Key Highlights

  • Third quarter Revenue was USD 391.4 million against an estimate of USD 376.53 million and USD 274.2 million last year.
  • EPS was USD 0.10 against an estimate of USD 0.05, while GAAP net loss per share was USD 0.15.
  • Paid Customers with more than USD 100,000 in ARR numbered 1,717, against 1,262 a year earlier.
  • Non-GAAP Operating Income was USD 47.0 million, and free Cash Flow was USD 41.5 million for the quarter.

Figma (NYSE:FIG) reported third quarter revenue of USD 391.4 million, against USD 274.2 million in the third quarter of 2025 and an estimate of USD 376.53 million. EPS was USD 0.10 against an estimate of USD 0.05. The company recorded a GAAP net loss of USD 81.3 million, or USD 0.15 per share, compared with a net loss of USD 1,097.0 million, or USD 2.72 per share, a year earlier.

Results and What Moved Them

Revenue increased 43%, which the company tied to growth in Paid Customers. Gross Profit was USD 314.4 million against USD 190.3 million. The company said a USD 40.3 million decline in stock-based compensation and related payroll taxes in cost of revenue was partly offset by a USD 29.5 million increase in technical infrastructure and hosting costs relating to AI and platform usage.

Loss from operations was USD 119.2 million against USD 1,136.8 million. Stock-based compensation was USD 158.6 million against USD 1,138.3 million, which the company linked to higher expense after its July 2025 initial public offering. Research and Development expenses were USD 205.2 million against USD 680.9 million, sales and Marketing was USD 130.7 million against USD 274.8 million, and general and administrative was USD 97.7 million against USD 371.4 million. Non-GAAP operating income was USD 47.0 million against USD 34.0 million, with a non-GAAP Operating Margin of 12% in both periods.

Customers, Products and AI Usage

Paid Customers with more than USD 10,000 in ARR numbered 16,566 against 12,910, and those with more than USD 100,000 in ARR numbered 1,717 against 1,262. The company stated increases of 28% and 36%, respectively. Net Dollar Retention Rate was 131%, the same as a year earlier, although the company has noted that the rate has declined in recent periods.

The company described a product line that includes Figma Design, FigJam, Dev Mode, Slides, Make, Sites, Buzz, Draw and Weave. Since March 2026 it has enforced AI Credit limits and introduced add-ons and pay-as-you-go usage for incremental AI consumption.

Cash, Liquidity and Investments

Cash and cash equivalents were USD 508.0 million at September 30, alongside marketable securities of USD 1.2 billion and current digital Assets of USD 15.9 million held in USDC. Net cash provided by Operating Activities was USD 48.4 million in the quarter, and free cash flow was USD 41.5 million against USD 49.0 million. For nine months, free cash flow was USD 183.3 million.

The company held approximately 173 Bitcoins with a Fair Value of USD 14.4 million. Its revolving credit Facility provides up to USD 500.0 million of borrowing capacity, with a USD 150.0 million subfacility for letters of credit.

Stated Priorities

Management said it continues to invest in AI so customers can build and iterate faster, and that AI investments affect its cost of revenue and operating expenses. It also pointed to acquisitions such as Payload CMS and Weavy, now Figma Weave, as additions to platform capabilities.

Numbers in Context

Revenue of USD 391.4 million sits alongside GAAP net loss of USD 81.3 million, non-GAAP operating income of USD 47.0 million and free cash flow of USD 41.5 million.

Management named the continued growth of Paid Customers above USD 100,000 in ARR, the AI credit enforcement begun in March 2026 and the revolving facility as items in its disclosures. It stated that its cash, digital assets, marketable securities and facility availability are sufficient to fund operations for at least the next twelve months.