US Market News
2月前
Figma Announces First Quarter 2026 Financial ResultsMay 14, 2026 4:05 PM
Business Wire Q1 revenue grew 46% year-over-year to $333.4 million, accelerating from 40% year-over-year growth in the previous quarter Figma raises full year revenue and non-GAAP operating income guidance, reflecting sustained seat expansion and AI adoption Figma, Inc. (NYSE:FIG) announced financial results today for its first quarter ended March 31, 2026. “Q1 was an incredible quarter for Figma: revenue growth accelerated for the second consecutive quarter and customers are going bigger and broader with Figma than ever before,” said Figma co-founder and CEO Dylan Field. “When code is a commodity, design is the competitive edge—the craft, point of view, and human judgment that make a great product rise above the rest. Figma is uniquely built for this moment, and we couldn’t be more excited about what we’re building or the opportunity ahead.” “Q1 was an exceptional quarter for Figma, exceeding expectations across multiple dimensions of our business,” said Praveer Melwani, Figma CFO. “Our outperformance in Q1 was fueled by stronger than expected seat expansion across entire organizations, driven by design’s growing importance and adoption of our AI products including Figma Make, MCP, and Figma Weave. We are raising our guidance for the year based on promising early traction on AI monetization and strength across the core platform, a testament to the team’s execution and our confidence in the road ahead.” First Quarter 2026 Financial Highlights: Revenue was $333.4 million, up 46% year-over-year and above the range of Figma’s previously issued first quarter guidance. Revenue growth accelerated from 40% year-over-year in Q4 2025 and 38% year-over-year in Q3 2025. GAAP loss from operations was $(137.4) million; GAAP operating margin was (41)%. Non-GAAP operating income was $52.1 million; non-GAAP operating margin was 16%. Net cash provided by operating activities was $97.3 million; operating cash flow margin was 29%. Free Cash Flow was $88.6 million; Free Cash Flow Margin was 27%. GAAP net loss was $(142.4) million and non-GAAP net income was $56.5 million. GAAP net loss per share, basic and diluted was $(0.27) and non-GAAP net income per share, basic and diluted was $0.11 and $0.10, respectively. Cash, cash equivalents, and marketable securities were $1.6 billion as of March 31, 2026. Recent Business & Product Highlights: Net Dollar Retention Rate reached 139% as of March 31, 2026, up three percentage points from the prior quarter, representing Figma’s highest Net Dollar Retention Rate in over two years. 15,218 Paid Customers with more than $10,000 in ARR as of March 31, 2026, growing 37% year-over-year, a five percentage point acceleration relative to Q4 2025 year-over-year growth rate. 1,525 Paid Customers with more than $100,000 in ARR as of March 31, 2026, growing 48% year-over-year, a two percentage point acceleration relative to Q4 2025 year-over-year growth rate. Paid Customers grew 54% year-over-year, to approximately 690,000 Paid Customers as of March 31, 2026. In the three months ended March 31, 2026, new Pro team conversions grew more than 150% year-over-year, reflecting continued long-tail adoption of Figma’s AI features. Approximately 60% of Paid Customers with more than $100,000 in ARR used Figma Make on a weekly basis in the three months ended March 31, 2026, up from over 50% in the prior quarter. Implemented AI credit limits for all seats beginning on March 18, 2026. Over 75% of Org and Enterprise users who had previously exceeded AI credit limits continued to use AI credits in April and over 95% of those users remained active on the platform, as of April 30, 2026. Pro teams that purchased AI credit add-ons had more seats per team and an average ARR of more than three times that of teams that had not purchased add-ons as of March 31, 2026. Expanded the Code to Canvas capability across a growing set of prototyping tools and integrated development environments (IDEs), allowing users to bring user interfaces generated in tools like Claude Code, Codex, Cursor, VS Code, and Warp directly into Figma’s multiplayer canvas as editable layers, which users can manipulate, duplicate, iterate and refine with their team. Shipped new Figma Model Context Protocol (“MCP”) capabilities that let agents read and write directly to Figma files—creating and modifying real design assets using users’ components, variables, and tokens. In the three months ended March 31, 2026, MCP weekly active users in Figma Design grew five times quarter-over-quarter. Paid Customers with more than $100,000 in ARR that use Figma’s MCP server grew Full seats at a rate approximately 70% faster in the three months ended March 31, 2026 than those not using Figma’s MCP server. Shipped updates to Figma Weave, formerly Weavy, including a new timeline editor that lets users refine AI-generated video. Second Quarter and Full Year 2026 Outlook: Based on information as of today, Figma is providing the following guidance: Second Quarter 2026 Outlook: Revenue between $348.0 million and $350.0 million, implying 40% year-over-year growth at the midpoint of the range. Full Year 2026 Outlook: Revenue between $1.422 billion and $1.428 billion, implying 35% year-over-year growth at the midpoint of the range and a raise of $55 million to Figma’s previously issued guidance. Non-GAAP operating income between $125.0 million and $135.0 million, representing a non-GAAP operating margin of 9% at the midpoint of the range. Conference Call Details: Figma will host a conference call today, May 14, 2026, at 5:00pm Eastern Time (2:00pm Pacific Time) to discuss its financial results for the first quarter of 2026 and outlook for the second quarter and full year 2026. To access the call, please register at https://investor.figma.com/news-events/events-and-presentations/event-details/2026/Figma-Q1-2026-Earnings-Call/default.aspx. Figma will provide a written version of the prepared remarks portion of the call on Figma’s investor relations website (https://investor.figma.com) before the call begins. A live webcast of the call will be available on Figma’s investor relations website (https://investor.figma.com), and a replay and transcript of the webcast will be archived on the same website following the call. Investor Presentation: An investor presentation providing additional information can be found at https://investor.figma.com. About Figma Figma (NYSE: FIG) is where teams come together to turn ideas into the world’s best digital products and experiences. Founded in 2012, Figma has evolved from a design tool to a connected, AI-powered platform that helps teams go from idea to shipped product. Whether you’re ideating, designing, building, or shipping, Figma makes the entire design and product development process more collaborative, efficient, and fun—while keeping everyone on the same page. Figma, the Figma logo, and other registered or common law trade names, trademarks, or service marks of Figma appearing in this press release are the property of Figma, Inc. All third-party trademarks and trade names appearing in this press release are the property of their respective owners. The use of such trademarks and trade names is for identification purposes only and does not imply any affiliation with, endorsement of, or sponsorship by their respective owners. Forward-Looking Statements This press release contains “forward-looking statements” within the meaning of applicable securities laws. All statements other than statements of historical fact could be deemed to be forward-looking, including, but not limited to, statements regarding Figma’s future operating results and financial condition, including financial outlook for the second quarter of 2026 and full year 2026, Figma’s business strategy and plans, Figma’s expectations regarding customer adoption, growth, and expansion, Figma’s expectations regarding AI products, features, and monetization, as well as any assumptions relating to the foregoing. The words “believe,” “may,” “will,” “potentially,” “estimate,” “continue,” “anticipate,” “intend,” “could,” “would,” “project,” “target,” “plan,” “expect,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are made as of the date they were first issued and are based on information available to Figma together with Figma’s expectations, estimates, forecasts, projections, beliefs, and assumptions as of such date. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond Figma’s control. Figma’s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors. Further information on potential risks that could affect actual results is included in Figma’s most recent filings with the Securities and Exchange Commission (the “SEC”), including in Figma’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, filed or to be filed with the SEC on May 14, 2026, copies of which may be obtained by visiting Figma’s Investor Relations website at https://investor.figma.com or the SEC's website at https://www.sec.gov. Past performance is not necessarily indicative of future results. Figma undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. Forward-looking statements should not be relied upon as representing Figma’s views as of any date subsequent to the date of this press release. Non-GAAP Financial Measures This press release and the accompanying tables contain the following non-GAAP financial measures: Free Cash Flow, Free Cash Flow Margin, Adjusted Free Cash Flow, Adjusted Free Cash Flow Margin, non-GAAP gross profit, non-GAAP gross margin, non-GAAP research and development expenses, non-GAAP sales and marketing expenses, non-GAAP general and administrative expenses, non-GAAP operating income, non-GAAP operating margin, non-GAAP net income, non-GAAP net income attributable to common stockholders, non-GAAP net income attributable to common stockholders considering potentially dilutive securities, and non-GAAP net income per share, basic and diluted. Certain of these non-GAAP financial measures exclude stock-based compensation expense, amortization of stock-based compensation expense included in capitalized internal use software development costs, employer payroll taxes on employee stock transactions, and amortization of acquired intangibles from acquisitions. Additionally, Figma excludes certain non-recurring charges, including, equity investments (gains) losses, net, remeasurement (gains) losses on digital assets, non-current, net, and impairment losses on long-lived assets. The tax rate used to compute income tax effects and adjustments is Figma’s blended current expected effective tax rate, based on tax legislation currently in effect, and is subject to change based on various factors, including but not limited to, changes to local and international tax laws, changes in the geographic mix of Figma’s earnings, or other changes to Figma’s strategy or business operations. Figma believes that these non-GAAP financial measures provide useful information to management and investors in evaluating Figma’s financial condition and operating performance. Figma’s management uses these non-GAAP measures, collectively, to evaluate Figma’s ongoing operations, and for budgeting and internal planning purposes. Figma believes that non-GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance. The non-GAAP financial information is presented for supplemental informational purposes only, should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly titled non-GAAP measures used by other companies. Management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in Figma’s financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgment by management about which expenses and income are excluded or included in determining these non-GAAP financial measures. Figma urges investors to review the reconciliation of its non-GAAP financial measures to the comparable GAAP financial measures, and not to rely on any single financial measure to evaluate Figma’s business. Reconciliations of the most comparable GAAP financial measures to the non-GAAP financial measures presented in this press release are included in the financial tables at the end of this press release. Figma has not reconciled its outlook as to non-GAAP operating income to its most directly comparable GAAP measure because certain items that impact non-GAAP operating income are out of Figma’s control or cannot be reasonably predicted. Accordingly, a reconciliation for forward-looking non-GAAP operating income is not available without unreasonable effort. Certain Definitions Figma calculates Annual Recurring Revenue (“ARR”) as the annualized value of Figma’s active customer agreements as of the measurement date, assuming any agreement that expires during the next twelve months following the measurement date is renewed on existing terms. A customer agreement is considered active when seats are provisioned to the customer at the start of their subscription. In cases where contracts are signed but not provisioned prior to the measurement date, the customer agreement is counted as active if provisioning takes place no more than 15 days after the measurement date. Figma defines a Paid Customer as a customer account that is billed separately for which Figma has an active paid subscription as of the last day of the applicable period of measurement. A single organization with multiple divisions, segments, subsidiaries, or subscribing teams that are each billed separately are counted as multiple Paid Customers. A customer account is considered active when seats are provisioned to the customer at the start of their subscription. In cases where contracts are signed but not provisioned as of the last date of the applicable period of measurement, the customer account is counted as active if provisioning takes place no more than 15 days after the last day of the applicable period of measurement. Figma defines a Paid Customer with more than $10,000 in ARR as a Paid Customer with a total of $10,000 or more of ARR as of the last day of the applicable period of measurement. Figma defines a Paid Customer with more than $100,000 in ARR as a Paid Customer with $100,000 or more of ARR as of the last day of the applicable period of measurement. Figma calculates Net Dollar Retention Rate as of the applicable period of measurement by starting with the ARR of Paid Customers with more than $10,000 in ARR as of twelve months prior to such date of measurement (“Prior Period ARR”). Figma then calculates the ARR for those same customers as of the applicable period of measurement (“Current Period ARR”). Figma then divides Current Period ARR by Prior Period ARR to calculate Net Dollar Retention Rate for the applicable date of measurement. Figma’s Net Dollar Retention Rate reflects customer expansion, contraction, and customer churn. Figma calculates Net Dollar Retention Rate using ARR from Paid Customers with more than $10,000 in ARR because Figma believes that $10,000 in ARR is an important threshold, as it is a strong indicator of significant paid usage of Figma’s products. Figma defines weekly active users as the number of unique users that access at least one of its products during a given week. Figma calculates quarterly growth in weekly active users using the week from each quarter with the highest number of active users. Figma calculates Paid Customers with more than $100,000 in ARR using Figma Make on a weekly basis and MCP weekly active users in Figma Design for a given quarter using the week with the highest number of such users in the quarter. Additional terms are defined in Figma’s Quarterly Report on Form 10-Q for the three months ended March 31, 2026, filed or to be filed with the SEC on May 14, 2026. Figma, Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts; unaudited) Three Months Ended March 31, 2026 2025 Revenue $ 333,439 $ 228,199 Cost of revenue(1) 68,666 19,452 Gross profit 264,773 208,747 Operating expenses(1): Research and development 172,974 69,925 Sales and marketing 125,568 68,840 General and administrative 103,629 30,233 Total operating expenses 402,171 168,998 Income (loss) from operations (137,398 ) 39,749 Other income (expense), net (4,325 ) 7,274 Income (loss) before income taxes (141,723 ) 47,023 Provision for income taxes 678 2,141 Net income (loss) $ (142,401 ) $ 44,882 Less: net income attributable to participating securities — (36,271 ) Net income (loss) attributable to common stockholders $ (142,401 ) $ 8,611 Net income (loss) per share, basic and diluted: Net income (loss) per share, basic $ (0.27 ) $ 0.04 Net income (loss) per share, diluted $ (0.27 ) $ 0.04 Weighted-average shares outstanding used in computing net income (loss) per share attributable to common stockholders, basic 523,485 214,883 Weighted-average shares outstanding used in computing net income (loss) per share attributable to common stockholders, diluted 523,485 231,076 ____________________ (1) Includes stock-based compensation, net of amounts capitalized, as follows: Three Months Ended March 31, 2026 2025 Cost of revenue $ 5,081 $ — Research and development 79,025 197 Sales and marketing 20,950 — General and administrative 63,942 — Total $ 168,998 $ 197 Figma, Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) As of March 31,
2026 December 31,
2025 (unaudited) Assets Current assets Cash and cash equivalents $ 405,654 $ 403,469 Digital assets, current 15,696 15,575 Marketable securities 1,232,810 1,252,474 Accounts receivable, net 188,351 247,915 Prepaid expenses and other current assets 93,882 85,267 Total current assets 1,936,393 2,004,700 Property and equipment, net 30,982 19,996 Intangible assets, net 12,663 19,083 Digital assets, non-current 11,787 15,116 Goodwill 101,396 101,396 Operating lease right-of-use assets 54,458 57,411 Restricted cash 9,800 9,799 Other assets 133,309 120,706 Total assets $ 2,290,788 $ 2,348,207 Liabilities and stockholders’ equity Accounts payable $ 8,928 $ 4,502 Accrued and other current liabilities 82,157 66,535 Accrued compensation and benefits 53,173 107,105 Operating lease liabilities, current 2,540 2,630 Deferred revenue 627,664 595,334 Total current liabilities 774,462 776,106 Operating lease liabilities, non-current 53,624 55,845 Other non-current liabilities 5,741 5,615 Total liabilities 833,827 837,566 Stockholders’ equity: Common stock 4 4 Additional paid-in capital 3,042,899 2,950,007 Accumulated other comprehensive income (loss) (168 ) 4,003 Accumulated deficit (1,585,774 ) (1,443,373 ) Total stockholders’ equity 1,456,961 1,510,641 Total liabilities and stockholders’ equity $ 2,290,788 $ 2,348,207 Figma, Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW (in thousands; unaudited) Three Months Ended
March 31, 2026 2025 Cash flows from operating activities: Net income (loss) $ (142,401 ) $ 44,882 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 6,097 1,521 Non-cash operating lease costs 4,587 4,105 Stock-based compensation, net of amounts capitalized 168,998 197 Amortization of deferred commissions 6,511 4,706 Net accretion of discounts on available-for-sale securities (2,474 ) (4,846 ) Unrealized losses on equity investments, net 15,611 8,266 Remeasurement loss on digital assets, non-current 3,329 — Other non-cash adjustments 2,482 (186 ) Changes in assets and liabilities: Accounts receivable, net 59,512 17,991 Prepaid expenses and other current assets (8,806 ) (9,164 ) Other assets (18,189 ) (2,434 ) Accounts payable 4,160 (883 ) Accrued and other current liabilities 9,457 4,386 Accrued compensation and benefits (44,022 ) 3,289 Deferred revenue 32,330 25,273 Other non-current liabilities 126 74 Net cash provided by operating activities 97,308 97,177 Cash flows from investing activities: Capital expenditures (7,812 ) (874 ) Capitalized internal-use software development costs (888 ) (1,721 ) Purchases of marketable securities (262,936 ) (238,805 ) Proceeds from maturities of marketable securities 188,121 255,111 Proceeds from sale of marketable securities 75,749 28,201 Other cash flows from investing activities 317 (661 ) Net cash provided by (used in) investing activities (7,449 ) 41,251 Cash flows from financing activities: Proceeds from options exercised 28,851 339 Taxes paid related to net share settlement of equity awards (116,159 ) — Other cash flows from financing activities (228 ) — Net cash provided by (used in) financing activities (87,536 ) 339 Change in cash, cash equivalents and restricted cash 2,323 138,767 Cash, cash equivalents and restricted cash—beginning of period 413,191 490,585 Cash, cash equivalents and restricted cash—end of period $ 415,514 $ 629,352 Figma, Inc. RECONCILIATION FROM GAAP TO NON-GAAP RESULTS (in thousands except percentages; unaudited) Three Months Ended
March 31, 2026 2025 Reconciliation of gross profit and gross margin GAAP gross profit $ 264,773 $ 208,747 Plus: Stock-based compensation expense 5,081 — Plus: Amortization of stock-based compensation included in capitalized internal use software development costs 258 86 Plus: Amortization of acquired intangibles from acquisitions 3,886 — Plus: Employer payroll taxes on employee stock transactions 561 — Non-GAAP gross profit $ 274,559 $ 208,833 GAAP gross margin 79 % 91 % Non-GAAP gross margin 82 % 92 % Reconciliation of operating expenses GAAP research and development $ 172,974 $ 69,925 Less: Stock-based compensation expense (79,025 ) (197 ) Less: Employer payroll taxes on employee stock transactions (5,885 ) — Less: Impairment losses on long-lived assets (2,371 ) — Non-GAAP research and development $ 85,693 $ 69,728 GAAP sales and marketing $ 125,568 $ 68,840 Less: Stock-based compensation expense (20,950 ) — Less: Employer payroll taxes on employee stock transactions (4,120 ) — Less: Amortization of acquired intangibles from acquisitions (125 ) — Non-GAAP sales and marketing $ 100,373 $ 68,840 GAAP general and administrative $ 103,629 $ 30,233 Less: Stock-based compensation expense (63,942 ) — Less: Employer payroll taxes on employee stock transactions (3,327 ) — Non-GAAP general and administrative $ 36,360 $ 30,233 Reconciliation of operating income (loss) and operating margin GAAP operating income (loss) $ (137,398 ) $ 39,749 Plus: Stock-based compensation expense 168,998 197 Plus: Amortization of stock-based compensation included in capitalized internal use software development costs 258 86 Plus: Employer payroll taxes on employee stock transactions 13,893 — Plus: Amortization of acquired intangibles from acquisitions 4,011 — Plus: Impairment losses on long-lived assets 2,371 — Non-GAAP operating income $ 52,133 $ 40,032 GAAP operating margin (41 )% 17 % Non-GAAP operating margin 16 % 18 % Figma, Inc. RECONCILIATION FROM GAAP TO NON-GAAP RESULTS (in thousands; unaudited) Three Months Ended
March 31, 2026 2025 Reconciliation of net income (loss) GAAP net income (loss) $ (142,401 ) $ 44,882 Plus: Stock-based compensation expense 168,998 197 Plus: Amortization of stock-based compensation included in capitalized internal use software development costs 258 86 Plus: Employer payroll taxes on employee stock transactions(1) 13,893 — Plus: Amortization of acquired intangibles from acquisitions 4,011 — Plus: Impairment losses on long-lived assets 2,371 — Plus: Equity investment losses, net 14,947 8,328 Plus: Remeasurement losses on bitcoin investment 3,330 — Less: Income tax effects of non-GAAP adjustments(2) 8,904 11,768 Non-GAAP net income $ 56,503 $ 41,725 Less: Non-GAAP net income attributable to participating securities — (34,586 ) Non-GAAP net income attributable to common stockholders $ 56,503 $ 7,139 Plus: Reallocation of Non-GAAP net income to common stockholders considering potentially dilutive securities — 276 Non-GAAP net income attributable to common stockholders considering potentially dilutive securities $ 56,503 $ 7,415 Weighted-average shares outstanding used to compute Non-GAAP net income per share, basic 523,485 214,883 Weighted-average shares outstanding used to compute Non-GAAP net income per share, diluted 544,687 231,076 Non-GAAP net income per share, basic $ 0.11 $ 0.03 Non-GAAP net income per share, diluted $ 0.10 $ 0.03 ____________________ (1) Employer payroll taxes on employee stock transactions for the three months ended March 31, 2026 were primarily related to employer taxes paid on Figma’s RSU releases. (2) Income tax effects of non-GAAP adjustments are calculated based on a projected tax rate of 14.5% for the three months ended March 31, 2026, and 25% for the three months ended March 31, 2025. The projected tax rate decrease is primarily attributable to the release of a non-GAAP valuation allowance, resulting from an updated assessment of deferred tax asset realizability based on revised non-GAAP future taxable income projections at the end of 2025. Figma will periodically re-evaluate this tax rate, for significant events, relevant tax law changes, material changes in the forecasted geographic earnings mix, and any significant acquisitions. Figma, Inc. RECONCILIATION OF GAAP CASH FLOW FROM OPERATING ACTIVITIES TO FREE CASH FLOW (in thousands, except percentages; unaudited) Three Months Ended
March 31, 2026 2025 Net cash provided by operating activities(1) $ 97,308 $ 97,177 Less: Capital expenditures (7,812 ) (874 ) Less: Capitalized internal use software development costs (888 ) (1,721 ) Free Cash Flow(2) $ 88,608 $ 94,582 Net cash provided by (used in) investing activities $ (7,449 ) $ 41,251 Net cash provided by (used in) financing activities $ (87,536 ) $ 339 Operating Cash Flow Margin 29 % 43 % Free Cash Flow Margin 27 % 41 % ____________________ (1) Net cash provided by operating activities for the three months ended March 31, 2026 includes the impact of a $56.1 million payment under Figma’s annual corporate bonus program, accrued during the year ended December 31, 2025, with no comparable payment in the prior year period. (2) Free Cash Flow and Adjusted Free Cash Flow are equivalent for the three months ended March 31, 2026 and 2025. View source version on businesswire.com: https://www.businesswire.com/news/home/20260514730702/en/ Investor Contact:
Kate DeLeo
Figma, Inc.
ir@figma.com Media Contact:
Michael Amodeo
Figma, Inc.
press@figma.com Original: Figma Announces First Quarter 2026 Financial Results
US Market News
4月前
Figma Announces Fourth Quarter and Fiscal Year 2025 Financial ResultsFebruary 18, 2026 4:05 PM
Business Wire
Fourth quarter revenue of $303.8 million reflects an accelerated 40% year-over-year growth rate.
Net Dollar Retention Rate rose to 136% as Figma drove platform and AI adoption.
Figma, Inc. (NYSE:FIG) announced financial results today for its fourth quarter and fiscal year ended December 31, 2025.
“2025 was a massive year for Figma, and the fourth quarter was our best quarter yet,” said Figma co-founder and CEO Dylan Field. “Our accelerated revenue and customer growth going into 2026 reflect design’s power and Figma’s essential place at the center of the product development stack. Whether that work begins in a terminal, a prompt box, with UI in the Figma canvas or a hand-drawn sketch, great products come from exploration, craft, and point of view. This is what Figma’s platform uniquely makes possible.”
“Q4 was our best quarter for net new revenue on record, as platform-led adoption across our customer base–including enterprise and international–powered durable growth at scale,” said Praveer Melwani, Figma CFO. “We closed the year with 40% year-over-year revenue growth in Q4, an uptick in Net Dollar Retention Rate, and strong cash generation, with a 13% operating cash flow margin. Our healthy balance sheet and positive free cash flow gives us the flexibility to continue investing in AI and the platform while maintaining financial discipline for sustainable, long-term growth.”
Fourth Quarter 2025 Financial Highlights:
Revenue was $303.8 million, an increase of 40% year-over-year, and above the range of Figma’s previously issued fourth quarter guidance.
GAAP loss from operations was $(195.5) million; GAAP operating margin was (64)%. Non-GAAP operating income was $44.0 million; non-GAAP operating margin was 14%.
Net cash provided by operating activities was $39.9 million; operating cash flow margin was 13%. Adjusted Free Cash Flow was $38.5 million; Adjusted Free Cash Flow Margin was 13%.
GAAP net loss was $(226.6) million and non-GAAP net income was $43.0 million.
GAAP net loss per share, basic and diluted was $(0.44) and non-GAAP net income per share, basic and diluted was $0.08.
Cash, cash equivalents, and marketable securities were $1.7 billion as of December 31, 2025.
Fiscal Year 2025 Financial Highlights:
Revenue was $1.056 billion, an increase of 41% year-over-year.
International revenue grew 45% year-over-year.
GAAP loss from operations was $(1.3) billion; GAAP operating margin was (122)%. Non-GAAP operating income was $129.5 million; non-GAAP operating margin was 12%.
GAAP loss from operations, net loss, and net loss per share were impacted by a one-time stock-based compensation expense of $975.7 million, which Figma recognized in the third quarter as a result of its initial public offering.
Net cash provided by operating activities was $250.7 million; operating cash flow margin was 24%. Adjusted Free Cash Flow was $242.7 million; Adjusted Free Cash Flow Margin was 23%.
GAAP net loss was $(1.3) billion and non-GAAP net income was $166.8 million.
GAAP net loss per share, basic and diluted was $(3.71) and non-GAAP net income per share, basic and diluted was $0.32 and $0.30, respectively.
Fourth Quarter 2025 & Recent Business Highlights:
Net Dollar Retention Rate was 136% as of December 31, 2025.
13,861 Paid Customers with more than $10,000 in ARR as of December 31, 2025.
1,405 Paid Customers with more than $100,000 in ARR as of December 31, 2025.
67 Paid Customers with more than $1,000,000 in ARR as of December 31, 2025.
Weekly active users of Figma Make grew over 70% quarter-over-quarter, with over half of Paid Customers with more than $100,000 in ARR building in Figma Make on a weekly basis in the three months ended December 31, 2025.
Over 80% of Figma Make’s weekly active users on Full seats also used Figma Design in the three months ended December 31, 2025, reflecting the increased adoption of AI workflows across Figma’s platform.
Expanded the functionality and availability of Figma Make, including the ability to use experimental models Gemini 3 Pro and Claude Opus 4.6.
Introduced Make Connectors that allow users to pull in data from external tools like Atlassian, GitHub, Notion, and Linear as context for their apps or prototypes.
Released a new Claude Code to Figma feature that allows users to bring user interfaces generated in Claude Code directly into Figma’s infinite canvas as editable layers, which users can manipulate, duplicate, iterate, and refine with their team.
Launched three new AI image editing tools for precision editing directly in the Figma canvas, and acquired Weavy, now Figma Weave, which brings the world’s leading AI models together with professional editing tools on a single, browser-based canvas.
Partnered with Anthropic to launch the Figma MCP app in Claude, which expands on Figma’s existing MCP server and allows users to turn conversations with Claude into diagrams, flow charts, or Gantt charts in FigJam.
Expanded the Figma app in ChatGPT to support the generation of FigJam diagrams, Figma Buzz marketing artifacts, and Figma Slides presentations.
Opened an office in Bengaluru and announced local data hosting and governance support for enterprise, to further invest in India, Figma’s second-largest market by monthly active users.
First Quarter and Full Year 2026 Outlook:
Based on information as of today, Figma is providing the following guidance:
First Quarter 2026 Outlook:
Revenue between $315.0 million and $317.0 million, implying 38% year-over-year growth at the midpoint of the range.
Full Year 2026 Outlook:
Revenue between $1.366 billion and $1.374 billion, implying 30% year-over-year growth at the midpoint of the range.
Non-GAAP operating income between $100.0 million and $110.0 million.
Conference Call Details:
Figma will host a conference call today, February 18, 2026, at 5:00pm Eastern Time (2:00pm Pacific Time) to discuss its financial results for the fourth quarter and fiscal year ended December 31, 2025 and outlook for the first quarter of 2026 and full year 2026. To access the call, please register at https://investor.figma.com/news-events/events-and-presentations/event-details/2026/Figma-Q4-2025-Earnings-Call/default.aspx. Figma will provide a written version of the prepared remarks portion of the call on Figma’s investor relations website (https://investor.figma.com) before the call begins. A live webcast of the call will be available on Figma’s investor relations website (https://investor.figma.com), and a replay and transcript of the full webcast will be archived on the same website following the call.
Investor Presentation:
An investor presentation providing additional information can be found at https://investor.figma.com.
About Figma
Figma (NYSE: FIG) is where teams come together to turn ideas into the world’s best digital products and experiences. Founded in 2012, Figma has evolved from a design tool to a connected, AI-powered platform that helps teams go from idea to shipped product. Whether you’re ideating, designing, building, or shipping, Figma makes the entire design and product development process more collaborative, efficient, and fun—while keeping everyone on the same page.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of applicable securities laws. All statements other than statements of historical fact could be deemed to be forward-looking, including, but not limited to, statements regarding Figma’s future operating results and financial condition, including financial outlook for the first quarter of 2026 and full year 2026, and Figma’s business strategy and plans, as well as any assumptions relating to the foregoing. The words “believe,” “may,” “will,” “potentially,” “estimate,” “continue,” “anticipate,” “intend,” “could,” “would,” “project,” “target,” “plan,” “expect,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words.
These forward-looking statements are made as of the date they were first issued and are based on information available to Figma together with Figma’s expectations, estimates, forecasts, projections, beliefs, and assumptions as of such date. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond Figma’s control. Figma’s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors. Further information on potential risks that could affect actual results is included in Figma’s most recent filings with the Securities and Exchange Commission (the “SEC”), including in Figma’s Annual Report on Form 10-K for the year ended December 31, 2025, filed or to be filed with SEC on or around February 18, 2026, copies of which may be obtained by visiting Figma’s Investor Relations website at https://investor.figma.com or the SEC's website at https://www.sec.gov. Past performance is not necessarily indicative of future results. Figma undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Forward-looking statements should not be relied upon as representing Figma’s views as of any date subsequent to the date of this press release.
Non-GAAP Financial Measures
This press release and the accompanying tables contain the following non-GAAP financial measures: Free Cash Flow, Free Cash Flow Margin, Adjusted Free Cash Flow, Adjusted Free Cash Flow Margin, non-GAAP gross profit, non-GAAP gross margin, non-GAAP research and development expenses, non-GAAP sales and marketing expenses, non-GAAP general and administrative expenses, non-GAAP operating income, non-GAAP operating margin, non-GAAP net income, non-GAAP net income attributable to common stockholders, non-GAAP net income attributable to common stockholders considering potentially dilutive securities, and non-GAAP net income per share, basic and diluted. Certain of these non-GAAP financial measures exclude stock-based compensation expense, amortization of stock-based compensation expense included in capitalized internal use software development costs, employer payroll taxes on employee stock transactions, and amortization of acquired intangibles from acquisitions. Additionally, Figma excludes certain non-recurring charges, including transaction costs and other related expenses associated with the Abandoned Merger with Adobe, 2024 Tender Offer transaction costs, equity investments (gains) losses, net and remeasurement (gains) losses on digital assets, non-current, net. The Abandoned Merger with Adobe and 2024 Tender Offer are defined in Figma’s Annual Report on Form 10-K for the year ended December 31, 2025, filed or to be filed with the SEC on or around February 18, 2026. The tax rate used to compute income tax effects and adjustments is Figma’s blended current expected effective tax rate, based on tax legislation currently in effect, and is subject to change based on various factors, including but not limited to, changes to local and international tax laws, changes in the geographic mix of Figma’s earnings, or other changes to Figma’s strategy or business operations.
Figma believes that these non-GAAP financial measures are useful information to management and investors in evaluating Figma’s financial condition and operating performance. Figma’s management uses these non-GAAP measures, collectively, to evaluate Figma’s ongoing operations, and for budgeting and internal planning purposes. Figma believes that non-GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance. The non-GAAP financial information is presented for supplemental informational purposes only, should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly titled non-GAAP measures used by other companies.
Management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in Figma’s financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgment by management about which expenses and income are excluded or included in determining these non-GAAP financial measures. Figma urges investors to review the reconciliation of its non-GAAP financial measures to the comparable GAAP financial measures, and not to rely on any single financial measure to evaluate Figma’s business.
Reconciliations of the most comparable GAAP financial measures to the non-GAAP financial measures presented in this press release are included in the financial tables at the end of this release. Figma has not reconciled its outlook as to non-GAAP operating income to its most directly comparable GAAP measure because certain items that impact non-GAAP operating income are out of Figma’s control or cannot be reasonably predicted. Accordingly, a reconciliation for forward-looking non-GAAP operating income is not available without unreasonable effort.
Certain Definitions
Figma calculates Annual Recurring Revenue (“ARR”) as the annualized value of Figma’s active customer agreements as of the measurement date, assuming any agreement that expires during the next twelve months following the measurement date is renewed on existing terms. A customer agreement is considered active when seats are provisioned to the customer at the start of their subscription. In cases where contracts are signed but not provisioned prior to the measurement date, the customer agreement is counted as active if provisioning takes place no more than 15 days after the measurement date.
Figma defines a Paid Customer as a customer account that is billed separately for which Figma has an active paid subscription as of the last day of the applicable period of measurement. A single organization with multiple divisions, segments, subsidiaries, or subscribing teams that are each billed separately are counted as multiple Paid Customers. A customer account is considered active when seats are provisioned to the customer at the start of their subscription. In cases where contracts are signed but not provisioned as of the last date of the applicable period of measurement, the customer account is counted as active if provisioning takes place no more than 15 days after the last day of the applicable period of measurement.
Figma defines a Paid Customer with more than $10,000 in ARR as a Paid Customer with a total of $10,000 or more of ARR as of the last day of the applicable period of measurement.
Figma defines a Paid Customer with more than $100,000 in ARR as a Paid Customer with $100,000 or more of ARR as of the last day of the applicable period of measurement.
Figma defines a Paid Customer with more than $1,000,000 in ARR as a Paid Customer with $1,000,000 or more of ARR as of the last day of the applicable period of measurement.
Figma calculates Net Dollar Retention Rate as of the applicable period of measurement by starting with the ARR of Paid Customers with more than $10,000 in ARR as of twelve months prior to such date of measurement (“Prior Period ARR”). Figma then calculates the ARR for those same customers as of the applicable period of measurement (“Current Period ARR”). Figma then divides Current Period ARR by Prior Period ARR to calculate Net Dollar Retention Rate for the applicable date of measurement. Figma’s Net Dollar Retention Rate reflects customer expansion, contraction, and customer churn. Figma calculates Net Dollar Retention Rate using ARR from Paid Customers with more than $10,000 in ARR because Figma believes that $10,000 in ARR is an important threshold, as it is a strong indicator of significant paid usage of Figma’s products.
Figma defines weekly active users as the number of unique users that access at least one of its products during a given week. Figma calculates quarterly growth in weekly active users using the week from each quarter with the highest number of active users. Figma calculates weekly active users of Figma Make on Full seats that also used Figma Design in a given quarter using the week with the highest number of such users in the quarter.
Additional terms are defined in Figma’s Annual Report on Form 10-K for the year ended December 31, 2025, filed or to be filed with the SEC on February 18, 2026.
Figma, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
Three Months Ended
December 31,
Year Ended
December 31,
2025
2024
2025
2024
(unaudited)
(unaudited)
Revenue
$
303,776
$
216,945
$
1,055,788
$
749,011
Cost of revenue(1)
54,302
16,463
185,527
87,514
Gross profit
249,474
200,482
870,261
661,497
Operating expenses(1):
Research and development
195,838
58,551
1,029,700
751,120
Sales and marketing
134,208
61,206
575,508
472,076
General and administrative
114,930
29,056
555,510
315,734
Total operating expenses
444,976
148,813
2,160,718
1,538,930
Income (loss) from operations
(195,502
)
51,669
(1,290,457
)
(877,433
)
Other income (expense), net
(8,742
)
39,128
64,815
84,362
Income (loss) before income taxes
(204,244
)
90,797
(1,225,642
)
(793,071
)
Provision for (benefit from) income taxes
22,313
(7,010
)
24,821
(60,951
)
Net income (loss)
$
(226,557
)
$
97,807
$
(1,250,463
)
$
(732,120
)
Less: net income attributable to participating securities
—
(64,737
)
—
—
Net income (loss) attributable to common stockholders
$
(226,557
)
$
33,070
$
(1,250,463
)
$
(732,120
)
Net income (loss) per share, basic and diluted:
Net income (loss) per share, basic
$
(0.44
)
$
0.16
$
(3.71
)
$
(3.74
)
Net income (loss) per share, diluted
$
(0.44
)
$
0.15
$
(3.71
)
$
(3.74
)
Weighted-average shares outstanding used in computing net income (loss) per share attributable to common stockholders, basic
511,036
212,274
337,044
195,612
Weighted-average shares outstanding used in computing net income (loss) per share attributable to common stockholders, diluted
511,036
226,935
337,044
195,612
(1)Includes stock-based compensation, net of amounts capitalized, as follows:
Cost of revenue
$
7,774
$
—
$
50,979
$
27,893
Research and development
105,793
153
697,676
511,259
Sales and marketing
32,776
—
218,823
206,830
General and administrative
71,951
—
396,655
201,571
Total
$
218,294
$
153
$
1,364,133
$
947,553
Figma, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
As of December 31,
2025
2024
(unaudited)
Assets
Current assets
Cash and cash equivalents
$
403,469
$
486,954
Digital assets, current
15,575
—
Marketable securities
1,252,474
970,883
Accounts receivable, net
247,915
131,315
Prepaid expenses and other current assets
85,267
48,873
Total current assets
2,004,700
1,638,025
Property and equipment, net
19,996
15,017
Intangible assets, net
19,083
2,511
Digital assets, non-current
15,116
—
Goodwill
101,396
11,398
Operating lease right-of-use assets
57,411
28,806
Restricted cash
9,799
3,631
Other assets
120,706
93,760
Total assets
$
2,348,207
$
1,793,148
Liabilities and stockholders’ equity
Accounts payable
$
4,502
$
4,163
Accrued and other current liabilities
66,535
31,119
Accrued compensation and benefits
107,105
19,377
Operating lease liabilities, current
2,630
10,937
Deferred revenue
595,334
381,363
Total current liabilities
776,106
446,959
Operating lease liabilities, non-current
55,845
17,833
Other non-current liabilities
5,615
4,303
Total liabilities
837,566
469,095
Commitments and contingencies
Stockholders’ equity:
Convertible preferred stock
—
329,441
Common stock
4
1
Additional paid-in capital
2,950,007
1,186,207
Accumulated other comprehensive income
4,003
1,314
Accumulated deficit
(1,443,373
)
(192,910
)
Total stockholders’ equity
1,510,641
1,324,053
Total liabilities and stockholders’ equity
$
2,348,207
$
1,793,148
Figma, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
(in thousands)
Three Months Ended
December 31,
Year Ended
December 31,
2025
2024
2025
2024
(unaudited)
(unaudited)
Cash flows from operating activities:
Net income (loss)
(226,557
)
97,807
(1,250,463
)
(732,120
)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization
6,049
1,578
15,594
7,691
Non-cash operating lease costs
4,790
3,620
17,984
14,130
Stock-based compensation, net of amounts capitalized
218,294
153
1,364,133
947,553
Amortization of deferred commissions
5,866
4,517
20,886
14,820
Net accretion of discounts on available-for-sale securities
(3,454
)
(5,774
)
(15,935
)
(17,059
)
Unrealized (gains) losses on equity investments, net
22,366
(25,104
)
797
(24,177
)
Other non-cash adjustments
51
(745
)
(517
)
(2,590
)
Changes in assets and liabilities:
Accounts receivable, net
(92,191
)
(35,318
)
(117,721
)
(42,668
)
Prepaid expenses and other current assets
(6,090
)
(7,075
)
(35,867
)
(20,567
)
Other assets
(20,618
)
(16,769
)
(36,212
)
(86,632
)
Accounts payable
(5,931
)
91
154
525
Accrued and other current liabilities
(1,997
)
(149
)
2,186
(252,530
)
Accrued compensation and benefits
19,278
(1,010
)
77,007
11,447
Deferred revenue
121,767
56,964
213,971
127,728
Other non-current liabilities
(1,737
)
305
(5,316
)
(7,268
)
Net cash provided by (used in) operating activities
39,886
73,091
250,681
(61,717
)
Cash flows from investing activities:
Purchase of intangible assets
(180
)
(725
)
(5,244
)
(920
)
Capital expenditures
(734
)
(662
)
(4,444
)
(1,977
)
Capitalized internal-use software development costs
(700
)
(1,604
)
(3,553
)
(4,524
)
Cash paid for business combinations, net of cash acquired
(37,339
)
—
(58,343
)
—
Purchases of marketable securities
(233,447
)
(249,534
)
(1,248,095
)
(1,323,305
)
Proceeds from maturities of marketable securities
167,987
140,703
839,537
447,562
Proceeds from sale of marketable securities
32,698
48,557
145,189
99,889
Proceeds from sale of digital assets
15,000
—
15,000
—
Purchases of digital assets
(15,000
)
—
(45,000
)
—
Other cash flows from investing activities
(5,250
)
(200
)
(6,460
)
(982
)
Net cash used in investing activities
(76,965
)
(63,465
)
(371,413
)
(784,257
)
Cash flows from financing activities:
Repurchase of common stock
—
—
—
(861
)
Payment of deferred offering costs, net of costs reimbursed
(5,177
)
—
(7,371
)
—
Cash paid for issuance costs on revolving credit facility
—
—
(1,400
)
—
Proceeds from options exercised
83,365
1,210
131,661
2,394
Proceeds from issuance of common stock under employee stock purchase plan
26,382
—
26,382
—
Proceeds from issuance of common stock
—
60,000
—
60,000
Proceeds from borrowings under revolving credit facility
—
—
330,500
—
Repayments on borrowings under revolving credit facility
—
—
(330,500
)
—
Proceeds from initial public offering, net of underwriting discounts and commissions
—
—
393,076
—
Taxes paid related to net share settlement of equity awards
(5,158
)
—
(499,807
)
(418,051
)
Proceeds from sale of common stock in connection with May 2024 RSU Release(1)
—
—
—
418,968
Other cash flows from financing activities
(405
)
—
797
—
Net cash provided by financing activities
99,007
61,210
43,338
62,450
Change in cash, cash equivalents and restricted cash
61,928
70,836
(77,394
)
(783,524
)
Cash, cash equivalents and restricted cash—beginning of period
351,263
419,749
490,585
1,274,109
Cash, cash equivalents and restricted cash—end of period
$
413,191
$
490,585
$
413,191
$
490,585
____________________
(1)
May 2024 RSU Release is defined in Figma’s Annual Report on Form 10-K for the year ended December 31, 2025, filed or to be filed with the SEC on or around February 18, 2026.
Figma, Inc.
RECONCILIATION FROM GAAP TO NON-GAAP RESULTS
(in thousands; unaudited)
Three Months Ended
December 31,
Year Ended
December 31,
2025
2024
2025
2024
Reconciliation of gross profit and gross margin
GAAP gross profit
$
249,474
$
200,482
$
870,261
$
661,497
Plus: Stock-based compensation expense
7,774
—
50,979
27,893
Plus: Amortization of stock-based compensation included in capitalized internal use software development costs
258
82
790
186
Plus: Amortization of acquired intangibles from acquisitions
3,897
—
7,957
—
Plus: Employer payroll taxes on employee stock transactions
389
—
1,455
696
Non-GAAP gross profit
$
261,792
$
200,564
$
931,442
$
690,272
GAAP gross margin
82
%
92
%
82
%
88
%
Non-GAAP gross margin
86
%
92
%
88
%
92
%
Reconciliation of operating expenses
GAAP research and development
$
195,838
$
58,551
$
1,029,700
$
751,120
Less: Stock-based compensation expense
(105,793
)
(153
)
(697,676
)
(511,259
)
Less: Transaction costs and other related expenses associated with the Abandoned Merger with Adobe
—
(1,289
)
—
(5,146
)
Less: Employer payroll taxes on employee stock transactions
(5,617
)
—
(20,727
)
(16,035
)
Less: 2024 Tender Offer transaction costs
—
—
—
(2,041
)
Non-GAAP research and development
$
84,428
$
57,109
$
311,297
$
216,639
GAAP sales and marketing
$
134,208
$
61,206
$
575,508
$
472,076
Less: Stock-based compensation expense
(32,776
)
—
(218,823
)
(206,830
)
Less: Transaction costs and other related expenses associated with the Abandoned Merger with Adobe
—
(676
)
—
(2,801
)
Less: Employer payroll taxes on employee stock transactions
(6,138
)
—
(12,119
)
(6,731
)
Less: Amortization of acquired intangibles from acquisitions
(125
)
—
(351
)
—
Less: 2024 Tender Offer transaction costs
—
—
—
(1,320
)
Non-GAAP sales and marketing
$
95,169
$
60,530
$
344,215
$
254,394
GAAP general and administrative
$
114,930
$
29,056
$
555,510
$
315,734
Less: Stock-based compensation expense
(71,951
)
—
(396,655
)
(201,571
)
Less: Transaction costs and other related expenses associated with the Abandoned Merger with Adobe
—
(2,509
)
—
(10,117
)
Less: Employer payroll taxes on employee stock transactions
(4,759
)
—
(12,430
)
(3,937
)
Less: 2024 Tender Offer transaction costs
—
(33
)
—
(8,088
)
Non-GAAP general and administrative
$
38,220
$
26,514
$
146,425
$
92,021
Reconciliation of operating income (loss) and operating margin
GAAP operating income (loss)
$
(195,502
)
$
51,669
$
(1,290,457
)
$
(877,433
)
Plus: Stock-based compensation expense
218,294
153
1,364,133
947,553
Plus: Amortization of stock-based compensation included in capitalized internal use software development costs
258
82
790
186
Plus: Transaction costs and other related expenses associated with the Abandoned Merger with Adobe
—
4,474
—
18,064
Plus: Employer payroll taxes on employee stock transactions
16,903
—
46,731
27,399
Plus: Amortization of acquired intangibles from acquisitions
4,022
—
8,308
—
Plus: 2024 Tender Offer transaction costs
—
33
—
11,449
Non-GAAP operating income
$
43,975
$
56,411
$
129,505
$
127,218
GAAP operating margin
(64
)%
24
%
(122
)%
(117
)%
Non-GAAP operating margin
14
%
26
%
12
%
17
%
Figma, Inc.
RECONCILIATION FROM GAAP TO NON-GAAP RESULTS
(in thousands; unaudited)
Three Months Ended
December 31,
Year Ended
December 31,
2025
2024
2025
2024
Reconciliation of net income (loss)
GAAP net income (loss)
$
(226,557
)
$
97,807
$
(1,250,463
)
$
(732,120
)
Plus: Stock-based compensation expense
218,294
153
1,364,133
947,553
Plus: Amortization of stock-based compensation included in capitalized internal use software development costs
258
82
790
186
Plus: Transaction costs and other related expenses associated with the Abandoned Merger with Adobe
—
4,474
—
18,064
Plus: Employer payroll taxes on employee stock transactions(1)
16,903
—
46,731
27,399
Plus: Amortization of acquired intangibles from acquisitions
4,022
—
8,308
—
Plus: 2024 Tender Offer transaction costs
—
33
—
11,449
Plus: Equity investment (gains) losses, net
22,366
(25,104
)
906
(24,177
)
Plus: Remeasurement (gains) losses on digital assets, non-current
(116
)
—
(116
)
—
Less: Income tax effects of non-GAAP adjustments(2)
(7,785
)
24,619
3,470
107,802
Non-GAAP net income
$
42,955
$
52,826
$
166,819
$
140,552
Less: Non-GAAP net income attributable to participating securities
—
(40,592
)
(60,439
)
(90,172
)
Non-GAAP net income attributable to common stockholders
$
42,955
$
12,234
$
106,380
$
50,380
Plus: Reallocation of Non-GAAP net income to common stockholders considering potentially dilutive securities
—
440
2,862
2,259
Non-GAAP net income attributable to common stockholders considering potentially dilutive securities
$
42,955
$
12,674
$
109,242
$
52,639
Weighted-average shares outstanding used to compute Non-GAAP net income per share, basic
511,036
212,274
337,044
195,612
Weighted-average shares outstanding used to compute Non-GAAP net income per share, diluted
558,554
226,935
369,556
211,903
Non-GAAP net income per share, basic
$
0.08
$
0.06
$
0.32
$
0.26
Non-GAAP net income per share, diluted
$
0.08
$
0.06
$
0.30
$
0.25
____________________
(1)
Employer payroll taxes on employee stock transactions for the three months and year ended December 31, 2025 are primarily related to employer taxes paid on RSU releases. Employer payroll taxes on employee stock transactions for the year ended December 31, 2024 are related to the May 2024 RSU Release and 2024 Tender Offer.
(2)
Income tax effects of non-GAAP adjustments are calculated based on a projected tax rate of 14.5% for the three months and year ended December 31, 2025, and 25% for the three months and year ended December 31, 2024. The projected tax rate decrease is primarily attributable to the release of a non-GAAP valuation allowance, resulting from an updated assessment of deferred tax asset realizability based on revised non-GAAP future taxable income projections at the end of 2025. Figma periodically re-evaluates this tax rate for significant events, relevant tax law changes, material changes in the forecasted geographic earnings mix, and any significant acquisitions. Lastly, the Company’s non-GAAP income tax provision excludes $24.5 million in tax expense incurred in connection with the Weavy acquisition during the three months ended December 31, 2025.
Figma, Inc.
RECONCILIATION OF GAAP CASH FLOW FROM OPERATING ACTIVITIES TO FREE CASH FLOW
(in thousands; unaudited)
Three Months Ended
December 31,
Year Ended
December 31,
2025
2024
2025
2024
Net cash provided by (used in) operating activities
$
39,886
$
73,091
$
250,681
$
(61,717
)
Less: Capital expenditures
(734
)
(662
)
(4,444
)
(1,977
)
Less: Capitalized internal use software development costs
(700
)
(1,604
)
(3,553
)
(4,524
)
Free Cash Flow
$
38,452
$
70,825
$
242,684
$
(68,218
)
Add: Transaction costs and other related expenses associated with the Abandoned Merger with Adobe
—
14
—
68,492
Add: Estimated income taxes related to the Abandoned Merger with Adobe
—
(5,148
)
—
180,987
Adjusted Free Cash Flow
$
38,452
$
65,691
$
242,684
$
181,261
Net cash used in investing activities
$
(76,965
)
$
(63,465
)
$
(371,413
)
$
(784,257
)
Net cash provided by financing activities
$
99,007
$
61,210
$
43,338
$
62,450
Operating Cash Flow Margin
13
%
34
%
24
%
(8
)%
Free Cash Flow Margin
13
%
33
%
23
%
(9
)%
Adjusted Free Cash Flow Margin
13
%
30
%
23
%
24
%
Supplemental disclosures:
Tax payment made in connection with the acquisition of Weavy Inc.(1)
$
24,500
—
$
24,500
—
____________________
(1)
Net cash provided by operating activities during the three and twelve months ended December 31, 2025 includes the impact of a $24.5 million tax payment made to the Israeli tax authority related to the transfer of intellectual property to the United States in connection with Figma’s acquisition of Weavy Inc. during the three months ended December 31, 2025.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260218662839/en/
Investor Contact:
Kate DeLeo
Figma, Inc.
ir@figma.com
Media Contact:
Abby Reider
Figma, Inc.
press@figma.com
Original: Figma Announces Fourth Quarter and Fiscal Year 2025 Financial Results
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