- FIGS reported Q3 2026 sales of US$190.69 million and net income of US$19.28 million, with basic EPS from continuing operations at US$0.12 and diluted EPS at US$0.10. For the first nine months of 2026, the business recorded US$547.21 million in sales and US$53.95 million in net income.
- Beyond headline figures, FIGS showed broad-based strength with year over year gains in active customers and average order value, rising international contributions toward roughly 20% of revenue, and higher profitability margins. These results led management to raise the full year 2026 outlook.
- We will look at how FIGS's investment narrative is affected by this earnings beat and the raised full year outlook.
Scan how FIGS compares with other healthcare and consumer brands showing strong momentum by reviewing our curated list of 19 high quality undiscovered gems in this corner of the market.
FIGS Investment Narrative Recap
To own FIGS, an investor needs to believe the brand can keep converting more of healthcare workers’ uniform budgets into its own sales while protecting margins. The latest quarter, with higher sales, net income and EPS versus a year ago, supports that operating thesis. Right now, the key short term catalyst is continued execution in international, non scrubwear and TEAMS B2B, which all depend on product, marketing and fulfillment staying tight.
The main near term risk still sits in costs and supply chain. Rising freight surcharges, tariffs or renewed import restrictions could eat into the improved net income margin of 10.1% and the 16.5% adjusted EBITDA margin that FIGS just reported. If shipping or sourcing becomes more expensive or constrained, it could slow investment in marketing, new categories and overseas expansion, even if demand indicators like active customers and average order value remain healthy.
The most relevant fresh data point is FIGS lifting its full year 2026 outlook off the back of this quarter. Management now has nine month sales of US$547.21 million and net income of US$53.95 million to measure against earlier expectations, which gives a clearer read on how the business is handling freight, tariffs and prior supply chain issues in real time.
That raised view, paired with Q3 margins, directly ties into the core catalysts investors watch, such as international revenue now trending toward 20% of sales and growth in categories beyond core scrubs. It also sharpens the execution bar. If TEAMS partnerships, Community Hubs and product launches keep supporting both revenue and profitability from here, the outlook backing that updated guidance appears more consistent with recent performance. If cost pressures or sourcing hurdles flare up again, the risk is that recent margin gains prove harder to sustain.
What The Current FIGS Forecasts Are Asking You To Believe
FIGS' narrative projects US$949.6 million in revenue and US$78.4 million in earnings by 2029, based on analysts' assumption of 10.2% yearly revenue growth and an earnings increase of about US$16.5 million from earnings today of US$61.9 million.
Uncover why FIGS' fair value suggests a valuation that is roughly in line with its current price.
Exploring Other Perspectives
One bearish twist on FIGS focuses on a potential slowdown in new customer acquisition. Those analysts were pencilling in revenue of about US$960.0 million and earnings of roughly US$76.6 million by 2029, which is only slightly below consensus. That more cautious story may look different once this latest earnings beat is fully digested, so explore both sides before deciding what feels reasonable to you.
Explore 4 other FIGS fair value estimates, including one that suggests there could be as much as 75% downside from the current price.
Decide For Yourself
Don't just follow the ticker; dig into the data and build a conviction that's truly your own.
- A great starting point for your FIGS research is our analysis highlighting 1 key reward and 1 important warning sign that could impact your investment decision.
- See our latest analysis for FIGS. The report includes a comprehensive fundamental analysis summarized in a single visual, the Snowflake, making it easy to evaluate FIGS' overall financial health at a glance.
Looking for more investment ideas beyond FIGS?
Once you have formed a view on FIGS, it can help to cross check that thinking against other opportunities with different risk and income profiles using the Simply Wall St Screener.
- For investors who want stability first and foremost, scan a 29 resilient stocks with low risk scores that may align better with a more defensive approach.
- If balance sheet strength matters most to you, focus on companies in our list of solid balance sheet and fundamentals (24 results) and compare their financial foundations with what you see at FIGS.
- For those prioritising income over price swings, narrow the field to potential yield plays through a curated 8 dividend fortresses that can sit alongside a position in FIGS or replace it entirely in your watchlist.
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