FIGS · FIGS, Inc.

FIGS, Inc. delivered strong Q1 2026 results, with net revenues surging 28.0% year over year to $159.9 million, exceeding expectations through accelerated active customer growth to 3.0 million (+12.2%) and higher AOV of $124 (+4.2%). Revenue breakdown showed robust performance across scrubwear ($126.6M, +27.2%) and non-scrubwear ($33.3M, +31.3%), with international markets leading at +49.9% to $28.3M. Gross margin expanded slightly to 67.7% (+10 bps), supported by pricing and efficiency gains despite offsets from tariffs and mix shifts. Operating expenses rose 22.6% to $103.8M but improved as a percentage of revenues to 64.9% from 67.8%, aided by fixed cost leverage, reduced stock-based compensation, and lower fulfillment costs, though partially offset by marketing for the 2026 Winter Olympics. This drove net income of $6.3M ($0.03 EPS) versus a prior-year loss, with Adjusted EBITDA at $13.9M (8.7% margin, up from 7.3%). CEO Trina Spear highlighted sustained momentum from 2025, driven by customer base expansion, repeat dynamics, and the business model's structural advantages, positioning FIGS for success amid healthcare tailwinds. CFO Sarah Oughtred raised FY2026 guidance to 14-16% revenue growth (low 20%s in Q2) and 13.0-13.2% Adjusted EBITDA margin, reflecting top-line strength, operational execution, and ability to invest in growth while managing freight costs. A conference call was held on May 7, 2026, at 2:00 p.m. PT.