Short answer
FIGS, Inc. (FIGS) filed its fiscal 2025 10-K annual report with the SEC on Feb 26, 2026. It reported revenue of $631M (+13.6% year over year) and net income of $34M.
- Top risk flagged: Regulatory risk: U.S. tariff policy changes increased product costs, negatively impacting gross margin by ~120 bps in 2025
FY2025 key financial metrics · XBRL
- Revenue
- $631M
- +13.6% YoY
- Net income
- $34M
- +1159.2% YoY
- Operating margin
- 6.0%
- +5.6 pp YoY
- Gross margin
- 66.5%
- −1.1 pp YoY
- EPS (diluted)
- $0.19
- +850.0% YoY
- ROE
- 7.8%
- +7.1 pp YoY
- Operating cash flow
- $61M
- −24.6% YoY
Source: XBRL data from the FIGS, Inc. (FIGS) FY2025 10-K on SEC EDGAR. USD.
FIGS, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: digitally native DTC healthcare apparel and lifestyle brand serving healthcare professionals with premium, technically advanced scrubs and complementary products
- New in 2025: launched FIGS Awesome Humans Foundation, a 501(c)(3) charity supporting healthcare professionals in crisis, scholarships, and nonprofits
- Strategic focus: expanded community engagement with 2.9M active customers and 5 physical Community Hubs enhancing brand loyalty and in-person experiences
- Quantitative highlight: Core scrubwear (17 styles, 10 colors) comprised >60% net revenues in 2025; return rate ~10% vs industry 30-40%
- Noteworthy fact: Donated $700,000 in 2025 through Threads for Threads and impact initiatives; extensive advocacy platform influencing policy in Washington, D.C.
Management Discussion & Analysis
- Marketing and operational expenses expected to rise, possibly outpacing revenue growth, threatening profitability
- No specific segment performance highlighted; emphasis on challenges in US and international expansion
- Forward-looking risks: growth sustainability, competition, managing expansion, brand reputation, international market complexities, and shipping disruptions
Risk Factors
- Regulatory risk: U.S. tariff policy changes increased product costs, negatively impacting gross margin by ~120 bps in 2025
- Macroeconomic risk: Sustained inflation pressures reduced consumer spending frequency, contributing to softer sales trends in 2025
- Supply chain risk: Elevated inventory levels during ocean transit volatility led to inventory write-offs, increasing cost of goods sold by 17.4% in 2025
- Competitive risk: Reliance on differentiated core scrubwear fabric technology FIONx heightens exposure if competitors develop superior medical apparel materials
- Financial risk: Credit facility extended to 2030 with $100M limit; no borrowings except $8.4M letters of credit, maintaining $91.6M borrowing availability as of Dec 2025
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