Figs’ second quarter saw robust momentum, with management attributing the positive results to broad-based growth across product categories, channels, and geographies. CEO Trina Spear highlighted that active customer growth, record average order value, and expanding market share were key contributors. The company’s ability to drive both new and returning customer engagement, supported by successful marketing campaigns and replenishment-driven purchasing, helped underpin net revenues per active customer reaching an all-time high. Management also credited improved full-price selling, lower return rates, and operational efficiencies for the substantial margin expansion achieved during the period.
Is now the time to buy FIGS? Find out in our full research report (it’s free for active Edge members).
Figs (FIGS) Q2 CY2026 Highlights:
- Revenue: $196.6 million vs analyst estimates of $186.1 million (28.8% year-on-year growth, 5.6% beat)
- Adjusted EPS: $0.11 vs analyst estimates of $0.07 (66.9% beat)
- Adjusted EBITDA: $36.59 million vs analyst estimates of $25.18 million (18.6% margin, 45.3% beat)
- Operating Margin: 17.9%, up from 6.5% in the same quarter last year
- Active customers: 3.1 million, up 360,000 year on year
- Market Capitalization: $2.40 billion
While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From Figs’s Q2 Earnings Call
- Robert Drbul (BTIG): asked about drivers of new and returning customer growth. CEO Trina Spear cited product quality, viral marketing campaigns, and the replenishment nature of healthcare apparel, emphasizing word-of-mouth as unique to the industry.
- Brooke Roach (Goldman Sachs): inquired about the impact of the V Coterie acquisition on category expansion. Spear described it as a “TAM creation opportunity,” enabling personalization and emotional connection with customers.
- Matt Koranda (ROTH Capital): questioned the sustainability of average order value gains. CFO Sarah Oughtred explained that pricing actions and lower discounting were primary drivers, with continued strength expected until those increases annualize next year.
- Ashley Owens (KeyBanc): asked about mitigating the supply chain disruption in Jordan. Spear and Oughtred said FIGS had shifted production to other partners and expedited shipments, minimizing potential inventory gaps.
- Adrienne Yih-Tennant (Barclays): pressed on long-term growth vectors. Spear ranked international, community hubs (retail stores), and TEAMS (institutional sales) as key areas for future expansion, all still in early stages.
Catalysts in Upcoming Quarters
In upcoming quarters, the StockStory team will be watching (1) the pace of international customer adoption and local market performance, (2) execution of new product and collaboration launches that drive higher order values and customer frequency, and (3) the impact of supply chain adaptations and cost controls on margins. Progress in retail store expansion and institutional sales channels will also be closely monitored as indicators of multi-channel growth.
Figs currently trades at $14.58, up from $11.24 just before the earnings. Is there an opportunity in the stock? The answer lies in our full research report (it’s free).
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