NEW YORK, August 7, 2026, 17:04 EDT — Shares in FIGS NYSE:FIGS soared 27% as the company raised its outlook following a jump in customer numbers, while increased refunds contributed to higher margins.
- Shares finished Friday at $14.26, rising 26.9% on the day and 33.3% over the week.
- Revenue for the second quarter increased by 28.8%, with double-digit gains reported in both customer numbers and average customer spend.
- FIGS updated its 2026 revenue growth outlook, now expecting an increase of approximately 20%.
Shares in FIGS jumped on Friday after the company reported revenue ahead of expectations and raised its outlook sharply. The primary catalyst was broad-based demand, rather than just the headline profit margin.
The number of active customers increased by 13.2% to reach 3.1 million. Trailing revenue per active customer also climbed 10.1% to $229. This provided the company with two separate sources of growth.
However, the headline gross margin figure warrants scrutiny. Tariff refunds contributed 780 basis points to the reported gross margin. Excluding that impact, preliminary gross margin stood at approximately 67.4%, compared with 67.0% for the prior year.
The cash session at the New York Stock Exchange has ended. FIGS closed on Friday at $14.26, having reached an intraday high of $16.38. Trading volume was about 3.5 times the company’s average.
| Trading measure | Latest reading | Comparison |
|---|---|---|
| Friday close | $14.26 | Gained 26.9% |
| Weekly performance | Rose 33.3% | Close on July 31: $10.70 |
| Friday volume | 11.25 million | Average volume: 3.24 million |
| Friday high | $16.38 | 52-week peak: $17.48 |
Data from Friday’s close and previous prices indicate the majority of the week’s gain came after the earnings move.
Revenue for the second quarter totaled $196.6 million, exceeding the FactSet consensus of $186.2 million by $10.4 million. Net profit surged fourfold to $28.4 million.
| Operating measure | Q2 2026 | Q2 2025 | Change |
|---|---|---|---|
| Net revenue | $196.6 million | $152.6 million | Up 28.8% |
| Active customers | 3.1 million | 2.7 million | Increase of 13.2% |
| Trailing revenue per active customer | $229 | $208 | Rises 10.1% |
| Average order value | $127 | $117 | Higher by 8.5% |
| Reported gross margin | 75.2% | 67.0% | Increase of 820 basis points |
| Preliminary gross margin excluding refunds | 67.4% | 67.0% | 40 basis point increase |
| Reported adjusted EBITDA margin | 18.6% | 12.9% | Gain of 570 basis points |
| Preliminary no-refund EBITDA margin | About 14.8% | 12.9% | Approximately 190 basis point gain |
The initial estimate for EBITDA uses a tighter standard. FIGS posted $15.4 million in tariff refunds under cost of goods sold. The company’s adjusted EBITDA figure omits $7.9 million associated with previous-year sales. Excluding the leftover $7.5 million results in an approximate margin of 14.8%.
This still indicates significant operating leverage. Operating expenses accounted for 57.3% of revenue, down from 60.5%, even as costs in dollar terms increased by 21.9%.
Chief Executive Trina Spear said performance was “broad-based across categories, geographies and channels.” International revenue rose 67.0%. Sales outside scrubwear grew 40.3%. Business Wire
Management has raised its full-year guidance for the second time this year. The updated projection indicates approximately $757 million in revenue for 2026, using the 2025 base as a reference. This early estimate is about $32 million higher than the midpoint given in May’s outlook.
| Full-year measure | May outlook | August outlook | Revision |
|---|---|---|---|
| Revenue growth | 14%-16% | Roughly 20% | Increase of 4-6 points |
| Preliminary implied revenue | $719-$732 million | Approximately $757 million | Roughly $32 million higher than previous midpoint |
| Adjusted EBITDA margin | 13.0%-13.2% | 14.8%-15.0% | Midpoint up by 1.8 points |
The balance sheet provides further backing. As of June 30, FIGS reported $296.3 million in cash and short-term investments. The board also increased the repurchase authorization by $100 million, with about $119.2 million still available. Share repurchases are discretionary.
On Friday, analysts increased a number of targets, but opinions on recommendations were divided. The average of four chosen targets stood at $18, suggesting a potential upside of 26.2% from Friday’s closing price.
| Analyst firm | Recommendation | New target | Previous target | Upside to $14.26 |
|---|---|---|---|---|
| Telsey Advisory | Hold | $16 | $17 | 12.2% |
| Roth MKM | Buy | $18 | $17 | 26.2% |
| Goldman Sachs NYSE:GS | Hold | $16 | $14 | 12.2% |
| BTIG | Buy | $22 | $20 | 54.3% |
The updates to ratings and Friday targets followed the company’s quarterly report.
The coming week will show if the re-rating is sustained. FIGS has not posted any fresh items to its investor calendar. U.S. consumer inflation data is set for release on Wednesday, with July retail sales figures due on Friday. These reports have the potential to impact discount rates and shares in the consumer sector.
Risks: A withhold order issued by U.S. Customs impacts a Jordan-based supplier that accounts for roughly one-third of second-quarter output. FIGS anticipates challenges to revenue, inventory, and gross margin in the second half. Additional risks include new replacement tariffs and an elevated valuation.
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