FIGS just put up the kind of quarter that makes even seasoned healthcare investors sit up a little straighter in their ergonomic chairs. The direct‑to‑consumer scrubs innovator grew fourth‑quarter 2025 net revenues 33% year over year to a record 201.9 million dollars, while expanding net income margin to 9.2% and delivering a 13.2% adjusted EBITDA margin. For a company once pigeonholed as a “pandemic darling,” the latest print reads more like the opening act of a durable growth story than a rerun of 2020 nostalgia.
Management is simultaneously guiding to low double‑digit revenue growth and margin improvement in 2026, signaling the confidence to grow the top line without sacrificing profitability. In other words, FIGS is no longer just selling better scrubs; it is steadily stitching together a real economic moat in healthcare apparel.
From Functional to Financial Performance
The most striking feature of the quarter is how neatly the operating story lines up with the financial one. FIGS’ record Q4 revenue base suggests robust engagement from its core community of healthcare professionals, amplified by its founder‑led, direct‑to‑consumer model. That model lets the company control product, brand, and margin in a way legacy uniform suppliers can only envy from the supply closet.
At the same time, a 9.2% net income margin on a fast‑growing revenue base shows that FIGS is learning to scale like a mature consumer brand, not just a niche e‑commerce upstart. The 13.2% adjusted EBITDA margin offers a buffer for continued investment in marketing, product innovation, and international expansion while still giving investors the operating leverage they want to see.
Earnings Call to Investor Catwalk
The financial results set the stage; the investor relations calendar now reads like a runway show. FIGS has locked in a slot at the Raymond James 46th Annual Institutional Investors Conference on March 3, 2025, with CEO and co‑founder Trina Spear and CFO Sarah Oughtred headlining a fireside chat at 11:00 a.m. Eastern. For a brand built on elevating the everyday uniform, the Orlando event doubles as a tailored opportunity to tighten its fit with the institutional investor base.
The appearance will be webcast and archived for 90 days, a subtle but important reminder that FIGS sees its investor communications as another always‑on channel, much like its relationship with healthcare professionals. For portfolio managers, the session should offer more color on capital allocation, category expansion, and how FIGS intends to sustain double‑digit growth without letting margins fray at the edges.
A Founder‑Led Brand with Global Ambitions
Underpinning the quarter is a brand architecture that increasingly looks built for the long haul. FIGS describes itself as a global leading healthcare apparel and lifestyle brand, dedicated to improving the lives of healthcare professionals through technically advanced products that blend comfort, durability, function, and style. That positioning matters: it moves the story beyond scrubs into a broader ecosystem of healthcare lifestyle, community, and advocacy.
The company already serves healthcare professionals across North America, Europe, the Asia‑Pacific region, and the Middle East, and also sells into institutions through its TEAMS platform. With a stronger balance sheet coming out of 2025 and improving profitability, FIGS now has the financial flexibility to keep seeding international markets, expand its assortment, and deepen its presence inside hospital systems—all while maintaining the direct‑to‑consumer DNA that powers its brand.
Why Wall Street’s Stethoscope Is Back on FIGS
For investors, the latest developments do three things at once: they de‑risk the near‑term earnings profile, re‑ignite the growth narrative, and showcase a management team comfortable on both the earnings stage and the conference circuit. Record fourth‑quarter revenue, expanding profitability, and constructive guidance for 2026 give FIGS fresh credibility as a scalable, cash‑generating consumer brand in a structurally resilient end market.
Layer on a high‑visibility Raymond James appearance and a clearly articulated mission to “always have the backs” of healthcare professionals worldwide, and the stock starts to look less like a speculative trade and more like a long‑term brand compounder in scrubs. In a market that constantly hunts for durable, defendable growth, FIGS is quietly reminding Wall Street that sometimes the most interesting fashion stories are the ones being written in hospitals, clinics, and operating rooms.
The Sources
- FIGS Releases Fourth Quarter and Full Year 2025 Financial Results – Yahoo Finance
https://finance.yahoo.com/news/figs-releases-fourth-quarter-full-210500455.html[finance.yahoo] - FIGS Releases Fourth Quarter and Full Year 2024 Financial Results – FIGS Investor Relations
https://ir.wearfigs.com/news/news-details/2025/FIGS-Releases-Fourth-Quarter-and-Full-Year-2024-Financial-Results/[ir.wearfigs] - FIGS Announces Participation in the Raymond James 46th Annual Institutional Investors Conference – Yahoo Finance
https://finance.yahoo.com/news/figs-announces-participation-raymond-james-210500062.html - FIGS Announces Participation in the Raymond James 46th Annual Institutional Investors Conference – FIGS Investor Relations
https://ir.wearfigs.com/news/news-details/2025/FIGS-Announces-Participation-in-the-Raymond-James-46th-Annual-Institutional-Investor-Conference/default.aspx[ir.wearfigs] - FIGS at 46th Annual Raymond James Institutional Investor Conference – FIGS Events & Presentations
https://ir.wearfigs.com/events-and-presentations/event-details/2025/FIGS-at-46th-Annual-Raymond-James-Institutional-Investor-Conference/default.aspx[ir.wearfigs]
