Figs (FIGS) financial statements
Figs reported revenue of $631M in fiscal 2025, up 33.7% a year over 6 years.
Net income was $34M and the operating margin 6.0%, against -0.3% in 2019.
Free cash flow was $53M, and the company returned $3M in net buybacks.
The diluted share count rose 17% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Figs's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | $110M | $263M | $420M | $506M | $546M | $556M | $631M |
| Cost of revenue | $31M | $73M | $118M | $151M | $169M | $180M | $211M |
| Gross profit | $79M | $190M | $301M | $354M | $377M | $376M | $420M |
| Selling, general and admin | $55M | $80M | $208M | $198M | $218M | $231M | $236M |
| Operating income | -$347,000 | $58M | $11M | $38M | $34M | $2M | $38M |
| Pre-tax income | $112,000 | $58M | $10M | $39M | $41M | $14M | $47M |
| Income tax | $0 | $8M | $19M | $18M | $18M | $12M | $13M |
| Net income | $112,000 | $50M | -$10M | $21M | $23M | $3M | $34M |
| EPS (diluted) | $0.00 | $0.30 | -$0.06 | $0.11 | $0.12 | $0.02 | $0.19 |
| Diluted shares | 154M | 163M | 159M | 188M | 182M | 180M | 179M |
| Gross margin | 71.8% | 72.3% | 71.8% | 70.1% | 69.1% | 67.6% | 66.5% |
| Operating margin | -0.3% | 22.0% | 2.6% | 7.4% | 6.2% | 0.4% | 6.0% |
| Net margin | 0.1% | 18.9% | -2.3% | 4.2% | 4.1% | 0.5% | 5.4% |
Balance sheet
Fiscal years, from Figs's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $38M | $58M | $195M | $160M | $247M | $245M | $301M |
| Receivables | — | $6M | $2M | $6M | $7M | $7M | $5M |
| Inventory | — | $50M | $86M | $178M | $119M | $116M | $128M |
| Total current assets | — | $120M | $293M | $356M | $386M | $383M | $447M |
| Property, plant and equipment | — | $7M | $8M | $11M | $25M | $35M | $34M |
| Total assets | — | $134M | $312M | $395M | $473M | $510M | $580M |
| Total current liabilities | — | $33M | $62M | $71M | $57M | $90M | $91M |
| Total liabilities | — | $36M | $66M | $87M | $96M | $133M | $143M |
| Shareholders' equity | $39M | $98M | $246M | $308M | $377M | $377M | $437M |
| Net debt | -$38M | -$58M | -$195M | -$160M | -$144M | -$86M | -$82M |
Cash flow
Fiscal years, from Figs's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | $7M | $22M | $66M | -$35M | $101M | $81M | $61M |
| Capital spending | $5M | $2M | $3M | $5M | $16M | $17M | $8M |
| Free cash flow | $2M | $19M | $64M | -$41M | $85M | $64M | $53M |
| Stock-based compensation | $179,000 | $9M | $81M | $37M | $46M | $43M | $27M |
| Share buybacks (net) | — | — | — | $0 | $0 | -$45M | -$3M |
| Free cash flow margin | 1.6% | 7.4% | 15.2% | -8.0% | 15.5% | 11.5% | 8.4% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for FIGS.
Open FIGS in InvestinglyQuestions
What was Figs's revenue in 2025?
$631M in fiscal 2025, from its 10-K filing.
How much free cash flow does Figs generate?
$53M in fiscal 2025 (operating cash flow minus capital spending).
From Figs's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.