FIGS, Inc.
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 26, 2026
FIGS$22.39+3.8%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
| Year ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash flows from operating activities: | |||
| Net income | $34,250 | $2,720 | $22,637 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization expense | 9,035 | 6,694 | 2,942 |
| Deferred income taxes | (544) | 6,648 | (7,320) |
| Non-cash operating lease cost | 9,996 | 8,483 | 2,863 |
| Stock-based compensation | 26,874 | 42,673 | 45,799 |
| Accretion of discount and accrued interest on available-for-sale securities | (3,727) | (6,499) | (1,678) |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | 2,354 | (1,219) | (603) |
| Inventory | (12,207) | 3,281 | 58,936 |
| Prepaid expenses and other current assets | 1,068 | (2,544) | (572) |
| Other assets | 356 | (737) | (79) |
| Accounts payable | 8,757 | (5,332) | (6,192) |
| Accrued expenses | (21,289) | 33,950 | (18,657) |
| Accrued compensation and benefits | 11,505 | (1,623) | 3,897 |
| Sales tax payable | 561 | 556 | (225) |
| Gift card liability | 2,513 | 1,364 | 358 |
| Deferred revenue | (622) | 2,452 | (626) |
| Returns reserve | 298 | 884 | (469) |
| Income tax payable | 1,548 | (2,211) | 2,557 |
| Operating lease liabilities | (9,655) | (8,278) | (2,660) |
| Other non-current liabilities | 99 | (100) | 7 |
| Net cash provided by operating activities | 61,170 | 81,162 | 100,915 |
| Cash flows from investing activities: | |||
| Purchases of property and equipment | (8,168) | (17,021) | (16,348) |
| Purchases of available-for-sale securities | (256,992) | (246,949) | (150,139) |
| Maturities of available-for-sale securities | 201,400 | 196,580 | 49,300 |
| Purchase of investment in equity securities | (201) | (27,534) | — |
| Net cash used in investing activities | (63,961) | (94,924) | (117,187) |
| Cash flows from financing activities: | |||
| Repurchases of Class A Common Stock | (2,688) | (45,454) | — |
| Proceeds from stock option exercises and employee stock purchases | 1,718 | 438 | 916 |
| Tax payments related to net share settlements on restricted stock units | — | — | (246) |
| Issuance of Class A Common Stock upon vesting of restricted stock | 1 | — | — |
| Issuance of Class A Common Stock in exchange for services | — | 250 | — |
| Net cash (used in) provided by financing activities | (969) | (44,766) | 670 |
| Effect of foreign currency exchange rate changes on cash and cash equivalents | 100 | — | — |
| Net decrease in cash and cash equivalents | (3,660) | (58,528) | (15,602) |
| Cash and cash equivalents, beginning of period | $85,645 | $144,173 | $159,775 |
| Cash and cash equivalents end of period | $81,985 | $85,645 | $144,173 |
| Supplemental disclosures: | |||
| Cash paid for income taxes, net of refunds received | $8,417 | $13,138 | $21,100 |
| Property and equipment included in accounts payable and accrued expenses | $67 | $536 | $453 |
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