Some Companies Had Their Best Year Ever. Others Are Fighting for Survival.

I was drinking my morning coffee yesterday, going through the year-end earnings numbers for the publicly traded direct selling companies, and I had one of those moments where everything suddenly gets very clear.

The same industry. The same year. And the results could not be more different.

One company grew 81%. Another shrank nearly 40%. Some are on a path to a billion dollars. Others are watching their distributor base quietly disappear quarter by quarter.

This isn’t a story about the industry dying. It’s a story about the industry splitting in two — and which side you end up on depends almost entirely on what you’re doing right now.

Let me walk you through the numbers, because there are lessons in here that apply directly to your business.

The Winners: What Growth Actually Looks Like in 2025

Zinzino — 81% Growth, But Let’s Look Under the Hood

If you haven’t heard of Zinzino, you’re about to.

This Swedish health and wellness company was the headline performer of the year, growing revenue to around $362 million — up roughly 81% over 2024. It’s a number that turns heads, and it should. But before you hold it up as pure proof that direct selling is booming, it’s worth understanding what’s actually driving it.

A significant chunk of that growth came through acquisitions. Throughout 2025, Zinzino systematically purchased the assets of multiple direct selling companies — including It Works!, Zurvita, Bodē Pro, Truvy, Valentus, Xelliss, and Sanki Global. Each deal added distributor networks, customer bases, and revenue across North America, Latin America, Asia, and Europe. The 81% headline is real. But it’s not 81% organic field growth — it’s what happens when you combine solid organic momentum with an aggressive acquisition strategy.

The honest version of the Zinzino story is actually more interesting than the headline number. They built something strong enough at their core that they could absorb multiple companies, integrate distributor bases across different cultures and markets, and still expand margins while doing it. Analysts have already flagged that 2026 organic growth will likely moderate as the acquisition effect normalizes.

That’s not a knock. That’s business. But it’s important context.

Management has signaled more international expansion and acquisitions ahead. This is a company worth watching — just understand what you’re watching.

Betterware de México — 18% Growth, Great Story

Betterware had a tale-of-two-halves kind of year. Early on, macroeconomic pressure in Mexico was rough. But the second half came roaring back, driven by stronger distributor productivity and the Jafra Mexico business.

They finished the year at $814 million in revenue — up 18% — and demonstrated something important: you don’t always need more distributors to grow. Sometimes you need the distributors you already have to become more productive.

That’s a lesson worth reading twice.

And heading into 2026, they’re planning to integrate the Tupperware brand, which could be a significant expansion opportunity.

Coway — $3.3 Billion, 10% Growth, and a Blueprint for Scale

Coway is a South Korean company most Americans haven’t heard of, but the direct selling world should be paying attention.

$3.3 billion in revenue. Up 10%. And they did it by expanding aggressively into Malaysia and the United States while simultaneously building out their BEREX sleep and wellness brand as a second growth engine alongside their core water purifier business.

Geographic expansion plus product diversification. Two engines running at the same time. That’s how you build something that lasts.

Herbalife — $5 Billion and Finally Stabilizing

Herbalife is polarizing in this profession. Always has been. But the number is the number: $5.04 billion in revenue in 2025, up 1% over 2024, and — crucially — North America returned to growth for the first time in several challenging years.

That’s not a small thing. The North American market is hard. And the fact that Herbalife’s operational reset appears to be gaining traction matters for everyone watching the industry.

They also rolled out something called the Protocol platform, which management expects to expand in 2026 as part of modernizing their product architecture and deepening distributor engagement.

Is it a breakout year? No. But stabilization after a rough stretch is the foundation for what comes next.

Nature’s Sunshine — Record Year, Quiet Execution

We’ve covered Nature’s Sunshine in detail recently, but they belong on this list: $480.1 million in revenue, up 6.7%, and their best year in company history. North America, Asia, Europe — growth across the board. Zero debt. $93.9 million in cash.

They found TikTok. They built a subscription model. They kept their distributor relationships intact while layering digital on top.

That’s the whole playbook right there.

The Middle: Growth That Comes With an Asterisk

USANA — Up 8%, but the Story Is Complicated

At first glance, USANA’s 8.2% revenue growth to $925 million looks solid. But dig into it and the picture is more interesting.

A big chunk of that growth came from Hiya — a direct-to-consumer children’s wellness brand USANA acquired in 2024. The traditional MLM side of the business is actually still experiencing declining sales.

In other words, the newer DTC segment is propping up the legacy distributor channel. USANA is quietly becoming a hybrid company — part direct selling, part direct-to-consumer — and management is leaning into that shift with further Hiya expansion planned.

This isn’t a warning sign, necessarily. It’s an evolution. But it’s worth understanding what’s actually driving the number.

LifeVantage — 14% Growth That May Not Be What It Looks Like

LifeVantage grew 14% to $228.5 million, which sounds great. The problem is that the momentum from a strong Q4 2024 carried the year-over-year comparison — and revenue actually started declining quarter-to-quarter as 2025 progressed.

Management’s own 2026 outlook reflects that deceleration. Their stock has been trading near long-term lows despite the headline growth number.

This is a good reminder that year-over-year comparisons can flatter a company that’s actually mid-slowdown. Understand the trend, not just the total.

The Warning Signs: What Declining Distributors Actually Mean

Nu Skin — Down 13.9%, and a Leadership Shake-Up

Nu Skin had one of the hardest years in the group. Revenue fell from $1.73 billion to $1.49 billion — a 13.9% decline. Customers, paid affiliates, and sales leaders all contracted across several key markets.

In March 2026, the company announced a major leadership change, appointing Chayce Clark as Chief Operating Officer while he continues as Chief Legal Officer — now responsible for revenue performance and global operational execution.

When a company restructures leadership mid-decline, it’s trying to stop the bleeding. The underlying problem isn’t strategy — it’s field momentum. And field momentum is the one thing you can’t manufacture from a corporate boardroom.

Natural Health Trends — Down 7.4%, Same Root Cause

Natural Health Trends brought in $39.8 million in 2025 — down 7.4% — and the culprit is the same as Nu Skin: declining active member counts. Fewer distributors, less volume, lower revenue.

What’s notable here is that the company didn’t launch any major new initiatives to reverse the trend. There were some signs of stabilization late in the year, but at a lower revenue floor than before.

The Cautionary Tale Nobody Should Ignore

BODi (Beachbody) — What Happens When You Leave the Model

I’ve mentioned this before, but it belongs in this recap because it’s the starkest data point in the entire report.

BODi — formerly Beachbody — pivoted away from the traditional network marketing compensation model. Their 2025 revenue came in at $251.7 million, down from $419 million the year before.

That’s a 39.9% decline. Nearly 50% quarter-over-quarter in some periods.

Yes, they reached cash-flow positivity for the year. Yes, they turned a small profit in the second half. Those are real achievements and they deserve credit for stabilizing.

But the top-line contraction tells the core story: when you remove the engaged field, you remove the demand engine. You can’t just replace that with a different distribution model and expect the same results.

The people who built their business inside Beachbody’s network marketing model experienced this firsthand. And the numbers confirm what they already knew.

The One Thing Every Company That’s Growing Has in Common

I’ve been looking at these numbers for a long time, and the pattern in 2025 is clearer than I’ve ever seen it.

The companies that grew had two things: products people actually wanted to buy, and distributors who were genuinely engaged in selling them.

That’s it. That’s the whole list.

Not the best compensation plan. Not the biggest social media budget. Not the flashiest product launch.

Real products. Engaged people.

The companies that shrank had the opposite problem — a field that was disengaging, going quiet, doing less. And when field engagement drops, everything else follows. Revenue drops. New customer acquisition slows. The whole machine starts running on fumes.

Your business operates by the exact same rules as these billion-dollar companies. The only difference is scale.

If your customers are reordering, your distributors are active, and you’re starting new conversations every day — you’re doing the right things. Keep going.

If you’re busy but your numbers aren’t moving — if you’ve got a full calendar but your customer base isn’t growing — you’re in the same position as the companies on the wrong side of this report. Busy without being productive.

The report card is in. The question is which column your name belongs in.

Talk Soon.
Ty Tribble

“Tired of spamming your friends on Facebook and getting nowhere? Download Ty Tribble’s free book, The Online Downline, and discover the step-by-step system to grow your network marketing business online the right way.”