Key Highlights

  • Revenue for the third quarter of 2026 was USD 391.4 million, up about 43% (calculated) from USD 274.2 million, and nine-month Revenue reached USD 1,094.9 million.
  • Net loss was 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, in the third quarter of 2025.
  • Stock-based compensation expense fell to USD 158.6 million from USD 1,138.3 million, and non-GAAP Operating Income rose to USD 47.0 million from USD 34.0 million.
  • Paid customers above USD 100,000 in annual Recurring Revenue reached 1,717, up from 1,262, while net dollar retention held at 131% on both dates.

Stock Compensation Swing Explains the Smaller Loss

Figma (NYSE:FIG) filed its Quarterly Report on November 4, 2026, for the period ended September 30. Revenue of USD 391.4 million came with Gross Profit of USD 314.4 million, a calculated gross Margin of about 80.3% versus 69.4% a year earlier. The net loss compares with about USD 1.1 billion, precisely USD 1,097.0 million, a year earlier. Loss from operations narrowed to USD 119.2 million from USD 1,136.8 million, an Operating Margin of negative 30%. The filing shows the difference came largely from stock-based compensation, which was USD 158.6 million this quarter against USD 1,138.3 million in the prior-year quarter. Cost of revenue fell to USD 77.0 million from USD 83.9 million even as sales rose. Research and Development fell to USD 205.2 million from USD 680.9 million, and general and administrative expense fell to USD 97.7 million from USD 371.4 million.

Non-GAAP Margin Flat While Customers Move Up

Excluding stock compensation, payroll taxes on employee stock transactions, acquired intangibles amortization and Acquisition costs, non-GAAP operating income was USD 47.0 million, a 12% margin that matched the prior-year quarter. For nine months it was USD 135.2 million, or 12%, against USD 85.5 million, or 11%. Customers with more than USD 10,000 in annual recurring revenue rose to 16,566 from 12,910. Figma, a collaborative design platform, has broadened from Figma Design into FigJam, Slides, Make, Sites, Buzz and Draw, and says it has added AI Credit limits and pay-as-you-go Options since March 2026.

Cash Generation Slows Despite Larger Cash Pile

Cash and cash equivalents were USD 508.0 million at September 30, 2026. Net cash from Operating Activities for nine months was USD 206.6 million versus USD 210.8 million, and free cash flow, a non-GAAP measure, was USD 183.3 million against USD 204.2 million. The company noted a USD 56.1 million payment under its annual Bonus program that had no counterpart a year earlier. Third-quarter free Cash Flow was USD 41.5 million versus USD 49.0 million. Other income, net, was USD 47.3 million, helping cushion the pretax loss of USD 71.9 million. The filing gives no guidance in this extract and no share price reaction. Free cash flow margin is not stated in this summary.

Where Things Stand

The loss narrowed because of an accounting swing, not because operations turned profitable. Figma (NYSE:FIG) cut its net loss to USD 81.3 million as stock-based compensation dropped by roughly USD 980 million (calculated) from the prior-year quarter, while non-GAAP operating margin stayed at 12%. Revenue growth and larger customers are positives, yet free cash flow edged lower. Watch whether Stock Compensation stays near USD 159 million a quarter, how AI credit pricing affects spending and the retention rate holding at 131%.