FIGS Raises 2026 Outlook After Fourth 25% Quarter

The Tip Desk · November 8, 2026 · 3 min read

Third-quarter net revenues were $190.7 million, up 25.7%, as the company lifted full-year growth to about 23.5%.

FIGS, Inc. (FIGS), the healthcare apparel brand, reported third-quarter 2026 net revenues of $190.7 million, up 25.7% from a year earlier, marking a fourth consecutive quarter of greater than 25% growth.

The company said the increase was primarily due to an increase in orders and higher average order value. Chief Executive Officer Trina Spear said the quarter showed strength across categories, channels and geographies.

Scrubwear net revenues were $157.5 million, up 24.0% year over year. Non-scrubwear net revenues were $33.2 million, up 34.6%. U.S. net revenues were $153.9 million, up 20.8%. International net revenues were $36.8 million, up 51.4%.

Gross margin was 69.3%, down 60 basis points year over year. The company attributed the decline primarily to outsized improvements in returns processing in the prior year and higher inventory reserves, partially offset by pricing increases and ongoing efficiency efforts. Operating expenses were $109.9 million, or 57.6% of net revenues, down from 63.6% a year earlier. The company said the expense ratio fell primarily due to fixed cost leverage across general and administrative, marketing, and selling expenses.

Net income was $19.3 million, or $0.10 a share, compared with $8.7 million, or $0.05 a share, a year earlier. Net income margin was 10.1%, versus 5.8% a year earlier. Adjusted EBITDA was $31.5 million, up $12.7 million year over year. Adjusted EBITDA margin was 16.5%, versus 12.4% a year earlier.

Active customers as of September 30, 2026 increased 14.3% year over year to 3.2 million. Net revenues per active customer was $236, up 12.9% year over year. Average order value was $126, up 10.5% year over year. The company said AOV rose primarily due to higher average unit retail from pricing and favorable product mix, as well as lower discount and return rates.

Chief Financial Officer Sarah Oughtred said the company delivered better-than-expected overall results, with accelerations in active customer growth, average order value growth, and net revenues per active customer.

FIGS raised its full-year 2026 outlook to net revenues growth of about 23.5% versus 2025 and an adjusted EBITDA margin of approximately 15.8%. Fourth-quarter 2026 net revenues growth versus 2025 is expected to be about 15%.

Spear said the company is off to a great start in the fourth quarter and believes it has a foundation for sustainable top- and bottom-line momentum as it looks ahead to 2027. Oughtred said increased conviction in the fourth quarter, together with the strength of the results, led the company to raise its full-year net revenues and adjusted EBITDA margin outlooks.

Cash, cash equivalents and short-term investments were just over $330 million. The company said it continued to return value through a recently expanded share repurchase program after an August authorization increase of $100 million.