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FIGS Releases First Quarter 2026 Financial Results

FIGS
  • FIGS, Inc. reported first quarter 2026 net revenues of $159.9 million, a 28.0% increase year over year.
  • Net income for the quarter was $6.3 million ($0.03 per diluted share), compared to a net loss of $0.1 million in the prior year period.
  • The company surpassed 3.0 million active customers for the first time, representing a 12.2% year-over-year increase.
  • Adjusted EBITDA reached $13.9 million with an 8.7% margin, up from 7.3% in the same period last year.
  • Scrubwear revenues grew 27.2% to $126.6 million, while non-scrubwear revenues increased 31.3% to $33.3 million.
  • U.S. net revenues rose 24.1% to $131.6 million, whereas international net revenues surged 49.9% to $28.3 million.
  • Gross margin improved to 67.7%, driven by pricing \& efficiency efforts, partially offset by higher tariffs \& product mix shifts.
  • Operating expenses totaled $103.8 million (64.9% of net revenues), decreasing as a percentage of revenue due to fixed cost leverage \& lower stock-based compensation.
  • Average order value (AOV) increased 4.2% to $124, driven by higher pricing \& favorable product mix.
  • The company raised its full-year 2026 outlook to net revenue growth of 14% to 16% \& an adjusted EBITDA margin of 13.0% to 13.2%.
  • Management cited acceleration in the active customer base \& strong repeat dynamics as primary drivers for the top-line beat.
  • Free cash flow for the quarter was negative $5.6 million, reflecting changes in working capital \& capital expenditures.
  • Cash \& cash equivalents decreased to $74.3 million from $81.9 million at the end of 2025.
  • The balance sheet remains strong with total stockholders' equity of $430.6 million as of March 31, 2026.