Free cash flow inflected sharply higher to $44.3M (22.5% margin) in Q2 2026, with cumulative operating cash flow of $105.2M over the last five quarters exceeding cumulative net income of $68.9M, though working capital swings have caused quarterly volatility.
FIGS, Inc. (FIGS) cash flow statement — 7-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Cash from Operations | 108.02M | 61.17M | 81.16M | 100.92M | -35.33M | 66.44M | 21.75M | 6.53M |
| Operating CF Margin % | - | 9.69% | 14.61% | 18.49% | -6.98% | 15.83% | 8.27% | 5.91% |
| Operating CF Growth % | 357.8% | -24.63% | -19.57% | 385.64% | -153.18% | 205.49% | 233% | - |
| Net Income | 61.92M | 34.25M | 2.72M | 22.64M | 21.19M | -9.56M | 49.76M | 112K |
| Depreciation & Amortization | 10.66M | 9.04M | 6.69M | 2.94M | 1.92M | 1.42M | 946K | 517K |
| Stock-Based Compensation | 24.2M | 26.87M | 42.67M | 45.8M | 37.46M | 81.14M | 8.71M | 179K |
| Deferred Taxes | -634K | -544K | 6.65M | -7.32M | -732K | -3.73M | -6.51M | 0 |
| Other Non-Cash Items | 8.38M | 6.27M | 2.74M | 1.19M | 2.38M | 0 | 2K | 120K |
| Working Capital Changes | 3.49M | -14.71M | 19.68M | 35.67M | -97.55M | -2.84M | -31.16M | 5.6M |
| Change in Receivables | -14.28M | 2.35M | -1.22M | -603K | -4.42M | 3.34M | -4.02M | -1.27M |
| Change in Inventory | 15.97M | -12.21M | 3.28M | 58.94M | -91.91M | -36.33M | -35.44M | -763K |
| Change in Payables | -9.97M | 8.76M | -5.33M | -6.19M | 6.32M | 2.85M | 1.21M | 2.71M |
| Cash from Investing | -10.14M | -63.96M | -94.92M | -117.19M | -5.85M | -2.71M | -2.26M | -4.76M |
| Capital Expenditures | -10.79M | -8.17M | -17.02M | -16.35M | -5.35M | -2.71M | -2.26M | -4.76M |
| CapEx % of Revenue | 1.52% | 1.29% | 3.06% | 3% | 1.06% | 0.65% | 0.86% | 4.31% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | -1.18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | -40.21M | -969K | -44.77M | 670K | 3.52M | 75.57M | 294K | 14M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | -31.29M | -969K | -45.2M | 916K | 479K | 97.18M | 392K | 14M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -32.82M | -2.69M | -45.45M | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -8.93M | 0 | 438K | -246K | 3.04M | -21.61M | -98K | 0 |
| Net Change in Cash | 57.69M | -3.66M | -58.53M | -15.6M | -37.66M | 139.3M | 19.78M | 38.35M |
| Free Cash Flow | 97.22M | 53M | 64.14M | 84.57M | -40.68M | 63.73M | 19.49M | 1.77M |
| FCF Margin % | 13.69% | 8.4% | 11.55% | 15.5% | -8.04% | 15.19% | 7.41% | 1.6% |
| FCF Growth % | 143.8% | -17.37% | -24.15% | 307.9% | -163.83% | 227.03% | 1000.9% | - |
| FCF per Share | 0.50 | 0.30 | 0.36 | 0.46 | -0.22 | 0.39 | 0.12 | 0.01 |
| FCF Conversion (FCF/Net Income) | 1.57x | 1.79x | 29.84x | 4.46x | -1.67x | -6.95x | 0.44x | 58.31x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 13.14M | 21.1M | 11.9M | 15M | 18.16M | 0 |
Quick answers to the most common questions about buying FIGS stock.
FIGS, Inc. (FIGS) generated $61.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
FIGS, Inc. (FIGS) generated $53.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
FIGS, Inc. (FIGS) spent $8.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, FIGS, Inc. (FIGS) spent $2.7M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Elevated expectations post-beat
Metrics are mathematically derived from official filings.
Cash Conversion Volatility Masks Underlying Strength
In Q2 2026, FIGS' operating cash flow reached $46.9M, 1.65 times net income, per the latest quarterly report, though prior quarters showed negative OCF/NI ratios, indicating lumpy working capital effects.
The OCF/NI ratio swung from -1.75 in Q2 2025 to 1.65 in Q2 2026, reflecting significant working capital swings rather than a stable earnings quality trend. The positive conversion in recent quarters suggests that net income is increasingly backed by cash, but the volatility warrants monitoring for sustainability.
Free Cash Flow Inflects Sharply Higher
FCF surged to $44.3M in Q2 2026, a 22.5% margin, versus negative FCF in Q1 2026, as reported in the cash flow statement, indicating a strong inflection in cash generation.
The FCF margin improved from -3.5% in Q1 2026 to 22.5% in Q2 2026, driven by robust operating cash flow and minimal capex. This trajectory suggests that the company's growth is becoming more cash-generative, though the quarterly volatility implies that working capital management will be key to sustaining this level.
Capital Intensity Remains Minimal
Capex averaged only 1.5% of revenue over the last two quarters, per the cash flow data, indicating a highly asset-light model with minimal maintenance or growth investment.
With capex/revenue below 2% in most quarters, FIGS' capital requirements are exceptionally low, allowing nearly all operating cash flow to convert to FCF. This suggests that the business can scale without significant fixed investment, though it also implies that growth is driven by working capital and marketing spend rather than physical capacity.
Working Capital Swings Drive Cash Flow Volatility
Working capital changes ranged from -$29.9M in Q2 2025 to +$31.9M in Q4 2025, per the cash flow statement, causing significant quarterly cash flow swings despite stable operations.
The large swings in working capital, particularly inventory and receivables, appear to be the primary driver of the volatile OCF/NI ratio. The positive contribution in Q2 2026 ($6.6M) suggests improved inventory management, but the historical pattern indicates that cash flow can be temporarily depressed by seasonal build-ups, which investors should factor into quarterly expectations.
Buybacks Resume as Cash Accumulates
FIGS repurchased $24.0M of stock in Q2 2026, its largest buyback in the past year, according to the cash flow statement, while maintaining zero dividends and a fortress balance sheet.
The resumption of buybacks, after a pause in late 2025, signals management's confidence in cash generation and a commitment to returning capital. With no debt and $81.9M in cash, the company has ample capacity to continue repurchases, though the timing and size may vary with cash flow volatility.
Cumulative Cash Generation Outpaces Net Income
Over the last five quarters, cumulative operating cash flow of $105.2M exceeds cumulative net income of $68.9M, per the cash flow data, indicating that earnings are more than fully backed by cash.
The cumulative OCF/NI ratio of 1.53 over the past five quarters suggests that FIGS is converting earnings into cash at a high rate, partly due to non-cash charges like SBC and D&A. This divergence is a positive signal for earnings quality, though the lumpy working capital pattern means that annualized figures may be more reliable than quarterly ones.
What Could Invalidate the Base Case
Despite robust Q2 2026 cash flow, the heavy reliance on working capital timing and SBC adjustments may obscure underlying cash generation, as reported in the cash flow statement.
The cash flow statement shows that SBC of $6.7M in Q2 2026 is a real economic cost, yet it is added back in operating cash flow, potentially overstating cash generation. Additionally, the positive working capital contribution in Q2 2026 may reverse, as seen in prior quarters, leading to lower cash flow. Investors should monitor whether the recent cash flow strength is sustainable or a result of timing.