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Sentiment · FY2026 Q2
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $217M | +50.2% | $0.20 | -87.3% | — | 23.8% | 45.1% | $71M |
| FY2025 Q1 | $228M | +46.1% | $-2.05 | -7421.4% | — | 17.4% | 3.8% | $95M |
| FY2025 Q2 | $250M | +40.9% | $0.00 | +100.1% | — | 0.8% | 0.3% | $61M |
| FY2025 Q3 | $274M | +38.0% | $-2.23 | -6868.8% | — | -414.6% | -400.1% | $49M |
| FY2025 Q4 | $304M | +40.0% | $-0.44 | -320.0% | — | -64.4% | -74.6% | $39M |
| FY2026 Q1 | $333M | +46.1% | $-0.27 | +86.8% | — | -41.2% | -42.7% | $89M |
| FY2026 Q2 | $370M | +48.2% | $-0.21 | — | — | -31.7% | -30.3% | $54M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Arjun Bhatia | William Blair | 6 (0%) |
| Rishi Jaluria | RBC Capital Markets | 5 (20%) |
| Gabriela Borges | Goldman Sachs |
Figma delivered its largest beat as a public company, with first-quarter revenue of $333 million up 46% year-over-year - a second consecutive quarter of accelerating growth. Net dollar retention rose 3 points to 139%, its highest in over two years, and the paid customer base reached roughly 690,000, up 54%, as AI credit monetization launched March 18 to encouraging early traction. Non-GAAP operating margin was 16% and free cash flow margin was 27%, though gross margin compressed to 82% on deeper AI feature adoption and GAAP results remained a loss on continued one-time IPO stock-based compensation. Management raised full-year revenue guidance by $55 million to $1.422 billion-$1.428 billion (35% growth) and non-GAAP operating income by $25 million to $125 million-$135 million. Momentum spanned seat expansion, enterprise wins including a 35,000-plus-seat deal, and rising Figma Make and MCP adoption.
Cloud & AI | Competitive Dynamics | Demand | Revenue Growth | Product Launch | Pricing | M&A | Guidance Reliability | |
|---|---|---|---|---|---|---|---|---|
| 2025Q2 | 5 | 1 | 2 | 3 | 2 | 1 | 1 | |
| 2025Q3 | 5 | 2 | 3 | 3 | 2 | 1 | 1 | |
| 2025Q4 | 7 | 3 | 2 | 2 | 2 | 1 | 2 | |
| 2026Q1 | 6 | 2 | 1 | 1 | 1 | 3 |
| '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|
| Cloud & AI | 5 | 5 | 7 | 6 |
| Competitive Dynamics | 1 | 2 | 3 | 2 |
| Demand | 2 | 3 | 2 | 1 |
| Revenue Growth | 3 | 3 | 1 | |
| Product Launch | 2 | 2 | 2 | 1 |
| Pricing | 1 | 2 | 3 | |
| M&A | 1 | 1 | 1 | |
| Guidance Reliability | 1 | 2 |
| 5 (40%) |
| Alex Zukin | Wolfe Research | 5 (0%) |
| Michael Turrin | Wells Fargo | 5 (20%) |
| Keith Weiss | Morgan Stanley | 3 (0%) |
| Brad Sills | Bank of America | 3 (0%) |
| Will Fitzsimmons | Piper Sandler | 3 (33%) |
| Nick Altmann | BTIG | 2 (0%) |
| John McShane | Stifel | 2 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Goldman Sachs | 2 | 6 (33%) |
| William Blair | 1 | 6 (0%) |
| Wells Fargo | 2 | 6 (17%) |
| RBC Capital Markets | 1 | 5 (20%) |
| Wolfe Research | 1 | 5 (0%) |
| Morgan Stanley | 2 | 5 (0%) |
| Piper Sandler | 2 | 4 (25%) |
| Stifel | 2 | 3 (0%) |
What FIG and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“their labs product is not something that we're seen us gain the way of that nor do we see the effect as far as I can tell in a substantial way.”
Management downplayed the competitive impact of Google's labs design tools (e.g., Stitch), saying it has not materially affected Figma, while emphasizing the Google partnership.
“Google is a longtime Figma customer. Many of their most iconic products have been designed and built on our platform.”
Google is doubling down on Figma, using it end-to-end to design agentic Gemini experiences for enterprise customers, signaling deep reliance on Figma for AI-native product design.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
FIG Figma, Inc. | 9 | +46.1% | |
| ADSK Autodesk | 10 | +19.8% | |
| AI C3.ai, Inc. | 1 | -46.1% | |
| APP Applovin Corp | 9 | +59.0% | |
| CDNS Cadence Design Systems | 9 | +18.7% | |
| CHYM Chime Financial, Inc. Class A Common Stock | 10 | +24.8% | |
| CRM Salesforce, Inc. | 9 | +12.1% | |
| DDOG Datadog | 10 | +32.1% | |
| FICO Fair Isaac | 9 | +38.7% | |
| INTU Intuit | 9 | +17.4% | |
| MSTR MicroStrategy Inc. | 7 | +11.9% | |
| NOW ServiceNow | 7 | +22.1% | |
| PTC PTC Inc. | 9 | +21.7% | |
| SHOP Shopify | 8 | +34.3% | |
| SNOW Snowflake Inc. | 9 | +30.1% | |
| SOUN SoundHound AI, Inc. | 8 | +51.7% | |
| TEAM Atlassian | 7 | +31.7% | |
| TTD The Trade Desk, Inc. | 8 | +11.8% | |
| TYL Tyler Technologies | 8 | +8.6% | |
| U Unity Software Inc. | 9 | +16.8% | |
| UBER Uber | 8 | +14.5% | |
| WDAY Workday, Inc. | 7 | +14.5% |