Herbalife Nutrition (HLF) financial statements
Herbalife Nutrition reported revenue of $5.0B in fiscal 2025, up 1.3% a year over 9 years.
Net income was $228M and the operating margin 9.5%, against 10.2% in 2016.
Free cash flow was $253M, and the company returned $8M in net buybacks.
The diluted share count fell 40% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Herbalife Nutrition's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.5B | $4.4B | $4.9B | $4.9B | $5.5B | $5.8B | $5.2B | $5.1B | $5.0B | $5.0B |
| Cost of revenue | $855M | $849M | $919M | $958M | $1.2B | $1.2B | $1.2B | $1.2B | $1.1B | $1.1B |
| Gross profit | $3.6B | $3.6B | $4.0B | $3.9B | $4.4B | $4.6B | $4.0B | $3.9B | $3.9B | $3.9B |
| Selling, general and admin | $2.0B | $1.8B | $2.0B | $1.9B | $2.1B | $2.0B | $1.8B | $1.9B | $1.9B | $3.4B |
| Operating income | $458M | $617M | $683M | $568M | $641M | $734M | $545M | $356M | $386M | $481M |
| Interest expense | $99M | $161M | $181M | $153M | $133M | $153M | $139M | $166M | $218M | $214M |
| Pre-tax income | $365M | $471M | $464M | $451M | $516M | $561M | $425M | $203M | $169M | $275M |
| Income tax | $105M | $257M | $168M | $140M | $144M | $114M | $104M | $61M | -$85M | $47M |
| Net income | $260M | $214M | $297M | $311M | $373M | $447M | $321M | $142M | $254M | $228M |
| EPS (diluted) | $1.51 | $1.29 | $1.98 | $2.20 | $2.77 | $4.13 | $3.23 | $1.42 | $2.50 | $2.20 |
| Diluted shares | 172M | 166M | 150M | 142M | 134M | 108M | 100M | 100M | 102M | 104M |
| Gross margin | 81.0% | 80.8% | 81.2% | 80.4% | 79.2% | 78.6% | 77.4% | 76.5% | 77.9% | 77.9% |
| Operating margin | 10.2% | 13.9% | 14.0% | 11.6% | 11.6% | 12.7% | 10.5% | 7.0% | 7.7% | 9.5% |
| Net margin | 5.8% | 4.8% | 6.1% | 6.4% | 6.7% | 7.7% | 6.2% | 2.8% | 5.1% | 4.5% |
Balance sheet
Fiscal years, from Herbalife Nutrition's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $844M | $1.3B | $1.2B | $839M | $1.0B | $602M | $508M | $575M | $415M | $353M |
| Receivables | $70M | $93M | $70M | $80M | $83M | $67M | $71M | $81M | $69M | $92M |
| Inventory | $371M | $341M | $382M | $436M | $501M | $576M | $581M | $505M | $475M | $512M |
| Total current assets | $1.5B | $1.9B | $1.8B | $1.5B | $1.8B | $1.4B | $1.4B | $1.4B | $1.1B | $1.1B |
| Property, plant and equipment | $378M | $378M | $360M | $372M | $390M | $442M | $486M | $506M | $460M | $448M |
| Goodwill | $90M | $97M | $93M | $92M | $100M | $95M | $93M | $95M | $88M | $100M |
| Total assets | $2.6B | $2.9B | $2.8B | $2.7B | $3.1B | $2.8B | $2.7B | $2.8B | $2.7B | $2.8B |
| Total current liabilities | $792M | $907M | $1.6B | $964M | $1.1B | $1.1B | $977M | $1.3B | $1.2B | $1.0B |
| Long-term debt | $1.4B | $2.2B | $1.8B | $1.8B | $2.4B | $2.7B | $2.7B | $2.3B | $2.0B | $2.0B |
| Total liabilities | $2.4B | $3.2B | $3.5B | $3.1B | $3.9B | $4.2B | $4.0B | $3.9B | $3.5B | $3.3B |
| Shareholders' equity | $196M | -$335M | -$723M | -$390M | -$856M | -$1.4B | -$1.3B | -$1.1B | -$801M | -$515M |
| Net debt | $604M | $989M | $1.3B | $964M | $1.4B | $2.2B | $2.2B | $2.0B | $1.8B | $1.6B |
Cash flow
Fiscal years, from Herbalife Nutrition's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $367M | $591M | $648M | $458M | $629M | $460M | $352M | $358M | $285M | $333M |
| Capital spending | $143M | $96M | $84M | $106M | $112M | $151M | $156M | $135M | $122M | $80M |
| Free cash flow | $224M | $495M | $564M | $351M | $517M | $309M | $196M | $222M | $163M | $253M |
| Stock-based compensation | $40M | $42M | $36M | $39M | $51M | $54M | $44M | $48M | $50M | $44M |
| Dividends paid | $0 | $0 | $0 | — | — | — | — | — | — | — |
| Share buybacks (net) | -$13M | -$844M | -$750M | -$17M | -$924M | -$1.0B | -$147M | -$11M | -$8M | -$8M |
| Free cash flow margin | 5.0% | 11.2% | 11.5% | 7.2% | 9.3% | 5.3% | 3.8% | 4.4% | 3.3% | 5.0% |
Questions
What was Herbalife Nutrition's revenue in 2025?
$5.0B in fiscal 2025, from its 10-K filing.
How much free cash flow does Herbalife Nutrition generate?
$253M in fiscal 2025 (operating cash flow minus capital spending).
From Herbalife Nutrition's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.