FIGS reported third‑quarter 2025 revenue of $151.7 million, up 8.2 % from $140.2 million in Q3 2024. The increase was driven by a 8.4 % rise in scrubwear sales to $127.0 million and a 7.2 % rise in non‑scrubwear to $24.6 million, reflecting continued demand for its core product lines.
Gross margin expanded to 69.9 %, a 280‑basis‑point lift from 67.9 % in the prior year, while adjusted EBITDA margin rose to 12.4 % from 3.4 % in Q3 2024. Net income of $8.7 million, a turnaround from a $1.7 million loss in Q3 2024, gave a net income margin of 5.8 %.
Earnings per share of $0.05 beat the consensus of $0.02 by $0.03, a 150 % over‑performance. The beat was largely driven by disciplined cost management that kept operating expenses in line with revenue growth, and by a favorable product mix that increased the share of higher‑margin scrubwear.
Management raised its full‑year 2025 revenue outlook to a 7 % increase versus 2024 and lifted the adjusted EBITDA margin target to 10.3 %. The guidance lift signals confidence that the company can sustain the current demand trajectory and continue to improve profitability despite tariff headwinds.
Investor reaction was mixed, with analysts noting the strong earnings beat but expressing caution over FIGS’ high valuation multiples and ongoing tariff pressures that could compress margins in the near term.
CEO Trina Spear said the quarter demonstrated “the strongest revenue growth over the past two years” and highlighted the company’s ability to “maintain healthy gross margins despite tariff headwinds.” CFO Sarah Oughtred added that the firm’s “year‑to‑date performance shows we are executing strongly against plan and driving improved consistency across the business.”
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