Strong Consolidated and Branded Revenue Growth
Full-year consolidated revenue grew ~12%, branded business nearly +16% (FY2025). Q4 consolidated revenue rose 13.4% to $277.7M. Jamieson Brands grew 17.1% in Q4 to $237.4M. Youtheory grew 20.2% in Q4. China was a major driver (FY growth >56%, Q4 +43.9%). International revenue up 24% for the year (Q4 +39.2%). Canada outpaced the market with ~6% full-year growth (Q4 +5.5%).
Gross Profit and Margin Expansion
Consolidated gross profit increased by $18.5M in Q4 to $118.7M and consolidated gross margin expanded ~180 bps. Jamieson Brands gross profit rose 19.7% (+$18.6M) and normalized gross margin improved 90 bps to 47.6%, driven by branded mix and scale in China.
Improved Profitability and Strong Adjusted Metrics
Q4 adjusted EBITDA increased 13.7% (+$8.1M) with adjusted EBITDA margin consistent at 24.3%. Normalized earnings from operations rose 13.3% to $60.4M and normalized operating margin remained 21.8%. Adjusted net earnings increased to $38.5M and adjusted diluted EPS was $0.90. 2026 guidance calls for consolidated revenue $895M–$935M (+9%–14%), adjusted EBITDA $174M–$181M (+9%–13.4%) and adjusted diluted EPS $2.08–$2.21 (+12.5%–19.5%).
High-ROI China Execution and Consumer Conversion
China outperformance reflected effective performance marketing and rising brand health: brand awareness→trial conversion +57% and trial→regular buyer +81%. Management reports China growth outpaced the broader VMS market by ~4x and sees continued runway (2026 China growth guide 20%–30%).
Strong Cash Position and Shareholder Returns
Year-end cash and available facilities totaled $126.6M. Full-year share repurchases ~1.2M shares for $37.9M (average $32.39); Q4 repurchase 53,780 shares for $18.1M. Paid ~ $37.2M in dividends in FY2025 and declared a $0.23/share dividend ($9.5M).
Operational Improvements and Innovation Momentum
Successful implementation of new SAP system supporting HQ and three manufacturing facilities. Continued innovation in need states (immunity, sleep, stress, energy) and global-to-local execution enabling faster scaling of winning products and distribution gains across key retailers.