FitLife Brands reported Q4 2025 revenue of $25.9 million and full-year revenue of $81.5 million, with Q4 EPS at $0.17 basic and $0.16 diluted. Net income declined year over year despite strong top-line growth, as margins compressed following the Irwin Naturals acquisition and related inventory step-up amortization. Shares last traded around $14 with a market cap near $130-150 million, and after-hours movement will depend on investor reaction to the mixed profit picture.
About FitLife Brands
FitLife Brands, Inc. (NASDAQ ticker FTLF) is a developer and marketer of innovative and proprietary nutritional supplements and wellness products for health-conscious consumers. The company sells more than 500 products online and through retail channels, including wholesale distribution partners and e-commerce platforms such as Amazon. FitLife is headquartered in Omaha, Nebraska, and operates within the consumer defensive / packaged foods and nutritional products space.
As of early 2026, FitLife’s market capitalization is approximately $130-150 million, with a normalized P/E ratio around 18-20 and roughly 39 employees. Founded as a supplements platform that has expanded through acquisitions such as MusclePharm and Irwin Naturals, the company now generates a roughly even split between online and wholesale revenue, though wholesale is growing faster following the Irwin deal. The company does not currently pay a dividend, so returns are focused on earnings growth and potential multiple expansion.
Top Financial Highlights
- Q4 2025 total revenue was $25.9 million, up 73% versus $15.0 million in Q4 2024.
- Full-year 2025 revenue was $81.5 million, an increase of 26% from $64.5 million in 2024.
- Q4 2025 wholesale revenue reached $15.5 million (about 60% of total), more than tripling from $4.9 million a year earlier.
- Q4 2025 online revenue was $10.5 million (about 40% of total), up 4% year over year.
- Full-year 2025 wholesale revenue was $39.7 million, up 84% from $21.5 million in 2024.
- Full-year 2025 online revenue was $41.8 million, down 3% from $43.0 million in the prior year.
- Q4 2025 gross margin was 34.5%, versus 41.4% in Q4 2024; excluding $0.7 million of Irwin inventory step-up amortization, gross margin would have been 37.0%.
- Full-year 2025 gross margin was 38.6%, down from 43.6%; excluding $1.0 million of inventory step-up amortization, it would have been 39.9%.
- Q4 2025 net income was $1.6 million, compared with $2.1 million in Q4 2024.
- Q4 2025 basic EPS was $0.17 and diluted EPS was $0.16, versus $0.23 and $0.21 a year earlier.
- Full-year 2025 net income was $6.3 million, down from $9.0 million in 2024.
- Full-year 2025 basic EPS was $0.68 and diluted EPS was $0.63, down about 31% from $0.98 and $0.91 in 2024.
- Q4 2025 adjusted EBITDA was $3.5 million, up 14% versus the prior-year quarter; full-year adjusted EBITDA was $14.0 million, roughly flat with $14.1 million in 2024.
- At year-end 2025, the company held cash of $1.6 million, with $39.1 million outstanding on its term loan and $5.6 million on its revolver, resulting in net debt of roughly $43.1 million.
- Irwin contributed $11.2 million of wholesale revenue and total Q4 2025 Irwin revenue of $12.6 million, with Amazon revenue scaling from $0 to about $0.5 million in December and approximately $0.8 million monthly post-quarter.
Beat or Miss?
| Metric | Reported | Difference / Analysis |
| Q4 2025 Revenue | $25.9 million | Strong top-line growth; analyst consensus not provided in release (treated as N/A). |
| Q4 2025 Basic EPS | $0.17 | Down year over year; no explicit EPS consensus in text, so beat/miss versus estimates is N/A. |
| Q4 2025 Diluted EPS | $0.16 | Decline driven by lower margin and Irwin-related costs; estimates N/A. |
| Full-Year 2025 Revenue | $81.5 million | Growth of 26% over 2024; no formal guidance/consensus disclosed in release. |
| Full-Year 2025 Net Income | $6.3 million | Down from $9.0 million in 2024; reflects acquisition-related amortization and higher operating expenses. |
| Full-Year 2025 Adjusted EBITDA | $14.0 million | Essentially flat versus $14.1 million in 2024; indicates stable underlying profitability despite integration costs. |
What Leadership Is Saying?
“Other than at MRC, where revenue declined 15% over the course of the year, 2025 was a strong year for all of our brand groupings. Excluding MRC and MusclePharm, the other Legacy FitLife brands delivered organic growth of 6%. MusclePharm delivered organic growth of 5%, with growth in both the online and wholesale channels. And in its first full quarter of ownership, Irwin delivered organic growth of 6%.”
“We began paying down debt during the fourth quarter, with a scheduled amortization payment of $1.5 million on the term loan and an additional $0.4 million reduction on our revolver. During the first quarter, we reduced the outstanding balance on the revolver further by approximately $1.4 million in addition to a scheduled amortization payment on the term loan of $1.5 million on March 31. We intend to continue allocating our available free cash flow to debt reduction.”
Historical Performance
YoY Company Comparison (Q4 2025 vs. Q4 2024)
| Category | Q4 2025 | Q4 2024 | Change (%) |
| Revenue | $25.9 million | $15.0 million | ≈ +73% (driven largely by Irwin acquisition and wholesale growth). |
| Net Income | $1.6 million | $2.1 million | ≈ –24% (pressure from lower gross margin and transaction costs). |
| Operating Expenses | Not separately broken out for Q4 in release; full-year operating expense was $21.4 million vs $15.0 million in 2024, implying higher quarterly run-rate. | Not disclosed at Q4-only level. | Qualitatively higher due to M&A, SG&A, and amortization; precise Q4% change not disclosed. |
How the Market Reacted?
As of late March and early April 2026, FitLife stock trades around the mid-teens per share, implying a market cap in the roughly $130–150 million range and a P/E ratio around the high teens to low twenties. The tone of the report is mixed, with strong revenue growth and contribution increases offset by lower margins, higher leverage, and declining net income, suggesting a cautiously neutral to slightly bearish sentiment on profitability despite positive top-line trends. Investors are likely to focus on Irwin integration, margin recovery, and the company’s stated priority of using free cash flow to reduce debt as key drivers of future stock performance.
