USNA (USNA) financial statements
USNA reported revenue of $925M in fiscal 2025, down 0.9% a year over 9 years.
Net income was $11M and the operating margin 4.0%, against 13.8% in 2016.
Free cash flow was $9M, and the company returned $28M in net buybacks.
The diluted share count fell 26% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from USNA's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.0B | $1.0B | $1.2B | $1.1B | $1.1B | $1.2B | $999M | $921M | $855M | $925M |
| Cost of revenue | $180M | $179M | $201M | $188M | $209M | $218M | $194M | $177M | $161M | $201M |
| Gross profit | $826M | $868M | $989M | $873M | $926M | $969M | $805M | $744M | $693M | $724M |
| Research and development | $9M | $9M | $10M | $10M | $11M | $11M | $12M | $11M | $12M | $11M |
| Selling, general and admin | $234M | $265M | $275M | $268M | $261M | $279M | $262M | $257M | $263M | $337M |
| Operating income | $139M | $133M | $188M | $146M | $176M | $170M | $108M | $93M | $66M | $37M |
| Interest expense | $444,000 | $46,000 | $36,000 | $66,000 | $507,000 | $57,000 | $192,000 | $262,000 | $281,000 | $842,000 |
| Pre-tax income | $139M | $135M | $192M | $150M | $178M | $171M | $109M | $102M | $76M | $42M |
| Income tax | $39M | $72M | $65M | $50M | $53M | $54M | $39M | $39M | $34M | $30M |
| Net income | $100M | $63M | $126M | $101M | $125M | $117M | $69M | $64M | $42M | $11M |
| EPS (diluted) | $3.99 | $2.53 | $5.12 | $4.41 | $5.86 | $5.73 | $3.59 | $3.30 | $2.19 | $0.58 |
| Diluted shares | 25M | 25M | 25M | 23M | 21M | 20M | 19M | 19M | 19M | 19M |
| Gross margin | 82.1% | 82.9% | 83.1% | 82.3% | 81.6% | 81.6% | 80.6% | 80.8% | 81.1% | 78.3% |
| Operating margin | 13.8% | 12.7% | 15.8% | 13.8% | 15.6% | 14.3% | 10.8% | 10.1% | 7.8% | 4.0% |
| Net margin | 9.9% | 6.0% | 10.6% | 9.5% | 11.0% | 9.8% | 6.9% | 6.9% | 4.9% | 1.2% |
Balance sheet
Fiscal years, from USNA's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $176M | $247M | $214M | $235M | $312M | $240M | $288M | $330M | $182M | $158M |
| Receivables | — | — | — | — | — | — | — | — | — | $4M |
| Inventory | $65M | $63M | $82M | $69M | $90M | $98M | $67M | $61M | $70M | $103M |
| Total current assets | $278M | $340M | $392M | $329M | $425M | $365M | $384M | $418M | $279M | $288M |
| Property, plant and equipment | $101M | $103M | $92M | $95M | $100M | $102M | $98M | $100M | $95M | $94M |
| Goodwill | $17M | $17M | $17M | $17M | $17M | $18M | $17M | $17M | $144M | $138M |
| Total assets | $471M | $519M | $554M | $517M | $641M | $578M | $597M | $633M | $748M | $743M |
| Total current liabilities | $138M | $141M | $149M | $136M | $168M | $161M | $144M | $119M | $140M | $129M |
| Total liabilities | $145M | $156M | $163M | $165M | $199M | $183M | $162M | $136M | $162M | $157M |
| Shareholders' equity | $325M | $363M | $391M | $352M | $442M | $395M | $434M | $497M | $532M | $533M |
| Net debt | -$176M | -$247M | -$214M | -$235M | -$312M | -$240M | -$288M | -$330M | -$182M | -$158M |
Cash flow
Fiscal years, from USNA's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $137M | $124M | $152M | $127M | $160M | $121M | $104M | $71M | $61M | $22M |
| Capital spending | $33M | $13M | $11M | $17M | $15M | $13M | $10M | $14M | $10M | $14M |
| Free cash flow | $104M | $111M | $141M | $110M | $145M | $108M | $94M | $56M | $51M | $9M |
| Stock-based compensation | $17M | $15M | $15M | $16M | $14M | $14M | $13M | $15M | $15M | $14M |
| Share buybacks (net) | -$65M | -$50M | -$105M | -$150M | -$57M | -$178M | -$25M | -$12M | -$9M | -$28M |
| Free cash flow margin | 10.4% | 10.6% | 11.8% | 10.4% | 12.8% | 9.1% | 9.4% | 6.1% | 6.0% | 0.9% |
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Open USNA in InvestinglyQuestions
What was USNA's revenue in 2025?
$925M in fiscal 2025, from its 10-K filing.
How much free cash flow does USNA generate?
$9M in fiscal 2025 (operating cash flow minus capital spending).
From USNA's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.