Revenue growth reaccelerated to 28.8% YoY in Q2 2026, with gross margin expanding to 75.2% and operating margin surging to 17.9%, driven by SG&A leverage and improved cost discipline.
FIGS, Inc. (FIGS) annual income statement — 7-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Sales/Revenue | 710.08M | 631.1M | 555.56M | 545.65M | 505.83M | 419.59M | 263.11M | 110.49M |
| Revenue Growth % | 24.67% | 13.6% | 1.82% | 7.87% | 20.55% | 59.47% | 138.12% | - |
| Cost of Goods Sold | 224.2M | 211.26M | 179.94M | 168.68M | 151.38M | 118.37M | 72.89M | 31.16M |
| COGS % of Revenue | - | 33.47% | 32.39% | 30.91% | 29.93% | 28.21% | 27.7% | 28.2% |
| Gross Profit | 485.88M | 419.84M | 375.62M | 376.96M | 354.46M | 301.22M | 190.22M | 79.34M |
| Gross Margin % | 68.43% | 66.53% | 67.61% | 69.09% | 70.07% | 71.79% | 72.3% | 71.8% |
| Gross Profit Growth % | - | 11.77% | -0.36% | 6.35% | 17.67% | 58.35% | 139.77% | - |
| Operating Expenses | 417.69M | 381.69M | 373.36M | 342.92M | 316.79M | 290.24M | 132.28M | 79.68M |
| OpEx % of Revenue | - | 60.48% | 67.2% | 62.85% | 62.63% | 69.17% | 50.28% | 72.12% |
| Selling, General & Admin | 298.5M | 288.59M | 373.36M | 342.92M | 316.79M | 290.24M | 132.28M | 79.68M |
| SG&A % of Revenue | - | 45.73% | 67.2% | 62.85% | 62.63% | 69.17% | 50.28% | 72.12% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 93.11M | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 68.19M | 38.15M | 2.27M | 34.05M | 37.67M | 10.98M | 57.94M | -347K |
| Operating Margin % | 9.6% | 6.04% | 0.41% | 6.24% | 7.45% | 2.62% | 22.02% | -0.31% |
| Operating Income Growth % | - | 1584.19% | -93.35% | -9.61% | 242.95% | -81.04% | 16797.41% | - |
| EBITDA | 82.26M | 47.18M | 8.96M | 36.99M | 39.59M | 12.41M | 58.89M | 170K |
| EBITDA Margin % | 11.59% | 7.48% | 1.61% | 6.78% | 7.83% | 2.96% | 22.38% | 0.15% |
| EBITDA Growth % | 336.23% | 426.64% | -75.78% | -6.57% | 219.09% | -78.93% | 34538.82% | - |
| D&A (Non-Cash Add-back) | 14.08M | 9.04M | 6.69M | 2.94M | 1.92M | 1.42M | 946K | 517K |
| EBIT | 76.64M | 47.21M | 14.34M | 40.81M | 38.73M | 10.1M | 57.94M | -347K |
| Net Interest Income | 8.94M | 8.75M | 11.24M | 6.78M | 1.71M | -239K | 136K | 460K |
| Interest Income | 8.94M | 8.75M | 11.24M | 6.78M | 1.71M | 0 | 136K | 460K |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 239K | 0 | 0 |
| Other Income/Expense | 8.45M | 9.06M | 12.07M | 6.76M | 1.06M | -1.12M | 136K | 459K |
| Pretax Income | 76.64M | 47.21M | 14.34M | 40.81M | 38.73M | 9.86M | 58.08M | 112K |
| Pretax Margin % | 10.79% | 7.48% | 2.58% | 7.48% | 7.66% | 2.35% | 22.07% | 0.1% |
| Income Tax | 14.72M | 12.96M | 11.62M | 18.17M | 17.54M | 19.41M | 8.32M | 0 |
| Effective Tax Rate % | 19.2% | 27.45% | 81.03% | 44.53% | 45.29% | 196.93% | 14.32% | 0% |
| Net Income | 61.92M | 34.25M | 2.72M | 22.64M | 21.19M | -9.56M | 49.76M | 112K |
| Net Margin % | 8.72% | 5.43% | 0.49% | 4.15% | 4.19% | -2.28% | 18.91% | 0.1% |
| Net Income Growth % | 762.16% | 1159.19% | -87.98% | 6.85% | 321.7% | -119.21% | 44326.79% | - |
| Net Income (Continuing) | 61.92M | 34.25M | 2.72M | 22.64M | 21.19M | -9.56M | 49.76M | 112K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.32 | 0.19 | 0.02 | 0.12 | 0.11 | -0.06 | 0.31 | 0.00 |
| EPS Growth % | 703.89% | 1158.28% | -87.42% | 9.09% | 289% | -118.77% | - | - |
| EPS (Basic) | - | 0.21 | 0.02 | 0.13 | 0.13 | -0.06 | 0.31 | 0.00 |
| Diluted Shares Outstanding | 195.14M | 179.49M | 180.1M | 182.41M | 187.55M | 164.26M | 160.9M | 160.9M |
| Basic Shares Outstanding | 166.47M | 163.46M | 169.2M | 168.07M | 165.27M | 164.26M | 160.9M | 160.9M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying FIGS stock.
For fiscal year 2025, FIGS, Inc. (FIGS) reported total revenue of $631.1M. This represents a 471.2% increase compared to $110.5M in 2019.
FIGS, Inc. (FIGS) is profitable, generating $34.3M in net income for the fiscal year ending 2025 with a net profit margin of 5.4%.
FIGS, Inc. (FIGS) reported an operating income of $38.1M, resulting in an operating profit margin of 6.0%. This margin reflects the operational efficiency of the business before interest and taxes.
FIGS, Inc. (FIGS) generated $419.8M in gross profit for the year, representing a gross profit margin of 66.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Elevated expectations post-beat
Metrics are mathematically derived from official filings.
Growth Reaccelerates on DTC Momentum
FIGS' revenue growth accelerated to 28.8% YoY in Q2 2026, up from 5.8% a year earlier, according to the latest quarterly report, signaling a renewed expansion phase.
The 28.8% YoY growth in Q2 2026 marks a sharp inflection from the mid-single-digit growth seen throughout 2024 and early 2025, suggesting the company's strategic initiatives are gaining traction. This acceleration appears driven by both customer acquisition and increased spend per customer, as net revenues per active customer have reportedly exceeded COVID-era highs. The sustainability of this pace is uncertain, but the sequential acceleration from 8.2% in Q3 2025 to 33.0% in Q4 2025 and then 28.8% in Q2 2026 indicates a durable upward trend.
Gross Margin Expansion Defies Commoditization
Gross margin expanded to 75.2% in Q2 2026, up from 67.0% in the year-ago quarter, as reported in the income statement, reflecting strong pricing power and product mix.
The 820 basis point YoY gross margin improvement is notable, especially given the competitive pressures in the premium scrub market. This expansion suggests that FIGS is successfully managing input costs and mix, possibly benefiting from lower cotton and polyester prices or a higher proportion of full-priced sales. The 66.53% TTM gross margin remains well above peers like Lululemon (56.6%) and On Holding (62.8%), underscoring the brand's premium positioning. However, the recent shift toward B2B 'Teams' sales could pressure margins if institutional pricing becomes more promotional.
Operating Leverage Finally Kicks In
Operating margin surged to 17.9% in Q2 2026 from 6.5% a year earlier, per the latest financials, as SG&A leverage amplified the revenue rebound.
The dramatic operating margin expansion from 6.5% in Q2 2025 to 17.9% in Q2 2026 indicates that the company's cost structure is now scaling efficiently with revenue. SG&A as a percentage of revenue fell to 57.3% in Q2 2026 from 60.5% in the prior year, suggesting marketing spend is becoming more productive. This operating leverage is a key driver of the EPS beat and suggests that the business model has significant incremental margin potential if growth persists. Investors should monitor whether this efficiency is sustainable or if it reflects a temporary pullback in marketing investment.
Earnings Quality Strengthens as SBC Dilutes
Net income of $28.4M in Q2 2026, with EPS of $0.15, was boosted by a 14.4% net margin, but stock-based compensation of $6.7M still represents a meaningful cash cost.
The quality of earnings appears to be improving, as net income growth is now outpacing revenue growth, a reversal from prior periods where SBC and other charges weighed on profitability. However, SBC of $6.7M in Q2 2026, while down from $10.1M in Q4 2024, still consumes a significant portion of operating income (19%). The tax rate appears normalized, and there are no obvious non-operating items inflating net income, suggesting the beat is operationally driven. Investors should still adjust for SBC when assessing true cash generation, as the 6.04% TTM operating margin understates the cash profitability.
SG&A Efficiency Drives Margin Recovery
SG&A as a percentage of revenue dropped to 57.3% in Q2 2026 from 60.5% a year earlier, based on the income statement, indicating improved cost discipline.
The reduction in SG&A intensity is a critical driver of the margin expansion, as the company appears to be gaining marketing efficiency and better overhead control. R&D is not separately disclosed, suggesting it is either immaterial or embedded in SG&A, which is typical for apparel companies. The volatility in SG&A, from $15.2M in Q4 2025 to $112.6M in Q2 2026, is puzzling and may reflect timing of marketing campaigns or one-time items; investors should seek clarity on this fluctuation. Overall, the cost structure is showing positive operating leverage, but the sustainability of this discipline is unproven.
Q2 2026 Marks a Profitability Inflection
Q2 2026 delivered a record operating margin of 17.9% and net income of $28.4M, a stark contrast to the near-breakeven results of 2024, per the latest quarterly data.
The quarter represents a clear inflection point, as the company transitioned from sub-1% operating margins in 2024 to a 17.9% operating margin in Q2 2026. This shift appears driven by a combination of revenue acceleration, gross margin expansion, and SG&A leverage, suggesting that the investments in brand and customer acquisition are now paying off. The lasting impact is a higher profitability baseline, which supports the raised guidance and may justify a re-rating of the stock. However, the sustainability of this margin level is uncertain, as it may be partly due to favorable timing of expenses.
High Bar Set for Future Quarters
The Q2 2026 EPS beat of $0.15 versus $0.07 estimates, as reported, raises expectations that may be difficult to sustain if growth normalizes or marketing costs rise.
Short-sellers could argue that the exceptional margin expansion is not structural but a result of temporary factors, such as reduced marketing spend or favorable input costs. The 28.8% revenue growth, while impressive, may decelerate as the company laps its own strong performance and faces intensifying competition from legacy brands and new entrants. Additionally, the shift toward B2B 'Teams' sales could compress gross margins, and the elevated expectations embedded in the stock price leave little room for error. Investors should monitor whether the company can maintain 25%-plus growth and 18.6% adjusted EBITDA margins, as any shortfall could trigger a sharp de-rating.