FIGS exceeded Q3 2026 expectations

Item 2.02 Results of Operations and Financial Condition.

On November 5, 2026, FIGS, Inc. (the " Company ") announced its financial results for the three and nine months ended September 30, 2026.^{1 1}The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1¹ to this Current Report on Form 8-K (this " Report ").

Item 7.01 Regulation FD Disclosure.

On November 5, 2026, the Company posted a financial highlights presentation to the "Investor Relations" portion of its website² at ir.wearfigs.com/financials/quarterly-results.

The information in Items 2.02 and 7.01 of this Report (including Exhibit 99.1 attached hereto) shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934³, as amended (the " Exchange Act "), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly provided by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No. Description

99.1* Press Release of the Company, dated Novemb er 5 , 2026

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

* This exhibit related to Item 2.02 shall be deemed to be furnished, and not filed.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

FIGS, INC.

Date: November 5, 2026

By: /s/ Sarah Oughtred

Name: Sarah Oughtred

Title: Chief Financial Officer

FIGS Releases Third Quarter 2026 Financial Results

Exceeded Top and Bottom Line Expectations

Grew Net Revenues 25.7%

Achieved Net Income Margin of 10.1% and Adjusted EBITDA Margin of 16.5%

Increasing Full Year 2026 Outlook

SANTA MONICA, Calif., November 5, 2026 — FIGS, Inc. (NYSE: FIGS) (the "Company"), the leading global healthcare apparel brand dedicated to improving the lives of healthcare professionals, today released its third quarter 2026 financial results and published a financial highlights presentation on its investor relations website at ir.wearfigs.com/financials/quarterly-results/.

Third Quarter 2026 Financial Highlights

• Net revenues were $190.7 million, an increase of 25.7% year over year⁴, primarily due to an increase in orders and higher average order value ("AOV"). (1)

• Scrubwear net revenues were $157.5 million, an increase of 24.0% year over year.

• Non-scrubwear net revenues were $33.2 million, an increase of 34.6% year over year.

• U.S. net revenues were $153.9 million, an increase of 20.8% year over year.

• International net revenues were $36.8 million, an increase of 51.4% year over year.

• Gross margin was 69.3%, a decrease of 60 basis points year over year⁶, primarily due to outsized improvements in returns processing in the prior year and higher inventory reserves, partially offset by the positive impacts from pricing increases and ongoing efficiency efforts.

• Operating expenses were $109.9 million, an increase of 13.9% year over year. As a percentage of net revenues, operating expenses decreased to 57.6% from 63.6% in the same period last year, primarily due to fixed cost leverage across general and administrative, marketing, and selling expenses.

• Net income was $19.3 million, or $0.10 in diluted earnings per share , compared to net income of $8.7 million, or $0.05 in diluted earnings per share, in the same period last year.⁵

• Net income margin (2) was 10.1%, as compared to 5.8% in the same period last year.

• Adjusted EBITDA (3) was $31.5 million, an increase of $12.7 million year over year.⁷

• Adjusted EBITDA margin (2)(3) was 16.5%, as compared to 12.4% in the same period last year.⁷

"Our momentum continued in Q3, which marked our fourth straight quarter of greater than 25% net revenues growth, powered by consistent strength across our categories, channels and geographies," said Trina Spear, Chief Executive Officer and Co-Founder. "This inflection in our business reflects the combined power of great product, marketing campaigns that resonate deeply, a passionate community and strong industry fundamentals. It has been a landmark year so far for FIGS, and I'm extremely proud of our team's ongoing execution and unrelenting focus on our mission. We are also off to a great start in Q4 and believe we have a foundation for sustainable top- and bottom-line momentum as we look ahead to 2027."

Key Operating Metrics

• Active customers (1) as of September 30, 2026 increased 14.3% year over year to 3.2 million.⁸

• Net revenues per active customer (1) was $236, an increase of 12.9% year over year.⁹

• AOV (1) was $126, an increase of 10.5% year over year⁹, primarily driven by higher average unit retail due to pricing and favorable product mix, as well as lower discount and return rates.

Financial Outlook

Net Revenues growth vs. 2025

Approximately 15.8%¹⁰

Sarah Oughtred, Chief Financial Officer, commented, "We performed at a high level in Q3, delivering better-than-expected overall results. Net revenues grew 26%, highlighted by accelerations in active customer growth to 14.3%, average order value growth to 10.5%, and net revenues per active customer, which grew to a record $236. Our adjusted EBITDA margin expanded 410 basis points to 16.5%, further demonstrating the power of our model and the ability to drive leverage across our expense lines. With record cash, cash equivalents and short-term investments of just over $330 million, we continued to return value to shareholders through our recently expanded share repurchase program. The overall strength of these results, together with our increased conviction in Q4, leads us to raise our full year net revenues and adjusted EBITDA margin outlooks."

(1) "Active customers," "net revenues per active customer" and "average order value" are key operational and business metrics that are important to understanding the Company's performance. Please see the sections titled "Non-GAAP Financial Measures and Key Operating Metrics" and "Key Operating Metrics" below for information regarding how the Company calculates its key operational and business metrics and for comparisons of active customers, net revenues per active customer and average order value to the prior year period.

(2) "Net income margin" and "adjusted EBITDA margin" are calculated by dividing net income and adjusted EBITDA by net revenues, respectively.

(3) "Adjusted EBITDA" and "adjusted EBITDA margin" are non-GAAP financial measures. Please see the sections titled "Non-GAAP Financial Measures and Key Operating Metrics" and "Reconciliations of GAAP to Non-GAAP Measures" below for more information regarding the Company's use of non-GAAP financial measures and reconciliations to the most directly comparable GAAP measures.

(4) The Company has not provided a quantitative r