• In late February 2026, FIGS, Inc. reported fourth-quarter 2025 revenue of US$201.9 million and net income of US$18.51 million, capping a full-year performance of US$631.1 million in sales and US$34.25 million in net income with sharply higher earnings per share versus 2024.
• Management paired these results with an outlook for 10% to 12% revenue growth in 2026, underscoring momentum from a larger active customer base, international expansion and improved operating margins.
• We’ll now examine how this strong earnings beat and 10–12% 2026 revenue growth guidance may reshape FIGS’ pre-news investment narrative.

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FIGS Investment Narrative Recap

To own FIGS, you need to believe its direct to consumer model can keep converting a growing base of healthcare professionals into higher margin, recurring buyers. The latest earnings beat and 10% to 12% 2026 revenue growth outlook support the near term catalyst of stronger profitability and active customer growth. At the same time, the biggest risk remains margin pressure from tariffs and cost inflation, which this quarter’s improvement does not fully put to rest.

Among recent announcements, the US$35.07 million shelf registration for 3,200,219 Class A shares tied to an ESOP stands out next to the buyback history. It sits in tension with management’s prior repurchases aimed at offsetting dilution, which matters if you are focused on per share earnings growth as a key part of the FIGS story and are weighing today’s stronger results against future share count trends.

But against all this good news, investors should still pay close attention to how rising tariffs and sourcing concentration could...

FIGS' narrative projects $656.8 million revenue and $37.0 million earnings by 2028. This requires 4.9% yearly revenue growth and a $29.8 million earnings increase from $7.2 million today.

Uncover how FIGS' forecasts yield a $9.81 fair value, a 43% downside to its current price.

Exploring Other Perspectives

Before this earnings surprise, the most bearish analysts were only baking in about 3% annual revenue growth and US$40.1 million of earnings by 2028, so if you are worried about premium pricing in a slowing core market, their more pessimistic view highlights how far opinions can differ and why it is worth weighing several scenarios against FIGS’ latest numbers.

Explore 5 other fair value estimates on FIGS - why the stock might be worth less than half the current price!

Decide For Yourself

Don't just follow the ticker - dig into the data and build a conviction that's truly your own.

• A great starting point for your FIGS research is our analysis highlighting 2 key rewards that could impact your investment decision.
• Our free FIGS research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate FIGS' overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.