Slide 1: Q2 2026 Earnings Presentation
Q2 2026 Earnings Presentation
Slide 2: Disclaimer
D IS C LA IM E R 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 a
Slide 3: Our Mission
O UR MIS S IO N To celebrate, empower, & serve those who serve others EARNINGS 3 PRESENTATION
Slide 4: Why FIGS?
W HY F IG 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 i
Slide 5: Q2 at a Glance
Q2 at a Glance • Delivered year-over-year net revenues growth of 29% in Q2 2026, exceeding our outlook o Average order value (“AOV”)(1) increased 9% to $127 N E T RE V E N U E S $196.6M o Active customers(1) grew 13% to 3.1 million o Scrubwear grew 27% (82% of net revenues); non-scrubwear grew 40% (
Slide 6: Key Operating Metrics
KEY O PERAT ING MET RICS (1) (1) Active Customers Net Revenues Per Active Customer ( T R A ILIN G T WE LVE MON T H S, IN T H OU SA N DS) ( T R A ILIN G T WE LVE MON T H S) +13% +10% YOY YOY 3,200 $235 3,097 3,100 $230 $229 3,000 $225 2,921 2,900 $220 2,800 $216 2,736 $215 2,700 2,670 $210 $210 2,593
Slide 7: Average Order Value (AOV)
KEY O PERAT ING MET RICS (1) Average Order Value (AOV) +9% $130 YOY $127 $125 $120 $120 $117 $115 $115 $113 $110 $105 $100 FY'23 FY'24 FY'25 Q2'25 Q2'26 (1) AOV is a key operational and business metric that is important to understanding our performance. See “Non-GAAP Financial Measures and Key Opera
Slide 8: Diversified Growth Strategy
DIVERS IF IE D G RO W TH STRATEGY 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. unwavering
Slide 9: Product Innovation
Product Innovation We introduced new products across the layering system designed for maximum comfort, versatility, and durability, including: • New Maternity Collection: For the first time since 2023, FIGS launched a new maternity collection with six new styles as an extension of our core scrubwear
Slide 10: Build and Deepen Connection with Community
Build and Deepen Connection with Community NURSES WEEK Supporting a hallmark moment for our community that sits at the heart of all we do, we celebrated Nurses Week with the next chapter of our Never Change campaign. An authentic reflection of the experiences of nurses, the campaign highlighted the
Slide 11: Impact
Impact AWESOME HUMANS ON THE HILL In Q2, we hosted our most impactful Awesome Humans on the Hill ever, bringing extraordinary healthcare professionals and Noah Wyle to Washington, D.C. for more than 30 meetings with key members of Congress. We advocated for policies that value healthcare professiona
Slide 12: Expanding Global Presence
I N T ERN AT I O N AL 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
Slide 13: Serving Healthcare Institutions
T EAMS 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 healthca
Slide 14: Creating Community Presence
C OMMU N I T Y HU BS 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. • Delivered record results in Q2 2026 with both stro
Slide 15: Why FIGS?
WHY F IG S? Large Industry Sector with Strong Long Sustainable Differentiators Term Growth Fundamentals • Largely non-discretionary, replenishment-driven industry with approximately • Authentic, category-defining brand with deeply passionate, loyal community 24 million workers in the U.S.(1) • Indus
Slide 16: Earnings Presentation
EARNINGS 16 PRESENTATION
Slide 17: Q2 2026 Net Revenues
Q2 2026 NET REVE NU ES ( IN MILLION S) Q2 2026 SCRUBWEAR / NON-SCRUBWEAR NET REVENUES MIX AND YOY GROWTH $700 18%, $631.1 +40% YOY $600 $555.6 $545.6 82%, +27% YOY $500 $400 Scrubwear Non-Scrubwear +29% Q2 2026 US / INTERNATIONAL $300 NET REVENUES MIX AND YOY GROWTH YOY $196.6 $200 19%, $152.6 +67%
Slide 18: Q2 2026 Gross Margin
Q2 2026 G RO SS MARG IN 76% 75.2% 74% The 820-basis point improvement in gross margin compared to Q2 2025 72% included the 780-basis point impact from IEEPA tariff refunds recognized. 70% 69.1% Besides the refund, core gross margin 68% 67.6% improvement was primarily driven by the 67.0% 66.5% positi
Slide 19: Q2 2026 Operating Expense
Q2 2026 O PERAT ING EXPENS E 70% The decrease in selling expense in Q2 2026 as a percentage 60.5% 57.3% of net revenues primarily reflected the impacts of net revenues 60% leverage as well as favorable outbound shipping rates, partially offset by the impact of supply chain investments and 50% 22.6%
Slide 20: Q2 2026 Profitability
Q2 2026 PRO FIT ABILIT Y Net Income Margin ( % OF N E T R E VEN UES ) 16% 14.4% 12% 8% 5.4% 4.7% 4.1% 4% 0.5% 0% FY'23 FY'24 FY'25 Q2'25 Q2'26 (1) Adjusted EBITDA Margin ( % OF N E T R E VEN UES ) 20% 18.6% 15.8% 15% 12.9% 11.8% 10% 9.3% 5% 0% FY'23 FY'24 FY'25 Q2'25 Q2'26 (1) Adjusted EBITDA margin
Slide 21: Q2 2026 Balance Sheet and Cash Flow Results
Q2 2026 BALAN C E S HEET AND CASH FLOW RESU LTS Cash, Cash Equivalents & Short-Term Investments Cash Flow Changes ( FOR T HE Y T D P E R IOD E N DE D JU N E 3 0 , 2 0 2 6 ) 400 $8.4 -$5.0 -$32.8 350 $34.7 $0.5 $296.3 -$9.8 $300.8 -$0.5 $296.3 $268.5 ( $ I N M I L L I ON S , U N A U D I T ED) 300 ( $
Slide 22: Updated Full Year 2026 Outlook
Updated Full Year 2026 Outlook “ FIGS’ exceptional Q2 performance was powered by strong, ongoing traction across the business, with outperformance on both the top and bottom lines. We delivered our third straight quarter of 25%-plus net N E T RE V E N U E S G ROW T H V S . 2 0 2 5 Up ~20.0% revenues
Slide 23: Appendix
Appendix 25 | QFIGS breenranon
Slide 24: Non-GAAP Financial Measures and Key Operating Metrics
N ON - G A A P FIN A N C IA L M E A S U RE S A N D K E Y OP E RA T IN G M E T RIC S 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 substi
Slide 25: Non-GAAP Financial Measures and Key Operating Metrics (Cont.)
N ON - G A A P FIN A N C IA L M E A S U RE S A N D K E Y OP E RA T IN G M E T RIC S (C ON 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 mar
Slide 26: Non-GAAP Financial Measures and Key Operating Metrics (Cont.)
N ON - G A A P FIN A N C IA L M E A S U RE S A N D K E Y OP E RA T IN G M E T RIC S (C ON 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 Co