FIGS (FIGS) Earnings Date & Reports

Key Takeaways

• FIGS, Inc. reports third quarter 2026 results on Thursday, November 5, 2026, after the U.S. market close.
• Wall Street consensus calls for earnings per share (EPS) of $0.07 and net revenue of roughly $183 million.
• That revenue forecast implies about 20% year-over-year growth, consistent with management's own Q3 guidance.
• The company enters the report on a three-quarter streak of 25%-plus revenue growth, including Q2 2026 revenue of $196.6 million (up 29%).
• Investors will focus on active customers, average order value (AOV), international expansion, and gross margin trends.

Earnings Context and Why It Matters

FIGS, Inc. (NYSE: FIGS) is a direct-to-consumer healthcare apparel brand that sells scrubs and related products to medical professionals. This report matters because it tests whether the company's recent momentum can hold. FIGS posted its third consecutive quarter of 25%-plus revenue growth in Q2 2026, driven by a record 3.1 million active customers, a record average order value (AOV, the average amount spent per order) of $127, and a 67% surge in international revenue. Management raised full-year guidance on the strength of those results. At the same time, the Q3 outlook implies a step down in growth, and gross margins face pressure from airfreight costs and a supply disruption in Jordan. The report will show whether profitable growth remains on track.

Earnings Expectations

Analysts expect FIGS to report EPS of $0.07 for the third quarter ended September 30, 2026, within a tight range of $0.07 to $0.08. Consensus revenue stands near $183 million (roughly $182.9 million), with individual estimates ranging from about $182 million to $186 million. That midpoint represents approximately 20% growth from the $151.7 million reported in the year-ago quarter.

Management's guidance aligns closely with those figures. On its Q2 call, FIGS guided to Q3 revenue growth of about 20% and a Q3 adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) margin of roughly 14%. For context, Q2 2026 revenue of $196.6 million grew 29% and diluted EPS of $0.15 handily beat the $0.07 consensus, while Q1 2026 EPS of $0.03 also topped estimates.

Beyond the headline numbers, investors will track active customers (3.1 million in Q2, up 13%), AOV, net revenue per active customer ($229), and international revenue, which grew 67% to $37.9 million.

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Market Reaction and Investor Sentiment

Sentiment heading into this report is cautiously optimistic but guarded. FIGS shares have been notably volatile around earnings. After Q1 2026 results, the stock dropped more than 20% on concerns about cautious full-year guidance and moderating growth, even though the quarter beat estimates. The Q2 2026 report, by contrast, delivered a strong beat and a guidance raise, yet the stock has since drifted lower, with a negative post-earnings drift of roughly 13% measured since the August 6 release.

Key risks heading into the print include the expected deceleration to about 20% growth, gross margin pressure from expedited airfreight tied to a supply disruption in Jordan, and the fact that a portion of Q2's margin strength reflected a one-time tariff refund that will not repeat at the same scale.

Forward Outlook and Key Factors to Monitor

For the full year, FIGS now expects revenue growth of about 20%, up from a prior range of 14% to 16%. Management guided to a GAAP (Generally Accepted Accounting Principles) gross margin near 69.5%, an operating margin of about 10.8%, and an adjusted EBITDA margin of 14.8% to 15%, figures that include tariff refund benefits.

Investors should watch the implied fourth-quarter deceleration. Management's guidance points to roughly 20% Q3 growth followed by about 10% growth in Q4, making the holiday period and any commentary on 2027 a critical signal for whether momentum can be sustained.

Several drivers are worth monitoring. International expansion remains a central growth story, with 27 new markets added year-to-date. Non-scrubwear, which grew 40% in Q2 and now represents nearly 20% of revenue, is another key lever. On the cost side, the company has assumed a 12.5% Section 301 tariff rate and plans additional airfreight, both of which could weigh on near-term margins. With net cash of about $296 million and a new $100 million share repurchase authorization, capital allocation and buyback activity will also be in focus.

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