Equity Profile

FIGS

FIGS, Inc.

Consumer DiscretionaryApparel, Accessories & Luxury Goods$2.0B

Aug6Thu

Pre-Earnings Brief

UpcomingQ2-2026After Close5:00 PM EDT

Company Snapshot

FIGS, Inc. is a consumer apparel company specializing in high-quality medical scrubs and healthcare apparel....

Key Metrics to Watch

Earnings Per Share (EPS)

EPS is a critical measure of profitability and will indicate how well FIGS is managing costs and generating income.

$0.04

Revenue Growth

Revenue growth reflects the company's ability to expand its market share and attract new customers, which is vital for long-term success.

N/A

1 more metrics, Wall Street expectations, options signals, track record, and call prep available with Pro.

FIGS Q2-2026 Earnings Preview

Context

Company Snapshot

FIGS, Inc. is a consumer apparel company specializing in high-quality medical scrubs and healthcare apparel. With a market cap of $2 billion, FIGS is positioned in the Consumer Discretionary sector, benefiting from trends in healthcare spending and the growing demand for stylish yet functional workwear.

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

88%

Avg EPS Surprise

+140.61%

Avg Stock Reaction

+3.75%

Last Quarter Recap

In Q1 2026, FIGS reported an EPS of $0.03, significantly beating expectations by 130.77%. The stock reacted positively, gaining 6% the following day.

Management Promises & Guidance

Continue to innovate product offerings to meet customer needs.
Focus on expanding market presence and increasing brand awareness.
Maintain strong financial discipline to improve profitability.

Expectations

Wall Street Expectations

Overall, investors are cautiously optimistic about FIGS' upcoming earnings report, particularly given its strong track record of beating EPS estimates.

Bull Case

If FIGS continues its trend of strong earnings surprises, it could signal robust demand for its products and effective cost management, potentially driving the stock higher.

Bear Case

Conversely, if the company fails to meet even its own previous performance levels, it could raise concerns about market saturation and competitive pressures.

Key Metrics to Watch

Earnings Per Share (EPS)

$0.04

EPS is a critical measure of profitability and will indicate how well FIGS is managing costs and generating income.

Revenue Growth

N/A

Revenue growth reflects the company's ability to expand its market share and attract new customers, which is vital for long-term success.

Gross Margin

N/A

Gross margin will provide insights into the company's pricing strategy and cost management, essential for maintaining profitability.

Expectations

Two Questions That Matter

The print will turn on these two things.

What will be the reported EPS for Q2-2026?

Given FIGS' strong history of EPS surprises, this number will be crucial in determining market sentiment and stock movement.

How is FIGS managing its gross margins amidst rising costs?

Understanding margin management will be key to assessing the company's profitability and pricing strategy in a competitive market.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may underestimate FIGS' ability to sustain its growth momentum, particularly in a recovering healthcare market that values quality apparel.

Supporting Evidence

FIGS has consistently beaten EPS estimates, demonstrating strong operational performance.

The options market is pricing a larger move than historical averages, indicating heightened expectations.

Recent trends in healthcare spending suggest increased demand for high-quality medical apparel.

Key Risk

If EPS comes in above $0.05, it could challenge the consensus view on FIGS' growth potential.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter's performance will hinge on FIGS' ability to maintain its growth trajectory and manage costs effectively.

Bull Confirmed If

An EPS of $0.05 or higher would confirm the bull case, indicating strong demand and effective cost control.

Bear Confirmed If

An EPS below $0.03 would confirm the bear case, raising concerns about profitability and market challenges.

Pre-Earnings Positioning

Options Market

Implied Move

±30.82%

Historical Avg

±4.5%

Pricing rich

The options market is pricing in a significant potential move, suggesting that traders expect volatility around the earnings announcement.

Options are pricing ±30.8% while FIGS has averaged ±4.5% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.6%

30d HV

98.6%

Calls (21K)P/C Ratio: 0.73Puts (2K)

Edge

Historical Setup Match

Cross-company pattern from 30 similar setups.

Prior-quarter beat + options rich in Consumer Discretionary

n=30

Fade rate: 8 of 21 (38%)

This setup has occurred 30 times across Consumer Discretionary in the last 2 years. 13 of 21 (62%) held or extended their move within 5 days — this setup typically holds direction. The average absolute 1-day move is 4.9%, with a raw directional average of +2.2% (modestly positive historical bias).

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If FIGS beats expectations, history suggests the stock could rise by around 3.79%, confirming strong demand and operational efficiency.

In-Line / Cautious

If results are in line with expectations, the stock may experience a muted reaction as investors await further clarity on growth strategies.

Miss

A miss could lead to a decline of around 4.47%, as it would raise red flags about the company's growth potential.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on new product launches or market expansion plans.
2Details on cost management strategies and their impact on margins.
3Insights into customer demand trends and sales performance.
4Management's outlook on competitive pressures in the apparel market.
5Any commentary on supply chain challenges and resolutions.

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Company Snapshot

FIGS, Inc. is a consumer apparel company specializing in high-quality medical scrubs and healthcare apparel....

Key Metrics to Watch

Earnings Per Share (EPS)

EPS is a critical measure of profitability and will indicate how well FIGS is managing costs and generating income.

$0.04

Revenue Growth

Revenue growth reflects the company's ability to expand its market share and attract new customers, which is vital for long-term success.

N/A

1 more metrics, Wall Street expectations, options signals, track record, and call prep available with Pro.

FIGS Q2-2026 Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

88%

Avg EPS Surprise

+140.61%

Avg Stock Reaction

+3.75%

Last Quarter Recap

In Q1 2026, FIGS reported an EPS of $0.03, significantly beating expectations by 130.77%. The stock reacted positively, gaining 6% the following day.

Management Promises & Guidance

Continue to innovate product offerings to meet customer needs.
Focus on expanding market presence and increasing brand awareness.
Maintain strong financial discipline to improve profitability.

Expectations

Wall Street Expectations

Overall, investors are cautiously optimistic about FIGS' upcoming earnings report, particularly given its strong track record of beating EPS estimates.

Bull Case

If FIGS continues its trend of strong earnings surprises, it could signal robust demand for its products and effective cost management, potentially driving the stock higher.

Bear Case

Conversely, if the company fails to meet even its own previous performance levels, it could raise concerns about market saturation and competitive pressures.

Key Metrics to Watch

Earnings Per Share (EPS)

$0.04

EPS is a critical measure of profitability and will indicate how well FIGS is managing costs and generating income.

Revenue Growth

N/A

Revenue growth reflects the company's ability to expand its market share and attract new customers, which is vital for long-term success.

Gross Margin

N/A

Gross margin will provide insights into the company's pricing strategy and cost management, essential for maintaining profitability.

Expectations

Two Questions That Matter

The print will turn on these two things.

What will be the reported EPS for Q2-2026?

Given FIGS' strong history of EPS surprises, this number will be crucial in determining market sentiment and stock movement.

How is FIGS managing its gross margins amidst rising costs?

Understanding margin management will be key to assessing the company's profitability and pricing strategy in a competitive market.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may underestimate FIGS' ability to sustain its growth momentum, particularly in a recovering healthcare market that values quality apparel.

Supporting Evidence

FIGS has consistently beaten EPS estimates, demonstrating strong operational performance.

The options market is pricing a larger move than historical averages, indicating heightened expectations.

Recent trends in healthcare spending suggest increased demand for high-quality medical apparel.

Key Risk

If EPS comes in above $0.05, it could challenge the consensus view on FIGS' growth potential.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter's performance will hinge on FIGS' ability to maintain its growth trajectory and manage costs effectively.

Bull Confirmed If

An EPS of $0.05 or higher would confirm the bull case, indicating strong demand and effective cost control.

Bear Confirmed If

An EPS below $0.03 would confirm the bear case, raising concerns about profitability and market challenges.

Pre-Earnings Positioning

Options Market

Implied Move

±30.82%

Historical Avg

±4.5%

Pricing rich

The options market is pricing in a significant potential move, suggesting that traders expect volatility around the earnings announcement.

Options are pricing ±30.8% while FIGS has averaged ±4.5% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.6%

30d HV

98.6%

Calls (21K)P/C Ratio: 0.73Puts (2K)

Edge

Historical Setup Match

Cross-company pattern from 30 similar setups.

Prior-quarter beat + options rich in Consumer Discretionary

n=30

Fade rate: 8 of 21 (38%)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If FIGS beats expectations, history suggests the stock could rise by around 3.79%, confirming strong demand and operational efficiency.

In-Line / Cautious

If results are in line with expectations, the stock may experience a muted reaction as investors await further clarity on growth strategies.

Miss

A miss could lead to a decline of around 4.47%, as it would raise red flags about the company's growth potential.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on new product launches or market expansion plans.
2Details on cost management strategies and their impact on margins.
3Insights into customer demand trends and sales performance.
4Management's outlook on competitive pressures in the apparel market.
5Any commentary on supply chain challenges and resolutions.