10-Q · May 6, 2026
LifeVantage Corporation's Q3 2026 results reflect a significant decline in revenue and earnings, continuing from prior quarters. Revenue decreased to $43.7 million, down from $58.4 million in Q3 2025, resulting in an…
Earnings analysis · 10-K
LFVN earnings analysis
Filed August 27, 2026 · Our reading of the company's report
The latest report
LifeVantage's fiscal 2026 results show a material deterioration in demand: revenue declined 20.1% to $182.586 million, operating margin fell to 3.4% from 5.4%, and active accounts declined 21.2% to 104,000. The…
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LifeVantage's fiscal 2026 results show a material deterioration in demand: revenue declined 20.1% to $182.586 million, operating margin fell to 3.4% from 5.4%, and active accounts declined 21.2% to 104,000. The LoveBiome acquisition and P84 launch provide a potentially meaningful product roadmap, with P84 contributing $9.1 million of revenue, but this was insufficient to offset the $18.3 million decline in MindBody GLP-1 revenue and declines in Protandim and TrueScience. Operating cash flow remained positive at $10.241 million and the company continued dividends and buybacks, but shrinking customers, lower margins, tariff exposure, and new AI compliance risks weigh on the outlook.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.4
What stood out
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P84 adds a new growth platform
LifeVantage launched the P84 System and other LoveBiome-derived products during fiscal 2026. The P84 System generated $9.1 million of revenue for the year, including $6.3 million from LoveBiome consultants after the acquisition date.
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Broad product and geographic roadmap
The company expanded its product roadmap across gut health, weight management, energy, hydration, pets, and skincare, including the P84 System, AXIO X, AXIO Hydrate, Petandim in Mexico, and market launches in Iceland and Portugal. The P84 System's in vitro study showed activation of 14 key gut peptides.
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Business remained profitable
Despite the revenue decline, fiscal 2026 remained profitable: net income was $5.072 million and diluted EPS was $0.40. The effective tax rate declined to 16.4% from 19.9% in fiscal 2025.
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Positive operating cash generation
The company generated $10.241 million of operating cash flow and ended the year with $14.920 million of cash. It also reduced inventory from $20.669 million to $16.167 million, aided by inventory management actions.
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Continued shareholder returns
Capital returns continued through a $2.344 million dividend and $2.043 million of share repurchases in fiscal 2026. The board authorized repurchases of up to $60.0 million through December 31, 2027, with $58.5 million remaining at year-end.
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Digital infrastructure investment
LifeVantage is investing in a modern e-commerce platform, consultant tools, data integration, and future artificial-intelligence capabilities. Fiscal 2026 capital expenditures were $3.571 million, primarily related to the new e-commerce platform.
What to watch
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Customer and consultant base contracted
Revenue fell to $182.586 million from $228.530 million, while operating income declined to $6.100 million from $12.199 million and gross margin fell to 77.6% from 80.4%. Active accounts dropped 21.2% to 104,000, including a 24.7% decline in active customers to 61,000.
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New AI compliance and governance exposure
The filing introduces extensive AI-related risks as the company and consultants use AI for marketing, product development, forecasting, and compliance. AI-generated consultant content could contain non-compliant health or income claims, potentially triggering investigations, fines, penalties, litigation, or reputational harm; the company also notes that it has limited visibility into consultant AI use.
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Tariffs and foreign exchange pressure margins
The filing identifies materially changed tariff exposure: after a 10% global tariff effective February 24, 2026 expired on July 24, 2026, new tariffs of 10% and 12.5% were announced on goods from 60 U.S. trade partners. Purchases from suppliers are generally in U.S. dollars while sales are generally in local currencies, increasing sensitivity to tariffs and currency movements.
Management's outlook
The 10-K provides no quantitative revenue or EPS outlook. Management states that cash and ongoing operating cash flow should satisfy requirements for at least the next 12 months, while noting that future growth depends on new products, consultant/customer retention, and international expansion.
Earlier filings 4
10-K · September 4, 2025
LifeVantage frames its strategy around nutrigenomics and a direct‑selling model, emphasizing product innovation (notably the patent‑pending MindBody GLP‑1 System™ launched in fiscal 2025), technology‑enabled consultant…
10-K · August 28, 2024
LifeVantage positions itself as a nutrigenomics-focused direct‑selling company emphasizing product ‘activation’ (Protandim®, TrueScience®, AXIO®, etc.), technology-enabled consultant tools, and expanded compensation and…
10-Q · May 2, 2024
LifeVantage reported quarter revenue of $48,245,000, down from $53,741,000 a year earlier, while gross margin remained high at 78.9% and operating income improved to $1,934,000. Net income and diluted EPS rose to…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.