HLF

MKT CAP:$2B

Herbalife Nutrition Ltd.

Market Cap

$2B

Consumer Defensive·Packaged Foods·🇺🇸 United States·NYSE

Consumer Def.·Packaged Foods·🇺🇸·NYSE

Stock Price

$16.48+$3.66 (+28.55%)

Apr 21, 2026

Company Details

Herbalife Nutrition Ltd. offers nutrition solutions in North America, Mexico, South and Central America, Europe, the Middle East, Africa, China, and rest of Asia Pacific. The company provides products in the areas of weight management; targ...

CEO

Stephan Paulo Gratziani

IPO Date

Dec 16, 2004

Website

www.herbalife.com

Key Metrics TTM

Revenue

$5.0B

+0.9% YoY

Net Income

$228M

EPS (Diluted)

$2.20

Free Cash Flow

$253M

Revenue / Share

$48.62

Gross Margin

76.6%

Operating Margin

9.0%

Net Margin

4.5%

FCF Margin

5.0%

P/S

0.3x

P/E

7.5x

Earnings Reports

Q1 2026

May 6, 2026

PENDING

FY 2025

Feb 18, 2026

$5.0B+0.9%EPS $2.20

Q4 2025

Feb 18, 2026

$1.3B+6.3%EPS $0.81

Q3 2025

Nov 5, 2025

$1.3B+2.7%EPS $0.42

Q2 2025

Aug 6, 2025

$1.3B-1.7%EPS $0.48

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$1.3B	$1.0B	$153M
Q2 22	$1.4B	$1.1B	$156M
Q3 22	$1.3B	$1.0B	$147M
Q4 22	$1.2B	$915M	$89M
Q1 23	$1.3B	$954M	$71M
Q2 23	$1.3B	$1.0B	$123M
Q3 23	$1.3B	$978M	$107M
Q4 23	$1.2B	$927M	$56M
Q1 24	$1.3B	$979M	$72M
Q2 24	$1.3B	$998M	$80M
Q3 24	$1.2B	$972M	$127M
Q4 24	$1.2B	$940M	$107M
Q1 25	$1.2B	$957M	$123M
Q2 25	$1.3B	$982M	$133M
Q3 25	$1.3B	$955M	$123M
Q4 25	$1.3B	$964M	$76M

Valuation

Quarter	P/S	P/E
Q1 22	0.6x	7.9x
Q2 22	0.4x	6.8x
Q3 22	0.4x	6.5x
Q4 22	0.3x	5.1x
Q1 23	0.3x	6.3x
Q2 23	0.3x	6.1x
Q3 23	0.3x	7.3x
Q4 23	0.3x	9.6x
Q1 24	0.2x	6.6x
Q2 24	0.2x	12.6x
Q3 24	0.1x	8.4x
Q4 24	0.1x	2.7x
Q1 25	0.2x	3.1x
Q2 25	0.2x	2.7x
Q3 25	0.2x	2.7x
Q4 25	0.3x	5.8x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$131M	$89M
Q2 22	$99M	$64M
Q3 22	$70M	$32M
Q4 22	$54M	$11M
Q1 23	$46M	$16M
Q2 23	$136M	$97M
Q3 23	$80M	$49M
Q4 23	$96M	$61M
Q1 24	$14M	-$19M
Q2 24	$103M	$66M
Q3 24	$100M	$72M
Q4 24	$70M	$44M
Q1 25	$200.0K	-$18M
Q2 25	$96M	$73M
Q3 25	$139M	$118M
Q4 25	$98M	$80M

Capital Expenditures

Quarter	CapEx
Q1 22	$41M
Q2 22	$35M
Q3 22	$38M
Q4 22	$43M
Q1 23	$30M
Q2 23	$38M
Q3 23	$31M
Q4 23	$35M
Q1 24	$33M
Q2 24	$36M
Q3 24	$27M
Q4 24	$26M
Q1 25	$18M
Q2 25	$23M
Q3 25	$21M
Q4 25	$19M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	-11.0%	-7.5%
Q2 22	-10.3%	-5.9%
Q3 22	-9.5%	-7.6%
Q4 22	-10.4%	-11.5%
Q1 23	-6.3%	-0.1%
Q2 23	-5.7%	-3.7%
Q3 23	-1.1%	+2.3%
Q4 23	+2.9%	+6.2%
Q1 24	+1.0%	+0.9%
Q2 24	-2.5%	+0.8%
Q3 24	-3.2%	-5.2%
Q4 24	-0.6%	-5.0%
Q1 25	-3.4%	-7.8%
Q2 25	-1.7%	-6.2%
Q3 25	+2.7%	+3.4%
Q4 25	+6.3%	+9.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$12M	0.9%
Q2 22	$14M	1.0%
Q3 22	$11M	0.9%
Q4 22	$7M	0.6%
Q1 23	$11M	0.9%
Q2 23	$11M	0.9%
Q3 23	$14M	1.1%
Q4 23	$12M	1.0%
Q1 24	$12M	0.9%
Q2 24	$12M	0.9%
Q3 24	$13M	1.0%
Q4 24	$13M	1.1%
Q1 25	$12M	0.9%
Q2 25	$10M	0.8%
Q3 25	$11M	0.9%
Q4 25	$11M	0.8%

OpEx Breakdown

Quarter	G&A	S&M	SG&A
Q1 22	—	—	$455M
Q2 22	—	—	$470M
Q3 22	—	—	$448M
Q4 22	$391M	$47M	—
Q1 23	—	—	$476M
Q2 23	—	—	$461M
Q3 23	—	—	$455M
Q4 23	—	—	$474M
Q1 24	—	—	$492M
Q2 24	—	—	$502M
Q3 24	—	—	$444M
Q4 24	—	—	$437M
Q1 25	—	—	$432M
Q2 25	—	—	$448M
Q3 25	—	—	$832M
Q4 25	—	—	$887M

Revenue by Geography

Quarter	China	India	Mexico	Others	United States	Viet Nam
Q1 22	$106M	$152M	$118M	$643M	$317M	—
Q2 22	$104M	$164M	$124M	$668M	$334M	—
Q3 22	$111M	$193M	$115M	$568M	$309M	—
Q4 22	$71M	$169M	$118M	$558M	$266M	—
Q1 23	$68M	$179M	$128M	$589M	$289M	—
Q2 23	$88M	$189M	$139M	$603M	$295M	—
Q3 23	$90M	$216M	$137M	$569M	$270M	—
Q4 23	$82M	$213M	$121M	$553M	$246M	—
Q1 24	$75M	$204M	$141M	$586M	$259M	—
Q2 24	$82M	$205M	$143M	$577M	$275M	—
Q3 24	$75M	$218M	$132M	$562M	$254M	—
Q4 24	$66M	$218M	$124M	$561M	$239M	—
Q1 25	$65M	$209M	$127M	$498M	$248M	$75M
Q2 25	$80M	$204M	$137M	$513M	$265M	$60M
Q3 25	$71M	$226M	$147M	$501M	$256M	$72M
Q4 25	$63M	$250M	$147M	$514M	$237M	$71M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$570M	$0	$570M
Q2 22	$581M	$0	$581M
Q3 22	$533M	$0	$533M
Q4 22	$508M	$0	$508M
Q1 23	$454M	$0	$454M
Q2 23	$527M	$0	$527M
Q3 23	$496M	$0	$496M
Q4 23	$575M	$0	$575M
Q1 24	$398M	$0	$398M
Q2 24	$374M	$0	$374M
Q3 24	$403M	$0	$403M
Q4 24	$415M	$0	$415M
Q1 25	$329M	$0	$329M
Q2 25	$321M	$0	$321M
Q3 25	$309M	$0	$309M
Q4 25	$353M	$0	$353M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	102M	-1.8%	-8.5%
Q2 22	99M	-2.9%	-10.4%
Q3 22	99M	+0.1%	-8.3%
Q4 22	99M	+0.2%	-4.4%
Q1 23	100M	+1.2%	-1.5%
Q2 23	100M	-0.7%	+0.8%
Q3 23	100M	+0.9%	+1.6%
Q4 23	100M	-0.1%	+1.3%
Q1 24	101M	+0.4%	+0.5%
Q2 24	102M	+1.0%	+2.2%
Q3 24	102M	+0.2%	+1.5%
Q4 24	102M	+0.1%	+1.7%
Q1 25	102M	+0.2%	+1.5%
Q2 25	103M	+1.1%	+1.6%
Q3 25	104M	+0.7%	+2.1%
Q4 25	104M	-0.4%	+1.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$123.7K	11K
Q2 22	$129.0K	11K
Q3 22	$119.9K	11K
Q4 22	$116.9K	10K
Q1 23	$124.0K	10K
Q2 23	$130.1K	10K
Q3 23	$126.9K	10K
Q4 23	$132.1K	9K
Q1 24	$137.4K	9K
Q2 24	$139.3K	9K
Q3 24	$134.8K	9K
Q4 24	$140.4K	9K
Q1 25	$142.1K	9K
Q2 25	$146.4K	9K
Q3 25	$148.1K	9K
Q4 25	$150.9K	9K

Revenue / Employee