FIGS (FIGS) Earnings Date & Reports

Key Takeaways

• FIGS is scheduled to report second quarter 2026 financial results on Thursday, August 6, 2026, after the U.S. market closes.
• Wall Street consensus estimates project earnings per share (EPS) of approximately $0.07 and revenue near $186 million, reflecting year-over-year revenue growth in the low-20% range.
• The company enters the print with strong momentum: Q1 2026 revenue surged 28% year-over-year to $159.9 million, and active customers surpassed 3 million for the first time.
• Tariff exposure, particularly the Section 122 tariff on Chinese imports, remains a central concern that could pressure gross margins in the second quarter and beyond.
• FIGS shares have declined roughly 28% over the past three months despite consecutive earnings beats, signaling investor anxiety around forward guidance and cost headwinds.
• Full-year 2026 guidance was raised in May to 14%–16% revenue growth, with adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) margins targeted at 13.0%–13.2%.

Earnings Context and Why It Matters

FIGS, the direct-to-consumer healthcare apparel brand that transformed medical scrubs into a lifestyle category, reports its second quarter 2026 results at a pivotal moment. The company is coming off a standout Q1 in which revenue grew 28% year-over-year, active customers crossed the 3 million mark, and both scrubs and non-scrubwear categories posted double-digit growth. Yet the stock has been punished, trading near $9.50—well below its 52-week high of $17.48—as markets weigh accelerating growth against mounting tariff costs and a softening consumer discretionary backdrop. This earnings report will test whether FIGS can sustain its top-line trajectory while protecting profitability, making it one of the more consequential quarterly updates in the company's post-IPO history.

Earnings Expectations

Analyst consensus for Q2 2026 points to EPS of roughly $0.07 on revenue of approximately $186 million, according to data aggregated by multiple research platforms. This compares to Q2 2025 actuals of $0.04 EPS and $152.6 million in revenue, implying year-over-year revenue expansion in the low-20% range—consistent with the company's own guidance issued during its Q1 call. Management previously indicated Q2 adjusted EBITDA margin would come in around 13.5%, up from 12.9% in the prior-year period.

Gross margin will be a closely watched line item. FIGS posted a 67.7% gross margin in Q1 2026, a modest 10-basis-point improvement year-over-year, but has cautioned that Q2 gross margin is likely to decline modestly relative to the 67% recorded in Q2 2025. The primary culprit is the Section 122 tariff on Chinese-imported goods, which management's guidance assumes at 10% through July 24 before stepping up to 15% thereafter. Investors will also focus on active customer growth (which hit 12% year-over-year in Q1), average order value (AOV), and international revenue—which surged 50% in the first quarter driven by expansion in Canada and the Middle East.

FIGS has a strong track record of exceeding consensus expectations: the company has beaten EPS estimates in five of the past six quarters, including a 200% surprise in Q1 2026. However, the stock fell nearly 20% following that beat, underscoring that the market's reaction hinges as much on forward guidance and margin commentary as on the headline numbers themselves.

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Market Reaction and Investor Sentiment

Investor sentiment heading into the August 6 report is decidedly cautious. Despite FIGS delivering back-to-back earnings beats in Q4 2025 and Q1 2026—with revenue surprises of 22% and 5%, respectively—the stock has shed approximately 28% over the trailing three months and sits roughly 14% lower year-to-date. The post-Q1 selloff of nearly 20% in a single session revealed that the market is far more focused on tariff-driven margin compression risk, elevated marketing expenditures, and inventory levels than on headline revenue growth.

Short interest stands at roughly 9.2% of the public float, reflecting a sizable contingent of bearish bets. Meanwhile, the analyst community maintains a consensus Moderate Buy rating with an average 12-month price target near $16—implying roughly 60% upside from current levels—though price targets range widely from $7.50 to $22.00. This dispersion highlights the genuine uncertainty around how effectively FIGS can navigate the tariff landscape while preserving its premium-brand positioning and direct-to-consumer economics. A guidance revision—upward or downward—could prove to be the decisive catalyst for the stock's next major move.

Forward Outlook and Key Factors to Monitor

Beyond the Q2 print, several themes will shape FIGS' trajectory through the remainder of fiscal 2026 and into 2027. The most immediate concern is the tariff environment. The Section 122 tariff rate is scheduled to increase to 15% in late July, and any further escalation—or an unexpected resolution—would directly impact cost of goods sold and gross margin assumptions. Management has built conservative scenarios into its guidance, but the situation remains fluid.

International expansion represents a significant growth lever. In Q1, international revenue grew 50% year-over-year to $28.3 million, and the company has signaled continued investment in Canada and the Middle East. If international momentum sustains at or near this pace, it could meaningfully diversify FIGS' revenue base and reduce its reliance on the maturing U.S. scrubwear market.

Product innovation and category expansion also warrant attention. The company's non-scrubwear segment—which includes lab coats, outerwear, compression socks, and footwear—grew 31% in Q1, its strongest performance in three years. Proprietary fabric technologies such as FIONx, FORMx, and FIBREx support a premium pricing strategy that differentiates FIGS from commodity competitors, but sustaining that differentiation requires consistent investment in research, design, and brand marketing.

Operational efficiency will be another critical factor. FIGS ended Q1 with $277 million in net cash and a manageable inventory position of $139.4 million, though inventory days remain elevated relative to management's target of approximately 200 days. The company's ability to improve fulfillment efficiency, optimize marketing spend, and drive operating leverage will determine whether adjusted EBITDA margins can reach the full-year target of 13.0%–13.2%—a key milestone in the profitability narrative.

Finally, investors should monitor the broader consumer discretionary spending environment. Healthcare professionals remain the core customer base, and while demand for medical apparel is historically less cyclical than other retail categories, macroeconomic pressures on disposable income could influence purchase frequency, AOV, and the rate of new customer acquisition in the quarters ahead.

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