FIGS Inc.

02/26/2026 | Press release | Distributed by Public on 02/26/2026 15:09

Fourth Quarter 2025 Supplement

FIGS Cover Page

Supplemental Tables Q4 2025

Balance Sheet

FIGS, INC.
BALANCE SHEETS
As of
December 31, 2025 December 31, 2024
($ in thousands, except per share data)
Assets
Current assets
Cash and cash equivalents $ 81,985 $ 85,645
Short-term investments 218,863 159,469
Accounts receivable 6,271 8,625
Inventory, net 127,966 115,759
Prepaid expenses and other current assets 12,200 13,268
Total current assets 447,285 382,766
Non-current assets
Property and equipment, net 33,938 35,274
Operating lease right-of-use assets 57,134 50,497
Deferred tax assets 12,187 11,643
Investment in equity securities 27,735 27,534
Other assets 1,717 2,073
Total non-current assets 132,711 127,021
Total assets $ 579,996 $ 509,787
Liabilities and stockholders' equity
Current liabilities
Accounts payable $ 18,187 $ 9,401
Operating lease liabilities 8,175 10,596
Accrued expenses 20,529 42,316
Accrued compensation and benefits 17,194 5,689
Sales tax payable 4,266 3,705
Gift card liability 12,117 9,604
Deferred revenue 3,990 4,612
Returns reserve 4,171 3,873
Income tax payable 1,894 346
Total current liabilities 90,523 90,142
Non-current liabilities
Operating lease liabilities, non-current 51,829 42,430
Other non-current liabilities 182 83
Total liabilities 142,534 132,655
Stockholders' equity
Class A Common stock - par value $0.0001 per share 16 15
Class B Common stock - par value $0.0001 per share - -
Preferred stock - par value $0.0001 per share - -
Additional paid-in capital 338,526 312,622
Accumulated other comprehensive income 196 21
Retained earnings 98,724 64,474
Total stockholders' equity 437,462 377,132
Total liabilities and stockholders' equity $ 579,996 $ 509,787

Income Statement

FIGS, INC.
STATEMENTS OF OPERATIONS
Three months ended December 31, Year ended December 31,
2025 2024 2025 2024
($ in thousands, except share and per share data) (unaudited)
Net revenues $ 201,896 $ 151,832 $ 631,098 $ 555,558
Cost of goods sold 74,830 49,636 211,259 179,935
Gross profit 127,066 102,196 419,839 375,623
Operating expenses
Selling 42,899 37,917 145,851 141,909
Marketing 28,326 19,788 93,105 88,566
General and administrative 37,033 35,591 142,736 142,883
Total operating expenses 108,258 93,296 381,692 373,358
Net income from operations 18,808 8,900 38,147 2,265
Other income, net
Interest income 2,238 2,639 8,748 11,242
Other income 307 841 312 833
Total other income, net 2,545 3,480 9,060 12,075
Net income before provision for income taxes 21,353 12,380 47,207 14,340
Provision for income taxes 2,846 10,495 12,957 11,620
Net income $ 18,507 $ 1,885 $ 34,250 $ 2,720
Earnings attributable to Class A and Class B common stockholders
Basic earnings per share $ 0.11 $ 0.01 $ 0.21 $ 0.02
Diluted earnings per share $ 0.10 $ 0.01 $ 0.19 $ 0.02
Weighted-average shares outstanding-basic 165,003,284 166,343,035 163,462,072 169,201,983
Weighted-average shares outstanding-diluted 190,008,150 178,588,552 179,486,886 180,102,840

Cash Flows

FIGS, INC.
STATEMENTS OF CASH FLOWS
Three months ended December 31, Year ended December 31,
2025 2024 2025 2024
($ in thousands) (unaudited)
Cash flows from operating activities:
Net income $ 18,507 $ 1,885 $ 34,250 $ 2,720
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense 2,557 1,846 9,035 6,694
Deferred income taxes 911 6,227 (544) 6,648
Non-cash operating lease cost 2,614 2,272 9,996 8,483
Stock-based compensation 5,191 10,055 26,874 42,673
Accretion of discount and accrued interest on available-for-sale securities (746) (1,779) (3,727) (6,499)
Changes in operating assets and liabilities:
Accounts receivable 5,871 1,811 2,354 (1,219)
Inventory 23,267 7,637 (12,207) 3,281
Prepaid expenses and other current assets 841 5,421 1,068 (2,544)
Other assets (84) 87 356 (737)
Accounts payable 12,775 (16,160) 8,757 (5,332)
Accrued expenses (13,660) 12,719 (21,289) 33,950
Accrued compensation and benefits 4,790 282 11,505 (1,623)
Sales tax payable 536 (545) 561 556
Gift card liability 2,099 1,660 2,513 1,364
Deferred revenue (4,318) 729 (622) 2,452
Returns reserve 954 (759) 298 884
Income tax payable 1,894 1 1,548 (2,211)
Operating lease liabilities (3,170) (2,873) (9,655) (8,278)
Other non-current liabilities 99 (100) 99 (100)
Net cash provided by operating activities 60,928 30,416 61,170 81,162
Cash flows from investing activities:
Purchases of property and equipment (2,863) (3,363) (8,168) (17,021)
Purchases of available-for-sale securities (71,135) (55,570) (256,992) (246,949)
Maturities of available-for-sale securities 48,100 55,350 201,400 196,580
Purchases of investment in equity securities - 0 (27,534) (201) (27,534)
Net cash used in investing activities (25,898) (31,117) (63,961) (94,924)
Cash flows from financing activities:
Repurchases of Class A common stock - 0 (38,177) (2,688) (45,454)
Proceeds from stock option exercises and employee stock purchases 400 170 1,718 438
Issuance of Class A Common Stock upon vesting of restricted stock 1 - 0 1 - 0
Issuance of Class A Common Stock in exchange for services - 0 250 - 0 250
Net cash provided by (used in) financing activities 401 (37,757) (969) (44,766)
Effect of foreign currency exchange rate changes on cash and cash equivalents 100 - 0 100 - 0
Net change in cash and cash equivalents 35,531 (38,458) (3,660) (58,528)
Cash and cash equivalents, beginning of period 46,454 124,103 85,645 144,173
Cash and cash equivalents, end of period $ 81,985 $ 85,645 $ 81,985 $ 85,645

Non-GAAP Financial Measures

Non-GAAP Financial Measures
In addition to the GAAP financial measures set forth herein, FIGS, Inc. ("we") has included certain non-GAAP financial measures within the meaning of Regulation G and Item 10(e) of Regulation S-K. We use "adjusted EBITDA," and "adjusted EBITDA margin" to provide useful supplemental measures that assist in evaluating our ability to generate earnings, provide consistency and comparability with our past financial performance, and facilitate period-to-period comparisons of our core operating results as well as the results of our peer companies. We calculate "adjusted EBITDA" as net income adjusted to exclude: other income, net; gain/loss on disposal of assets; provision for income taxes; depreciation and amortization expense; stock-based compensation and related expense; transaction costs; and expenses related to non-ordinary course disputes. We calculate "adjusted EBITDA margin" by dividing adjusted EBITDA by net revenues.
We have provided herein reconciliations of these non-GAAP financial measures to their most directly comparable GAAP measures. Please refer to the reconciliation tables that follow.

Non-GAAP Reconciliations

FIGS, INC. RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES
RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES
(unaudited)
The following table presents a reconciliation of adjusted EBITDA to net income, which is the most directly comparable financial measure calculated in accordance with GAAP, and presents adjusted EBITDA margin with net income margin, which is the most directly comparable financial measure calculated in accordance with GAAP:
Three months ended December 31, Year ended December 31,
2025 2024 2025 2024
(in thousands except margin)
Net income $ 18,507 $ 1,885 $ 34,250 $ 2,720
Add (deduct):
Other income, net (2,545) (3,481) (9,060) (12,075)
Provision for income taxes 2,846 10,494 12,957 11,620
Depreciation and amortization expense(1) 2,557 1,847 9,035 6,694
Stock-based compensation and related expense(2) 5,369 10,331 27,304 42,837
Adjusted EBITDA(3) $ 26,734 $ 21,076 $ 74,486 $ 51,796
Net revenues $ 201,896 $ 151,832 $ 631,098 $ 555,558
Net income margin(4) 9.2% 1.2% 5.4% 0.5%
Adjusted EBITDA margin 13.2% 13.9% 11.8% 9.3%
(1) Excludes amortization of debt issuance costs included in "Other income, net."
(2) Includes stock-based compensation expense, payroll taxes and costs related to equity award activity.
(3) For the year ended December 31, 2025, reflects $171,000 of stock-based compensation expense and payroll taxes inadvertently not reflected in our previously disclosed Adjusted EBITDA results for the three months ended March 31, 2025.
(4) Net income margin represents Net income as a percentage of Net revenues.
FIGS Inc. published this content on February 26, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on February 26, 2026 at 21:09 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]