FIGS (FIGS) Q2 2026 Earnings Call Transcript
FIGS, Inc. (FIGS) reported Q2 2026 net revenues of $196.6 million, up 28.8%, driven by higher order volume and record average order values. Scrubwear revenue rose 26.5% to $161.2 million. Gross margin was 75.2% and net income $28.4 million. The company raised FY2026 net revenue guidance to about 20% growth and EBITDA margin to 14.8% to 15.0%.
How this was made
The 30-second read
Why it matters
The key tradable items are the raised FY2026 net revenue growth outlook (~20% vs prior 14% to 16%), lifted adjusted EBITDA margin range (14.8% to 15.0% vs prior 13% to 13.2%), and the operational drivers behind gross margin and cash improvement, offset by a customs withhold release order risk.
Market read
Traders can update models immediately using the raised FY2026 growth and margin ranges, while monitoring the customs withhold release order that could disrupt U.S. imports.
What to watch
Q4 is guided as the lowest gross margin quarter of the year, and import restrictions tied to a Jordan partner may force costly mitigation (airfreight, partner switching) that could pressure margins later.
Background
FIGS held its Q2 fiscal 2026 earnings call, reporting results and updating full-year and quarterly growth and margin guidance.
Ticker impact
FIGS reported Q2 2026 net revenues of $196.6M, raised FY2026 net revenue growth guidance to ~20%, and lifted adjusted EBITDA margin to 14.8% to 15.0%.
Bias toward upside revisions and higher multiple if investors believe tariff refunds are repeatable and customer growth sustains.
The article provides multiple concrete, decision-relevant datapoints: raised full-year growth and margin ranges, improved gross margin with IEEPA tariff refunds, and active customer growth. It also flags a U.S. Customs withhold release order risk that could disrupt imports, partially offsetting the positive read-through.
Market effects
Improves sentiment for direct-to-consumer healthcare apparel names by highlighting operating leverage and margin recovery drivers (tariff refunds, shipping rates, marketing efficiency).
International growth acceleration (67% international net revenue growth) supports the narrative that non-U.S. demand is becoming a larger earnings driver.
Tariff and customs enforcement dynamics (IEEPA/WRO) underscore supply-chain and policy risk that can affect apparel importers broadly.
Counterpoint
Tariff-refund-driven gross margin expansion may not be durable, and the U.S. withhold release order could create recurring inventory and fulfillment volatility.
Key entities
- companyFIGS, Inc.
Reported Q2 2026 results, raised FY2026 guidance, and discussed customs import restrictions and tariff-refund impacts.
- customer/partnerBupa Dental Care
Onboarded via FIGS TEAMS platform, outfitting nearly 400 UK dental centers.
- acquisition target/brandV Coterie
FIGS confirmed acquisition to expand personalized healthcare jewelry/accessories offerings.
