Slide 1: Q1 2026 Earnings Presentation
Q1 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: Q1 at a Glance
Q1 at a Glance • Delivered year-over-year net revenues growth of 28% in Q1 2026, exceeding our outlook N E T RE V E N U E S $159.9M o Average order value (“AOV”)(1) increased 4% to $124 o Active customers(1) grew 12% to 3.0 million, supported by strong gains in new and repeat customers o Scrubwear g
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) +12% +6% YOY YOY 3,100 $222 3,024 $220 $220 3,000 2,921 $218 2,900 $216 $216 2,800 $214 2,696 2,700 2,670 $212 $210 2,593 $210 2
Slide 7: Average Order Value (AOV)
KEY O PERAT ING MET RICS (1) Average Order Value (AOV) $128 +4% YOY $124 $124 $120 $120 $119 $116 $115 $113 $112 $108 $104 $100 FY'23 FY'24 FY'25 Q1'25 Q1'26 (1) AOV is a key operational and business metric that is important to understanding our performance. See “Non-GAAP Financial Measures and Key
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: • FIBREx Introduction: Our latest fabric solution debuted in conjunction with the 2026 Winter Olympics. Lightweight yet structured, soft yet durable, FIBREx
Slide 10: Build and Deepen Connection with Community
Build and Deepen Connection with Community WINTER OLYMPICS We continued our support of the Team USA Medical Team at the Winter Olympics with our belief that It Takes Heart to Build Bodies That Break Records. The campaign celebrated the Awesome Humans behind Lindsey Vonn’s return, showing both the tr
Slide 11: Impact
Impact ANNOUNCED THE HEALTHCARE IS HUMAN ACT Advocacy for the healthcare workforce is embedded in everything we do. In Q1, we announced the introduction of the Healthcare is Human Act, bipartisan legislation developed by FIGS to reward qualifying healthcare professionals with a federal tax credit of
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. • Continue to see compelling trends with a higher ra
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 nearly 24 million • Authentic, category-defining brand with deeply passionate, loyal community workers in the U.S.(1) • Industry lea
Slide 16: Earnings Presentation
EARNINGS 16 PRESENTATION
Slide 17: Q1 2026 Net Revenues
Q1 2026 NET REVE NU ES ( IN MILLION S) Q1 2026 SCRUBWEAR / NON-SCRUBWEAR NET REVENUES MIX AND YOY GROWTH $700 21%, $631.1 +31% YOY $600 $555.6 $545.6 79%, $500 +27% YOY $400 Scrubwear Non-Scrubwear Q1 2026 US / INTERNATIONAL $300 NET REVENUES MIX AND YOY GROWTH +28% YOY 18%, $200 $159.9 +50% YOY $12
Slide 18: Q1 2026 Gross Margin
Q1 2026 G RO SS MARG IN 70% 69.1% 69% 68% 67.7% 67.6% 67.6% 67% 66.5% The slight increase in gross margin compared to Q1 2025 primarily 66% reflects the positive impacts from 65% pricing and our ongoing efficiency efforts, largely offset by higher 64% tariffs and product mix shift. 63% 62% 61% 60% F
Slide 19: Q1 2026 Operating Expense
Q1 2026 O PERAT ING EXPENS E 67.8% 64.9% The decrease in selling expense in Q1 2026 as a 70% percentage of net revenues primarily reflects greater net 60% revenues leverage, favorable shipping rates as part of our 26.2% 22.8% outbound carrier diversification strategy, and lower fulfillment 50% expen
Slide 20: Q1 2026 Profitability
Q1 2026 PRO FIT ABILIT Y Net Income (Loss) Margin ( % OF N E T R E VEN UES ) 8% 6% 5.4% 4.1% 3.9% 4% 2% 0.5% 0% -0.1% -2% FY'23 FY'24 FY'25 Q1'25 Q1'26 (1) Adjusted EBITDA Margin ( % OF N E T R E VEN UES ) 20% 15.8% 15% 11.8% 10% 9.3% 8.7% 7.3% 5% 0% FY'23 FY'24 FY'25 Q1'25 Q1'26 (1) Adjusted EBITDA
Slide 21: Q1 2026 Balance Sheet and Cash Flow Results
Q1 2026 BALAN C E S HEET AND CASH FLOW RESU LTS Cash, Cash Equivalents & Short-Term Investments Cash Flow Changes ( FOR T HE Q U A R T E R E N DE D MA R C H 3 1 , 2 0 2 6 ) 350 $6.3 $1.9 -$11.4 $300.8 -$2.4 -$8.8 300 -$9.8 $0.4 $277.0 $277.0 ( $ I N M I L L I ON S , U N A U D I T ED) $259.2 ( $ I N
Slide 22: Updated Full Year 2026 Outlook
Updated Full Year 2026 Outlook “ Our outperformance in the first quarter shows that our broad-based momentum from 2025 has N E T RE V E N U E S G ROW T H V S . 2 0 2 5 continued into 2026. Our excellent top line growth was driven by both acceleration in our active customer base, which surpassed thre
Slide 23: Appendix
Appendix QFIGS rresentanon
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 (loss), which is the most directly comparable financial measure calculated in accordance with GAAP, and presents adjusted EBI
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