FIGS, Inc. Q1 FY2026 earnings call

Product: Strong momentum in core scrub work category, developing new franchises, Formex fabric gaining traction, FiberX fabrication to be spotlighted more. Brand: Continuing storytelling, connection, and impact with campaigns like Never Change, supporting events like Match Day and Nurses Week, launching Awesome Humans Foundation and Healthcare is Human Act. Market expansion: Strong international growth, go deep in key markets like France and Germany, go broad opening new markets, community hubs performing well with plans to open more. Teams: Making progress in building relationships, launching team store on e-commerce platform.

Net revenues increased 28% year-over-year to $159.9 million. Active customers surpassed 3 million for the first time. Scrubware grew 27% representing 79% of net revenues. Non-scrub wear increased 31% representing 21% of net revenues. U.S. net revenues increased 24% to $131.6 million, while international net revenues increased 50% to $28.3 million.

Full year 2026 net revenues expected to grow 14%-16% vs prior 10%-12%. Q2 net revenue growth expected in low 20% range. Full year operating margin outlook raised to 7.8%-8%, adjusted EBITDA margin to 13%-13.2%, effective tax rate expected at ~20%.

Tariffs, oil-related pressures, geopolitical factors impacting certain regions.

Q: How did consumers behave from 4th quarter to 1st quarter and into 2Q?

A: Acceleration, executing at high level with product, marketing, and operational excellence.

Q: How much new customers in US were reactivated vs new?

A: Growth from both, accelerated growth in resurrected customers and improved retention.

Q: Impact of sourcing and oil on costs?

A: Navigated supply chain well, raw material costing locked in, freight impact on gross margin.

Q: Non-scrubware growth and Olympics product?

A: 31% growth not meaningfully impacted by Olympics product.

Q: Store expansion plans?

A: Opening 4 community hubs in back half of 2026, learning from recent openings.

Q: Sizing and fit progress?

A: Made progress on fit, core products to be in stock all year.

Q: Consumer response to gas prices?

A: Minor impact in APAC, overall resilient.

Q: Fabrication strategy?

A: Balance of core and limited edition products based on community feedback