FIGS, Inc. Reports 8.2% Revenue Growth and Net Income Turnaround in Q3 2025

FIGS, Inc. reported a notable financial performance for the third quarter of 2025, with net revenues reaching $151.7 million, an increase of 8.2% from $140.2 million in the same period last year. For the nine months ending September 30, 2025, revenues rose to $429.2 million, up 6.3% from $403.7 million in 2024. The company achieved a gross profit of $106.1 million for the quarter, translating to a gross margin of 69.9%, which is an improvement from 67.1% in the prior year. The net income for the quarter was $8.7 million, a significant turnaround from a loss of $1.7 million in Q3 2024, while the nine-month net income also increased to $15.7 million from $0.8 million.

The company experienced a 4% growth in its active customer base, reaching approximately 2.8 million as of September 30, 2025, compared to 2.7 million a year earlier. This growth was supported by an increase in average order value (AOV), which rose to $114 from $108 in the previous year. FIGS also reported a decrease in total operating expenses by 6.1% for the quarter, primarily due to reduced marketing and selling expenses, which contributed to a net income margin of 5.8%, up from a negative margin of 1.2% in the prior year.

In terms of strategic developments, FIGS has been actively managing its supply chain amid ongoing global trade challenges, including tariffs that have impacted product costs. The company is implementing various strategies to mitigate these costs, such as adjusting sourcing countries and renegotiating supplier terms. Additionally, FIGS has maintained a strong focus on product innovation and customer engagement, which are critical to sustaining its competitive edge in the healthcare apparel market.

Operationally, FIGS has continued to expand its geographic reach and product offerings. The company primarily sells its products through its direct-to-consumer digital platform, complemented by physical retail locations known as Community Hubs. As of September 30, 2025, FIGS had approximately $46.5 million in cash and cash equivalents, down from $85.6 million at the end of 2024, reflecting increased investments in inventory and capital expenditures. The company has also authorized a share repurchase program totaling $100 million, with approximately $52 million remaining for future repurchases.

Looking ahead, FIGS remains optimistic about its growth trajectory, although it acknowledges potential risks related to macroeconomic conditions, including inflation and supply chain disruptions. The company plans to continue its focus on expanding its product lines and enhancing customer experiences while navigating the complexities of the current economic landscape.