Key Highlights

  • Figma reported second-quarter 2026 Revenue of $370.1m, up 48 per cent year on year.
  • The quarter was the first full one in which Figma monetised AI credits, with rising inference costs cited as a pressure on gross margin.
  • Figma raised its full-year 2026 revenue range by $40m to $1.463bn to $1.467bn.

The latest reported quarter

Figma, Inc. (NYSE:FIG) reported second-quarter 2026 results on 5 August 2026, for the quarter ended 30 June. Revenue was $370.1m, up 48 per cent year on year, which the company described as the third consecutive quarter of accelerating growth. Gross Margin was 84 per cent on a GAAP basis and 85 per cent non-GAAP. Gross Profit grew 40 per cent, slower than revenue.

The company reported a GAAP loss from operations of $117.3m and a GAAP net loss of $112.2m, or $0.21 per share. On a non-GAAP basis, Operating Income was $36.1m, a 10 per cent margin, and Net Income was $42.6m, or $0.08 per share. The gap between the two measures is large, so the reconciliation in the release is worth reading.

Cash generation and customer metrics

Operating cash flow was $60.9m and free cash flow $53.2m, a 14 per cent margin. Cash, cash equivalents and marketable securities stood at $1.7bn at 30 June 2026. Net dollar retention was 136 per cent. Customers paying more than $10,000 in annual Recurring Revenue numbered 15,964, up 34 per cent, while those above $100,000 totalled 1,635, up 46 per cent.

On the earnings call, management said about two-thirds of the larger customers added full seats at renewal, gross retention remained in the mid-to-high 90 per cent range and international revenue grew 50 per cent.

AI credits, costs and margins

The quarter was the first full one in which Figma monetised AI credits. The company said more than 80 per cent of customers above $10,000 in annual recurring revenue used AI credits weekly at quarter-end, and more than half used the Figma agent weekly as of 31 July. Credit limits have applied to all seats since mid-March, with add-on and pay-as-you-go options.

AI features carry inference costs. Management cited rising inference costs, and the Config conference, as pressures on margin, and said gross margin may fluctuate from quarter to quarter because it does not charge for products in beta. The company is pursuing model routing, provider optimisation and models trained on its own design data. Whether credit pricing covers those costs as usage grows is a central question for the margin profile.

Guidance and Leadership changes

Guidance is a forecast, not a result. For the third quarter Figma expects revenue of $373m to $375m, about 36 per cent growth at the midpoint. For full-year 2026 it raised the revenue range by $40m to $1.463bn to $1.467bn, about 39 per cent growth at the midpoint, and held non-GAAP operating income at $125m to $135m.

Management also announced changes: the chief technology officer becomes chief architect while a successor is sought, the chief product officer is departing, and a new chief Marketing officer takes over after the incumbent leaves at the end of August. Transitions in senior product roles can affect execution during a period of rapid product launches.

What to watch

The third-quarter report will show whether growth stays near the guided 36 per cent, whether net dollar retention holds, how gross margin responds to inference costs, and how quickly the agent and Make products move from Beta to paid usage. The reconciliation between GAAP and non-GAAP profit is also worth tracking in each future quarterly release.