==Figma (FIG) reported Q4 earnings on Wed 18 Feb 26 (a/h)

 

Figma reports Q4 FY2025 revenue of $303.8M, exceeding guidance on accelerating 40% growth and strong net dollar retention; issues 2026 outlook for ~30% revenue growth and continued non-GAAP profitability, but guides to lower margins to fund AI.

• Q4 revenue grew 40% YoY to $304M, above the high end of guidance.
• Net dollar retention for >$10k customers improved 5 points QoQ to 136%, best in 10 quarters.
• Q4 non-GAAP operating margin was 14%, but 2026 margin guided down to ~8%.
• Full-year 2025 revenue rose 41% to $1.056B, also above the high end of guidance.
• Make weekly active users grew 70% QoQ; over half of >$100k customers use it weekly.
• About 75% of >$10k customers now consume AI credits weekly ahead of March monetization.
• International revenue grew 45% YoY; 54% of revenue but 85% of monthly active users.
• Q4 gross margin was 86%; AI infra investments expected to pressure margins going forward.
• Figma ended 2025 with $1.7B in cash and 13% adjusted free cash flow margin.
• 2026 revenue guidance implies 30% growth, with free cash flow roughly matching operating income.
• Strong quarter, driven by accelerating growth, improving retention, and broad adoption of new AI and Make products. Main concern: margin compression and revenue visibility as Figma pivots to a hybrid seat-and-consumption AI model in 2026.