Revenue growth remains highly volatile, peaking at $201.9 million in 2025Q4 before retreating to $159.9 million in 2026Q1, while operating margins remain constrained by high SG&A spending.
| Sales/Revenue | 666.1M | 631.1M | 555.56M | 545.65M | 505.83M | 419.59M | 263.11M | 110.49M |
| Revenue Growth % | 18.7% | 13.6% | 1.82% | 7.87% | 20.55% | 59.47% | 138.12% | - |
| Cost of Goods Sold | 225.83M | 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 | 440.27M | 419.84M | 375.62M | 376.96M | 354.46M | 301.22M | 190.22M | 79.34M |
| Gross Margin % | 66.1% | 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 | 397.43M | 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 | 278.24M | 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 | 42.84M | 38.15M | 2.27M | 34.05M | 37.67M | 10.98M | 57.94M | -347K |
| Operating Margin % | 6.43% | 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 | 53.29M | 47.18M | 8.96M | 36.99M | 39.59M | 12.41M | 58.89M | 170K |
| EBITDA Margin % | 8% | 7.48% | 1.61% | 6.78% | 7.83% | 2.96% | 22.38% | 0.15% |
| EBITDA Growth % | 463.54% | 426.64% | -75.78% | -6.57% | 219.09% | -78.93% | 34538.82% | - |
| D&A (Non-Cash Add-back) | 10.45M | 9.04M | 6.69M | 2.94M | 1.92M | 1.42M | 946K | 517K |
| EBIT | 49.83M | 47.21M | 2.27M | 34.05M | 37.67M | 10.1M | 57.94M | -347K |
| Net Interest Income | 8.91M | 8.75M | 11.24M | 6.78M | 1.71M | -239K | 136K | 460K |
| Interest Income | 8.91M | 8.75M | 11.24M | 6.78M | 1.71M | 0 | 136K | 460K |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 239K | 0 | 0 |
| Other Income/Expense | 8.95M | 9.06M | 12.07M | 6.76M | 1.06M | -1.12M | 136K | 459K |
| Pretax Income | 51.79M | 47.21M | 14.34M | 40.81M | 38.73M | 9.86M | 58.08M | 112K |
| Pretax Margin % | 7.77% | 7.48% | 2.58% | 7.48% | 7.66% | 2.35% | 22.07% | 0.1% |
| Income Tax | 11.15M | 12.96M | 11.62M | 18.17M | 17.54M | 19.41M | 8.32M | 0 |
| Effective Tax Rate % | 21.53% | 27.45% | 81.03% | 44.53% | 45.29% | 196.93% | 14.32% | 0% |
| Net Income | 40.64M | 34.25M | 2.72M | 22.64M | 21.19M | -9.56M | 49.76M | 112K |
| Net Margin % | 6.1% | 5.43% | 0.49% | 4.15% | 4.19% | -2.28% | 18.91% | 0.1% |
| Net Income Growth % | 3335.33% | 1159.19% | -87.98% | 6.85% | 321.7% | -119.21% | 44326.79% | - |
| Net Income (Continuing) | 40.64M | 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) | 0.21 | 0.19 | 0.02 | 0.12 | 0.11 | -0.06 | 0.31 | 0.00 |
| EPS Growth % | 3531.15% | 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 | 196.09M | 179.49M | 180.1M | 182.41M | 187.55M | 164.26M | 160.9M | 160.9M |
| Basic Shares Outstanding | 166.46M | 163.46M | 169.2M | 168.07M | 165.27M | 164.26M | 160.9M | 160.9M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Margin compression from competition
According to the provided quarterly income statements, FIGS experienced significant revenue fluctuations, peaking at $201.9 million in 2025Q4 before retreating to $159.9 million in 2026Q1, suggesting that the company's top-line expansion remains highly sensitive to seasonal demand cycles and potential saturation within its core professional demographic.
The inconsistent year-over-year growth rates indicate that the brand's initial hyper-growth phase may be transitioning into a more mature, cyclical pattern. Investors should monitor whether the recent revenue volatility reflects a structural ceiling in the addressable market or merely temporary timing differences in product launches.
As reported in financial filings, FIGS has maintained a robust gross margin profile, consistently hovering near 66% to 69% over the last ten quarters, which suggests that the company retains significant pricing power despite the entry of new competitors into the premium medical apparel space.
This high gross margin is a testament to the efficacy of the direct-to-consumer model in bypassing traditional retail markups. However, the stability of these margins warrants further investigation, as any future shift toward promotional pricing to defend market share could quickly erode this core competitive advantage.
Based on the income statement data, FIGS has struggled to demonstrate consistent operating leverage, with operating margins frequently dipping into low single digits or negative territory despite gross profits exceeding $100 million in several periods, indicating that SG&A expenses are scaling nearly in lockstep with revenue.
The inability to meaningfully expand operating margins suggests that the company is currently trapped in a high-spend cycle to acquire and retain customers. This lack of scalability implies that the business model may require a significant reduction in marketing intensity to achieve sustainable, long-term profitability.
Analysis of the reported figures reveals that stock-based compensation remains a persistent and significant expense, often exceeding $5 million to $10 million per quarter, which effectively suppresses net income and complicates the assessment of the company's underlying cash-generating capability on a GAAP basis.
The consistent reliance on equity-based incentives suggests that reported EPS may not fully capture the economic cost of talent retention. Investors should scrutinize the relationship between these non-cash charges and the company's ability to generate positive free cash flow without diluting existing shareholders.
While the brand maintains a premium positioning, the income statement data suggests that the company's reliance on heavy SG&A spending to drive growth may be unsustainable, as evidenced by the sharp operating margin contraction observed in periods where revenue growth failed to accelerate significantly.
Short-term observers might argue that the company's high customer acquisition costs are a symptom of a maturing market where the 'low-hanging fruit' has already been captured. If the company cannot decouple its marketing spend from revenue growth, the current valuation may face downward pressure as profitability targets remain unmet.
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.