Amway released its 2025 global sales numbers this week and the headline is straightforward: $7.3 billion, down 1% from $7.4 billion in 2024.

That is the fourth consecutive year of declining revenue for the world’s largest direct selling company.

2022: $8.1 billion 2023: $7.7 billion 2024: $7.4 billion 2025: $7.3 billion

And if you want the full picture, Amway peaked at $9.5 billion in 2015. The company has lost more than $2 billion in annual revenue over the past decade.

That is not a rounding error. That is a trend.

What Amway’s CEO Actually Said

To his credit, Amway President and CEO Michael Nelson did not spin the numbers into something they are not.

“Our revenue has gone down this past year. It was a modest decline again of 1%,” Nelson told reporters. “We’re not satisfied with the trajectory of that, but we’re starting to see that change with those investments we’re making into some of the core fundamentals.”

That is a direct and honest statement from a CEO of a major company. It deserves to be acknowledged. The instinct in this industry is always to lead with the positive and bury the difficult. Nelson did not do that here.

He also made an interesting observation about why the decline is happening. Some of it, he said, comes from the vast number of other opportunities people now have to start their own businesses. In an era of e-commerce, content creation, gig work, and digital entrepreneurship, the network marketing model competes for attention and energy in ways it never had to before.

That is a real and honest assessment of the competitive landscape.

Where the Green Shoots Actually Are

The full picture is not all bad, and it is worth being accurate about that too.

Nutrition products, which represent 64% of Amway’s total global sales, remain the backbone of the business. The company’s Nutrilite brand continues to hold its position as the world’s top-selling vitamin and dietary supplement brand by retail value. That is a meaningful asset.

Geographically, Amway saw genuine growth in Vietnam, Taiwan, Central Asia, and Latin America in 2025. Those results helped offset softer performance in North America and China, which remain two of the company’s most important markets historically.

On the product side, a few launches stood out. The Nutrilite AmCell cellular health supplement launched in three Asian markets with strong early results. The Artistry LongXevity skincare collection, described as clinically proven to improve 12 visible signs of aging, launched in seven markets. And the new eSpring Water Purifier system drove 25% category growth in its launch markets across Europe, Japan, and Vietnam.

These are real wins. They just are not yet large enough to reverse a decade-long revenue trend.

The Question Amway Needs to Answer

Amway has over one million independent business owners worldwide and more than 13,500 employees. It operates in more than 100 countries. It owns one of the most recognized brand names in direct selling history. These are not the characteristics of a company in crisis.

But a company that has lost more than 20% of its peak revenue over a decade, that has seen four straight years of decline, and whose two largest established markets are both underperforming has a real challenge that brand heritage alone cannot solve.

The question is not whether Amway has good products or a capable leadership team. The question is whether the core business model, the independent business owner system, the compensation structure, and the way new distributors are recruited and retained is set up to grow in 2026 and beyond.

Nelson pointed to investments in core fundamentals as the reason for optimism. The company has invested more than $127 million in its Ada, Michigan headquarters from 2022 to 2026, enhancing manufacturing, quality control, and research and development. It has deepened a partnership with Korean microbiome firm HEM. It is developing AI recommendation tools for distributors. These are the kinds of foundational investments that take time to show up in revenue numbers.

The honest assessment is that Amway is not standing still. It is also not yet growing.

Why This Matters Beyond Amway

Amway’s results matter to the entire direct selling industry because the company is effectively the bellwether. When the world’s largest direct selling company reports four straight years of declining revenue, it raises legitimate questions about the health of the channel broadly.

Some of those questions are fair. Some of the decline is specific to Amway’s market exposure, currency headwinds, and the particular challenges of rebuilding momentum after the China market pulled back significantly from its peak years.

But some of it reflects something more structural: the model of building a business through personal relationships and warm market recruiting is facing genuine competition from digital channels, gig platforms, and the lowered barrier to entrepreneurship that technology has created.

The direct selling companies that are growing right now, and there are several, tend to share a common thread. They have differentiated products that customers genuinely want independent of the business opportunity. They have proof mechanisms that let distributors have credible conversations. And they have simplified the path from interested prospect to active customer.

Amway has the product quality. It has the research infrastructure. It has the global footprint. The challenge is connecting those assets to a business builder experience and a customer experience that feels relevant to someone discovering the company for the first time in 2026.

The Bottom Line

$7.3 billion in annual revenue is not a failure. It is the largest number in the direct selling industry. Amway still holds the number one position on the Direct Selling News Global 100 list.

But the trend is what it is. Four years of decline from a peak of $9.5 billion is a story that demands honest analysis, not cheerleading.

Nelson is being straight about where the company stands. The investments being made are real. The emerging market growth is real. The question is whether those inputs add up to a different output in 2026 and beyond.

For Amway’s one million business owners, the results of those bets will show up in their businesses before they show up in the annual press release.

Talk soon,
Ty Tribble