FIGS earnings analysis
What we found in FIGS's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Solid Revenue Growth
- FIGS posted $159.9 million in revenue, a 28.0% increase from $124.9 million in Q1 2025.
- EPS Outperformance
- Diluted EPS reached $0.03, up from a loss of $0.01 in Q1 2025, beating the consensus estimate of $0.02.
- Improved Gross Margin
- Gross margin improved slightly to 67.7%, up from 67.6% in Q1 2025 despite higher tariff impacts.
- Increase in Active Customers
- Active customers grew by 12.2% year-over-year, from 2.7 million to approximately 3.0 million.
- Robust Adjusted EBITDA
- Adjusted EBITDA surged from $9.2 million to $13.9 million, reflecting stronger operational efficiency.
- Guidance for FY 2026
- Management anticipates revenue growth of 14% to 16% for FY 2026, demonstrating confidence in business momentum.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Cash Flow Challenges
- Operating cash flow dropped from $9.2 million in Q1 2025 to $(3.2) million in Q1 2026.
- Impact of Tariffs on Margins
- Management indicated ongoing tariff costs could continue to negatively impact gross margins.
- Increased Operating Expenses
- Operating expenses rose 22.6% year-over-year due to higher selling, marketing, and general administrative costs.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.03
- Gross margin
- 67.7%
What they said about what is next.
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.
The filing reads better than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
We read every filing FIGS makes the day it lands, and put it next to what the options market did about it. Members get both, and an alert when a filing arrives.
Cancel anytime · Month to month · Switch tiers whenever