FIGS, Inc. (FIGS) · Nov 5, 2026 · Earnings
Beat — Diluted EPS $0.10 vs ~$0.071 consensus; revenue $190.7M vs ~$182.8M
FIGS earnings beat pre-release expectations on revenue and EPS, with customer momentum and adjusted EBITDA leverage driving a higher full-year outlook.
FIGS entered this quarter as a founder-led direct-to-consumer healthcare apparel brand rebuilding growth through its core digital platform, international expansion, TEAMS B2B sales, and Community Hubs. Its latest public operating update described roughly 3.1 million active customers and a model increasingly dependent on both customer growth and higher spend per customer.
The quarter materially exceeded the pre-release bar. Published expectations were approximately $182.8 million of revenue and $0.071 of diluted EPS; FIGS delivered $190.7 million and $0.10, respectively. That is a genuine earnings beat, not merely growth versus last year. The filing also says management raised its full-year revenue and adjusted EBITDA margin outlooks, although the supplied filing text does not include the revised numerical ranges.
| Figure | Q3 2026 | Q3 2025 | Consensus |
|---|---|---|---|
| Net revenue (Income Statement) | $190.7M (+25.7%) | $151.7M | $182.8M |
| Diluted EPS (Income Statement) | $0.10 | $0.05 | $0.071 |
| Adjusted EBITDA margin (Reconciliation) | 16.5% (+4.1 pts) | 12.4% | |
| Gross margin (Financial Highlights) | 69.3% (-0.6 pts) | 69.9% |
The growth engine is broadening rather than relying on one isolated metric. Revenue growth reached a fourth consecutive quarter above 25%, while active-customer growth accelerated to 14.3%, average order value rose 10.5%, and revenue per active customer reached a record $236. That combination suggests FIGS is gaining both more customers and more value from each customer, supporting the company’s push beyond its original scrubwear base.
Profitability improved through operating leverage, despite a small gross-margin setback. Adjusted EBITDA margin expanded to 16.5% from 12.4%, and operating expenses fell from 63.6% to 57.6% of revenue as fixed costs were spread across a larger sales base. The offset is that gross margin declined to 69.3%, primarily because last year benefited from unusually strong returns-processing improvements and this year carried higher inventory reserves.
The balance sheet gives FIGS room to keep funding growth and shareholder returns. Cash, cash equivalents, and short-term investments totaled roughly $331 million at quarter-end, while year-to-date operating cash flow reached $100.5 million and share repurchases totaled $46.6 million. That strengthens execution capacity, although the buyback also means some cash is being returned rather than invested in expansion.
Bottom line: FIGS delivered a broad-based beat and raised its outlook, confirming that the growth recovery is translating into real operating leverage. The lower gross margin is a wrinkle, but not enough to outweigh the stronger demand, customer metrics, and higher full-year expectations.
Q4 2026 results
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