FIGS, Inc. Reports 28.8% Revenue Growth to $196.6 Million in Latest Quarter

FIGS, Inc. reported significant financial growth in its latest quarterly filing, with net revenues reaching $196.6 million for the three months ended June 30, 2026, a 28.8% increase from $152.6 million in the same period last year. For the first half of 2026, revenues totaled $356.5 million, up 28.5% from $277.5 million in the prior year. The company also saw a substantial rise in net income, which increased to $28.4 million for the second quarter, compared to $7.1 million in the same quarter of 2025. This growth reflects a net income margin improvement from 4.7% to 14.4% year-over-year.

The company’s gross profit for the second quarter was $147.9 million, representing a gross margin of 75.2%, up from 67.0% in the prior year. This increase in gross margin was attributed to IEEPA tariff refunds, higher unit sales, and price increases, despite the impact of tariffs. Operating expenses also rose, totaling $112.6 million for the quarter, but as a percentage of net revenues, they decreased, indicating improved operational efficiency.

In terms of customer engagement, FIGS reported approximately 3.1 million active customers as of June 30, 2026, a 13.2% increase from 2.7 million a year earlier. The average order value (AOV) also increased, reaching $127 for the second quarter, compared to $117 in the same period last year. The company continues to expand its market presence, with a notable increase in sales from international markets, which contributed $37.9 million in the second quarter, up from $22.7 million a year prior.

Strategically, FIGS has been navigating challenges related to global trade policies, particularly tariffs. Following a U.S. Supreme Court ruling that invalidated certain tariffs, the company has been processing refunds and adjusting its supply chain strategies. Additionally, a withhold release order from U.S. Customs and Border Protection against a key manufacturing partner is expected to impact future revenues and inventory levels. Despite these challenges, FIGS remains optimistic about its growth trajectory, emphasizing its commitment to product innovation and customer engagement.

Looking ahead, FIGS plans to continue leveraging its direct-to-consumer model while exploring international expansion opportunities. The company has also authorized an increase in its share repurchase program, reflecting confidence in its financial position and commitment to returning value to shareholders. With a strong cash position of $108.5 million as of June 30, 2026, FIGS is well-positioned to support its growth initiatives and navigate the evolving market landscape.