FIGS Exceeds Q4 & Full Year 2025 Expectations with Strong Revenue Growth and Profitability; Issues Positive 2026 Outlook
FIGS has more than doubled off its 52-week low of $3.565 on elevated volume (3.6× avg).
Summary
FIGS, Inc. reported Q4 and full year 2025 financial results that significantly exceeded expectations, driven by strong revenue growth and substantial increases in net income and EPS, alongside a positive financial outlook for 2026.
Key Events · Earnings and Guidance · FIGS
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Strong Q4 2025 Financial Performance
Net revenues increased 33.0% year-over-year to $201.9 million. Net income surged to $18.5 million, up from $1.9 million in the prior year, resulting in diluted EPS of $0.10 compared to $0.01.
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Significant Full Year 2025 Profitability Growth
Full year net revenues grew 13.6% to $631.1 million. Net income dramatically increased to $34.3 million from $2.7 million in 2024, with diluted EPS of $0.19. Adjusted EBITDA rose 43.7% to $74.5 million, expanding the margin to 11.8%.
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Positive Full Year 2026 Financial Outlook
The company projects net revenues growth of 10% to 12% for fiscal year 2026, with an anticipated Adjusted EBITDA Margin of 12.7% to 12.9%, indicating continued margin expansion.
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Key Operating Metrics Show Growth
Active customers increased 9.4% to 2.9 million, net revenues per active customer grew 3.8% to $216, and average order value (AOV) increased 6.2% to $120 for the full year 2025.
Analysis · FIGS · Manufacturing
FIGS, Inc. delivered a robust financial performance for both the fourth quarter and full year 2025, significantly surpassing expectations. The company demonstrated strong top-line growth, with Q4 net revenues increasing 33.0% year-over-year and full-year net revenues up 13.6%. Profitability saw a dramatic improvement, with Q4 net income surging by 880% and full-year net income by 1169%. While gross margins experienced some pressure due to higher tariffs and an inventory write-off, the company effectively managed operating expenses, leading to substantial net income and Adjusted EBITDA growth. The positive outlook for 2026, projecting 10-12% net revenue growth and margin expansion, indicates continued confidence in their business strategy and execution, despite anticipated tariff headwinds. This strong report, coming as the stock trades near its 52-week high, could reinforce investor confidence.
At the time of this filing, FIGS was trading at $13.18 on NYSE in the Manufacturing sector, with a market capitalization of approximately $2.1B. The 52-week trading range was $3.57 to $12.66. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.