FIGS reported broad-based second-quarter growth across geographies and product categories, with international revenue jumping 67% and net revenue per active customer surpassing the healthcare apparel company’s COVID-era highs.
International revenue reached $37.9 million, up 67% year-over-year, significantly outpacing the 22.2% increase in U.S. revenue to $158.7 million. Overall net revenue increased 28.8% to $196.6 million. Scrubwear revenue grew 26.5% to $161.2 million, while non-scrubwear revenue increased 40.3% to $35.4 million.
FIGS ended the quarter with 3.1 million active customers, up 13.2%. Net revenue per active customer increased 10.1% to $229 and, according to management, exceeded the levels recorded during the COVID era. Average order value increased 8.5% to $127, primarily due to higher average unit retail prices from pricing and product mix.
Profitability also improved sharply. Net income increased to $28.4 million from $7.1 million, and net income margin expanded to 14.4% from 4.7%. Adjusted EBITDA reached $36.6 million, up $16.9 million, with adjusted EBITDA margin rising to 18.6% from 12.9%.
Gross margin reached 75.2%, an increase of 820 basis points. However, 780 basis points of the improvement came from IEEPA tariff refunds, with additional benefits from pricing and efficiencies partially offset by higher tariffs. FIGS’ adjusted EBITDA calculation excludes $7.9 million of refunds associated with tariffs on goods sold in the prior fiscal year.
The stronger quarter prompted FIGS to raise its full-year outlook. The company now expects approximately 20% net revenue growth for 2026 and an adjusted EBITDA margin of 14.8% to 15%. Its board also increased the company’s share repurchase authorization by another $100 million.
KEY QUOTES:
“FIGS’ exceptional Q2 performance was powered by strong, ongoing traction across the business, with outperformance on both the top and bottom lines. We delivered our third straight quarter of 25%-plus net revenues growth, our net revenues per active customer exceeded COVID-era highs, and our adjusted EBITDA margin grew significantly to 18.6%.”
“Most notably, our success did not just come from one area of the business, but instead was broad-based across categories, geographies and channels.”
Trina Spear, CEO and Co-Founder of FIGS
“We are once again demonstrating the power of our business model to combine growth and profitability. In Q2, our topline strength continued with growth of 28.8%. Concurrently, we grew our adjusted EBITDA margin to 18.6%, driven by strong overall expense leverage and ongoing efficiency efforts, and excluding the benefit of IEEPA tariff refunds related to the prior year period.”
“Due to the clear momentum in our business, we are not only passing through the upside of our Q2 results, we are also layering in increased expectations for the second half of the year.”
Sarah Oughtred, CFO of FIGS
