Every 10-Q that FIGS, Inc. (FIGS) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow FIGS and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full FIGS filings page.
FIGS, Inc. delivered strong growth in the three and six months ended June 30, 2026. Net revenues rose to about $196.6 million for the quarter and $356.5 million year to date, driven by more orders, a 13.2% increase in active customers to 3.1 million and higher average order values.
Gross margin expanded to 75.2% in Q2 and 71.8% year to date, helped by IEEPA tariff refunds that reduced cost of goods sold by $15.4 million and lowered inventory by $5.1 million, along with pricing and efficiency gains, partly offset by new tariffs. Net income grew to $28.4 million in Q2, with a 14.4% net income margin, and adjusted EBITDA reached $36.6 million.
Operating cash flow improved to $43.7 million and free cash flow to $38.6 million in the first half. FIGS ended the quarter with $108.5 million of cash and cash equivalents, $187.8 million of short-term investments and no borrowings on its $100 million credit facility. The company repurchased 2.6 million shares for approximately $32.8 million and expanded its buyback authorization to $200 million. Management also highlights headwinds from ongoing U.S. tariffs and a June 2026 withhold release order on a Jordanian manufacturing partner that produced about one-third of Q2 finished goods, which is expected to weigh on second-half revenue, gross margin and inventory.
FIGS, Inc. delivered strong top-line growth in the quarter ended March 31, 2026, with net revenues rising 28.0% to $159.9 million from $124.9 million a year earlier, driven by more orders from both new and existing customers and a higher average order value.
Gross margin held at a high 67.7%, up slightly from 67.6%, as price increases and efficiency gains largely offset higher tariffs and product mix shifts. Net income improved to $6.3 million from a small loss, giving a 3.9% net margin, while adjusted EBITDA increased to $13.9 million and an 8.7% margin.
Active customers grew 12.2% year over year to about 3.0 million, and average order value climbed to $124 from $119. Despite the profit improvement, operating cash flow swung to an outflow of $3.2 million, mainly due to working capital and tax-related equity settlements, resulting in free cash flow of negative $5.6 million.
The company ended the quarter with $74.3 million in cash and cash equivalents and $202.7 million in short-term investments, and no borrowings under its $100 million credit facility. FIGS also repurchased 571,592 Class A shares for about $8.8 million, with $43.2 million remaining under its authorization, while noting ongoing gross-margin pressure and uncertainty from U.S. tariff policy.
FIGS, Inc. reported stronger Q3 2025 performance with net revenues of $151.7 million and gross margin of 69.9%, driven by fewer discounts, improved returns processing, and lower inbound freight and duty rates, partially offset by tariffs. Net income was $8.7 million (diluted EPS $0.05), reversing a loss a year ago, as operating expenses declined with notably lower marketing spend.
Active customers rose to 2.8 million (up 4% year over year). Cash and cash equivalents were $46.5 million with $195.1 million in short-term investments. Year-to-date operating cash flow was $0.2 million, reflecting inventory builds to $151.2 million. The company amended its $100 million revolving credit facility on November 3, 2025, extending maturity to 2030 and reducing the undrawn fee. Under its repurchase program, FIGS bought back 567,607 shares for approximately $2.7 million year to date, with $52.0 million remaining authorization. Management notes current tariffs reduced Q3 gross margin by 120 bps.
FIGS, Inc. (NYSE: FIGS) Q2-25 10-Q highlights
- Revenue: $152.6 m, +5.8% YoY; six-month revenue $277.5 m, +5.3%.
- Gross margin: 67.0%, down 40 bp on higher inventory reserves & tariffs.
- Operating expenses: $92.3 m (-3.5% YoY); opex ratio fell to 60.5% from 66.4% on fulfillment savings and lower stock-based comp.
- Net income: $7.1 m vs $1.1 m; diluted EPS $0.04 vs $0.01.
- Cash/Investments: $238.8 m (cash $50.8 m, short-term investments $188.0 m); no debt, $95.1 m unused revolver.
- Cash flow: H1 operating cash flow –$3.2 m (vs +$28.2 m LY) as inventory rose $19.8 m to $135.5 m.
- Shareholder return: 567.6 k shares repurchased for $2.7 m; $52 m authorization remains.
- Guidance: none provided; management warns on new 10% baseline U.S. tariffs plus country surcharges (Vietnam/Jordan) and Mideast shipping disruptions.
- Subsequent events: option repricing for founders (exercise price reset on 4.3 m vested options) and $6 m RSU grant to Executive Chair; may lengthen vesting through 2029.
Quarter shows modest top-line growth and sharp profitability rebound from cost discipline, offset by lower gross margin, negative cash generation and heightened trade risk.