FIGS' fourth-quarter revenue surged 33% year over year to $201.9 million, with scrubwear sales leaping 35.1% to $154.9 million and U.S. revenue rising 28.7% to $164.2 million. CEO Trina Spear stated that the opportunity to serve healthcare professionals globally is massive, with full-year revenue growth projected at 10% to 12%. The company anticipates an adjusted EBITDA margin of roughly 12.8%, with the CEO noting that COVID overhang is past and structural industry advantages serve as tailwinds.
Cyborg Score Rationale
FIGS delivered 33% Q4 revenue growth to $201.9 million with international sales surging 55.1%, demonstrating accelerating momentum across all business lines. The company projects margin expansion to 12.8% adjusted EBITDA in 2026. However, valuation and competitive intensity present moderating factors for near-term upside.
Top Insights
Q4 2025 revenue surged 33% YoY to $201.9M with scrubwear up 35.1% and international revenue soaring 55.1%, signaling strong momentum across all channels.
Healthcare apparel demand is non-discretionary and recession-resistant, providing structural advantages versus traditional discretionary apparel companies.
Management projects 10-12% revenue growth in 2026 with adjusted EBITDA margins expanding to 12.8% from 11.8% in 2025.
International revenue growth accelerated to 55.1% YoY, representing significant whitespace for geographic expansion beyond current U.S.-centric base.
Named Competitors
Scrubs & Beyond — Direct medical apparel retailer competing in healthcare uniform market
Jaanuu — Healthcare professional apparel brand offering scrubs and medical clothing
Under Armour — Performance apparel and athletic wear manufacturer with athletic-focused positioning
Lululemon — Premium athletic and lifestyle apparel brand with direct-to-consumer focus
Recent Developments
(February 2026) Q4 2025 earnings beat with $201.9M revenue (33% YoY growth) and $0.10 EPS vs. $0.02 consensus
(February 2026) Stock surged 23% on strong results and analyst upgrades including $17 price target from KeyBanc
(January 2026) CEO Catherine Spear exercised stock sales at $11.38/share amid positive company trajectory
(November 2024) Company completed corporate partnership with OOG, signaling continued business development activity
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