10-K · February 26, 2026
FIGS closed fiscal 2025 with a strong Q4: revenue of $201,896,000 (versus consensus $165,487,942) and GAAP diluted EPS of $0.10 (versus estimate $0.02), driving a pronounced sequential recovery in operating margin to…
Earnings analysis · 10-Q
FIGS earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
FIGS, Inc. reported a strong Q1 2026 performance with revenues of $159.9 million, surpassing both consensus estimates and previous year's results, marking a 28% increase compared to Q1 2025. The company achieved a…
Read full summary
FIGS, Inc. reported a strong Q1 2026 performance with revenues of $159.9 million, surpassing both consensus estimates and previous year's results, marking a 28% increase compared to Q1 2025. The company achieved a diluted EPS of $0.03, also exceeding analyst expectations, but reported declines in free cash flow, reflecting cash flow challenges from operational activities. Management remains optimistic, guiding for 14% to 16% revenue growth for the full year while highlighting headwinds from tariffs impacting margins.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.03
- Gross margin
- 67.7%
What stood out
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Solid Revenue Growth
FIGS posted $159.9 million in revenue, a 28.0% increase from $124.9 million in Q1 2025.
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EPS Outperformance
Diluted EPS reached $0.03, up from a loss of $0.01 in Q1 2025, beating the consensus estimate of $0.02.
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Improved Gross Margin
Gross margin improved slightly to 67.7%, up from 67.6% in Q1 2025 despite higher tariff impacts.
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Increase in Active Customers
Active customers grew by 12.2% year-over-year, from 2.7 million to approximately 3.0 million.
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Robust Adjusted EBITDA
Adjusted EBITDA surged from $9.2 million to $13.9 million, reflecting stronger operational efficiency.
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Guidance for FY 2026
Management anticipates revenue growth of 14% to 16% for FY 2026, demonstrating confidence in business momentum.
What to watch
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Cash Flow Challenges
Operating cash flow dropped from $9.2 million in Q1 2025 to $(3.2) million in Q1 2026.
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Impact of Tariffs on Margins
Management indicated ongoing tariff costs could continue to negatively impact gross margins.
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Increased Operating Expenses
Operating expenses rose 22.6% year-over-year due to higher selling, marketing, and general administrative costs.
Management's outlook
Company expects 14% to 16% revenue growth and an Adjusted EBITDA margin of 13.0% to 13.2% for FY 2026, details deferred to earnings call.
Earlier filings 4
10-Q · November 6, 2025
FIGS reported Q3 net revenue of $151.66M (up $11.45M vs. Q3 2024) and returned to operating profitability with operating income of $9.64M and diluted EPS of $0.05. Gross margin expanded to 69.9% while liquidity and…
10-Q · August 7, 2025
FIGS posted Q2 net revenues of $152,640,000, up from $144,225,000 in the year‑ago quarter, and delivered operating income of $9,915,000 (≈6.5% operating margin) versus $1,553,000 a year ago. Diluted EPS was $0.04…
10-Q · May 8, 2025
FIGS reported quarterly revenue of $124,901,000, up $5,608,000 (4.7%) from $119,293,000 in Q1 2024, while generating a small net loss of $102,000 versus net income of $1,435,000 a year ago. Gross margin remained stable…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.