Nature's Sunshine Reports Strong First Quarter 2026 Results
Rhea-AI Summary
Nature's Sunshine (Nasdaq: NATR) reported Q1 2026 net sales of $122.9M, up 9%, GAAP EPS of $0.29 (up 16%), and Adjusted EBITDA of $14.6M, up 33%. Gross margin rose to 73.2%. Cash and cash equivalents were $87.6M with zero debt. Company repurchased 20,000 shares for $0.5M and reiterated 2026 guidance: $500–$515M net sales and $50–$54M adjusted EBITDA.
Positive
- Net sales +9% to $122.9M in Q1 2026
- Adjusted EBITDA +33% to $14.6M
- Gross margin improved to 73.2%
- Cash $87.6M and zero debt
- Share repurchase: 20,000 shares for $0.5M
- 2026 guidance: $500–$515M sales, $50–$54M adjusted EBITDA
Negative
- Net cash used by operations: $1.8M in Q1 2026
- Other expense: $1.4M foreign exchange losses
- SG&A increased to $43.5M (though lower as % of sales)
- Capital expenditures rose to $2.5M in Q1
Key Figures
Market Reality Check
Peers on Argus
NATR was up about 1.2% while several packaged/health food peers like MAMA, BGS, LWAY, and OTLY showed single-day declines, and USNA was roughly flat, indicating a more stock-specific setup ahead of these strong earnings.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Mar 10 | FY25 earnings | Positive | -1.3% | Reported FY25 sales growth, higher adjusted EBITDA, and 2026 guidance reiteration. |
| Nov 06 | Q3 2025 earnings | Positive | +30.5% | Strong Q3 sales and EBITDA growth, margin gains, guidance raised, new CEO named. |
| Jul 31 | Q2 2025 earnings | Positive | +12.8% | Q2 sales and earnings growth with margin improvement and higher full-year guidance. |
| May 06 | Q1 2025 earnings | Positive | +6.8% | Q1 2025 sales, net income, and adjusted EBITDA all increased, margin improved. |
| Mar 11 | FY24 earnings | Negative | -6.8% | Q4 2024 net loss and lower full-year net income despite modest sales growth. |
Earnings releases have generally been positive on fundamentals, with mostly supportive price reactions but occasional sell-the-news responses.
Over the past year, Nature’s Sunshine has consistently reported growing net sales, expanding adjusted EBITDA, and improving gross margins across multiple quarters. Prior earnings in Q2, Q3, and Q1 2025 all highlighted double-digit earnings or EBITDA growth, and guidance was raised more than once. The latest full-year 2025 report reaffirmed 2026 targets of $500–$515M sales and $50–$54M adjusted EBITDA. Today’s Q1 2026 beat continues this trajectory, showing sustained margin expansion and execution against that guidance.
Historical Comparison
Across the last 5 earnings releases, NATR’s average one-day move was about 8.41%. The Q1 2026 report continues the pattern of revenue growth, margin expansion, and reaffirmed guidance seen in prior quarters.
Earnings updates since early 2024 show steady sales growth, improving gross margins, rising adjusted EBITDA, and multiple guidance increases, with Q1 2026 results extending this multi-quarter financial progress.
Market Pulse Summary
This announcement highlights continued revenue growth, EPS improvement, and margin expansion, with Q1 2026 net sales of $122.9M, GAAP EPS of $0.29, and adjusted EBITDA of $14.6M. Results remain consistent with full-year 2026 guidance of $500–$515M in sales and $50–$54M in adjusted EBITDA. Investors may watch future quarters for cash flow trends, capex levels, and whether gross margins stay above 73%.
Key Terms
gaap eps financial
adjusted ebitda financial
gross profit margin financial
basis points financial
AI-generated analysis. Not financial advice.
Net Sales up
Adjusted EBITDA up
LEHI, Utah, May 07, 2026 (GLOBE NEWSWIRE) -- Nature’s Sunshine Products, Inc. (Nasdaq: NATR) ("Nature’s Sunshine" and/or the "Company"), a global leader in manufacturing and marketing high-quality herbal and nutritional supplements, reported financial results for the first quarter ended March 31, 2026.
First Quarter 2026 Financial Summary vs. Same Year-Ago Quarter
- Net sales were up
9% to$122.9 million compared to$113.2 million (up7% in constant currency). - Gross profit margin increased 116 basis points to
73.2% compared to72.1% . - GAAP net income attributable to common shareholders was
$5.1 million , or$0.29 per diluted common share, compared to$4.7 million , or$0.25 per diluted common share. - Adjusted EBITDA was up
33% to$14.6 million compared to$11.0 million .
Management Commentary
“We delivered a strong start to 2026, reflecting continued momentum across our key strategic initiatives,” said Ken Romanzi, CEO of Nature’s Sunshine. “We generated sales growth across all regions, led by North America with
“Our first quarter performance underscores our focus on disciplined execution: strengthening consumer acquisition, expanding our digital capabilities, accelerating adoption of our auto ship subscription programs, and improving gross margin. As we look ahead, we are confident that the key strategies of our Vision for Growth will drive sustainable growth and long-term shareholder value.”
First Quarter 2026 Financial Results
| Net Sales by Operating Segment(Amounts in Thousands) | |||||||||||||||
| Three Months Ended March 31, | 2026 | 2025 | Percent Change | Impact of Currency Exchange | Percent Change Excluding Impact of Currency | ||||||||||
| Asia | $ | 52,183 | $ | 48,653 | 7.3 | % | $ | 663 | 5.9 | % | |||||
| Europe | 26,395 | 24,114 | 9.5 | 839 | 6.0 | ||||||||||
| North America | 38,323 | 35,018 | 9.4 | 120 | 9.1 | ||||||||||
| Latin America and Other | 5,991 | 5,463 | 9.7 | 224 | 5.6 | ||||||||||
| $ | 122,892 | $ | 113,248 | 8.5 | % | $ | 1,846 | 6.9 | % | ||||||
Net sales in the first quarter increased
Gross profit margin in the first quarter increased to
Volume incentives as a percentage of net sales were
Selling, general and administrative expenses ("SG&A") in the first quarter were
Operating income in the first quarter increased to
Other income (expense), net, in the first quarter of 2026 was expense of
GAAP net income attributable to common shareholders increased to
Adjusted EBITDA in the first quarter increased
Balance Sheet and Cash Flow
Net cash used by operating activities was
Outlook
Nature's Sunshine continues to expect 2026 net sales to range between
Conference Call
The Company will hold a conference call today at 5:00 p.m. Eastern time to discuss its first quarter of 2026 results.
Date: Thursday, May 7, 2026
Time: 5:00 p.m. Eastern time (3:00 p.m. Mountain time)
Toll-free dial-in number: 1-800-717-1738
International dial-in number: 1-646-307-1865
Conference ID: 28116
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Group at 1-949-574-3860.
The conference call will be broadcast live and available for replay here and via the Events section of the Nature’s Sunshine website here.
A replay of the conference call will be available after 8:00 p.m. Eastern time on the same day through Thursday, May 21, 2026.
Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
Replay ID: 1128116
About Nature’s Sunshine Products
Nature’s Sunshine Products (Nasdaq: NATR), a leading natural health and wellness company, markets and distributes nutritional and personal care products in more than 40 countries. Nature’s Sunshine manufactures most of its products through its own state-of-the-art facilities to ensure its products continue to set the standard for the highest quality, safety, and efficacy on the market today. Additional information about the company can be obtained at its website, www.naturessunshine.com.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements regarding the Company’s future business expectations, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may include, but are not limited to, statements relating to our objectives, plans, strategies and financial results, including expected improvements in gross profit and gross margin. All statements (other than statements of historical fact) that address activities, events or developments that we intend, expect, project, believe or anticipate will or may occur in the future are forward-looking statements. These statements are often characterized by terminology such as “believe,” “hope,” “may,” “anticipate,” “should,” “intend,” “plan,” “will,” “expect,” “estimate,” “project,” “positioned,” “strategy” and similar expressions, and are based on assumptions and assessments made in light of our experience and perception of historical trends, current conditions, expected future developments and other factors we believe to be appropriate. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, including the following:
- failure to comply with laws and regulations relating to trade restrictions and export controls;
- laws and regulations regarding direct selling that may prohibit or restrict our ability to sell our products in some markets or require us to make changes to our business model in some markets;
- current and potential future extensive government regulations to which the Company’s products, business practices and manufacturing activities are subject;
- registration of products for sale in foreign markets, or difficulty or increased cost of importing products into foreign markets;
- legal challenges to the Company’s direct selling program or to the classification of its independent consultants;
- failure of the Company’s independent consultants to comply with advertising laws;
- product liability claims;
- impact of anti-bribery laws, including the U.S. Foreign Corrupt Practices Act;
- the Company’s ability to attract and retain independent consultants;
- the loss of one or more key independent consultants who have a significant sales network;
- potential for liability relating to the Company’s full ownership of China business;
- the effect of fluctuating foreign exchange rates;
- liabilities and obligations arising from improper activity by the Company’s independent consultants;
- changes to the Company’s independent consultant compensation plans;
- geopolitical issues, conflicts or other global events;
- negative consequences resulting from difficult economic conditions, including the availability of liquidity or the willingness of the Company’s consumers to purchase products;
- risks associated with the manufacturing of the Company’s products;
- supply chain disruptions, manufacturing interruptions or delays or the failure to accurately forecast consumer demand;
- failure to timely and effectively obtain shipments of products from our suppliers and deliver products to our independent consultants and consumers;
- uncertainties relating to the application of transfer pricing, duties, value-added taxes and other tax regulations, and changes thereto;
- failure to maintain an effective system of internal controls over financial reporting;
- cybersecurity threats and exposure to data loss;
- the storage, processing and use of data, some of which contain personal information, are subject to complex and evolving privacy and data protection laws and regulations;
- reliance on information technology infrastructure; and
- the sufficiency of trademarks and other intellectual property rights.
These and other risks and uncertainties that could cause actual results to differ from predicted results are more fully detailed under the caption “Risk Factors” in our reports filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K and Quarterly Reports filed on Form 10-Q.
All forward-looking statements speak only as of the date of this press release and are expressly qualified in their entirety by the cautionary statements included in or incorporated by reference into this press release. Except as is required by law, the Company expressly disclaims any obligation to publicly release any revisions to forward-looking statements to reflect events after the date of this press release.
Non-GAAP Financial Measures
We have included information which has not been prepared in accordance with generally accepted accounting principles (GAAP), such as information concerning non-GAAP net income, adjusted EBITDA and net sales excluding the impact of foreign currency exchange fluctuations.
We utilize the non-GAAP measures of non-GAAP net income and adjusted EBITDA in the evaluation of our operations and believe that these measures are useful indicators of our ability to fund our business. These non-GAAP financial measures should not be considered as an alternative to, or more meaningful than, U.S. GAAP net income (loss) as an indicator of our operating performance.
Other companies may use the same or similarly named measures, but exclude different items, which may not provide investors with a comparable view of Nature’s Sunshine Products’ performance in relation to other companies. We have included a reconciliation of net income to adjusted EBITDA, the most comparable GAAP measure. We have also included a reconciliation of GAAP net income to non-GAAP net income and non-GAAP adjusted EPS, in the attached financial tables.
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 functional currencies of our foreign subsidiaries. This is accomplished 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.
We believe presenting the impact of foreign currency fluctuations is useful to investors because it allows a more meaningful comparison of net sales of our foreign operations from period to period. Net sales excluding the impact of foreign currency fluctuations should not be considered in isolation or as an alternative to net sales in U.S. dollar measures that reflect current period exchange rates, or to other financial measures calculated and presented in accordance with U.S. GAAP.
With respect to our adjusted EBITDA outlook for the full year 2026, a quantitative reconciliation to the corresponding GAAP information cannot be provided without unreasonable effort because of the inherent difficulty of accurately forecasting the occurrence and financial impact of the various adjusting items necessary for such reconciliation that have not yet occurred, are out of our control, or cannot be reasonably predicted, including but not limited to warrant liabilities and stock based compensation. For the same reasons, we are unable to assess the probable significance of the unavailable information, which could have a material impact on our future GAAP financial results.
Investor Relations:
Gateway Group, Inc.
Cody Slach
1-949-574-3860
NATR@gateway-grp.com
| NATURE’S SUNSHINE PRODUCTS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Amounts in thousands, except per share information) (Unaudited) | ||||||||
| Three Months Ended March 31, | 2026 | 2025 | ||||||
| Net sales | $ | 122,892 | $ | 113,248 | ||||
| Cost of sales | 32,915 | 31,651 | ||||||
| Gross profit | 89,977 | 81,597 | ||||||
| Operating expenses: | ||||||||
| Volume incentives | 36,893 | 34,844 | ||||||
| Selling, general and administrative | 43,539 | 40,581 | ||||||
| Operating income | 9,545 | 6,172 | ||||||
| Other income (expense): | ||||||||
| Interest and other income, net | 74 | 205 | ||||||
| Interest expense | (35 | ) | (21 | ) | ||||
| Foreign exchange (losses) gains, net | (1,429 | ) | 753 | |||||
| (1,390 | ) | 937 | ||||||
| Income from operations before provision for income taxes | 8,155 | 7,109 | ||||||
| Provision for income taxes | 3,037 | 2,225 | ||||||
| Net income | 5,118 | 4,884 | ||||||
| Net income attributable to noncontrolling interests | — | 137 | ||||||
| Net income attributable to common shareholders | $ | 5,118 | $ | 4,747 | ||||
| Basic and diluted net income per common share: | ||||||||
| Basic earnings per share attributable to common shareholders | $ | 0.29 | $ | 0.26 | ||||
| Diluted earnings per share attributable to common shareholders | $ | 0.29 | $ | 0.25 | ||||
| Weighted average basic common shares outstanding | 17,522 | 18,486 | ||||||
| Weighted average diluted common shares outstanding | 17,929 | 18,846 | ||||||
| NATURE’S SUNSHINE PRODUCTS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands) (Unaudited) | |||||||
| March 31, 2026 | December 31, 2025 | ||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 87,578 | $ | 93,891 | |||
| Accounts receivable, net of allowance for doubtful accounts of | 12,549 | 8,602 | |||||
| Inventories | 67,131 | 68,312 | |||||
| Prepaid expenses and other | 11,330 | 8,040 | |||||
| Total current assets | 178,588 | 178,845 | |||||
| Property, plant and equipment, net | 31,413 | 32,915 | |||||
| Operating lease right-of-use assets | 20,375 | 17,600 | |||||
| Restricted investment securities - trading | 1,275 | 1,132 | |||||
| Deferred income tax assets | 19,411 | 20,068 | |||||
| Other assets | 10,396 | 10,586 | |||||
| Total assets | $ | 261,458 | $ | 261,146 | |||
| Liabilities and Shareholders’ Equity | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 8,251 | $ | 8,021 | |||
| Accrued volume incentives and service fees | 25,611 | 22,624 | |||||
| Accrued liabilities | 25,388 | 34,080 | |||||
| Deferred revenue | 2,780 | 5,840 | |||||
| Income taxes payable | 4,969 | 4,703 | |||||
| Current portion of operating lease liabilities | 4,367 | 3,270 | |||||
| Total current liabilities | 71,366 | 78,538 | |||||
| Liability related to unrecognized tax benefits | 434 | 428 | |||||
| Long-term portion of operating lease liabilities | 18,063 | 15,630 | |||||
| Deferred compensation payable | 1,275 | 1,132 | |||||
| Deferred income tax liabilities | 799 | 954 | |||||
| Other liabilities | 2,605 | 2,911 | |||||
| Total liabilities | 94,542 | 99,593 | |||||
| Commitments and contingencies | |||||||
| Shareholders’ equity: | |||||||
| Common stock, no par value, 50,000 shares authorized, 17,564 and 17,508 shares issued and outstanding, respectively | 102,252 | 102,192 | |||||
| Retained earnings | 82,046 | 76,928 | |||||
| Accumulated other comprehensive loss | (17,382 | ) | (17,567 | ) | |||
| Total shareholders’ equity | 166,916 | 161,553 | |||||
| Total liabilities and shareholders’ equity | $ | 261,458 | $ | 261,146 | |||
| NATURE’S SUNSHINE PRODUCTS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Amounts in thousands) (Unaudited) | ||||||||
| Three Months Ended March 31, | 2026 | 2025 | ||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
| Net income | $ | 5,118 | $ | 4,884 | ||||
| Adjustments to reconcile net income to net cash provided (used) by operating activities: | ||||||||
| Depreciation and amortization | 3,224 | 3,499 | ||||||
| Non-cash lease expense | 1,008 | 1,479 | ||||||
| Share-based compensation expense | 1,639 | 1,300 | ||||||
| Deferred income taxes | 677 | (1,982 | ) | |||||
| Purchase of trading investment securities | (184 | ) | (61 | ) | ||||
| Proceeds from sale of trading investment securities | 2 | 1 | ||||||
| Realized and unrealized gains on investments | 39 | 37 | ||||||
| Foreign exchange (gains) losses | 1,429 | (753 | ) | |||||
| Changes in assets and liabilities: | ||||||||
| Accounts receivable | (4,094 | ) | (1,786 | ) | ||||
| Inventories | 444 | (5,053 | ) | |||||
| Prepaid expenses and other current assets | (3,332 | ) | (1,242 | ) | ||||
| Other assets | (199 | ) | (157 | ) | ||||
| Accounts payable | 1,003 | 644 | ||||||
| Accrued volume incentives and service fees | 3,179 | 1,986 | ||||||
| Accrued liabilities | (8,735 | ) | (1,116 | ) | ||||
| Deferred revenue | (3,095 | ) | (293 | ) | ||||
| Lease liabilities | (245 | ) | (1,502 | ) | ||||
| Income taxes payable | 127 | 2,283 | ||||||
| Liability related to unrecognized tax benefits | 6 | 418 | ||||||
| Deferred compensation payable | 143 | 23 | ||||||
| Net cash provided (used) by operating activities | (1,846 | ) | 2,609 | |||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
| Purchases of property, plant and equipment | (2,480 | ) | (1,110 | ) | ||||
| Net cash used in investing activities | (2,480 | ) | (1,110 | ) | ||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
| Proceeds from revolving credit facility | 11,621 | 735 | ||||||
| Principal payments of revolving credit facility | (11,621 | ) | (735 | ) | ||||
| Payments related to tax withholding for net-share settled equity awards | (1,079 | ) | (255 | ) | ||||
| Repurchase of common stock | (500 | ) | (476 | ) | ||||
| Net cash used in financing activities | (1,579 | ) | (731 | ) | ||||
| Effect of exchange rates on cash and cash equivalents | (408 | ) | 1,018 | |||||
| Net increase (decrease) in cash and cash equivalents | (6,313 | ) | 1,786 | |||||
| Cash and cash equivalents at the beginning of the period | 93,891 | 84,700 | ||||||
| Cash and cash equivalents at the end of the period | $ | 87,578 | $ | 86,486 | ||||
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||||||
| Cash paid for income taxes, net of refunds | $ | 2,375 | $ | 1,875 | ||||
| Cash paid for interest | 35 | 15 | ||||||
| NATURE’S SUNSHINE PRODUCTS, INC. AND SUBSIDIARIES RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA (Amounts in thousands) (Unaudited) | |||||||
| Three Months Ended March 31, | 2026 | 2025 | |||||
| Net income | $ | 5,118 | $ | 4,884 | |||
| Adjustments: | |||||||
| Depreciation and amortization | 3,224 | 3,499 | |||||
| Share-based compensation expense | 1,639 | 1,300 | |||||
| Other (income) expense, net* | 1,390 | (937 | ) | ||||
| Provision for income taxes | 3,037 | 2,225 | |||||
| Other adjustments (1) | 173 | — | |||||
| Adjusted EBITDA | $ | 14,581 | $ | 10,971 | |||
| (1) Other adjustments | |||||||
| Other non-recurring expenses | $ | 173 | $ | — | |||
| Total adjustments | $ | 173 | $ | — | |||
* Other (income) loss, net is primarily comprised of foreign exchange (gains) losses, interest income, and interest expense.
| NATURE’S SUNSHINE PRODUCTS, INC. AND SUBSIDIARIES RECONCILIATION OF GAAP NET INCOME TO NON-GAAP NET INCOME and NON-GAAP ADJUSTED EPS (Amounts in thousands) (Unaudited) | |||||||
| Three Months Ended March 31, | 2026 | 2025 | |||||
| Net income | $ | 5,118 | $ | 4,884 | |||
| Adjustments: | |||||||
| Other non-recurring expenses | 173 | — | |||||
| Tax impact of adjustments | (43 | ) | — | ||||
| Total adjustments | 130 | — | |||||
| Non-GAAP net income | $ | 5,248 | $ | 4,884 | |||
| Reported income attributable to common shareholders | $ | 5,118 | $ | 4,747 | |||
| Total adjustments | 130 | — | |||||
| Non-GAAP net income attributable to common shareholders | $ | 5,248 | $ | 4,747 | |||
| Basic income per share, as reported | $ | 0.29 | $ | 0.26 | |||
| Total adjustments, net of tax | 0.01 | — | |||||
| Basic income per share, as adjusted | $ | 0.30 | $ | 0.26 | |||
| Diluted income per share, as reported | $ | 0.29 | $ | 0.25 | |||
| Total adjustments, net of tax | 0.01 | — | |||||
| Diluted income per share, as adjusted | $ | 0.30 | $ | 0.25 | |||
