Figma Inc (FIG) Q4 2025 Earnings Call Highlights: Robust Revenue Growth and Strategic AI Investments

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Thu, February 19, 2026 at 2:00 PM GMT+9 4 min read

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**Revenue:** $304 million in Q4 2025, 40% year-over-year growth; $1.056 billion for the full year, 41% year-over-year growth.

**Net Dollar Retention Rate:** 136% for customers with more than $10,000 in ARR, a 5 percentage point increase quarter-over-quarter.

**Operating Margin:** Non-GAAP operating margin of 14% in Q4; 12% for the full year.

**Adjusted Free Cash Flow Margin:** 13% in Q4.

**Cash and Equivalents:** $1.7 billion at year-end.

**Gross Margin:** 86% in Q4; 88% for the full year.

**Customer Growth:** 951 net new customers spending more than $10,000 in ARR; 143 net new customers spending more than $100,000 in ARR.

**International Revenue Growth:** 45% year-over-year.

**Q1 2026 Revenue Guidance:** $315 million to $317 million, implying 38% growth at the midpoint.

**Full Year 2026 Revenue Guidance:** $1.366 billion to $1.374 billion, implying 30% growth at the midpoint.

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Release Date: February 18, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

Figma Inc (NYSE:FIG) reported a 40% year-over-year revenue growth in Q4 2025, reaching $304 million, which exceeded their guidance.

The company achieved a net dollar retention rate of 136% for customers with more than $10,000 in ARR, indicating strong customer loyalty and expansion.

Figma Inc (NYSE:FIG) ended the year with $1.7 billion in cash, cash equivalents, and marketable securities, showcasing a strong financial position.

The launch of new products and features, including AI-native functionality, has driven significant user engagement and expansion into new customer segments.

International revenue grew by 45% year-over-year, highlighting successful global expansion efforts.

Negative Points

Stock-based compensation was elevated in 2025 due to IPO-related expenses and other factors, impacting financial results.

Adjusted free cash flow declined sequentially in Q4, partly due to a one-time $25 million IP transfer tax payment related to an acquisition.

The company anticipates a decrease in non-GAAP operating margin to 8% in 2026, down from 12% in 2025, due to increased investments in AI and infrastructure.

There is potential for volatility in revenue as Figma Inc (NYSE:FIG) transitions to a hybrid model of monetizing both seats and AI credits.

Concerns were raised about the integration with external AI partners like Claude Code, with questions about the division of responsibilities and potential risks.

 






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Q & A Highlights

Q: Dylan, with the emergence of new Agentic layers and tools, how do you see the role of user interfaces evolving? A: Dylan Field, CEO: Humans will continue to use software alongside agents, requiring visual interfaces for understanding and trust. New interaction paradigms will emerge, needing thoughtful design. Design, craft, and point of view will remain key differentiators as coding constraints diminish.

Q: Praveer, how are you approaching the monetization of AI credits in 2026? A: Praveer Melwani, CFO: We’ve embedded AI credits across our product suite, with 75% of our $10k+ customers consuming credits weekly. Our guidance is based on current adoption and usage trends, with potential for overperformance as we refine our assumptions and introduce new features.

Q: What are the implications of Figma Make’s adoption for customer budgets and roles? A: Dylan Field, CEO: We’re seeing roles and responsibilities blur across design, engineering, and product management. Figma Make is expanding use cases, bringing in diverse personas like product managers, and encouraging a more generalist approach within teams.

Q: How do you view the competitive landscape in the prototyping space with Figma Make? A: Dylan Field, CEO: Figma Make’s integration with Figma Design is a key differentiator. Over 80% of Make users also use Design, and we’re focused on unifying these surfaces to enhance the round-tripping between code and design, setting us apart from fragmented prototyping solutions.

Q: Can you elaborate on the potential partnerships with AI-native companies and their impact on Figma’s offerings? A: Dylan Field, CEO: We’re focused on integrating with model providers to enhance our core design capabilities. While exploring partnerships, our primary goal is to facilitate seamless transitions between code and design, ensuring Figma improves as models advance.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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