FIGS : Fourth Quarter 2025 Supplement

FIGS Cover Page

Supplemental Tables Q4 2025

Balance Sheet

FIGS, INC.
BALANCE SHEETS
		As of
		December 31, 2025		December 31, 2024
($ in thousands, except per share data)
Assets
Current assets
Cash and cash equivalents		$ 81,985		$ 85,645
Short-term investments		218,863		159,469
Accounts receivable		6,271		8,625
Inventory, net		127,966		115,759
Prepaid expenses and other current assets		12,200		13,268
Total current assets		447,285		382,766
Non-current assets
Property and equipment, net		33,938		35,274
Operating lease right-of-use assets		57,134		50,497
Deferred tax assets		12,187		11,643
Investment in equity securities		27,735		27,534
Other assets		1,717		2,073
Total non-current assets		132,711		127,021
Total assets		$ 579,996		$ 509,787
Liabilities and stockholders' equity
Current liabilities
Accounts payable		$ 18,187		$ 9,401
Operating lease liabilities		8,175		10,596
Accrued expenses		20,529		42,316
Accrued compensation and benefits		17,194		5,689
Sales tax payable		4,266		3,705
Gift card liability		12,117		9,604
Deferred revenue		3,990		4,612
Returns reserve		4,171		3,873
Income tax payable		1,894		346
Total current liabilities		90,523		90,142
Non-current liabilities
Operating lease liabilities, non-current		51,829		42,430
Other non-current liabilities		182		83
Total liabilities		142,534		132,655
Stockholders' equity
Class A Common stock - par value $0.0001 per share		16		15
Class B Common stock - par value $0.0001 per share		-		-
Preferred stock - par value $0.0001 per share		-		-
Additional paid-in capital		338,526		312,622
Accumulated other comprehensive income		196		21
Retained earnings		98,724		64,474
Total stockholders' equity		437,462		377,132
Total liabilities and stockholders' equity		$ 579,996		$ 509,787

Income Statement

FIGS, INC.
STATEMENTS OF OPERATIONS
		Three months ended December 31,				Year ended December 31,
		2025		2024		2025		2024
($ in thousands, except share and per share data)		(unaudited)
Net revenues		$ 201,896		$ 151,832		$ 631,098		$ 555,558
Cost of goods sold		74,830		49,636		211,259		179,935
Gross profit		127,066		102,196		419,839		375,623
Operating expenses
Selling		42,899		37,917		145,851		141,909
Marketing		28,326		19,788		93,105		88,566
General and administrative		37,033		35,591		142,736		142,883
Total operating expenses		108,258		93,296		381,692		373,358
Net income from operations		18,808		8,900		38,147		2,265
Other income, net
Interest income		2,238		2,639		8,748		11,242
Other income		307		841		312		833
Total other income, net		2,545		3,480		9,060		12,075
Net income before provision for income taxes		21,353		12,380		47,207		14,340
Provision for income taxes		2,846		10,495		12,957		11,620
Net income		$ 18,507		$ 1,885		$ 34,250		$ 2,720
Earnings attributable to Class A and Class B common stockholders
Basic earnings per share		$ 0.11		$ 0.01		$ 0.21		$ 0.02
Diluted earnings per share		$ 0.10		$ 0.01		$ 0.19		$ 0.02
Weighted-average shares outstanding-basic		165,003,284		166,343,035		163,462,072		169,201,983
Weighted-average shares outstanding-diluted		190,008,150		178,588,552		179,486,886		180,102,840

Cash Flows

FIGS, INC.
STATEMENTS OF CASH FLOWS
		Three months ended December 31,				Year ended December 31,
		2025		2024		2025		2024
($ in thousands)		(unaudited)
Cash flows from operating activities:
Net income		$ 18,507		$ 1,885		$ 34,250		$ 2,720
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense		2,557		1,846		9,035		6,694
Deferred income taxes		911		6,227		(544)		6,648
Non-cash operating lease cost		2,614		2,272		9,996		8,483
Stock-based compensation		5,191		10,055		26,874		42,673
Accretion of discount and accrued interest on available-for-sale securities		(746)		(1,779)		(3,727)		(6,499)
Changes in operating assets and liabilities:
Accounts receivable		5,871		1,811		2,354		(1,219)
Inventory		23,267		7,637		(12,207)		3,281
Prepaid expenses and other current assets		841		5,421		1,068		(2,544)
Other assets		(84)		87		356		(737)
Accounts payable		12,775		(16,160)		8,757		(5,332)
Accrued expenses		(13,660)		12,719		(21,289)		33,950
Accrued compensation and benefits		4,790		282		11,505		(1,623)
Sales tax payable		536		(545)		561		556
Gift card liability		2,099		1,660		2,513		1,364
Deferred revenue		(4,318)		729		(622)		2,452
Returns reserve		954		(759)		298		884
Income tax payable		1,894		1		1,548		(2,211)
Operating lease liabilities		(3,170)		(2,873)		(9,655)		(8,278)
Other non-current liabilities		99		(100)		99		(100)
Net cash provided by operating activities		60,928		30,416		61,170		81,162
Cash flows from investing activities:
Purchases of property and equipment		(2,863)		(3,363)		(8,168)		(17,021)
Purchases of available-for-sale securities		(71,135)		(55,570)		(256,992)		(246,949)
Maturities of available-for-sale securities		48,100		55,350		201,400		196,580
Purchases of investment in equity securities		- 0		(27,534)		(201)		(27,534)
Net cash used in investing activities		(25,898)		(31,117)		(63,961)		(94,924)
Cash flows from financing activities:
Repurchases of Class A common stock		- 0		(38,177)		(2,688)		(45,454)
Proceeds from stock option exercises and employee stock purchases		400		170		1,718		438
Issuance of Class A Common Stock upon vesting of restricted stock		1		- 0		1		- 0
Issuance of Class A Common Stock in exchange for services		- 0		250		- 0		250
Net cash provided by (used in) financing activities		401		(37,757)		(969)		(44,766)
Effect of foreign currency exchange rate changes on cash and cash equivalents		100		- 0		100		- 0
Net change in cash and cash equivalents		35,531		(38,458)		(3,660)		(58,528)
Cash and cash equivalents, beginning of period		46,454		124,103		85,645		144,173
Cash and cash equivalents, end of period		$ 81,985		$ 85,645		$ 81,985		$ 85,645

Non-GAAP Financial Measures

Non-GAAP Financial Measures

In addition to the GAAP financial measures set forth herein, FIGS, Inc. ("we") has included certain non-GAAP financial measures within the meaning of Regulation G and Item 10(e) of Regulation S-K. We use "adjusted EBITDA," and "adjusted EBITDA margin" to provide useful supplemental measures that assist in evaluating our ability to generate earnings, provide consistency and comparability with our past financial performance, and facilitate period-to-period comparisons of our core operating results as well as the results of our peer companies. We calculate "adjusted EBITDA" as net income adjusted to exclude: other income, net; gain/loss on disposal of assets; provision for income taxes; depreciation and amortization expense; stock-based compensation and related expense; transaction costs; and expenses related to non-ordinary course disputes. We calculate "adjusted EBITDA margin" by dividing adjusted EBITDA by net revenues.

We have provided herein reconciliations of these non-GAAP financial measures to their most directly comparable GAAP measures. Please refer to the reconciliation tables that follow.

Non-GAAP Reconciliations

FIGS, INC. RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES
RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES
(unaudited)
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 income margin, which is the most directly comparable financial measure calculated in accordance with GAAP:
		Three months ended December 31,				Year ended December 31,
		2025		2024		2025		2024
(in thousands except margin)
Net income		$ 18,507		$ 1,885		$ 34,250		$ 2,720
Add (deduct):
Other income, net		(2,545)		(3,481)		(9,060)		(12,075)
Provision for income taxes		2,846		10,494		12,957		11,620
Depreciation and amortization expense(1)		2,557		1,847		9,035		6,694
Stock-based compensation and related expense(2)		5,369		10,331		27,304		42,837
Adjusted EBITDA(3)		$ 26,734		$ 21,076		$ 74,486		$ 51,796
Net revenues		$ 201,896		$ 151,832		$ 631,098		$ 555,558
Net income margin(4)		9.2%		1.2%		5.4%		0.5%
Adjusted EBITDA margin		13.2%		13.9%		11.8%		9.3%
(1) Excludes amortization of debt issuance costs included in "Other income, net."
(2) Includes stock-based compensation expense, payroll taxes and costs related to equity award activity.
(3) For the year ended December 31, 2025, reflects $171,000 of stock-based compensation expense and payroll taxes inadvertently not reflected in our previously disclosed Adjusted EBITDA results for the three months ended March 31, 2025.
(4) Net income margin represents Net income as a percentage of Net revenues.