Press Release: FIGS Releases Fourth Quarter and Full Year 2025 Financial Results

Dow Jones
Feb 27

Exceeded Top and Bottom Line Expectations

Grew Q4 2025 Net Revenues 33.0% to a Record $201.9 Million

Achieved Q4 2025 Net Income Margin of 9.2% and Adjusted EBITDA Margin of 13.2%

Plans Low Double-Digit Net Revenues Growth and Margin Expansion in FY 2026

SANTA MONICA, Calif.--(BUSINESS WIRE)--February 26, 2026-- 

FIGS, Inc. $(FIGS)$ (the "Company"), the global leading healthcare apparel brand dedicated to improving the lives of healthcare professionals, today released its fourth quarter and full year 2025 financial results and published a financial highlights presentation on its investor relations website at ir.wearfigs.com/financials/quarterly-results/.

Fourth Quarter 2025 Financial Highlights

   --  Net revenues were $201.9 million, an increase of 33.0% year over year, 
      primarily due to an increase in orders from new and existing customers 
      and higher average order value ("AOV").(1) 
 
          --  Scrubwear net revenues were $154.9 million, an increase of 35.1% 
             year over year. 
 
          --  Non-scrubwear net revenues were $47.0 million, an increase of 
             26.4% year over year. 
 
          --  U.S. net revenues were $164.2 million, an increase of 28.7% year 
             over year. 
 
          --  International net revenues were $37.7 million, an increase of 
             55.1% year over year. 
 
 
 
   --  Gross margin was 62.9%, a decrease of 440 basis points year over year, 
      reflecting higher tariffs and lapping the benefit from duty drawback 
      claims in the same period last year. Additionally, results reflect a $5.6 
      million inventory write-off recorded during the period. These headwinds 
      were partially offset by a lower discount rate in the period, as well as 
      favorable freight rates. 
 
   --  Operating expenses were $108.3 million, an increase of 16.0% year over 
      year. As a percentage of net revenues, operating expenses decreased to 
      53.6% from 61.4% in the same period last year, primarily due to lower 
      stock-based compensation expense, lower fulfillment and shipping expenses, 
      and fixed cost leverage. 
 
   --  Net income was $18.5 million, or $0.10 in diluted earnings per share, 
      compared to net income of $1.9 million, or $0.01 in diluted earnings per 
      share, in the same period last year. 
 
   --  Net income margin(2) was 9.2%, as compared to 1.2% in the same period 
      last year. 
 
   --  Adjusted EBITDA(3) was $26.7 million, an increase of $5.7 million year 
      over year. 
 
   --  Adjusted EBITDA margin(2)(3) was 13.2%, as compared to 13.9% in the 
      same period last year. 

"FIGS' fourth quarter performance capped off a remarkable 2025, driven by execution that gained steady momentum throughout the year," said Trina Spear, Chief Executive Officer and Co-Founder. "Our 33% surge in Q4 net revenues was driven by successes across virtually every part of the business, while also lowering our discount rate for the period. With the COVID overhang past us and the structural advantages of this industry as tailwinds, we're excited to see our sustained success over the past few quarters continue into 2026. The opportunity to serve healthcare professionals globally is massive, and no one is better positioned than FIGS to capitalize on it."

Full Year 2025 Financial Highlights

   --  Net revenues were $631.1 million, an increase of 13.6% year over year, 
      primarily driven by an increase in orders from new and existing customers 
      and higher AOV.(3) 
 
          --  Scrubwear net revenues were $508.9 million, an increase of 14.3% 
             year over year. 
 
          --  Non-scrubwear net revenues were $122.2 million, an increase of 
             10.6% year over year. 
 
          --  U.S. net revenues were $527.5 million, an increase of 11.2% year 
             over year. 
 
          --  International net revenues were $103.6 million, an increase of 
             27.5% year over year. 
 
 
 
   --  Gross margin was 66.5%, a decrease of 110 basis points year over year, 
      primarily due to higher tariffs and the inventory write-off recorded in 
      Q4 2025, partially offset by a lower discount rate. 
 
   --  Operating expenses were $381.7 million, an increase of 2.2% year over 
      year. As a percentage of net revenues, operating expenses decreased to 
      60.5% from 67.2% in the same period last year, primarily due to lower 
      stock-based compensation expense, lower fulfillment expenses and higher 
      brand marketing expenses in the prior year related to our 2024 Olympics 
      campaign. 
 
   --  Net income was $34.3 million, or $0.19 in diluted earnings per share, 
      compared to net income of $2.7 million, or $0.02 in diluted earnings per 
      share, in the same period last year. 
 
   --  Net income margin(2) was 5.4%, as compared to 0.5% in the same period 
      last year. 
 
   --  Adjusted EBITDA(3) was $74.5 million, an increase of $22.7 million year 
      over year. 
 
   --  Adjusted EBITDA margin(2)(3) was 11.8%, as compared to 9.3% in the same 
      period last year. 
 
   --  Free Cash Flow(3) was $53.0 million. 

Full Year 2025 Key Operating Metrics

   --  Active customers(1) as of December 31, 2025 increased 9.4% year over 
      year to 2.9 million. 
 
   --  Net revenues per active customer(1) was $216, an increase of 3.8% year 
      over year. 
 
   --  AOV(1) was $120, an increase of 6.2% year over year, primarily driven 
      by higher average unit retail due to product mix, higher units per 
      transaction, and favorable discount and return rates. 

Full Year 2026 Financial Outlook

 
Net Revenues growth vs. 2025  up 10% to 12% 
 
Adjusted EBITDA Margin(2)(4)  12.7% to 12.9% 
 

Sarah Oughtred, Chief Financial Officer, commented, "We exited 2025 with tremendous demand momentum, improving profitability and record cash on the balance sheet--each measure well ahead of expectations and a testament to the strength of our strategy and execution of our team. Our success positions us for a great 2026 with continuing growth from the core foundational elements of our business as well as from International, TEAMS and Community Hubs. Given our momentum and while still adopting a prudent mindset, we expect top line growth in 2026 of 10-12%, including growth in the low-20% range for Q1. At the same time, we expect increased profitability, even with the latest announcement calling for 15% global tariffs. Finally, our balance sheet remains a source of strength and financial flexibility, and we expect that to improve even further with strong cash flow driving expanded shareholder value."

 
(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," "adjusted EBITDA margin" and "free cash flow" 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 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 1-646-844-6383 (US) or 1-833-470-1428 (International) and the conference ID 223631. The call is also accessible via webcast at ir.wearfigs.com. A recording will be available shortly after the conclusion of the call until 11:59 p.m. ET on March 5, 2026. To access the replay, please dial 1-929-458-6194 (US) or 1-866-813-9403 (International) and the conference ID 957212. An archive of the webcast will be available on FIGS' investor relations website at ir.wearfigs.com.

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 (loss), net; gain/loss on disposal of assets; provision for income taxes; depreciation and amortization expense; stock-based compensation and related expense; transaction costs; and expenses related to non-ordinary course disputes. 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 December 31, 2025 and 2024, respectively, net revenues per active customer as of December 31, 2025 and 2024, respectively, and average order value for the years ended December 31, 2025 and 2024, 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 tailwinds, the Company's opportunity and positioning to serve healthcare professionals globally; the Company's expectations for 2026 with continuing growth from the core foundational elements of its business and from International, TEAMS and Community Hubs; the Company's expectation of topline growth in 2026 of 10-12%, including its growth expectations in the low-20% range for Q1; the Company's expectation of increased profitability; the Company's tariff expectations; the Company's expectations regarding its balance sheet; the Company's expectation that strong cash flow will drive expanded shareholder value; 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 executed 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 Annual Report on Form 10-K for the year ended December 31, 2025 to be filed with the Securities and Exchange Commission ("SEC"), 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. 
 
                        CONSOLIDATED BALANCE SHEETS 
               (In thousands, except share and per share data) 
 
                                                          As of 
                                              ------------------------------ 
                                               December 31,    December 31, 
                                                   2025            2024 
                                              --------------  -------------- 
Assets 
   Current assets 
    Cash and cash equivalents                  $      81,985   $      85,645 
    Short-term investments                           218,863         159,469 
    Accounts receivable                                6,271           8,625 
    Inventory, net                                   127,966         115,759 
    Prepaid expenses and other current 
     assets                                           12,200          13,268 
                                                  ----------      ---------- 
    Total current assets                             447,285         382,766 
   Non-current assets 
    Property and equipment, net                       33,938          35,274 
    Operating lease right-of-use assets               57,134          50,497 
    Deferred tax assets                               12,187          11,643 
    Investment in equity securities                   27,735          27,534 
    Other assets                                       1,717           2,073 
                                                  ----------      ---------- 
    Total non-current assets                         132,711         127,021 
                                                  ----------      ---------- 
   Total assets                                $     579,996   $     509,787 
                                                  ----------      ---------- 
Liabilities and stockholders' equity 
   Current liabilities 
    Accounts payable                           $      18,187   $       9,401 
    Operating lease liabilities                        8,175          10,596 
    Accrued expenses                                  20,529          42,316 
    Accrued compensation and benefits                 17,194           5,689 
    Sales tax payable                                  4,266           3,705 
    Gift card liability                               12,117           9,604 
    Deferred revenue                                   3,990           4,612 
    Returns reserve                                    4,171           3,873 
    Income tax payable                                 1,894             346 
                                                  ----------      ---------- 
    Total current liabilities                         90,523          90,142 
   Non-current liabilities 
    Operating lease liabilities, non-current          51,829          42,430 
    Other non-current liabilities                        182              83 
                                                  ----------      ---------- 
   Total liabilities                                 142,534         132,655 
                                                  ----------      ---------- 
   Commitments and contingencies 
   Stockholders' equity 
   Class A common stock -- par value $0.0001 
    per share, 1,000,000,000 shares 
    authorized as of December 31, 2025 and 
    December 31, 2024; 157,559,556 and 
    154,003,352 shares issued and 
    outstanding as of December 31, 2025 and 
    December 31, 2024, respectively                       16              15 
   Class B common stock -- par value $0.0001 
   per share, 150,000,000 shares authorized 
   as of December 31, 2025 and December 31, 
   2024; 8,283,641 shares issued and 
   outstanding as of December 31, 2025 and 
   December 31, 2024                                      --              -- 
   Preferred stock -- par value $0.0001 per 
   share, 100,000,000 shares authorized as 
   of December 31, 2025 and December 31, 
   2024; zero shares issued and outstanding 
   as of December 31, 2025 and December 31, 
   2024                                                   --              -- 
    Additional paid-in capital                       338,526         312,622 
    Accumulated other comprehensive income               196              21 
    Retained earnings                                 98,724          64,474 
                                                  ----------      ---------- 
   Total stockholders' equity                        437,462         377,132 
                                                  ----------      ---------- 
   Total liabilities and stockholders' 
    equity                                     $     579,996   $     509,787 
                                                  ----------      ---------- 
 
 
                                   FIGS, INC. 
 
                     CONSOLIDATED STATEMENTS OF OPERATIONS 
                 (In thousands, except share and per share data) 
 
                              Three months ended 
                                 December 31,          Year ended December 31, 
                          --------------------------  -------------------------- 
                              2025          2024          2025          2024 
                           -----------   -----------   -----------   ----------- 
                                 (unaudited) 
Net revenues              $    201,896  $    151,832  $    631,098  $    555,558 
Cost of goods sold              74,830        49,636       211,259       179,935 
                           -----------   -----------   -----------   ----------- 
Gross profit                   127,066       102,196       419,839       375,623 
Operating expenses 
   Selling                      42,899        37,917       145,851       141,909 
   Marketing                    28,326        19,788        93,105        88,566 
   General and 
    administrative              37,033        35,591       142,736       142,883 
                           -----------   -----------   -----------   ----------- 
Total operating expenses       108,258        93,296       381,692       373,358 
                           -----------   -----------   -----------   ----------- 
Net income from 
 operations                     18,808         8,900        38,147         2,265 
Other income, net 
   Interest income               2,238         2,639         8,748        11,242 
   Other income                    307           841           312           833 
                           -----------   -----------   -----------   ----------- 
Total other income, net          2,545         3,480         9,060        12,075 
                           -----------   -----------   -----------   ----------- 
Net income before 
 provision for income 
 taxes                          21,353        12,380        47,207        14,340 
Provision for income 
 taxes                           2,846        10,495        12,957        11,620 
                           -----------   -----------   -----------   ----------- 
Net income                $     18,507  $      1,885  $     34,250  $      2,720 
                           -----------   -----------   -----------   ----------- 
Earnings attributable to 
Class A and Class B 
common stockholders 
   Basic earnings per 
    share                 $       0.11  $       0.01  $       0.21  $       0.02 
                           -----------   -----------   -----------   ----------- 
   Diluted earnings per 
    share                 $       0.10  $       0.01  $       0.19  $       0.02 
                           -----------   -----------   -----------   ----------- 
   Weighted-average 
    shares 
    outstanding--basic     165,003,284   166,343,035   163,462,072   169,201,983 
                           -----------   -----------   -----------   ----------- 
   Weighted-average 
    shares 
    outstanding--diluted   190,008,150   178,588,552   179,486,886   180,102,840 
                           -----------   -----------   -----------   ----------- 
 
 
                              FIGS, INC. 
 
                CONSOLIDATED STATEMENTS OF CASH FLOWS 
                            (In thousands) 
 
                                                    Year ended 
                                                    December 31, 
                                              ------------------------ 
                                                 2025        2024 
                                               --------    -------- 
Cash flows from operating activities: 
Net income                                    $  34,250   $   2,720 
Adjustments to reconcile net income to net 
cash provided by operating activities: 
Depreciation and amortization expense             9,035       6,694 
Deferred income taxes                              (544)      6,648 
Non-cash operating lease cost                     9,996       8,483 
Stock-based compensation                         26,874      42,673 
Accretion of discount and accrued interest 
 on available-for-sale securities                (3,727)     (6,499) 
Changes in operating assets and liabilities: 
   Accounts receivable                            2,354      (1,219) 
   Inventory                                    (12,207)      3,281 
   Prepaid expenses and other current assets      1,068      (2,544) 
   Other assets                                     356        (737) 
   Accounts payable                               8,757      (5,332) 
   Accrued expenses                             (21,289)     33,950 
   Accrued compensation and benefits             11,505      (1,623) 
   Sales tax payable                                561         556 
   Gift card liability                            2,513       1,364 
   Deferred revenue                                (622)      2,452 
   Returns reserve                                  298         884 
   Income tax payable                             1,548      (2,211) 
   Operating lease liabilities                   (9,655)     (8,278) 
   Other non-current liabilities                     99        (100) 
                                               --------    -------- 
Net cash provided by operating activities        61,170      81,162 
Cash flows from investing activities: 
Purchases of property and equipment              (8,168)    (17,021) 
Purchases of available-for-sale securities     (256,992)   (246,949) 
Maturities of available-for-sale securities     201,400     196,580 
Purchase of investment in equity securities        (201)    (27,534) 
                                               --------    -------- 
Net cash used in investing activities           (63,961)    (94,924) 
Cash flows from financing activities: 
Repurchases of Class A Common Stock              (2,688)    (45,454) 
Proceeds from stock option exercises and 
 employee stock purchases                         1,718         438 
Issuance of Class A Common Stock upon 
vesting of restricted stock                           1          -- 
Issuance of Class A Common Stock in exchange 
 for services                                        --         250 
                                               --------    -------- 
Net cash used in financing activities              (969)    (44,766) 
                                               --------    -------- 
Effect of foreign currency exchange rate 
changes on cash and cash equivalents                100          -- 
                                               --------    -------- 
Net decrease in cash and cash equivalents        (3,660)    (58,528) 
Cash and cash equivalents, beginning of 
 period                                       $  85,645   $ 144,173 
                                               --------    -------- 
Cash and cash equivalents end of period       $  81,985   $  85,645 
                                               ========    ======== 
 
 
                               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              Year Ended 
                         December 31,                December 31, 
                  --------------------------  -------------------------- 
                    2025          2024          2025          2024 
                   -------       -------       -------       ------- 
                              (in thousands, except margin) 
Net income        $ 18,507      $  1,885      $ 34,250      $  2,720 
Add (deduct): 
   Other income, 
    net             (2,545)       (3,481)       (9,060)      (12,075) 
   Provision for 
    income 
    taxes            2,846        10,494        12,957        11,620 
   Depreciation 
    and 
    amortization 
    expense(1)       2,557         1,847         9,035         6,694 
   Stock-based 
    compensation 
    and related 
    expense(2)       5,369        10,331        27,304        42,837 
                   -------       -------       -------       ------- 
Adjusted 
 EBITDA(3)        $ 26,734      $ 21,076      $ 74,486      $ 51,796 
 
Net Revenues      $201,896      $151,832      $631,098      $555,558 
Net income 
 margin(4)             9.2%          1.2%          5.4%          0.5% 
Adjusted EBITDA 
 Margin               13.2%         13.9%         11.8%          9.3% 
 
 
(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) For the year ended December 31, 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. 
 
(4) 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 provided by operating activities, which is the most directly 
comparable financial measure calculated in accordance with GAAP: 
 
                                                    Year ended 
                                                    December 31, 
                                           ----------------------------- 
                                                 2025         2024 
                                               ---------    --------- 
                                                  (in thousands) 
Net cash provided by operating activities   $     61,170   $   81,162 
   Less: capital expenditures                     (8,168)     (17,021) 
Free cash flow                              $     53,002   $   64,141 
 
 
                                 FIGS, INC. 
 
                           KEY OPERATING METRICS 
                                 (Unaudited) 
 
Active customers as of December 31, 2025 and 2024, respectively, net 
revenues per active customer as of December 31, 2025 and 2024, respectively, 
and average order value for the years ended December 31, 2025 and 2024, 
respectively, are presented in the following tables: 
 
                                                   As of December 31, 
                                            -------------------------------- 
                                                 2025             2024 
                                            ---------------  --------------- 
                                                     (in thousands) 
Active customers                                      2,921            2,670 
 
 
                                     As of December 31, 
                                   ---------------------- 
                                         2025      2024 
                                       --------   ------- 
Net revenues per active customer    $       216  $    208 
 
 
                         Year ended 
                         December 31, 
                      ----------------- 
                          2025    2024 
                          -----   ----- 
Average order value    $    120  $  113 
 
 
                                FIGS, INC. 
 
                        DISAGGREGATED NET REVENUES 
                    (In thousands, except percentages) 
 
The following table presents the disaggregation of the Company's net 
revenues for the years and three months ended December 31, 2025 and 
December 31, 2024: 
 
                                    Year ended 
                                    December 31,                 Change 
                       -------------------------------------  ------------ 
                                2025               2024            % 
                           --------------      -------------  ------------ 
By geography: 
   United States        $         527,466   $        474,305     11.2% 
   Rest of the world              103,632             81,253     27.5% 
                           --------------      -------------  ------- 
                        $         631,098   $        555,558     13.6% 
                           --------------      -------------  ------- 
By product: 
   Scrubwear            $         508,902   $        445,112     14.3% 
   Non-Scrubwear                  122,196            110,446     10.6% 
                           --------------      -------------  ------- 
                        $         631,098   $        555,558     13.6% 
                           --------------      -------------  ------- 
 
 
                         Three months ended 
                             December 31,        Change 
                       -----------------------  -------- 
                             2025       2024       % 
                           --------   --------  -------- 
                                  (Unaudited) 
By geography: 
   United States        $   164,156  $ 127,504  28.7% 
   Rest of the world         37,740     24,328  55.1% 
                           --------   --------  ---- 
                        $   201,896  $ 151,832  33.0% 
                           --------   --------  ---- 
By product: 
   Scrubwear            $   154,903  $ 114,653  35.1% 
   Non-Scrubwear             46,993     37,179  26.4% 
                           --------   --------  ---- 
                        $   201,896  $ 151,832  33.0% 
                           --------   --------  ---- 
 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260226021599/en/

 
    CONTACT:    Investors: 

Tom Shaw

IR@wearfigs.com

Media:

Todd Maron

press@wearfigs.com

 
 

(END) Dow Jones Newswires

February 26, 2026 16:05 ET (21:05 GMT)

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