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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
FIGS (FIGS) investor relations material
FIGS Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Net revenues for Q3 2025 increased 8.2% year-over-year to $151.7 million, marking the strongest quarterly growth in two years, with active customers up 4% to 2.8 million and strong performance in scrubwear and U.S. business.
Adjusted EBITDA margin improved by 900 basis points to 12.4%, exceeding expectations due to efficiency, tariff mitigation, and top-line growth.
Gross margin rose 280 basis points to 69.9%, driven by fewer discounts, improved returns, and lower freight costs, partially offset by tariffs.
Net income was $8.7 million (5.8% margin), up from a net loss of $1.7 million (-1.2% margin) last year.
Brand campaigns, product innovation, and new market entries drove customer engagement and acquisition.
Financial highlights
Q3 2025 net revenues were $151.7 million, up 8.2% year-over-year, with U.S. revenues at $127.3 million and international at $24.3 million.
Gross margin for Q3 2025 was 69.9%, up from 67.6% in Q3 2024.
Adjusted EBITDA for Q3 2025 was $18.9 million (12.4% margin), up from $4.8 million (3.4% margin) last year.
Net income for Q3 2025 was $8.7 million (EPS $0.05), compared to a net loss of $1.7 million (EPS -$0.01) last year.
Free cash flow for the nine months ended September 30, 2025, was -$5.1 million, reflecting investments and working capital changes.
Outlook and guidance
Full-year 2025 net revenues expected to grow approximately 7% year-over-year, above prior outlook.
Adjusted EBITDA margin outlook raised to ~10.3%, above original guidance.
Management expects tariffs to negatively impact gross margin by 110 basis points in 2025 and 440 basis points in 2026, with mitigation strategies underway.
Q4 anticipated to deliver the strongest net revenue growth of the year, with confidence in long-term sustainable growth.
Existing cash, cash flows, and available credit expected to be sufficient for at least the next 12 months.
What drove the 280 bps gross margin increase?
What drives higher international revenue growth?
How is operating expense efficiency sustained?
What specific tariff mitigation levers remain for 2026?
International: How will "go broad" vs "go deep" scale?
Community Hubs: What drives 2026 opening acceleration?
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Next FIGS earnings date
Q4 202527 Feb, 2026
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Frequently asked questions
FIGS, Inc.'s operates as a direct-to-consumer healthcare apparel and lifestyle company. The company creates, develops and sells apparel for men and women that promotes good health and healthy habits. Its men's apparel line includes athletic shirts, pants, sweaters, shorts, long-sleeve shirts, socks and jackets. The company offers its products under the FIGS brand name along with other well-known brands such as Life is Good®, Patagonia®, New Balance®, Timberland® and Lacoste®.
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