSEF) (FSE: VU70), Jamieson Wellness (TSX: JWEL), Herbalife (NYSE: HLF), USANA Health Sciences (NYSE: USNA), and Natural Health Trends (NASDAQ: NHTC).
The oral nicotine pouch segment is forecast to climb from $5.4 billion in 2024 to over $25 billion by 2030, a 29.6% annual growth rate that validates rising acceptance of pouch-based delivery systems[2]. Major consumer goods companies are integrating cognitive support and adaptogens into modern oral formats, targeting wellness alongside traditional energy delivery[3].Doseology Sciences (CSE: MOOD) (OTCPK: DOSEF) (FSE: VU70) just launched Feed That Brain Energy Pouches in the United States through a direct-to-consumer pilot program, marking the company's first DTC initiative in the U.S. market. Doseology specializes in pouch-based oral stimulant and cognitive support products. The rapidly expanding oral stimulant pouch sector is gaining momentum as consumers seek modern, discreet alternatives to traditional delivery formats. The pouches are now available exclusively to U.S. consumers at feedthatbrain.com and Amazon.com.The U.S. pilot represents a key milestone in Doseology's strategy to validate oral pouch delivery as a scalable stimulant platform, beginning with non-nicotine energy products. Unlike combustible tobacco or vape products, oral stimulant pouches are smokeless and vapor-free, providing an alternative delivery method without inhalation. The company will use this phase to evaluate consumer adoption, usage frequency, and repeat purchase behavior."This U.S. pilot is a disciplined and deliberate step in Doseology's strategy to build a scalable oral stimulant platform," said Larry Latowsky, Executive Chairman of Doseology. "Feed That Brain demonstrates how controlled, non-nicotine energy delivery can meet evolving consumer preferences while generating the operational insight required for responsible growth."Feed That Brain Energy Pouches are designed for modern, on-the-go use, offering consumers clarity and control without the volatility commonly associated with liquid energy formats. From a market perspective, the oral pouch category is experiencing strong global growth as consumers increasingly prioritize convenience, portability, and format innovation.The company also recently appointed Larry Latowsky as Executive Chairman, bringing experience from his tenure as President and CEO of Katz Group Canada, which operated over 1,500 pharmacy locations. Latowsky cited the clarity of Doseology's strategy and team quality as reasons for joining, stating confidence in building a durable platform and unlocking significant long-term value.Doseology also recently granted 140,000 restricted share units and 210,000 performance share units to a director, with RSUs vesting in equal monthly increments over 36 months and PSUs vesting upon achievement of defined performance milestones.Read this and more news for Doseology at: https://equity-insider.com/2025/12/19/what-comes-after-cigarettes-vapes-and-energy-drinks/In other industry developments and happenings in the market include:Jamieson Wellness (TSX: JWEL) recently reported full-year 2025 revenue of $822.1 million, a 13.4% increase driven by 15.6% branded revenue growth across Canada, China, and the United States. The company's Jamieson Brands segment led performance with broad-based strength in all markets, while Youtheory delivered 20.2% revenue growth through e-commerce innovation and expanded traditional distribution."2025 was an outstanding year for Jamieson Wellness, driven by sustained global demand for our products and superior execution across every key market," said Mike Pilato, President and CEO of Jamieson Wellness. "As we look to 2026, consumers continue to prioritize their health and wellness, and we're well-positioned to meet them – across geographies, across channels, and across life stages."The company issued 2026 guidance of $895-$935 million in consolidated revenue, representing 9-14% growth, with adjusted EBITDA of $174-$181 million. China revenue surged over 56% in 2025 as digital marketing deepened consumer engagement, while Jamieson's quality-focused marketing in Canada continued to outpace the broader vitamins and supplements market.Herbalife (NYSE: HLF) recently reported fourth quarter 2025 net sales of $1.3 billion, up 6.3% year-over-year, with full-year 2025 net sales reaching $5.0 billion. Adjusted EBITDA exceeded guidance for both periods, and the company reduced its total leverage ratio to 2.8x by year-end while generating $333.3 million in net cash from operating activities."We exited 2025 with solid momentum, delivering Q4 and full-year net sales growth and adjusted EBITDA above guidance," said Stephan Gratziani, CEO of Herbalife. "Cristiano Ronaldo's investment in Pro2col reflects our shared ambition to scale personalized nutrition and wellness globally – uniting science, data, AI, innovation, and community to improve the health and performance of millions."Cristiano Ronaldo invested $7.5 million for a 10% equity stake in Herbalife's Pro2col digital health platform, which launched its Beta 2.0 in the U.S., Canada, and Puerto Rico. The company issued 2026 guidance targeting net sales growth of 1-6% and adjusted EBITDA of $670-$710 million.USANA Health Sciences (NYSE: USNA) recently reported fiscal year 2025 net sales of $925.3 million, an 8% increase year-over-year, driven by a full-year contribution from Hiya children's wellness brand and expanding omnichannel distribution. Fourth quarter net sales reached $226.2 million, up 6% year-over-year and sequentially, with adjusted diluted EPS of $0.60 exceeding consensus estimates."We began to see signs of stabilization in active customer counts in our core nutritional business as net sales in this segment increased modestly sequentially, led by growth in key markets including mainland China, the United States and Canada," said Kevin Guest, Chairman and CEO of USANA Health Sciences. "Meanwhile, our omnichannel brands, Hiya and Rise, posted solid year-over-year growth."USANA's Rise Wellness brand tripled its sales in 2025 as distribution expanded into key retail outlets, with net sales outside the core nutritional business rising to 16% of consolidated revenue from approximately 1% in 2024. The company issued 2026 guidance of $925 million-$1.0 billion in net sales.Natural Health Trends (NASDAQ: NHTC) recently announced the repurchase of all 2,935,227 shares held by the George K. Broady family for approximately $5.9 million at $2.00 per share, retiring roughly 25.5% of outstanding shares in a single negotiated transaction. The buyback was executed under the company's previously announced $70 million share repurchase program, with approximately $16 million remaining available for future repurchases."This privately negotiated transaction allows us to efficiently retire a large block of shares in a single, orderly transaction at an attractive price, addressing the perceived stock overhang and significantly reducing our shares outstanding," said Chris Sharng, President of Natural Health Trends.Following the transaction, Natural Health Trends has 8,577,848 shares outstanding and expects annual dividend requirements to decline by approximately $1.2 million. The company is a leading direct-selling and e-commerce wellness products company focused on personal care and nutritional supplements across global markets.CONTINUED… Read this and more news for Doseology at: https://equity-insider.com/2025/12/19/what-comes-after-cigarettes-vapes-and-energy-drinks/CONTACT:
EQUITY INSIDER
info@equity-insider.com
(604) 265-2873DISCLAIMER: Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. Equity-Insider.com is a wholly-owned subsidiary of Market IQ Media Group, Inc. ("MIQ"). "). This article is being distributed for Maynard Communications ("MAY"), who has been paid a fee for an advertising campaign. MIQ has not been paid a fee for Doseology Sciences. Inc. advertising or digital media, but expects to be paid a fee from ("MAY"). There may be 3rd parties who may have shares of Doseology Sciences Inc., and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. The owner/operator of MIQ own shares of Doseology Sciences Inc., which were purchased as a part of a private placement. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material, including this article, which is disseminated by MIQ has been approved by Doseology Sciences Inc.; this is a paid advertisement, we currently own shares of Doseology Sciences Inc. and will buy and sell shares of the company in the open market, or through private placements, and/or other investment vehicles. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.SOURCES:https://www.marketreportanalytics.com/reports/low-zero-sugar-beverages-259636https://www.grandviewresearch.com/press-release/global-nicotine-pouches-markethttps://www.insightaceanalytic.com/report/global-functional-beverages-market/1188Logo - https://mma.prnewswire.com/media/2840019/5835646/Equity_Insider_Logo.jpg
View original content to download multimedia:https://www.prnewswire.com/news-releases/next-generation-platforms-scale-across-energy-wellness-and-smokeless-consumer-segments-302704196.html
Original: Next-Generation Platforms Scale Across Energy, Wellness, and Smokeless Consumer Segments
US Market News
4月前
Herbalife Plans to Refinance Senior Secured DebtFebruary 23, 2026 7:05 AM
Business Wire
Herbalife Ltd. (NYSE: HLF), a premier health and wellness company, community and platform, today announced plans to refinance its senior secured debt. The Company is targeting $1.55 billion of secured financing, which is expected to include a $425 million revolving credit facility, a $125 million Term Loan A, a $500 million Term Loan B and $500 million of other secured debt. The refinancing is also expected to extend the maturity profile of the senior secured debt.
Today, the Company initiated the refinancing process for its Term Loan B, which matures in April 2029. As of December 31, 2025, $370.0 million was outstanding under the Term Loan B.
The terms of the proposed refinancing transactions will be disclosed upon any completion of the transactions. The proposed refinancings will be subject to customary closing conditions and there can be no assurance that the allocations among the debt instruments will not change, or that any of the refinancings will occur successfully, or at all.
About Herbalife Ltd.
Herbalife (NYSE: HLF) is a premier health and wellness company, community and platform that has been changing people's lives with great nutrition products and a business opportunity for its independent distributors since 1980. The Company offers science-backed products to consumers in more than 90 markets through entrepreneurial distributors who provide one-on-one coaching and a supportive community that inspires their customers to embrace a healthier, more active lifestyle to live their best life.
For more information, visit https://ir.herbalife.com.
Forward-Looking Statements
This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including any projections of earnings, revenue or other financial items; any statements of the plans, strategies and objectives of management, including for future operations, capital expenditures, or share repurchases; any statements concerning proposed new products, services, or developments; any statements regarding future economic conditions or performance; any statements of belief or expectation; and any statements of assumptions underlying any of the foregoing or other future events. Forward-looking statements may include, among others, the words “may,” “will,” “estimate,” “intend,” “continue,” “believe,” “expect,” “anticipate” or any other similar words.
Although we believe that the expectations reflected in any of our forward-looking statements are reasonable, actual results or outcomes could differ materially from those projected or assumed in any of our forward-looking statements. Our future financial condition and results of operations, as well as any forward-looking statements, are subject to change and to inherent risks and uncertainties, many of which are beyond our control. Important factors that could cause our actual results, performance and achievements, or industry results to differ materially from estimates or projections contained in or implied by our forward-looking statements include the following:
the potential impacts of current global economic conditions, including inflation, unfavorable foreign exchange rate fluctuations, and tariffs or retaliatory tariffs, on us; our Members, customers, and supply chain; and the world economy;
our ability to attract and retain Members;
our relationship with, and our ability to influence the actions of, our Members;
our noncompliance with, or improper action by our employees or Members in violation of, applicable U.S. and foreign laws, rules, and regulations;
adverse publicity associated with our Company or the direct-selling industry, including our ability to comfort the marketplace and regulators regarding our compliance with applicable laws;
changing consumer preferences and demands and evolving industry standards, including with respect to climate change, sustainability, and other environmental, social, and governance matters;
the competitive nature of our business and industry;
legal and regulatory matters, including regulatory actions concerning, or legal challenges to, our products or network marketing program and product liability claims;
the Consent Order entered into with the Federal Trade Commission, or FTC, the effects thereof and any failure to comply therewith;
risks associated with operating internationally and in China;
our ability to execute our growth and other strategic initiatives (such as restructuring efforts, increased market penetration in existing markets, and personalized product and related technology initiatives);
the effectiveness and acceptance of new technology-driven initiatives;
any material disruption to our business caused by natural disasters, other catastrophic events, acts of war or terrorism, including the wars in Ukraine and the Middle East, cybersecurity incidents, pandemics, and/or other acts by third parties;
our ability to adequately source ingredients, packaging materials, and other raw materials and manufacture and distribute our products;
our reliance on our information technology infrastructure, and our ability to successfully develop, deploy, and integrate artificial intelligence into our business;
noncompliance by us or our Members with any privacy, artificial intelligence and data protection laws, rules, or regulations or any security breach involving the misappropriation, loss, or other unauthorized use or disclosure of confidential information;
contractual limitations on our ability to expand or change our direct-selling business model;
the sufficiency of our trademarks and other intellectual property;
product concentration;
our reliance upon, or the loss or departure of any member of, our senior management team;
our ability to integrate and capitalize on acquisition transactions;
restrictions imposed by covenants in the agreements governing our indebtedness;
risks related to our convertible notes;
changes in, and uncertainties relating to, the application of transfer pricing, income tax, customs duties, value added taxes, and other tax laws, treaties, and regulations, or their interpretation;
our incorporation under the laws of the Cayman Islands; and
share price volatility related to, among other things, speculative trading and certain traders shorting our common shares.
Additional factors and uncertainties that could cause actual results or outcomes to differ materially from our forward-looking statements are set forth in the Company's filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the Securities and Exchange Commission on February 18, 2026, including under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and in our Consolidated Financial Statements and the related Notes included therein. In addition, historical, current, and forward-looking sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future.
Forward-looking statements made in this release speak only as of the date hereof. We do not undertake any obligation to update or release any revisions to any forward-looking statement or to report any events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260223385005/en/
Media Contact:
Miguel Lopez-Najera
Director, Global Corporate Communications
miguellope@herbalife.com
Investor Contact:
Erin Banyas
Vice President, Head of Investor Relations
erinba@herbalife.com
Original: Herbalife Plans to Refinance Senior Secured Debt
US Market News
4月前
Herbalife Announces Cristiano Ronaldo Invests $7.5 Million in Pro2col™ Technology, Acquires 10% Equity StakeFebruary 18, 2026 4:10 PM
Business Wire
Long-time partner invests in shared vision for personalized health and wellness
Herbalife Ltd. (NYSE: HLF), a premier health and wellness company, community and platform, today announced global sports icon Cristiano Ronaldo acquired a 10% equity interest in HBL Pro2col Software, LLC, an indirect wholly-owned subsidiary of Herbalife that holds the Pro2col technology. Pro2col is Herbalife’s next-generation, digital, personalized health and wellness operating system, designed to drive daily engagement, sustainable behavior change, and measurable outcomes through a structured, data-driven approach to wellness.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260218210026/en/Herbalife Announces Cristiano Ronaldo Invests $7.5 Million in Pro2col™ Technology, Acquires 10% Equity Stake
Ronaldo invested $7.5 million, along with a commitment to provide services and sponsorship rights to Pro2col Software. The investment underscores Ronaldo’s deep personal commitment to health and nutrition. It also reflects his confidence in the future of personalized nutrition and Herbalife’s ambition to make data-driven, personalized wellness accessible to communities globally—combining innovative technology with the power of personal support through its distributor community.
Herbalife has been Ronaldo’s global nutrition partner since 2013, inspiring better nutrition and performance globally. Herbalife and Ronaldo collaborated on the launch of Herbalife24® CR7 Drive, a sports drink formulated to meet the nutrition and performance needs of the global soccer legend and benefit athletes of all levels across the globe.
“Cristiano has been a valued partner for more than a decade, and his decision to take an ownership stake in Pro2col marks an important milestone in our relationship,” said Herbalife Chief Executive Officer Stephan Gratziani. “His investment reflects a shared belief in the power of nutrition, data, AI, and personalized insights to drive better health outcomes, and reinforces his confidence in the future impact of Pro2col.”
Pro2col uses an individual’s unique data to build a wellness plan specific to the individual, with daily habits and smart nutrition tracking. The platform adapts to the individual’s lifestyle, making wellness feel simple and personal. At its core is Pro2Score, a proprietary wellness scoring system that tracks progress across key wellness metrics—designed to deliver clarity, motivation, and actionable insights to support healthier lifestyles. Pro2col also equips Herbalife’s distributors with tools and insights that enhance customer engagement and support, making personalized nutrition and wellness more accessible and scalable.
“After more than a decade together, our relationship is built on trust and shared ambition. Investing in Pro2col felt like a natural evolution — in addition to representing Herbalife, this is about helping shape and grow a platform that can truly change how people engage with their health and wellness,” said Cristiano Ronaldo. “I’ve seen firsthand how Herbalife brings together science, innovation and personal support to make health and wellness more accessible. Working together with Herbalife to create something with lasting impact is what motivates me at this stage of my career.”
Pro2col supports Herbalife’s long-term strategy to become a more connected, data-driven health and wellness platform—integrating products, community, AI and digital capabilities to better serve customers worldwide. Herbalife has initiated a strategic, phased beta rollout of Pro2col, with the objective of gathering in-market user insights that will support a broader commercial release in the future. Beta access is currently available to distributors and customers in the U.S., Canada and Puerto Rico. Herbalife expects to expand beta access to additional international markets, beginning with select EMEA markets in 2026.
For more information, visit www.herbalife.com.
About Herbalife Ltd.
Herbalife (NYSE: HLF) is a premier health and wellness company, community and platform that has been changing people's lives with great nutrition products and a business opportunity for its independent distributors since 1980. The Company offers science-backed products to consumers in more than 90 markets through entrepreneurial distributors who provide one-on-one coaching and a supportive community that inspires their customers to embrace a healthier, more active lifestyle to live their best life.
For more information, visit https://ir.herbalife.com.
Forward-Looking Statements
This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including any projections of earnings, revenue or other financial items; any statements of the plans, strategies and objectives of management, including for future operations, capital expenditures, or share repurchases; any statements concerning proposed new products, services, or developments; any statements regarding future economic conditions or performance; any statements of belief or expectation; and any statements of assumptions underlying any of the foregoing or other future events. Forward-looking statements may include, among others, the words “may,” “will,” “estimate,” “intend,” “continue,” “believe,” “expect,” “anticipate” or any other similar words.
Although we believe that the expectations reflected in any of our forward-looking statements are reasonable, actual results or outcomes could differ materially from those projected or assumed in any of our forward-looking statements. Our future financial condition and results of operations, as well as any forward-looking statements, are subject to change and to inherent risks and uncertainties, many of which are beyond our control. Important factors that could cause our actual results, performance and achievements, or industry results to differ materially from estimates or projections contained in or implied by our forward-looking statements include the following:
the potential impacts of current global economic conditions, including inflation, unfavorable foreign exchange rate fluctuations, and tariffs or retaliatory tariffs, on us; our Members, customers, and supply chain; and the world economy;
our ability to attract and retain Members;
our relationship with, and our ability to influence the actions of, our Members;
our noncompliance with, or improper action by our employees or Members in violation of, applicable U.S. and foreign laws, rules, and regulations;
adverse publicity associated with our Company or the direct-selling industry, including our ability to comfort the marketplace and regulators regarding our compliance with applicable laws;
changing consumer preferences and demands and evolving industry standards, including with respect to climate change, sustainability, and other environmental, social, and governance matters;
the competitive nature of our business and industry;
legal and regulatory matters, including regulatory actions concerning, or legal challenges to, our products or network marketing program and product liability claims;
the Consent Order entered into with the Federal Trade Commission, or FTC, the effects thereof and any failure to comply therewith;
risks associated with operating internationally and in China;
our ability to execute our growth and other strategic initiatives (such as restructuring efforts, increased market penetration in existing markets, and personalized product and related technology initiatives);
the effectiveness and acceptance of new technology-driven initiatives;
any material disruption to our business caused by natural disasters, other catastrophic events, acts of war or terrorism, including the wars in Ukraine and the Middle East, cybersecurity incidents, pandemics, and/or other acts by third parties;
our ability to adequately source ingredients, packaging materials, and other raw materials and manufacture and distribute our products;
our reliance on our information technology infrastructure, and our ability to successfully develop, deploy, and integrate artificial intelligence into our business;
noncompliance by us or our Members with any privacy, artificial intelligence and data protection laws, rules, or regulations or any security breach involving the misappropriation, loss, or other unauthorized use or disclosure of confidential information;
contractual limitations on our ability to expand or change our direct-selling business model;
the sufficiency of our trademarks and other intellectual property;
product concentration;
our reliance upon, or the loss or departure of any member of, our senior management team;
our ability to integrate and capitalize on acquisition transactions;
restrictions imposed by covenants in the agreements governing our indebtedness;
risks related to our convertible notes;
changes in, and uncertainties relating to, the application of transfer pricing, income tax, customs duties, value added taxes, and other tax laws, treaties, and regulations, or their interpretation;
our incorporation under the laws of the Cayman Islands; and
share price volatility related to, among other things, speculative trading and certain traders shorting our common shares.
Additional factors and uncertainties that could cause actual results or outcomes to differ materially from our forward-looking statements are set forth in the Company's filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the Securities and Exchange Commission on February 18, 2026, including under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and in our Consolidated Financial Statements and the related Notes included therein. In addition, historical, current, and forward-looking sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future.
Forward-looking statements made in this release speak only as of the date hereof. We do not undertake any obligation to update or release any revisions to any forward-looking statement or to report any events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260218210026/en/
Media Contact:
Miguel Lopez-Najera
Director, Global Corporate Communications
miguellope@herbalife.com
Investor Contact:
Erin Banyas
Vice President, Head of Investor Relations
erinba@herbalife.com
Original: Herbalife Announces Cristiano Ronaldo Invests $7.5 Million in Pro2col™ Technology, Acquires 10% Equity Stake
US Market News
4月前
Herbalife Delivers Fourth Quarter and Full-Year Net Sales Growth, Net Sales and Adjusted EBITDA1 Exceed GuidanceFebruary 18, 2026 4:12 PM
Business Wire
Cristiano Ronaldo Invests $7.5 Million in Herbalife’s Pro2col™ Technology
Herbalife Ltd. (NYSE: HLF) today reported financial results for the fourth quarter and year ended December 31, 2025:
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260218518159/en/
“We exited 2025 with solid momentum, delivering Q4 and full-year net sales growth and adjusted EBITDA1 above guidance. Cristiano Ronaldo’s investment in Pro2col reflects our shared ambition to scale personalized nutrition and wellness globally—uniting science, data, AI, innovation, and community to improve the health and performance of millions.”
- Stephan Gratziani, CEO
Highlights
Fourth Quarter 2025
Net sales up 6.3% vs. Q4 ‘24 to $1.3 billion; exceeds guidance
Up 5.5% year-over-year on constant currency basis2; exceeds guidance
Net income attributable to Herbalife of $85.4 million; adjusted net income1 of $47.5 million
Adjusted EBITDA1 of $156.1 million, or $167.7 million on a constant currency basis2; both exceed guidance
Diluted EPS of $0.81; adjusted diluted EPS1 of $0.45
Full-Year 2025
Net sales up 0.9% vs. 2024 to $5.0 billion; exceeds guidance
Includes 160 basis points of foreign currency (“FX”) headwind
Up 2.5% year-over-year on constant currency basis2, exceeds guidance
Net income attributable to Herbalife of $228.3 million; adjusted net income1 of $219.4 million
Adjusted EBITDA1 of $657.6 million, or $713.9 million on a constant currency basis2; both exceed guidance
Credit Agreement EBITDA1 of $742.0 million, maintained total leverage ratio at 2.8x at Dec 31
Diluted EPS of $2.20; adjusted diluted EPS1 of $2.12
Net cash provided by operating activities of $333.3 million; capital expenditures of $80.4 million
Recent Developments
In February, global sports icon Cristiano Ronaldo, invested $7.5 million and provided sponsorship rights for a 10% equity stake in HBL Pro2col Software, LLC (“Pro2col Software”)
Outlook
First quarter and full-year 2026 guidance provided
1
Non-GAAP measure. Refer to Schedule A – “Reconciliation of Non-GAAP Financial Measures” for a detailed reconciliation of these measures to the most directly comparable U.S. GAAP measure for historical periods, as applicable, and a discussion of why the Company believes these non-GAAP measures are useful and certain information regarding non-GAAP guidance.
2
Non-GAAP measure. Refer to Schedule A – “Reconciliation of Non-GAAP Financial Measures” for a discussion of why the Company believes adjusting for the effects of foreign exchange is useful.
Management Commentary
Herbalife reported fourth quarter 2025 net sales of $1.3 billion, up 6.3% year-over-year, including 80 basis points of FX tailwinds. On a constant currency basis2, net sales increased 5.5% year-over-year for the quarter.
Gross profit margin was 77.5% in the fourth quarter, compared to 77.8% in the prior year period. On a year-over-year and approximate basis, the change primarily reflects 100 basis points of FX headwinds, 30 basis points of unfavorable sales mix, and 30 basis points of input cost inflation, driven mainly by lower absorption rates. These impacts were partially offset by 80 basis points of pricing benefits, 10 basis points of lower outbound freight costs, and 30 basis points of other favorable cost changes.
For the quarter, net income attributable to Herbalife was $85.4 million, with net income margin of 6.7%, and adjusted net income1 of $47.5 million. Adjusted EBITDA1 of $156.1 million includes approximately $12 million of FX headwinds year-over-year, with adjusted EBITDA1 margin of 12.2%, down 20 basis points versus the fourth quarter of 2024. Diluted EPS was $0.81, with adjusted diluted EPS1 of $0.45, which includes a $0.07 year-over-year FX headwind.
Full-year 2025 net sales were $5.0 billion, up 0.9% year-over-year, including 160 basis points of FX headwinds. On a constant currency basis2, net sales increased 2.5% year-over-year.
Full-year 2025 net income attributable to Herbalife was $228.3 million, with net income margin of 4.5%, and adjusted net income1 of $219.4 million. Adjusted EBITDA1 of $657.6 million includes approximately $56 million of FX headwinds year-over-year, with adjusted EBITDA1 margin of 13.1%, up 40 basis points versus 2024. Diluted EPS was $2.20, with adjusted diluted EPS1 of $2.12, which includes a $0.39 year-over-year FX headwind.
Net cash provided by operating activities was $98.3 million and $333.3 million for the quarter and year ended December 31, 2025, respectively. Capital expenditures were $18.5 million and $80.4 million for the fourth quarter and full-year 2025, respectively, and capitalized software as a service (“SaaS”) implementation costs were approximately $9 million and $25 million, respectively.
In accordance with the terms of the Pro2col Health LLC asset purchase agreement entered into in April 2025, the Company made a contingency payment of $3.0 million during the fourth quarter following the release of Pro2col Beta 2.0 in the U.S., Canada and Puerto Rico in December 2025. For full-year 2025, total contingency payments related to Pro2col were $5.0 million.
As of December 31, 2025, the Company’s revolving credit facility was undrawn, compared to $25.0 million outstanding as of September 30, 2025.
“Our results reflect strong operational and financial momentum,” said Chief Financial Officer John DeSimone. “For the full year, we delivered our second consecutive year of adjusted EBITDA1 and adjusted EBITDA1 margin expansion, generated strong operating cash flows, reduced debt, and ended 2025 with a total leverage ratio of 2.8x.”
For the fourth quarter, the Company’s North America region delivered its second consecutive quarter of double-digit new distributor growth, up 19% year-over-year, while Latin America achieved its seventh straight quarter of year-over-year growth, up 6%. While new distributors joining worldwide declined 5% year-over-year, they increased 16% on a two-year stack basis, reflecting sustained multi-year momentum.
In December, the Company hosted a virtual distributor event introducing the next phase of its strategic beta program for Pro2col, Herbalife’s personalized health and wellness operating system. As part of the event, the Company released Pro2col Beta 2.0, expanding the availability of beta access to distributors and customers in the U.S., Canada, and Puerto Rico. The release also included improvements to distributor marketing pages and the coach dashboard, designed to further enhance the connection and support between distributors and their customers.
The ongoing beta phases are strategically designed to further advance platform development and innovation by incorporating in-market user insights to inform personalization capabilities, prioritize new features, and guide the timing and scope of future rollout phases. Building on these learnings, the Company expects to expand beta access to additional international markets, beginning with select EMEA markets in 2026.
Recent Developments
As announced in a separate press release today, in February 2026, global sports icon Cristiano Ronaldo, acquired a 10% equity interest in Pro2col Software, an indirect wholly-owned subsidiary of Herbalife Ltd. that holds the Pro2col technology. Ronaldo invested $7.5 million, along with a commitment to provide services and sponsorship rights to Pro2col Software. This investment underscores Ronaldo’s deep personal commitment to health and nutrition, as well as his shared vision to make personalized nutrition and wellness more accessible globally.
“For more than 45 years, Herbalife’s distributor network has supported millions of customers on their health journeys,” said Chief Executive Officer Stephan Gratziani. “Today, we are building on that legacy—combining science, data, AI, innovation, and community to bring the next generation of personalized nutrition and wellness to more people around the world. With Cristiano Ronaldo’s investment in Pro2col, our 2025 acquisitions, and continued investments in product and digital innovation, we are strengthening our platform and expanding our global impact.”
Fourth Quarter and Full-Year 2025 Key Metrics
Regional Net Sales and FX Impact
Reported Net Sales
YoY Growth (Decline)
$ million
Q4 ‘25
Q4 ‘24
including FX
excluding FX2
North America
243.1
245.0
(0.8
)%
(0.8
)%
Latin America
234.7
199.5
17.6
%
11.0
%
EMEA
280.9
257.2
9.2
%
4.7
%
Asia Pacific
461.3
439.8
4.9
%
8.6
%
China
63.0
65.9
(4.4
)%
(5.6
)%
Worldwide
1,283.0
1,207.4
6.3
%
5.5
%
Reported Net Sales
YoY Growth (Decline)
$ million
FY ‘25
FY ‘24
including FX
excluding FX2
North America
1,033.0
1,054.4
(2.0
)%
(2.0
)%
Latin America
881.2
832.5
5.8
%
10.5
%
EMEA
1,114.4
1,084.8
2.7
%
2.3
%
Asia Pacific
1,729.8
1,723.8
0.3
%
3.0
%
China
279.1
297.6
(6.2
)%
(6.3
)%
Worldwide
5,037.5
4,993.1
0.9
%
2.5
%
Outlook
First Quarter 2026 Guidance
$ million
Net Sales
Adjusted EBITDA1
CapEx
Reported
+3.0% to +7.0% YoY
155 – 175
10 – 20
Constant Currency(a)
+0.5% to +4.5% YoY
155 – 175
Q1 ‘25 Actuals
1,221.7
164.9
13.5% margin
18.3
Full-Year 2026 Guidance
$ million
Net Sales
Adjusted EBITDA1
CapEx
Reported
+1.0% to +6.0% YoY
670 – 710
50 – 80
Constant Currency(a)
+0.0% to +5.0% YoY
665 – 705
FY ‘25 Actuals
5,037.5
657.6
13.1% margin
80.4
(a)
Non-GAAP Measure. Represents projections using U.S. dollars at Q1 ‘25 and FY ‘25 average FX rates, respectively, and adjusting for other FX related impacts. Refer to Schedule A – “Reconciliation of Non-GAAP Financial Measures” for a discussion of why the Company believes adjusting for the effects of foreign exchange is useful and non-GAAP guidance.
Guidance Assumptions
Net sales and adjusted EBITDA1 use the average daily exchange rates for the first three weeks of January 2026 to translate local currency projections
Outlook includes preliminary estimates of the impact of incremental tariffs enacted as of February 17, 2026
Additional FY 2026 Expectations
Capitalized SaaS implementation costs of $40 million to $60 million, which are not included in capital expenditures
Depreciation and amortization, and amortization of SaaS implementation costs, of $140 million to $150 million
Adjusted effective tax rate of approximately 30%
Earnings Webcast and Conference Call
Herbalife’s senior management team will host an audio webcast and conference call to discuss its fourth quarter and full-year 2025 financial results on Wednesday, February 18, 2026, at 5:30 p.m. ET (2:30 p.m. PT).
The audio webcast will be available at the following link: https://edge.media-server.com/mmc/p/si6puiij
Participants joining via the conference call may obtain the dial-in information and personal PIN to access the call by registering at the following link: https://register-conf.media-server.com/register/BId0031ecb02c540ffb397af168e0c357d
Senior management also plans to reference slides during the webcast and call, which will be available under the Investor Relations section of Herbalife’s website at https://ir.herbalife.com, where financial and other information is posted from time to time. The webcast will also be available at the same website, along with a replay of the webcast following the completion of the event and for three months thereafter.
About Herbalife Ltd.
Herbalife (NYSE: HLF) is a premier health and wellness company, community and platform that has been changing people's lives with great nutrition products and a business opportunity for its independent distributors since 1980. The Company offers science-backed products to consumers in more than 90 markets through entrepreneurial distributors who provide one-on-one coaching and a supportive community that inspires their customers to embrace a healthier, more active lifestyle to live their best life.
For more information, visit https://ir.herbalife.com.
Forward-Looking Statements
This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including any projections of earnings, revenue or other financial items; any statements of the plans, strategies and objectives of management, including for future operations, capital expenditures, or share repurchases; any statements concerning proposed new products, services, or developments; any statements regarding future economic conditions or performance; any statements of belief or expectation; and any statements of assumptions underlying any of the foregoing or other future events. Forward-looking statements may include, among others, the words “may,” “will,” “estimate,” “intend,” “continue,” “believe,” “expect,” “anticipate” or any other similar words.
Although we believe that the expectations reflected in any of our forward-looking statements are reasonable, actual results or outcomes could differ materially from those projected or assumed in any of our forward-looking statements. Our future financial condition and results of operations, as well as any forward-looking statements, are subject to change and to inherent risks and uncertainties, many of which are beyond our control. Important factors that could cause our actual results, performance and achievements, or industry results to differ materially from estimates or projections contained in or implied by our forward-looking statements include the following:
the potential impacts of current global economic conditions, including inflation, unfavorable foreign exchange rate fluctuations, and tariffs or retaliatory tariffs, on us; our Members, customers, and supply chain; and the world economy;
our ability to attract and retain Members;
our relationship with, and our ability to influence the actions of, our Members;
our noncompliance with, or improper action by our employees or Members in violation of, applicable U.S. and foreign laws, rules, and regulations;
adverse publicity associated with our Company or the direct-selling industry, including our ability to comfort the marketplace and regulators regarding our compliance with applicable laws;
changing consumer preferences and demands and evolving industry standards, including with respect to climate change, sustainability, and other environmental, social, and governance matters;
the competitive nature of our business and industry;
legal and regulatory matters, including regulatory actions concerning, or legal challenges to, our products or network marketing program and product liability claims;
the Consent Order entered into with the Federal Trade Commission, or FTC, the effects thereof and any failure to comply therewith;
risks associated with operating internationally and in China;
our ability to execute our growth and other strategic initiatives (such as restructuring efforts, increased market penetration in existing markets, and personalized product and related technology initiatives);
the effectiveness and acceptance of new technology-driven initiatives;
any material disruption to our business caused by natural disasters, other catastrophic events, acts of war or terrorism, including the wars in Ukraine and the Middle East, cybersecurity incidents, pandemics, and/or other acts by third parties;
our ability to adequately source ingredients, packaging materials, and other raw materials and manufacture and distribute our products;
our reliance on our information technology infrastructure, and our ability to successfully develop, deploy, and integrate artificial intelligence into our business;
noncompliance by us or our Members with any privacy, artificial intelligence and data protection laws, rules, or regulations or any security breach involving the misappropriation, loss, or other unauthorized use or disclosure of confidential information;
contractual limitations on our ability to expand or change our direct-selling business model;
the sufficiency of our trademarks and other intellectual property;
product concentration;
our reliance upon, or the loss or departure of any member of, our senior management team;
our ability to integrate and capitalize on acquisition transactions;
restrictions imposed by covenants in the agreements governing our indebtedness;
risks related to our convertible notes;
changes in, and uncertainties relating to, the application of transfer pricing, income tax, customs duties, value added taxes, and other tax laws, treaties, and regulations, or their interpretation;
our incorporation under the laws of the Cayman Islands; and
share price volatility related to, among other things, speculative trading and certain traders shorting our common shares.
Additional factors and uncertainties that could cause actual results or outcomes to differ materially from our forward-looking statements are set forth in the Company's filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the Securities and Exchange Commission on February 18, 2026, including under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and in our Consolidated Financial Statements and the related Notes included therein. In addition, historical, current, and forward-looking sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future.
Forward-looking statements made in this release speak only as of the date hereof. We do not undertake any obligation to update or release any revisions to any forward-looking statement or to report any events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law.
Results of Operations
Herbalife Ltd. and Subsidiaries
Condensed Consolidated Statements of Income
(in millions, except per share amounts)
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024
(unaudited)
Net sales
$
1,283.0
$
1,207.4
$
5,037.5
$
4,993.1
Cost of sales
288.3
267.5
1,114.6
1,104.3
Gross profit
994.7
939.9
3,922.9
3,888.8
Selling expenses (1)
452.4
430.6
1,782.4
1,782.8
General and administrative expenses (1)
442.5
403.3
1,664.3
1,725.6
Other operating income (2)
-
(0.5
)
(4.8
)
(5.5
)
Operating income
99.8
106.5
481.0
385.9
Interest expense, net
49.3
53.9
205.9
206.0
Other expense, net (3)
-
-
-
10.5
Income before income taxes
50.5
52.6
275.1
169.4
Income taxes
(34.6
)
(125.3
)
47.3
(84.9
)
Net income
85.1
177.9
227.8
254.3
Net loss attributable to noncontrolling interest
(0.3
)
-
(0.5
)
-
Net income attributable to Herbalife
$
85.4
$
177.9
$
228.3
$
254.3
Earnings per share attributable to Herbalife:
Basic
$
0.83
$
1.76
$
2.22
$
2.53
Diluted
$
0.81
$
1.74
$
2.20
$
2.50
Weighted-average shares outstanding:
Basic
103.5
101.1
102.8
100.6
Diluted
105.0
102.0
103.6
101.6
(1) Prior period amounts were reclassified to conform to current period presentation. Refer to Schedule B – “Reclassifications” for additional details.
(2) Other operating income for the year ended December 31, 2025 and the three months and year ended December 31, 2024 relates to certain China government grant income
(3) Other expense, net for the year ended December 31, 2024 relates to loss on extinguishment of 2018 Credit Facility, as well as partial redemption and private repurchase of 2025 Notes
Herbalife Ltd. and Subsidiaries
Condensed Consolidated Balance Sheets
(in millions)
December 31,
December 31,
2025
2024
ASSETS
Current assets:
Cash and cash equivalents
$
353.1
$
415.3
Receivables, net
91.9
68.9
Inventories
511.7
475.4
Prepaid expenses and other current assets
188.0
184.1
Total current assets
1,144.7
1,143.7
Property, plant and equipment, net
447.7
460.2
Operating lease right-of-use assets
168.3
185.7
Marketing-related intangibles and other intangible assets, net
315.1
312.3
Goodwill
100.5
87.7
Deferred income tax assets
464.3
398.6
Other assets
145.3
139.9
Total assets
$
2,785.9
$
2,728.1
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current liabilities:
Accounts payable
$
99.8
$
70.0
Member compensation liabilities (1)
402.4
359.9
Current portion of long-term debt
20.9
283.5
Other current liabilities (1)
489.8
517.0
Total current liabilities
1,012.9
1,230.4
Non-current liabilities:
Long-term debt, net of current portion
1,971.7
1,976.6
Non-current operating lease liabilities
155.7
169.5
Other non-current liabilities
155.0
152.7
Total liabilities
3,295.3
3,529.2
Commitments and contingencies
Shareholders' deficit:
Common shares
0.1
0.1
Paid-in capital in excess of par value
316.0
278.2
Accumulated other comprehensive loss
(251.5
)
(271.4
)
Accumulated deficit
(579.7
)
(808.0
)
Total Herbalife shareholders' deficit
(515.1
)
(801.1
)
Noncontrolling interest
5.7
-
Total shareholders' deficit
(509.4
)
(801.1
)
Total liabilities and shareholders' deficit
$
2,785.9
$
2,728.1
(1) Prior period amounts were reclassified to conform to current period presentation. Refer to Schedule B – “Reclassifications” for additional details.
Herbalife Ltd. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(in millions)
Year Ended December 31,
2025
2024
Cash flows from operating activities:
Net income
$
227.8
$
254.3
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
121.2
121.4
Share-based compensation expenses
44.1
50.0
Non-cash interest expense
16.4
13.4
Deferred income taxes
(64.2
)
(229.6
)
Inventory write-downs
25.9
18.9
Foreign exchange transaction loss
0.8
7.6
Loss on extinguishment of debt
-
10.5
Other
(3.2
)
6.4
Changes in operating assets and liabilities:
Receivables
(19.7
)
5.9
Inventories
(27.9
)
(30.4
)
Prepaid expenses and other current assets
13.0
43.1
Accounts payable
24.1
(14.6
)
Member compensation liabilities (1)
23.5
6.5
Other current liabilities (1)
(36.2
)
45.0
Other
(12.3
)
(23.0
)
Net cash provided by operating activities
333.3
285.4
Cash flows from investing activities:
Purchases of property, plant and equipment
(80.4
)
(122.0
)
Acquisition of business and assets
(25.5
)
-
Proceeds from sale and leaseback transaction, net of related expenses
-
37.9
Other
(2.8
)
(0.5
)
Net cash used in investing activities
(108.7
)
(84.6
)
Cash flows from financing activities:
Borrowings from senior secured credit facility and other debt, net of discount
724.8
1,394.4
Principal payments on senior secured credit facility and other debt
(746.6
)
(1,937.0
)
Repayment of convertible senior notes
-
(197.0
)
Proceeds from senior secured notes, net of discount
-
778.4
Repayment of senior notes
(262.3
)
(344.3
)
Debt issuance costs
(0.1
)
(24.0
)
Share repurchases
(8.2
)
(8.3
)
Other
(3.1
)
2.5
Net cash used in financing activities
(295.5
)
(335.3
)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash
8.1
(22.9
)
Net change in cash, cash equivalents, and restricted cash
(62.8
)
(157.4
)
Cash, cash equivalents, and restricted cash, beginning of period
438.1
595.5
Cash, cash equivalents, and restricted cash, end of period
$
375.3
$
438.1
Cash paid during the year:
Interest paid
$
205.7
$
194.4
(1) Prior period amounts were reclassified to conform to current period presentation. Refer to Schedule B – “Reclassifications” for additional details.
Supplemental Information
SCHEDULE A: RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (unaudited)
Adjusted Net Income, Adjusted Diluted EPS, Adjusted EBITDA and Credit Agreement EBITDA
In addition to its reported results calculated in accordance with U.S. GAAP, the Company has included in this release adjusted net income, adjusted diluted EPS, adjusted EBITDA and credit agreement EBITDA, performance measures that the Securities and Exchange Commission defines as “non-GAAP financial measures.” Adjusted net income, adjusted diluted EPS, adjusted EBITDA and credit agreement EBITDA are calculated as net income attributable to Herbalife excluding the impact of certain unusual or non-recurring items such as expenses related to restructuring initiatives, expenses related to the digital technology program, gains or losses from sale of property, gains or losses from extinguishment of debt and certain tax expenses and benefits, as further detailed in the reconciliations below. In addition, during the fourth quarter of 2024, the Company recognized $147.3 million of non-cash net deferred income tax benefits related to changes the Company initiated to its corporate entity structure, including intra-entity transfers of intellectual property to one of its European subsidiaries, which was excluded from adjusted net income and adjusted diluted EPS. A portion of these non-cash net deferred income tax benefits will reduce cash taxes paid and result in net deferred tax expense recognized in future periods. Beginning in the first quarter of 2025 and in future periods, the related net deferred tax effects will be excluded from adjusted net income and adjusted diluted EPS. Adjusted EBITDA margin represents adjusted EBITDA divided by net sales. Credit agreement EBITDA represents EBITDA adjusted for items permitted under the Company’s senior secured credit facilities.
Management believes that such non-GAAP performance measures, when read in conjunction with the Company’s reported results, calculated in accordance with U.S. GAAP, can provide useful supplemental information for investors because they facilitate a period to period comparative assessment of the Company’s operating performance relative to its performance based on reported results under U.S. GAAP, while isolating the effects of some items that vary from period to period without any correlation to core operating performance and eliminate certain charges that management believes do not reflect the Company’s operations and underlying operational performance.
The Company’s definitions and calculations as set forth in the tables below of adjusted net income, adjusted diluted EPS, adjusted EBITDA and credit agreement EBITDA may not be comparable to similarly titled measures used by other companies because other companies may not calculate them in the same manner as the Company does and should not be viewed in isolation from, nor as alternatives to, net income attributable to Herbalife or diluted EPS calculated in accordance with U.S. GAAP.
The Company does not provide a reconciliation of forward-looking adjusted EBITDA or constant currency adjusted EBITDA guidance to net income attributable to Herbalife, the comparable U.S. GAAP measure, because, due to the unpredictable or unknown nature of certain significant items, such as income tax expenses or benefits, loss contingencies, and any gains or losses in connection with refinancing transactions, the Company cannot reconcile these non-GAAP projections without unreasonable efforts. The Company expects the variability of these items, which are necessary for a presentation of the reconciliation, could have a significant impact on the Company’s reported U.S. GAAP financial results.
Currency Fluctuation
The Company’s international operations have provided and will continue to provide a significant portion of its total net sales. As a result, total net sales will continue to be affected by fluctuations in the U.S. dollar against foreign currencies. In order to provide a framework for assessing how the Company’s underlying businesses performed excluding the effect of foreign currency fluctuations, in addition to comparing the percent change in net sales from one period to another in U.S. dollars, the Company also compares the percent change in net sales from one period to another period using “net sales in local currency.” Net sales in local currency is not a measure presented in accordance with U.S. GAAP. Net sales in local currency removes from net sales in U.S. dollars the impact of changes in exchange rates between the U.S. dollar and the local currencies of the Company’s foreign subsidiaries, by translating the current period net sales into U.S. dollars using the same foreign currency exchange rates that were used to translate the net sales for the previous comparable period. The Company believes presenting net sales in local currency is useful to investors because it allows a meaningful comparison of net sales of its foreign operations from period to period. In addition, the Company presents adjusted EBITDA on a constant currency basis, which is a non-GAAP financial measure, and is calculated by translating the current period adjusted EBITDA into U.S. dollars using the same foreign currency exchange rates that were used to translate such measure for the previous comparable period and adjusting for other FX related impacts. However, net sales in local currency and adjusted EBITDA on a constant currency basis should not be considered in isolation or as an alternative to net sales and adjusted EBITDA, respectively, in U.S. dollar measures that reflect current period exchange rates, or to net sales and net income attributable to Herbalife calculated and presented in accordance with U.S. GAAP.
The following is a reconciliation of net income attributable to Herbalife to adjusted net income:
Three Months Ended December 31,
Year Ended December 31,
$ million
2025
2024
2025
2024
Net income attributable to Herbalife
$
85.4
$
177.9
$
228.3
$
254.3
Expenses related to Technology Realignment Program (1)
4.9
-
9.1
-
Expenses related to Restructuring Program (1)
2.2
0.9
7.0
69.1
Expenses related to Transformation Program (1)
-
4.0
-
13.4
Digital technology program costs (1)
3.4
4.6
6.2
26.7
Transition charge related to Sep ‘25 India Goods and Services Tax (GST) amendments (1)
11.3
-
11.3
-
Gain on sale of property (1)
-
-
-
(4.0
)
Loss on extinguishment of debt (1)
-
-
-
10.5
Income tax adjustments for above items (1)
(4.2
)
(3.3
)
(6.2
)
(23.8
)
Deferred income tax effects, net, related to corporate entity reorganization (2)
(55.5
)
(147.3
)
(36.3
)
(147.3
)
Adjusted net income
$
47.5
$
36.8
$
219.4
$
198.9
The following is a reconciliation of diluted earnings per share to adjusted diluted earnings per share:
Three Months Ended December 31,
Year Ended December 31,
$ per share
2025
2024
2025
2024
Diluted earnings per share
$
0.81
$
1.74
$
2.20
$
2.50
Expenses related to Technology Realignment Program (1)
0.05
-
0.09
-
Expenses related to Restructuring Program (1)
0.02
0.01
0.07
0.68
Expenses related to Transformation Program (1)
-
0.04
-
0.13
Digital technology program costs (1)
0.03
0.05
0.06
0.26
Transition charge related to Sep ‘25 India GST amendments (1)
0.11
-
0.11
-
Gain on sale of property (1)
-
-
-
(0.04
)
Loss on extinguishment of debt (1)
-
-
-
0.10
Income tax adjustments for above items (1)
(0.04
)
(0.03
)
(0.06
)
(0.23
)
Deferred income tax effects, net, related to corporate entity reorganization (2)
(0.53
)
(1.44
)
(0.35
)
(1.45
)
Adjusted diluted earnings per share (3)
$
0.45
$
0.36
$
2.12
$
1.96
(1) Based on interim income tax reporting rules, these expense items are not considered discrete items. The tax effect of the adjustments between our U.S. GAAP and non-GAAP results takes into account the tax treatment and related tax rate(s) that apply to each adjustment in the applicable tax jurisdiction(s).
Excludes tax (benefit)/expense as follows:
Three Months Ended December 31,
Year Ended December 31,
$ million
2025
2024
2025
2024
Expenses related to Technology Realignment Program
$
0.8
$
-
$
1.6
$
-
Expenses related to Restructuring Program
0.2
(2.6
)
1.1
(17.5
)
Expenses related to Transformation Program
-
(1.2
)
-
(3.1
)
Digital technology program costs
0.4
0.7
0.7
(1.8
)
Transition charge related to Sep ‘25 India GST amendments
2.8
-
2.8
-
Gain on sale of property
-
-
-
0.9
Loss on extinguishment of debt
-
(0.2
)
-
(2.3
)
Total income tax adjustments
$
4.2
$
(3.3
)
$
6.2
$
(23.8
)
Three Months Ended December 31,
Year Ended December 31,
$ per share
2025
2024
2025
2024
Expenses related to Technology Realignment Program
$
(0.01
)
$
-
$
(0.01
)
$
-
Expenses related to Restructuring Program
-
(0.03
)
(0.01
)
(0.17
)
Expenses related to Transformation Program
-
(0.01
)
-
(0.03
)
Digital technology program costs
-
0.01
(0.01
)
(0.02
)
Transition charge related to Sep ‘25 India GST amendments
(0.03
)
-
(0.03
)
-
Gain on sale of property
-
-
-
0.01
Loss on extinguishment of debt
-
-
-
(0.02
)
Total income tax adjustments
$
(0.04
)
$
(0.03
)
$
(0.06
)
$
(0.23
)
(2) Non-cash net deferred tax effects related to an income tax benefit previously recognized due to changes to corporate entity structure in the fourth quarter of 2024. Refer to Supplemental Information included herein for further details.
(3) Amounts may not total due to rounding
The following are reconciliations of net income attributable to Herbalife to EBITDA, adjusted EBITDA and Credit Agreement EBITDA and Credit Agreement total leverage ratio for the respective periods:
Three Months Ended
Year Ended December 31,
$ million
Dec 31 '24
Mar 31 '25
Jun 30 '25
Sep 30 '25
Dec 31 '25
2025
2024
Net sales
$
1,207.4
$
1,221.7
$
1,259.1
$
1,273.7
$
1,283.0
$
5,037.5
$
4,993.1
Net income attributable to Herbalife
$
177.9
$
50.4
$
49.3
$
43.2
$
85.4
$
228.3
$
254.3
Interest expense, net
53.9
52.0
53.6
51.0
49.3
205.9
206.0
Income taxes
(125.3
)
20.4
29.8
31.7
(34.6
)
47.3
(84.9
)
Depreciation and amortization
29.0
30.7
30.5
30.7
29.3
121.2
121.4
EBITDA
135.5
153.5
163.2
156.6
129.4
602.7
496.8
Amortization of SaaS implementation costs
5.0
5.7
5.7
5.0
4.9
21.3
22.3
Expenses related to Technology Realignment Program
-
-
3.6
0.6
4.9
9.1
-
Expenses related to Restructuring Program
0.9
3.3
0.7
0.8
2.2
7.0
69.1
Expenses related to Transformation Program
4.0
-
-
-
-
-
13.4
Digital technology program costs
4.6
2.4
0.4
-
3.4
6.2
26.7
Transition charge related to Sep ‘25 India GST amendments
-
-
-
-
11.3
11.3
-
Gain on sale of property
-
-
-
-
-
-
(4.0
)
Loss on extinguishment of debt
-
-
-
-
-
-
10.5
Adjusted EBITDA
150.0
164.9
173.6
163.0
156.1
657.6
634.8
Interest income
3.0
2.6
1.8
2.0
2.1
8.5
12.3
Inventory write-downs
1.9
11.4
3.5
6.5
4.5
25.9
18.9
Share-based compensation expenses
13.3
11.6
10.4
11.2
10.9
44.1
50.0
Other expenses (income) (1)
(4.1
)
1.5
3.1
1.5
(0.2
)
5.9
12.8
Credit Agreement EBITDA
$
164.1
$
192.0
$
192.4
$
184.2
$
173.4
$
742.0
$
728.8
Credit Agreement Total Debt (2)
$
2,050.0
$
2,332.7
Credit Agreement Total Leverage Ratio
2.8x
3.2x
Net income margin
14.7
%
4.1
%
3.9
%
3.4
%
6.7
%
4.5
%
5.1
%
Adjusted EBITDA margin
12.4
%
13.5
%
13.8
%
12.8
%
12.2
%
13.1
%
12.7
%
(1) Other expenses (income) include certain non-cash items such as bad debt expense, unrealized foreign currency gains and losses, and other gains and losses
(2) Represents the outstanding principal amount of total debt as of the respective period end
SCHEDULE B: RECLASSIFICATIONS
Effective in the fourth quarter of 2025, the Company retrospectively separated selling expenses from selling, general, and administrative expenses in the consolidated statements of income and combined those selling expenses with royalty overrides in the consolidated statements of income to simplify its financial statement presentation. Specifically, the Company’s Member compensation payments recognized as operating expenses, previously reported as royalty overrides, have been combined with the service fees to China’s independent service providers which were previously reported as selling expense within selling, general, and administrative expenses, and the two categories of expense are now collectively being presented in selling expenses within the consolidated statements of income. As a result, $33.6 million and $149.8 million related to service fees to China independent service providers previously presented as selling, general, and administrative expenses and all amounts previously presented as royalty overrides, were collectively reclassified to selling expenses within the consolidated statements of income for the quarter and year ended December 31, 2024, respectively.
As a result of the above, the accrued Member compensation liabilities previously reported as royalty overrides within the consolidated balance sheets are now presented as Member compensation liabilities. In addition, $25.8 million of accrued service fees to China independent service providers within other current liabilities was reclassified to Member compensation liabilities as of December 31, 2024, within the consolidated balance sheets.
Also, as a result of the above, the Member compensation previously reported as royalty overrides within the operating activities in the consolidated statements of cash flows is now presented as Member compensation liabilities. In addition, $4.6 million of cash outflows related to service fees to China independent service providers were reclassified from other current liabilities to Member compensation liabilities within the Company’s cash flows from operating activities in the consolidated statements of cash flows, for the year ended December 31, 2024.
These reclassifications did not impact the amounts of the prior period total assets, total liabilities, operating income, net income attributable to Herbalife, and net cash provided by (used in) operating activities, investing activities and financing activities, and did not impact the Company’s accompanying consolidated statements of comprehensive income and consolidated statements of changes in shareholders’ deficit.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260218518159/en/
Media Contact:
Miguel Lopez-Najera
Director, Global Corporate Communications
miguellope@herbalife.com
Investor Contact:
Erin Banyas
Vice President, Head of Investor Relations
erinba@herbalife.com
Original: Herbalife Delivers Fourth Quarter and Full-Year Net Sales Growth, Net Sales and Adjusted EBITDA1 Exceed Guidance
Hot Features
プレミアム
登録して、同じ考えを持つ投資家と議論するためのアクティブなフォーラムで相互作用するためのアクティブなフォーラムに参加してください。
Monksdream
9月前
TheFinalCD
3年前
Nebuchadnezzar
5年前
whytestocks
6年前
mr green239
7年前
steph1971
7年前
MWM
7年前
cowboyinvestor69
7年前
conix
8年前
Nivea67515
8年前
sheeponwllst
8年前
stocktrademan
9年前
メールアドレスで登録
