Slide 1: Q4 and Full Year 2025 Earnings Presentation
Q4 and Full Year 2025 Earnings Presentation MAURICIO G., MD
Slide 2: Disclaimer
DIS CL AIMER Nothing contained in this presentation is, or should be construed as, a recommendation, promise or representation by FIGS, Inc. (the “Company”) or any officer, director, employee, agent or advisor of the Company. This presentation does not purport to be all inclusive or to contain all o
Slide 3: Our Mission
OUR M IS S ION To celebrate, empower, & serve those who serve others EARNINGS 3 PRESENTATION
Slide 4: Why FIGS?
W H Y FIG S? • Large, replenishment-driven sector with strong long-term growth fundamentals • Disrupting the healthcare apparel industry globally with best- in-class product and storytelling that centers around an underserved community • Sustainable brand differentiators within marketing, product in
Slide 5: FY 2025 at a Glance
FY 2025 at a Glance • Delivered year-over-year net revenues growth of 14% in FY 2025, exceeding our N ET REVEN UES outlook and underscored by net revenues growth of 33% in Q4 2025 o Average order value (“AOV”)(1) increased 6% to $120 o Active customers(1) grew 9% to 2.9 million, supported by strong
Slide 6: Key Operating Metrics
K E Y OPE R A T IN G M E T R IC S (1) (1) Active Customers Net Revenues Per Active Customer (T RAI LI N G T W ELV E MON T HS, I N T HOU SAN DS) (T RAI LI N G T W ELV E MON T HS) 3,500 +9% $225 YOY 2,921 $221 3,000 +4% 2,670 $220 2,593 YOY 2,500 2,294 $216 $215 2,000 1,500 $210 $210 $208 1,000 $205 5
Slide 7: Key Operating Metrics
K E Y OPE R A T IN G M E T R IC S (1) Average Order Value (AOV) $130 +9% YOY $127 $126 $124 +6% YOY $121 $120 $118 $116 $115 $115 $113 $112 $112 $109 $106 $103 $100 2022 2023 2024 2025 Q4'24 Q4'25 (1) AOV is a key operational and business metrics that is important to understanding our performance. S
Slide 8: Diversified Growth Strategy
DIV E R SIFIE D G R OW T H ST R A T E G Y Product Innovation Community & Engagement Continued disruption and technical innovation Drive awareness and engagement through across styles, categories, and fabrications to powerful, purposeful storytelling, and better serve our healthcare professionals. un
Slide 9: Product Innovation
Product Innovation We introduced new products across the layering system designed for maximum comfort, versatility, and durability, including: • FORMx Expansion: We expanded our FORMx franchise with new offerings, building on strong early traction for this high-stretch, high-comfort fabric platform
Slide 10: Build and Deepen Connection with Community
Build and Deepen Connection with Community WHERE DO YOU WEAR FIGS HOLIDAY We celebrated the Holiday season with the last installment of our year-long Where Do You Wear FIGS campaign. Our community felt seen as we reflected the unique reality of being a healthcare professional during one of the busie
Slide 11: Impact
Impact LAUNCHED FIRST-OF-ITS-KIND AWESOME HUMANS FOUNDATION From day one, FIGS has been focused on improving the lives of healthcare professionals— through products, storytelling, community and impact. We’ve now taken our impact to the next level with our all-new 501(c)(3) non-profit, the Awesome Hu
Slide 12: Expanding Global Presence
I NT ER NAT I ONAL Expanding Global Presence Disrupting global healthcare apparel with product innovation, powerful top of funnel marketing campaigns and localized engagement with the community • Opportunity: over 80% of global healthcare professionals are outside the U.S. yet represented only 16% a
Slide 13: Serving Healthcare Institutions
T EAM S Serving Healthcare Institutions Serving hospitals, medical offices, and concierge clinics to professionalize and standardize their teams • Opportunity: ~15% of the U.S. scrubs industry has historically been driven by institutions buying for their teams, while the commercialization of healthc
Slide 14: Creating Community Presence
C OM M UNI T Y H UBS Creating Community Presence Executing a retail strategy that enables healthcare professionals to connect with FIGS and their peers • Opportunity: over 60% of non-FIGS customers want to try and feel a product before a purchase. • Continue to see compelling trends with 40% of Hub
Slide 15: Why FIGS?
W H Y FIG S? Large Industry Sector with Strong Long Sustainable Differentiators Term Growth Fundamentals • Largely non-discretionary, replenishment-driven industry with nearly 24 million • Authentic, category-defining brand with deeply passionate, loyal community workers in the U.S.(1) • Industry le
Slide 16: Financials
Financials EARNINGS 16 PRESENTATION
Slide 17: Q4 and FY 2025 Net Revenues
Q 4 A N D FY 2025 N E T R E V E N UE S (IN MIL L ION S ) Q4 2025 SCRUBWEAR / NON-SCRUBWEAR NET REVENUES MIX AND YOY GROWTH +14% $700 YOY 23%, $631.1 +26% YOY $600 $555.6 $545.6 77%, $505.8 +35% YOY $500 $400 Scrubwear Non-Scrubwear Q4 2025 US / INTERNATIONAL $300 +33% NET REVENUES MIX AND YOY GROWTH
Slide 18: Q4 and FY 2025 Gross Margin
Q 4 AN D FY 2025 G R OSS M A R G IN 71% 70.1% 70% The decrease in gross margin 69.1% 69% compared to Q4 2024 included two expected headwinds for the 68% 67.6% period: sequentially higher tariff 67.3% 67% pressure and the lapping of a 66.5% sizeable one-time benefit from 66% duty drawback claims in t
Slide 19: Q4 and FY 2025 Operating Expense
Q 4 A N D FY 2025 OPE R A TING E X PE N S E 67.2% 60.5% 61.4% 53.6% The decrease in selling expense in Q4 2025 as 70% 70% a percentage of net revenues primarily reflects our continued success with our fulfillment center 60% 60% optimization efforts as well as outbound freight 25.5% mix and rate impr
Slide 20: Q4 and FY 2025 Profitability
Q 4 A N D FY 2025 PR OFIT A BIL IT Y Net Income Margin (% OF N ET REV EN U ES) 10% 9.2% 8% 6% 5.4% 4.2% 4.1% 4% 2% 1.2% 0.5% 0% -2% FY'22 FY'23 FY'24 FY'25 Q4'24 Q4'25 (1) Adjusted EBITDA Margin (% OF N ET REV EN U ES) 20% 17.2% 15.8% 15% 13.9% 13.2% 11.8% 10% 9.3% 5% 0% FY'22 FY'23 FY'24 FY'25 Q4'2
Slide 21: 2025 Balance Sheet and Cash Flow Results
2025 BA L A N C E SH E E T A N D C A SH FL OW R E SUL T S Cash, Cash Equivalents & Short-Term Investments Cash Flow Changes (FOR T HE YT D P ERI OD EN DED DEC EMB ER 3 1 , 202 5 ) 350 $39.1 -$12.2 -$8.2 $5.4 -$2.7 $300.8 $300.8 300 $34.3 ( $ IN M ILLION S, U N A U D ITED ) $245.1 ( $ IN M ILLION S,
Slide 22: Full Year 2026 Outlook
Full Year 2026 Outlook “ FIGS’ fourth quarter performance capped off a remarkable 2025, driven by execution that gained steady N ET REVEN UES GR OWT H VS . 2 025 momentum throughout the year. Our 33% surge in Q4 net revenues was driven by successes across virtually every part of the business, while
Slide 23: Appendix
Appendix EARNINGS 23 PRESENTATION
Slide 24: Non-GAAP Financial Measures and Key Operating Metrics
N ON - GAAP F IN AN CIAL MEAS U RES AN D K EY OP ER AT IN G MET RICS Included in this presentation are certain financial measures that are not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”) and which are designed to supplement, and not as a substitute for, the C
Slide 25: Non-GAAP Financial Measures and Key Operating Metrics (Cont.)
N ON - GAAP F IN AN CIAL MEAS U RES AN D K EY OP ER AT IN G MET RICS (CON T .) The following table presents a reconciliation of adjusted EBITDA to net income, which is the most directly comparable financial measure calculated in accordance with GAAP, and presents adjusted EBITDA margin with net inco
Slide 26: Non-GAAP Financial Measures and Key Operating Metrics (Cont.)
N ON - GAAP F IN AN CIAL MEAS U RES AN D K EY OP ER AT IN G MET RICS (CON T .) The Company has also included herein “active customers,” “net revenues per active customer” and “average order value,” which are key operational and business metrics that are important to understanding Company performance