$FIGS

FIGS, Inc.

CIK:0001846576|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Statement of Comprehensive Income [Abstract]
Net revenues	$ 196,619	$ 152,640	$ 356,521	$ 277,541
Cost of goods sold	48,764	50,394	100,368	90,836
Gross profit	147,855	102,246	256,153	186,705
Operating expenses
Selling	43,702	34,433	80,141	67,111
Marketing	28,511	23,151	58,004	41,307
General and administrative	40,380	34,747	78,263	68,583
Total operating expenses	112,593	92,331	216,408	177,001
Net income from operations	35,262	9,915	39,745	9,704
Other income, net
Interest income	2,145	2,119	4,384	4,195
Other expense	(526)	(3)	(803)	(4)
Total other income, net	1,619	2,116	3,581	4,191
Net income before provision for income taxes	36,881	12,031	43,326	13,895
Provision for income taxes	8,502	4,932	8,659	6,898
Net income	$ 28,379	$ 7,099	$ 34,667	$ 6,997
Earnings attributable to Class A and Class B common stockholders
Basic earnings per share (in USD per share)	$ 0.17	$ 0.04	$ 0.21	$ 0.04
Diluted earnings per share (in USD per share)	$ 0.15	$ 0.04	$ 0.18	$ 0.04
Weighted-average shares outstanding
Weighted-average shares outstanding—basic (in shares)	166,467,633	162,683,329	166,463,880	162,575,259
Weighted-average shares outstanding—diluted (in shares)	195,139,642	172,929,960	195,614,990	173,517,269

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 34,667	$ 6,997
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization expense	5,782	4,152
Deferred income taxes	12	102
Non-cash operating lease cost	4,959	4,805
Stock-based compensation	12,181	14,856
Accretion of discount and accrued interest on available-for-sale securities	(329)	(2,089)
Realized gains on available-for-sale securities	(45)	0
Issuance of Class A Common Stock in exchange for services	238	0
Changes in operating assets and liabilities:
Accounts receivable	(17,022)	(386)
Inventory	8,409	(19,769)
Prepaid expenses and other current assets	(1,587)	3,149
Other assets	478	243
Accounts payable	(9,190)	9,536
Accrued expenses	19,000	(19,582)
Accrued compensation and benefits	(6,653)	1,690
Sales tax payable	(355)	(203)
Gift card liability	379	419
Deferred revenue	(2,254)	(1,616)
Returns reserve	(90)	(871)
Income tax payable	(872)	308
Operating lease liabilities	(4,137)	(4,936)
Other non-current liabilities	82	0
Net cash (used in) provided by operating activities	43,653	(3,195)
Cash flows from investing activities:
Purchases of property and equipment	(5,026)	(2,399)
Purchases of available-for-sale securities	(170,734)	(136,598)
Maturities and sales of available-for-sale securities	201,861	110,100
Other investing activities	(1,377)	(201)
Net cash (used in) provided by investing activities	24,724	(29,098)
Cash flows from financing activities:
Repurchases of Class A Common Stock	(32,819)	(2,688)
Proceeds from stock option exercises and employee stock purchases	830	185
Payments for taxes related to net share settlement of equity awards	(9,758)	0
Net cash used in financing activities	(41,747)	(2,503)
Effect of foreign currency exchange rate changes on cash and cash equivalents	(76)	0
Net increase (decrease) in cash and cash equivalents	26,554	(34,796)
Cash and cash equivalents, beginning of period	81,985	85,645
Cash and cash equivalents, end of period	108,539	50,849
Supplemental disclosures:
Property and equipment included in accounts payable and accrued expenses	$ 134	$ 124

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 108,539	$ 81,985
Short-term investments	187,750	218,863
Accounts receivable	23,293	6,271
Inventory, net	119,557	127,966
Prepaid expenses and other current assets	13,787	12,200
Total current assets	452,926	447,285
Non-current assets
Property and equipment, net	33,396	33,938
Operating lease right-of-use assets	53,976	57,134
Deferred tax assets	12,175	12,187
Investment in equity securities	27,735	27,735
Other assets	2,469	1,717
Total non-current assets	129,751	132,711
Total assets	582,677	579,996
Current liabilities
Accounts payable	9,064	18,187
Operating lease liabilities	9,003	8,175
Accrued expenses	39,529	20,529
Accrued compensation and benefits	10,541	17,194
Sales tax payable	3,911	4,266
Gift card liability	12,496	12,117
Deferred revenue	1,736	3,990
Returns reserve	4,081	4,171
Income tax payable	1,022	1,894
Total current liabilities	91,383	90,523
Non-current liabilities
Operating lease liabilities, non-current	48,665	51,829
Other non-current liabilities	264	182
Total liabilities	140,312	142,534
Commitments and contingencies (Note 10)
Stockholders’ equity
Preferred stock — par value $0.0001 per share, 100,000,000 shares authorized as of June 30, 2026 and December 31, 2025; zero shares issued and outstanding as of June 30, 2026 and December 31, 2025	0	0
Additional paid-in capital	309,198	338,526
Accumulated other comprehensive income (loss)	(240)	196
Retained earnings	133,391	98,724
Total stockholders’ equity	442,365	437,462
Total liabilities and stockholders’ equity	582,677	579,996
Class A Common Stock
Stockholders’ equity
Common stock	16	16
Class B Common Stock
Stockholders’ equity
Common stock	$ 0	$ 0