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FIGS, Inc. (NYSE: FIGS) lifts Q2 2026 revenue and expands $200M repurchase

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

FIGS, Inc. reported strong results for the quarter ended June 30, 2026, with net revenues of $196.6 million, up 28.8% year over year, driven by more orders and higher average order value. Scrubwear revenue was $161.2 million and non-scrubwear $35.4 million, while U.S. revenue grew 22.2% and international 67.0%.

Gross margin improved to 75.2%, up 820 basis points, aided by IEEPA tariff refunds, pricing and efficiency gains. Net income rose to $28.4 million with a 14.4% net income margin, and adjusted EBITDA reached $36.6 million, an 18.6% margin. Active customers grew to 3.1 million, with net revenue per active customer of $229 and average order value of $127. The board increased the share repurchase authorization by $100 million to $200 million, leaving about $119.2 million available, and the company now targets full-year 2026 net revenue growth of approximately 20% and adjusted EBITDA margin of 14.8%–15.0%.

Positive

  • Net revenues grew 28.8% year over year to $196.6 million, with net income increasing to $28.4 million and net income margin expanding to 14.4% from 4.7%.
  • Adjusted EBITDA rose to $36.6 million, with margin improving to 18.6% from 12.9%, while free cash flow reached $38.6 million for the first half of 2026.
  • The board expanded the share repurchase authorization by $100 million to a total of $200 million, leaving approximately $119.2 million available, alongside higher 2026 guidance of ~20% net revenue growth and 14.8%–15.0% adjusted EBITDA margin.

Negative

  • None.

Filing Explained

The expanded authorization is capacity, not a commitment; approximately $119.2 million remains available for future repurchases.

This Form 8-K records the Board’s August 6 authorization to increase FIGS’s Class A share-repurchase program to up to $200 million. The company has approximately $119.2 million available, but the program does not require FIGS to buy any particular amount, so the expanded authorization is capacity rather than committed spending.

The filing reports that FIGS had already repurchased 12,453,520 shares for approximately $80.8 million as of June 30, 2026. Those purchases are reported as completed; the remaining authorization concerns possible future purchases.

Future repurchases may use open-market or negotiated transactions, structured agreements, block purchases, derivatives, or Rule 10b5-1 plans, and are expected to be funded from existing cash and cash equivalents. The program has no expiration date and may be modified, suspended, or terminated without prior notice.

The relevant follow-up is the future-repurchase line in subsequent company reports, because this filing leaves the timing, price, and amount of additional purchases unresolved.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q2 2026 Net Revenues $196.6 million Three months ended June 30, 2026; 28.8% year-over-year growth
Q2 2026 Net Income $28.4 million Quarter ended June 30, 2026; diluted EPS $0.15
Q2 2026 Gross Margin 75.2% Improved by 820 basis points year over year
Q2 2026 Adjusted EBITDA $36.6 million Adjusted EBITDA margin 18.6% for the quarter
Share Repurchase Authorization $200.0 million Total authorization after $100.0 million increase on August 6, 2026
Remaining Buyback Capacity $119.2 million Approximate amount available for future repurchases as of authorization date
Free Cash Flow $38.6 million Six months ended June 30, 2026
2026 Adjusted EBITDA Margin Outlook 14.8%–15.0% Full year 2026 guidance range
Adjusted EBITDA financial
"Adjusted EBITDA(3) was $36.6 million, an increase of $16.9 million"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
IEEPA tariff refunds financial
"due to a 780 basis point positive impact from IEEPA tariff refunds recognized"
Refunds under the International Emergency Economic Powers Act (IEEPA) are repayments of import duties, fees, or penalties that were charged because of trade restrictions or sanctions put in place under emergency authority and later reversed, modified, or found inapplicable. For investors, these refunds can change a company’s past cash outflows and future cost structure—similar to getting a billed charge returned after a rule change—affecting reported earnings or cash available for other uses.
Rule 10b5-1 trading plans regulatory
"and/or pursuant to Rule 10b5-1 trading plans, subject to market conditions"
Rule 10b5-1 trading plans are written, pre-arranged instructions that allow company insiders (such as executives or directors) to automatically buy or sell their company's stock at specified times or under set conditions, like a standing instruction or automated thermostat for trades. They matter to investors because these plans provide a legal defense against insider‑trading accusations and create predictable insider trading patterns that can help signal whether sales are routine portfolio management or potentially meaningful to the company’s outlook.
free cash flow financial
"The following table presents a reconciliation of free cash flow"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
average order value financial
"AOV(1) was $127, an increase of 8.5% year over year"
Average order value (AOV) is the typical amount a customer spends each time they place an order, calculated by dividing total sales by number of orders over a set period. It matters to investors because it shows how efficiently a company turns customer visits into revenue — higher AOV can boost profits without gaining more customers. Think of it like the average bill per table at a restaurant: increasing that bill raises overall sales even if the number of diners stays the same.
active customers financial
"Active customers(1) as of June 30, 2026 increased 13.2% year over year"
Active customers are the count of distinct buyers or users who have engaged with a company’s product or service within a defined recent time frame (for example, the past month or quarter). Investors watch this measure because it shows how many people are actually using the business—similar to counting how many gym members showed up this month—helping assess growth, retention, revenue potential and whether marketing or products are converting interest into real activity.
Q2 2026 Net Revenues $196.6 million up 28.8% year over year
Q2 2026 Net Income $28.4 million up from $7.1 million in the prior-year quarter
Q2 2026 Net Income Margin 14.4% compared with 4.7% a year earlier
Q2 2026 Adjusted EBITDA $36.6 million increase of $16.9 million year over year
Q2 2026 Adjusted EBITDA Margin 18.6% compared with 12.9% in the prior-year quarter
Guidance

For full year 2026, the company targets net revenues growth of approximately 20% versus 2025 and an adjusted EBITDA margin of 14.8% to 15.0%.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

How did FIGS (FIGS) perform financially in Q2 2026?
FIGS delivered strong Q2 2026 results with net revenues of $196.6 million, up 28.8% year over year. Net income was $28.4 million, and net income margin improved to 14.4%, supported by higher orders, pricing and efficiency gains.

What were FIGS (FIGS) key profitability metrics for Q2 2026?
Profitability improved significantly, with gross margin at 75.2% and net income margin at 14.4%. Adjusted EBITDA was $36.6 million, representing an 18.6% adjusted EBITDA margin, compared with 12.9% in the prior-year quarter.

How fast is FIGS (FIGS) growing its customer base and spending per customer?
Active customers reached 3.1 million as of June 30, 2026, a 13.2% year-over-year increase. Net revenues per active customer were $229, up 10.1%, and average order value was $127, rising 8.5% on higher average unit retail and favorable mix.

What did FIGS (FIGS) announce about its share repurchase program?
The board increased FIGS’ share repurchase authorization by $100.0 million, bringing total authorization to $200.0 million. As of the announcement date, the company had approximately $119.2 million remaining available for repurchases of its Class A common stock.

What is FIGS (FIGS) outlook for full-year 2026?
For 2026, FIGS expects net revenue growth of approximately 20% versus 2025 and targets an adjusted EBITDA margin of 14.8%–15.0%. This outlook reflects management’s view of business momentum and expense leverage.

How strong were FIGS (FIGS) international and non-scrubwear revenues in Q2 2026?
International net revenues were $37.9 million, growing 67.0% year over year, while non-scrubwear net revenues reached $35.4 million, up 40.3%. These segments contributed meaningfully to overall revenue expansion.
0001846576FALSE00018465762026-08-062026-08-06

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 6, 2026

FIGS, Inc.
(Exact name of Registrant as Specified in Its Charter)
Delaware001-4044846-2005653
(State or Other Jurisdiction
of Incorporation)
(Commission File Number)
(IRS Employer
Identification No.)
2834 Colorado Avenue, Suite 400
Santa Monica, California
90404
(Address of Principal Executive Offices)(Zip Code)
Registrant’s Telephone Number, Including Area Code: (424) 300-8330
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A common stock, $0.0001 par value per shareFIGSNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐


Item 2.02 Results of Operations and Financial Condition.
On August 6, 2026, FIGS, Inc. (the “Company”) announced its financial results for the three and six months ended June 30, 2026. The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K (this “Report”).
Item 7.01 Regulation FD Disclosure.
Financial Highlights Presentation
On August 6, 2026, the Company posted a financial highlights presentation to the “Investor Relations” portion of its website at ir.wearfigs.com/financials/quarterly-results.
Increase to Share Repurchase Authorization

On August 6, 2026, the Company issued a press release announcing that its Board of Directors (the “Board”) has authorized an increase of $100.0 million to the Company’s previously announced share repurchase program, bringing the total authorization for repurchases under the program to up to $200.0 million of the Company’s outstanding Class A common stock. As of June 30, 2026, under the share repurchase program, the Company has repurchased 12,453,520 shares of its Class A common stock for approximately $80.8 million. Following the Board’s authorization of the increase, as of the date hereof, the Company has approximately $119.2 million available for future repurchases under the share repurchase program.

Repurchases under the share repurchase program may be made from time to time through, without limitation, open market purchases or through privately negotiated transactions and/or structured repurchase agreements with third parties, block purchases or derivative contracts, and/or pursuant to Rule 10b5-1 trading plans, subject to market conditions, applicable securities laws and other legal requirements and relevant factors. Open market repurchases have been and will be structured to occur in accordance with applicable federal securities law, including within the pricing and volume requirements of Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The share repurchase program does not obligate the Company to acquire any particular amount of Class A common stock, and may be modified, suspended or terminated at any time, without prior notice. The timing, manner, price and amount of any repurchases have been and will be determined at the Company’s discretion, subject to business, economic and market conditions and other factors. Repurchases under the program have been and are expected to be funded from existing cash and cash equivalents. The share repurchase program has no expiration date. The full text of the press release announcing the increase to the share repurchase program is furnished as Exhibit 99.1 to this Report.
The information in Items 2.02 and 7.01 of this Report (including Exhibit 99.1 attached hereto) shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly provided by specific reference in such a filing.
Forward Looking Statements
This Report contains various forward-looking statements about the Company within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, that are based on current management expectations, and which involve substantial risks and uncertainties that could cause actual results to differ materially from the results expressed in, or implied by, such forward-looking statements. All statements contained in this Report that do not relate to matters of historical fact should be considered forward-looking. These forward-looking statements generally are identified by the words “anticipate”, “believe”, “contemplate”, “continue”, “could”, “estimate”, “expect”, “forecast”, “future”, “intend”, “may”, “might”, “opportunity”, “outlook”, “plan”, “possible”, “potential”, “predict”, “project,” “should”, “strategy”, “strive”, “target”, “will” or “would”, the negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. These forward-looking statements address various matters, including the Company’s share repurchase program, all of which reflect the Company’s expectations based upon currently available information and data. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, the Company’s actual results, performance or achievements may differ materially from those expressed or implied by the forward-looking statements, and you are cautioned not to place undue reliance on these forward-looking statements. The following important factors and uncertainties, among others, could cause


actual results, performance or achievements to differ materially from those described in these forward-looking statements: the Company’s ability to maintain its historical growth; the Company’s ability to maintain profitability; the Company’s ability to maintain the value and reputation of its brand; the Company’s ability to attract new customers, retain existing customers, and to maintain or increase sales to those customers; the success of the Company’s marketing efforts; the Company’s ability to maintain a strong community of engaged customers and Ambassadors; negative publicity related to the Company’s marketing efforts or use of social media; the Company’s ability to successfully develop and introduce new, innovative and updated products; the competitiveness of the market for healthcare apparel; the Company’s ability to maintain its key employees; the Company’s ability to attract and retain highly skilled team members; risks associated with expansion into, and conducting business in, international markets; changes in, or disruptions to, the Company’s shipping arrangements; the successful operation of the Company’s fulfillment operations; the Company’s ability to accurately forecast customer demand, manage its inventory, and plan for future expenses; the impact of changes in consumer confidence, shopping behavior and consumer spending on demand for the Company’s products; the impact of macroeconomic trends on the Company’s operations; the Company’s reliance on a limited number of third-party suppliers; the impact of global trade policy on the Company’s ability to source and distribute its products; the fluctuating costs of raw materials; the Company’s ability to execute on its B2B growth strategy; the Company’s ability to execute on its retail growth strategy; the Company’s failure to protect proprietary, confidential or sensitive information or personal customer data or risks of cyberattacks; the Company’s failure to protect its intellectual property rights; the fact that the operations of many of the Company’s suppliers and vendors are subject to additional risks that are beyond its control; and other risks, uncertainties and factors discussed in the “Risk Factors” section of the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 to be filed with the Securities and Exchange Commission (“SEC”), the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on February 26, 2026, and the Company’s other periodic filings with the SEC. The forward-looking statements in this Report speak only as of the time made and the Company does not undertake to update or revise them to reflect future events or circumstances.


Item 9.01 Financial Statements and Exhibits.
(d) Exhibits

Exhibit No.Description
99.1*
Press Release of the Company, dated August 6, 2026
104Cover Page Interactive Data File (embedded within the Inline XBRL document)
*This exhibit related to Item 2.02 and Item 7.01 shall be deemed to be furnished, and not filed.




SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
FIGS, INC.
Date:
August 6, 2026
By:
/s/ Sarah Oughtred
Name:
Sarah Oughtred
Title:Chief Financial Officer


logo2a.jpg
FIGS Releases Second Quarter 2026 Financial Results

Exceeded Top and Bottom Line Expectations
Grew Net Revenues 28.8%
Achieved Net Income Margin of 14.4% and Adjusted EBITDA Margin of 18.6%
Increasing Share Repurchase Authorization by $100 Million
Increasing Full Year 2026 Outlook
SANTA MONICA, Calif., August 6, 2026 — FIGS, Inc. (NYSE: FIGS) (the “Company”), the global leading healthcare apparel brand dedicated to improving the lives of healthcare professionals, today released its second quarter 2026 financial results and published a financial highlights presentation on its investor relations website at ir.wearfigs.com/financials/quarterly-results/.

Second Quarter 2026 Financial Highlights

•Net revenues were $196.6 million, an increase of 28.8% year over year, primarily due to an increase in orders and higher average order value (“AOV”).(1)
•Scrubwear net revenues were $161.2 million, an increase of 26.5% year over year.
•Non-scrubwear net revenues were $35.4 million, an increase of 40.3% year over year.
•U.S. net revenues were $158.7 million, an increase of 22.2% year over year.
•International net revenues were $37.9 million, an increase of 67.0% year over year.
•Gross margin was 75.2%, an increase of 820 basis points year over year, primarily due to a 780 basis point positive impact from IEEPA tariff refunds recognized, favorable impacts from pricing and ongoing efficiency efforts, partially offset by higher tariffs.
•Operating expenses were $112.6 million, an increase of 21.9% year over year. As a percentage of net revenues, operating expenses decreased to 57.3% from 60.5% in the same period last year, primarily due to fixed cost leverage and lower stock-based compensation expense.
•Net income was $28.4 million, or $0.15 in diluted earnings per share, compared to net income of $7.1 million, or $0.04 in diluted earnings per share, in the same period last year.
•Net income margin(2) was 14.4%, as compared to 4.7% in the same period last year.
•Adjusted EBITDA(3) was $36.6 million, an increase of $16.9 million year over year. Our Adjusted EBITDA results reflect the exclusion of $7.9 million in refunds recognized for IEEPA tariffs incurred on goods sold in the prior fiscal year.
•Adjusted EBITDA margin(2)(3) was 18.6%, as compared to 12.9% in the same period last year.

“FIGS’ exceptional Q2 performance was powered by strong, ongoing traction across the business, with outperformance on both the top and bottom lines," said Trina Spear, Chief Executive Officer and Co-Founder. "We delivered our third straight quarter of 25%-plus net revenues growth, our net revenues per active customer exceeded COVID-era highs, and our adjusted EBITDA margin grew significantly to 18.6%. Most notably, our success did not just come from one area of the business, but instead was broad-based across categories, geographies and channels. Looking forward, the unique combination of our product innovation engine and our ability to connect with our community is creating long-lasting impact for healthcare professionals. And given that we are still only serving a tiny percentage of the world’s healthcare professionals, we believe we are just getting started.”




Key Operating Metrics

•Active customers(1) as of June 30, 2026 increased 13.2% year over year to 3.1 million.
•Net revenues per active customer(1) was $229, an increase of 10.1% year over year.
•AOV(1) was $127, an increase of 8.5% year over year, primarily driven by higher average unit retail due to pricing and favorable product mix.

Increase to Share Repurchase Authorization

As of June 30, 2026, the Company had approximately $19.2 million available for future repurchases under the Company’s ongoing share repurchase program for its outstanding Class A common stock. On August 6, 2026, the Company’s Board of Directors authorized a $100.0 million increase to the share repurchase program.

Under the program, the Company may repurchase shares in the open market, through privately negotiated transactions, by entering into structured repurchase agreements with third parties, by making block purchases, entering into derivatives contracts and/or pursuant to Rule 10b5-1 trading plans, subject to market conditions, applicable securities laws and other legal requirements and relevant factors. The Company is not obligated to repurchase any specific number of shares and the program may be modified, suspended or terminated at any time, without prior notice. The timing, manner, price and amount of any repurchases has been and will be determined at the Company’s discretion, subject to business, economic and market conditions and other factors. The share repurchase program has no expiration date.

Full Year 2026 Financial Outlook

Net Revenues growth vs. 2025
up approximately 20%
Adjusted EBITDA Margin(2)(4)
14.8% to 15.0%

Sarah Oughtred, Chief Financial Officer, commented, “We are once again demonstrating the power of our business model to combine growth and profitability. In Q2, our topline strength continued with growth of 28.8%. Concurrently, we grew our adjusted EBITDA margin to 18.6%, driven by strong overall expense leverage and ongoing efficiency efforts, and excluding the benefit of IEEPA tariff refunds related to the prior year period. Due to the clear momentum in our business, we are not only passing through the upside of our Q2 results, we are also layering in increased expectations for the second half of the year. Moreover, as we look to align this growing confidence with shareholder returns, we are pleased to announce a $100 million increase to our ongoing share repurchase program. FIGS has a unique opportunity ahead and we are relentlessly focused on continuing to deliver for healthcare professionals and shareholders alike.”

(1) “Active customers,” “net revenues per active customer” and “average order value” are key operational and business metrics that are important to understanding the Company’s performance. Please see the sections titled “Non-GAAP Financial Measures and Key Operating Metrics” and “Key Operating Metrics” below for information regarding how the Company calculates its key operational and business metrics and for comparisons of active customers, net revenues per active customer and average order value to the prior year period.
(2) “Net income margin” and “adjusted EBITDA margin” are calculated by dividing net income and adjusted EBITDA by net revenues, respectively.
(3) “Adjusted EBITDA” and “adjusted EBITDA margin” are non-GAAP financial measures. Please see the sections titled “Non-GAAP Financial Measures and Key Operating Metrics” and “Reconciliations of GAAP to Non-GAAP Measures” below for more information regarding the Company’s use of non-GAAP financial measures and reconciliations to the most directly comparable GAAP measures.
(4) The Company has not provided a quantitative reconciliation of its adjusted EBITDA margin outlook to a GAAP net income margin outlook because it is unable, without making unreasonable efforts, to project certain reconciling items. These items include, but are not limited to, future stock-based compensation expense, income taxes, expenses related to non-ordinary course disputes, and transaction costs. These items are inherently variable and uncertain and depend on various factors, some of which are outside of the Company’s control or ability to predict. For more information regarding the Company’s use of non-GAAP financial measures, please see the section titled “Non-GAAP Financial Measures and Key Operating Metrics.”






Conference Call Details
FIGS management will host a conference call and webcast today at 2:00 p.m. PT / 5:00 p.m. ET to discuss the Company’s financial and business results and outlook. To participate, please dial 1-585-542-9983 (US) or 1-833-461-5787 (International) and the conference ID 790444536. The call is also accessible via webcast at ir.wearfigs.com. An archive of the webcast will be available on FIGS’ investor relations website at ir.wearfigs.com until August 6, 2027.

Non-GAAP Financial Measures and Key Operating Metrics
In addition to the GAAP financial measures set forth in this press release, the Company has included non-GAAP financial measures within the meaning of Regulation G and Item 10(e) of Regulation S-K. The Company uses “adjusted EBITDA” and “adjusted EBITDA margin” to provide useful supplemental measures that assist in evaluating its ability to generate earnings, provide consistency and comparability with its past financial performance and facilitate period-to-period comparisons of its core operating results as well as the results of its peer companies. The Company uses “free cash flow” as a useful supplemental measure of liquidity and as an additional basis for assessing its ability to generate cash. The Company calculates “adjusted EBITDA” as net income adjusted to exclude: other income, net; gain/loss on disposal of assets; provision for income taxes; depreciation and amortization expense; stock-based compensation and related expense; transaction costs; expenses related to non-ordinary course disputes; and refunds recognized for IEEPA tariffs incurred on goods sold in the prior fiscal year. The Company calculates “adjusted EBITDA margin” by dividing adjusted EBITDA by net revenues. The Company calculates “free cash flow” as net cash (used in) provided by operating activities reduced by capital expenditures, including purchases of property and equipment and capitalized software development costs.

Reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures are included below under the heading “Reconciliations of GAAP to Non-GAAP Measures.”

The Company has also included herein “active customers,” “net revenues per active customer” and “average order value,” which are key operational and business metrics that are important to understanding Company performance. The Company believes the number of active customers is an important indicator of growth as it reflects the reach of the Company’s digital platform, brand awareness and overall value proposition. The Company defines an active customer as a unique customer account that has made at least one purchase in the preceding 12-month period. In any particular period, the Company determines the number of active customers by counting the total number of customers who have made at least one purchase in the preceding 12-month period, measured from the last date of such period. The Company believes measuring net revenues per active customer is important to understanding engagement and retention of customers, and as such, the value proposition for its customer base. The Company defines net revenues per active customer as the sum of total net revenues in the preceding 12-month period divided by the current period active customers. The Company defines average order value as the sum of the total net revenues in a given period divided by the total orders placed in that period. Total orders are the summation of all completed individual purchase transactions in a given period. The Company believes its relatively high average order value demonstrates the premium nature of its products. As the Company expands into and increases its presence in additional product categories, price points and international markets, average order value may fluctuate.

Active customers as of June 30, 2026 and 2025, respectively, net revenues per active customer as of June 30, 2026 and 2025, respectively, and average order value for the three and six months ended June 30, 2026 and 2025, respectively, are presented below under the heading “Key Operating Metrics.”

About FIGS


FIGS is a founder-led, direct-to-consumer healthcare apparel and lifestyle brand that seeks to celebrate, empower, and serve current and future generations of healthcare professionals. We create technically advanced apparel and products that feature an unmatched combination of comfort, durability, function, and style. We share stories about healthcare professionals’ experiences in ways that inspire them. We build meaningful connections within the healthcare community that we created. Above all, we seek to make an impact for our community, including by advocating for them and always having their backs.

We serve healthcare professionals both in the U.S. and internationally. We also serve healthcare institutions through our TEAMS platform.

Forward Looking Statements
This press release contains various forward-looking statements about the Company within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, that are based on current management expectations, and which involve substantial risks and uncertainties that could cause actual results to differ materially from the results expressed in, or implied by, such forward-looking statements. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking. These forward-looking statements generally are identified by the words “anticipate”, “believe”, “contemplate”, “continue”, “could”, “estimate”, “expect”, “forecast”, “future”, “intend”, “may”, “might”, “opportunity”, “outlook”, “plan”, “possible”, “potential”, “predict”, “project,” “should”, “strategy”, “strive”, “target”, “will” or “would”, the negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. These forward-looking statements address various matters, including the Company’s belief that the unique combination of its product innovation engine and ability to connect with its community is creating long-lasting impact for healthcare professionals; the Company’s belief in its ability to serve the world’s healthcare professionals; the Company’s share repurchase program; the Company’s belief in the momentum of its business and expectations for the second half of 2026; the Company’s focus on delivering for healthcare professionals and shareholders; and the information under the section titled “Full Year 2026 Financial Outlook,” such as the Company’s outlook as to net revenues growth and adjusted EBITDA margin for the full year ending December 31, 2026; all of which reflect the Company’s expectations based upon currently available information and data. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, the Company’s actual results, performance or achievements may differ materially from those expressed or implied by the forward-looking statements, and you are cautioned not to place undue reliance on these forward-looking statements. The following important factors and uncertainties, among others, could cause actual results, performance or achievements to differ materially from those described in these forward-looking statements: the Company’s ability to maintain its historical growth; the Company’s ability to maintain profitability; the Company’s ability to maintain the value and reputation of its brand; the Company’s ability to attract new customers, retain existing customers, and to maintain or increase sales to those customers; the success of the Company’s marketing efforts; the Company’s ability to maintain a strong community of engaged customers and Ambassadors; negative publicity related to the Company’s marketing efforts or use of social media; the Company’s ability to successfully develop and introduce new, innovative and updated products; the competitiveness of the market for healthcare apparel; the Company’s ability to maintain its key employees; the Company’s ability to attract and retain highly skilled team members; risks associated with expansion into, and conducting business in, international markets; changes in, or disruptions to, the Company’s shipping arrangements; the successful operation of the Company’s fulfillment operations; the Company’s ability to accurately forecast customer demand, manage its inventory, and plan for future expenses; the impact of changes in consumer confidence, shopping behavior and consumer spending on demand for the Company’s products; the impact of macroeconomic trends on the Company’s operations; the Company’s reliance on a limited number of third-party suppliers; the impact of global trade policy on the Company’s ability to source and distribute its products; the fluctuating costs of raw materials; the Company’s ability to execute on its B2B growth strategy; the Company’s ability to execute on its retail growth strategy; the Company’s failure to protect proprietary, confidential or sensitive information or personal customer data or risks of cyberattacks; the Company’s failure to protect its intellectual property rights; the fact that the operations of many of the Company’s suppliers and vendors are subject to additional risks that are beyond its control; and other risks, uncertainties and factors discussed in the “Risk Factors” section of the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 to be filed with the Securities and Exchange Commission (“SEC”), the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on February 26, 2026, and the


Company’s other periodic filings with the SEC. The forward-looking statements in this press release speak only as of the time made and the Company does not undertake to update or revise them to reflect future events or circumstances.


FIGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
As of
June 30,
2026		December 31,
2025
Assets
(Unaudited)
Current assets
Cash and cash equivalents$108,539 $81,985 
Short-term investments187,750 218,863 
Accounts receivable23,293 6,271 
Inventory, net119,557 127,966 
Prepaid expenses and other current assets13,787 12,200 
Total current assets452,926 447,285 
Non-current assets
Property and equipment, net33,396 33,938 
Operating lease right-of-use assets53,976 57,134 
Deferred tax assets12,175 12,187 
Investment in equity securities27,735 27,735 
Other assets2,469 1,717 
Total non-current assets129,751 132,711 
Total assets$582,677 $579,996 
Liabilities and stockholders’ equity
Current liabilities
Accounts payable$9,064 $18,187 
Operating lease liabilities9,003 8,175 
Accrued expenses39,529 20,529 
Accrued compensation and benefits10,541 17,194 
Sales tax payable3,911 4,266 
Gift card liability12,496 12,117 
Deferred revenue1,736 3,990 
Returns reserve4,081 4,171 
Income tax payable1,022 1,894 
Total current liabilities91,383 90,523 
Non-current liabilities
Operating lease liabilities, non-current48,665 51,829 
Other non-current liabilities264 182 
Total liabilities140,312 142,534 
Commitments and contingencies
Stockholders’ equity
Class A common stock — par value $0.0001 per share, 1,000,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 157,478,752 and 157,559,556 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively
16 16 
Class B common stock — par value $0.0001 per share, 150,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 8,283,641 shares issued and outstanding as of June 30, 2026 and December 31, 2025
— — 
Preferred stock — par value $0.0001 per share, 100,000,000 shares authorized as of June 30, 2026 and December 31, 2025; zero shares issued and outstanding as of June 30, 2026 and December 31, 2025
— — 
Additional paid-in capital309,198 338,526 
Accumulated other comprehensive income (loss)(240)196 
Retained earnings133,391 98,724 
Total stockholders’ equity442,365 437,462 
Total liabilities and stockholders’ equity$582,677 $579,996 


FIGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
(Unaudited)

Three months ended June 30,Six months ended June 30,
2026202520262025
Net revenues$196,619 $152,640 $356,521 $277,541 
Cost of goods sold48,764 50,394 100,368 90,836 
Gross profit147,855 102,246 256,153 186,705 
Operating expenses
Selling43,702 34,433 80,141 67,111 
Marketing28,511 23,151 58,004 41,307 
General and administrative40,380 34,747 78,263 68,583 
Total operating expenses112,593 92,331 216,408 177,001 
Net income from operations35,262 9,915 39,745 9,704 
Other income, net
Interest income2,145 2,119 4,384 4,195 
Other expense(526)(3)(803)(4)
Total other income, net1,619 2,116 3,581 4,191 
Net income before provision for income taxes36,881 12,031 43,326 13,895 
Provision for income taxes8,502 4,932 8,659 6,898 
Net income$28,379 $7,099 $34,667 $6,997 
Earnings attributable to Class A and Class B common stockholders
Basic earnings per share$0.17 $0.04 $0.21 $0.04 
Diluted earnings per share$0.15 $0.04 $0.18 $0.04 
Weighted-average shares outstanding—basic166,467,633 162,683,329 166,463,880 162,575,259 
Weighted-average shares outstanding—diluted195,139,642 172,929,960 195,614,990 173,517,269 


FIGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Six months ended June 30,
20262025
Cash flows from operating activities:
Net income$34,667 $6,997 
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization expense5,782 4,152 
Deferred income taxes12 102 
Non-cash operating lease cost4,959 4,805 
Stock-based compensation12,181 14,856 
Accretion of discount and accrued interest on available-for-sale securities(329)(2,089)
Realized gains on available-for-sale securities(45)— 
Issuance of Class A Common Stock in exchange for services238 — 
Changes in operating assets and liabilities:
Accounts receivable(17,022)(386)
Inventory8,409 (19,769)
Prepaid expenses and other current assets(1,587)3,149 
Other assets478 243 
Accounts payable(9,190)9,536 
Accrued expenses19,000 (19,582)
Accrued compensation and benefits(6,653)1,690 
Sales tax payable(355)(203)
Gift card liability379 419 
Deferred revenue(2,254)(1,616)
Returns reserve(90)(871)
Income tax payable(872)308 
Operating lease liabilities(4,137)(4,936)
Other non-current liabilities82 — 
Net cash (used in) provided by operating activities43,653 (3,195)
Cash flows from investing activities:
Purchases of property and equipment(5,026)(2,399)
Purchases of available-for-sale securities(170,734)(136,598)
Maturities and sales of available-for-sale securities201,861 110,100 
Other investing activities(1,377)(201)
Net cash (used in) provided by investing activities24,724 (29,098)
Cash flows from financing activities:
Repurchases of Class A Common Stock(32,819)(2,688)
Proceeds from stock option exercises and employee stock purchases830 185 
Payments for taxes related to net share settlement of equity awards(9,758)— 
Net cash used in financing activities(41,747)(2,503)
Effect of foreign currency exchange rate changes on cash and cash equivalents
(76)— 
Net increase (decrease) in cash and cash equivalents26,554 (34,796)
Cash and cash equivalents, beginning of period
$81,985 $85,645 
Cash and cash equivalents, end of period$108,539 $50,849 


FIGS, INC.
RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES
(Unaudited)
The following table presents a reconciliation of adjusted EBITDA to net income, which is the most directly comparable financial measure calculated in accordance with GAAP, and presents adjusted EBITDA margin with net income margin, which is the most directly comparable financial measure calculated in accordance with GAAP:
Three months ended June 30,Six months ended June 30,
2026202520262025
(in thousands)(in thousands)
Net income$28,379 $7,099 $34,667 $6,997 
Add (deduct):
Other income, net(1,619)(2,116)(3,581)(4,191)
Provision for income taxes8,502 4,932 8,659 6,898 
Depreciation and amortization expense(1)
2,371 2,153 5,782 4,152 
Stock-based compensation and related expense(2)
6,852 7,659 12,840 15,046 
IEEPA tariff refund(3)
(7,899)— (7,899)— 
Adjusted EBITDA(4)
$36,586 $19,727 $50,468 $28,902 
Net revenues$196,619 $152,640 $356,521 $277,541 
Net income margin(5)
14.4 %4.7 %9.7 %2.5 %
Adjusted EBITDA Margin18.6 %12.9 %14.2 %10.4 %
(1) Excludes amortization of debt issuance costs included in “Other income, net.”
(2) Includes stock-based compensation expense, payroll taxes, and costs related to equity award activity.
(3) Consists of refunds recognized for IEEPA tariffs incurred on goods sold in the year ended December 31, 2025.
(4) For the six months ended June 30, 2025, reflects $171,000 of stock-based compensation expense and payroll taxes inadvertently not reflected in our previously disclosed Adjusted EBITDA results for the three months ended March 31, 2025.
(5) Net income margin represents net income as a percentage of net revenues.


The following table presents a reconciliation of free cash flow to net cash (used in) provided by operating activities, which is the most directly comparable financial measure calculated in accordance with GAAP:

Six months ended June 30,
20262025
(in thousands)
Net cash (used in) provided by operating activities$43,653 $(3,195)
Less: capital expenditures(5,026)(2,399)
Free cash flow$38,627 $(5,594)




FIGS, INC.
KEY OPERATING METRICS
(Unaudited)

Active customers as of June 30, 2026 and 2025, respectively, net revenues per active customer as of June 30, 2026 and 2025, respectively, and average order value for the three and six months ended June 30, 2026 and 2025, respectively, are presented in the following tables:
As of June 30,
20262025
(in thousands)
Active customers3,0972,736
As of June 30,
20262025
Net revenues per active customer$229 $208 
Three months ended June 30,Six months ended June 30,
2026202520262025
Average order value$127 $117 $125 $118 






FIGS, INC.
DISAGGREGATED NET REVENUES
(In thousands, except percentages)
(Unaudited)

The following table presents the disaggregation of the Company’s net revenues for the three and six months ended June 30, 2026 and June 30, 2025:
Three months ended June 30,ChangeSix months ended June 30,Change
20262025%20262025%
By geography:
United States$158,734 $129,948 22.2 %$290,327 $235,967 23.0 %
Rest of the world37,885 22,692 67.0 %66,194 41,574 59.2 %
$196,619 $152,640 28.8 %$356,521 $277,541 28.5 %
By product:
Scrubwear$161,228 $127,415 26.5 %$287,871 $226,984 26.8 %
Non-Scrubwear35,391 25,225 40.3 %68,650 50,557 35.8 %
$196,619 $152,640 28.8 %$356,521 $277,541 28.5 %


Contacts

Investors:
Tom Shaw
IR@wearfigs.com

Media:
Todd Maron
press@wearfigs.com

Source: View Original Filing on SEC EDGAR

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