FIGS delivered a strong finish to 2025, exceeding expectations with significant revenue acceleration and improved profitability. The company benefited from robust demand, higher average order values, and operational efficiencies, positioning it for continued growth and margin expansion in 2026.
Q4 Net revenues increased 33.0% year over year to a record $201.9 million, driven by new and existing customers and higher average order value.
positiveFull Year 2025 Net revenues grew 13.6% to $631.1 million.
positiveQ4 Net income was $18.5 million, or $0.10 per diluted share, a significant improvement from $1.9 million, or $0.01 per diluted share, in the prior year.
positiveFull Year 2025 Net income was $34.3 million, or $0.19 per diluted share, up from $2.7 million, or $0.02 per diluted share, in the prior year.
positiveQ4 Adjusted EBITDA increased to $26.7 million, with Adjusted EBITDA margin at 13.2%.
positiveFull Year 2025 Adjusted EBITDA increased to $74.5 million, with Adjusted EBITDA margin at 11.8%.
positiveActive customers increased 9.4% year over year to 2.9 million.
positiveNet revenues per active customer increased 3.8% year over year to $216.
positiveAverage order value increased 6.2% year over year to $120.
positiveInternational net revenues grew 55.1% in Q4 and 27.5% for the full year.
positiveGross margin in Q4 2025 was 62.9%, a decrease of 440 basis points year over year, due to higher tariffs and lapping the benefit from duty drawback claims, partially offset by a lower discount rate and favorable freight rates. An inventory write-off of $5.6 million was recorded.
attentionFull Year 2025 Gross margin was 66.5%, a decrease of 110 basis points year over year, primarily due to higher tariffs and the Q4 inventory write-off.
attentionAdjusted EBITDA margin in Q4 2025 was 13.2%, a decrease from 13.9% in the same period last year.
attentionInventory, net increased to $127.966 million as of December 31, 2025, from $115.759 million as of December 31, 2024.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
Scrubwear | N/A | — | — | — |
Non-Scrubwear | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
FIGS’ fourth quarter performance capped off a remarkable 2025, driven by execution that gained steady momentum throughout the year.
Our 33% surge in Q4 net revenues was driven by successes across virtually every part of the business, while also lowering our discount rate for the period.
With the COVID overhang past us and the structural advantages of this industry as tailwinds, we’re excited to see our sustained success over the past few quarters continue into 2026.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.