FIGSHIGH SIGNALFINANCIAL10-K

FIGS reported substantially higher revenue alongside a dramatic 94% reduction in share buybacks, signaling a major shift in capital allocation strategy.

The revenue growth represents a meaningful expansion of the business, but investors should note the company has virtually eliminated share repurchases while reducing capital expenditures by half. This suggests management may be prioritizing cash preservation or redirecting resources toward other strategic initiatives rather than returning capital to shareholders.

Comparing 2026-02-26 vs 2025-02-27View on EDGAR →
FINANCIAL ANALYSIS

FIGS demonstrated strong top-line growth with revenue expanding substantially, while gross profit grew more modestly at 12%, indicating potential margin compression. The balance sheet strengthened with 16% growth in both stockholders' equity and current assets, though operating cash flow declined 25% and the company pulled back significantly on both capital expenditures and share repurchases. Overall, the financial picture shows a growing business that has shifted to a more conservative capital allocation approach.

FINANCIAL STATEMENT CHANGES
Share Buybacks
Cash Flow
-94.1%
$45.5M→$2.7M

Buyback activity reduced 94.1% — capital being redeployed elsewhere or cash conservation underway.

Revenue
P&L
+59.5%
$263.1M→$419.6M

Strong top-line growth of 59.5% — accelerating demand or successful expansion into new markets.

Capital Expenditure
Cash Flow
-52%
$17.0M→$8.2M

Capex reduced 52% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Operating Cash Flow
Cash Flow
-24.6%
$81.2M→$61.2M

Operating cash flow softened — monitor whether temporary working capital timing or structural deterioration.

Accounts Receivable
Balance Sheet
-19.3%
$6.6M→$5.4M

Receivables declined — improved collection efficiency or conservative revenue recognition.

Current Assets
Balance Sheet
+16.9%
$382.8M→$447.3M

Current assets grew 16.9% — improving short-term liquidity or inventory/receivables build.

Stockholders Equity
Balance Sheet
+16%
$377.1M→$437.5M

Equity base grew 16% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Total Assets
Balance Sheet
+13.8%
$509.8M→$580.0M

Asset base grew 13.8% — expansion through organic growth, acquisitions, or capital deployment.

Gross Profit
P&L
+11.8%
$375.6M→$419.8M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Inventory
Balance Sheet
+10.5%
$115.8M→$128.0M

Inventory built 10.5% — monitor whether demand supports this build or if write-downs may follow.

LANGUAGE CHANGES
NEW — 2026-02-26
PRIOR — 2025-02-27
ADDED
As of February 13, 2026, there were 158,093,481 shares of the Registrant s Class A common stock, par value $0.0001, outstanding and 8,283,641 shares of the Registrant s Class B common stock, $0.0001 par value per share outstanding.
Our ability to source and distribute our products, including our ability to do so profitably, is impacted by global trade policy.
By elevating scrubs and creating premium products for healthcare professionals that support them on and off-shift, we revolutionized the large and fragmented healthcare apparel market, branded a previously unbranded industry and de-commoditized a previously commoditized product.
Our differentiated approach to creating authentic and meaningful relationships with our community, including through impact and advocacy, has allowed us to build a growing base of approximately 2.9 million active customers as of December 31, 2025 who are passionate about and loyal to our brand.
Our Market Opportunity Demand for Healthcare Professionals is Projected to Grow.
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REMOVED
As of February 14, 2025, there were 154,236,572 shares of the Registrant s Class A common stock, par value $0.0001, outstanding and 8,283,641 shares of the Registrant s Class B common stock, $0.0001 par value per share outstanding.
We plan to expand into additional international markets over time, which will expose us to new and significant risks.
By elevating scrubs and creating premium products for healthcare professionals, we revolutionized the large and fragmented healthcare apparel market, branded a previously unbranded industry and de-commoditized a previously commoditized product.
Our differentiated approach to creating authentic and meaningful relationships with our community has allowed us to build a growing base of approximately 2.7 million active customers as of December 31, 2024 who are passionate about and loyal to our brand.
In line with our purpose-driven mission, giving back is ingrained in everything we do at FIGS and has been from the beginning.
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