Figma, Inc. (FIG): Results of Operations and Financial Condition
Figma, Inc. (FIG) filed an SEC Form 8-K — Results of Operations and Financial Condition. Figma Announces Second Quarter 2026 Financial Results Q2 revenue grew 48% year-over-year to $370.1 million, the third straight quarter of accelerated year-over-year growth. GAAP and non-GAAP gross profit year-over-year growth accelerated to 40%. Code Layers, the Figma agent, and
How this was made
The 30-second read
Why it matters
The key tradable items are the Q2 beat, accelerating gross profit growth, strong net dollar retention, and a raised full-year revenue outlook with explicit Q3 and FY ranges.
Market read
A beat-and-raise earnings/guidance update with AI monetization and retention metrics provides a direct catalyst for FIG positioning.
What to watch
AI credit monetization is highlighted, but the filing does not quantify credit ARPU or churn; traders may scrutinize whether retention and AI usage are durable into Q3.
Q2 revenue grew 48% year-over-year to $370.1 million, the third straight quarter of accelerated year-over-year growth.
Revenue growth accelerated for a third consecutive quarter, gross profit growth accelerated to 40%, Net Dollar Retention Rate remained 136%, and Figma raised full year revenue guidance by $40.0 million.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| RevenueGAAP | $370.1 million | – | 48% |
| GAAP gross profitGAAP | $309.6 million | – | 40% |
| GAAP gross marginGAAP | 84% | – | – |
| Non-GAAP gross profitnon-GAAP | $314.0 million | – | 40% |
| Non-GAAP gross marginnon-GAAP | 85% | – | – |
| GAAP loss from operationsGAAP | $(117.3) million | – | – |
| GAAP operating marginGAAP | (32)% | – | – |
| Non-GAAP operating incomenon-GAAP | $36.1 million | – | – |
| Non-GAAP operating marginnon-GAAP | 10% | – | – |
| GAAP net lossGAAP | $(112.2) million | – | – |
| Non-GAAP net incomenon-GAAP | $42.6 million | – | – |
| GAAP net loss per share, basic and dilutedGAAP | $(0.21) | – | – |
| Non-GAAP net income per share, basic and dilutednon-GAAP | $0.08 | – | – |
| Net cash provided by operating activitiesGAAP | $60.9 million | – | – |
| Operating cash flow marginother | 16% | – | – |
| Free Cash Flownon-GAAP | $53.2 million | – | – |
| Free Cash Flow Marginnon-GAAP | 14% | – | – |
| Net Dollar Retention Rateother | 136% | – | – |
| Paid Customers with more than $10,000 in ARRother | 15,964 | – | 34% |
| Paid Customers with more than $100,000 in ARRother | 1,635 | – | 46% |
| Paid Customers with more than $10,000 in ARR consuming AI credits weeklyother | over 80% | – | – |
| Paid Customers with more than $10,000 in ARR using the Figma agent on a weekly basisother | over 50% | – | – |
Third Quarter and Full Year 2026 outlook
- RevenueThird Quarter 2026: between $373.0 million and $375.0 million; Full Year 2026: between $1.463 billion and $1.467 billion
- NoteThird Quarter 2026 revenue implying 36% year-over-year growth at the midpoint of the range.
- NoteFull Year 2026 revenue implying 39% year-over-year growth at the midpoint of the range and a raise of $40.0 million to Figma’s previously issued guidance.
- NoteFull Year 2026 non-GAAP operating income between $125.0 million and $135.0 million, representing a non-GAAP operating margin of 9% at the midpoint of the range.
What drove it
- Revenue growth accelerated for the third sequential quarter.
- Net Dollar Retention Rate remained strong at 136% as customers expanded both seats and AI credit add-ons.
- The quarter was Figma’s first full quarter of AI credit monetization.
- Code Layers, the Figma agent, and new creative capabilities expanded the surface for AI consumption and the types of work that can happen on Figma.
- Figma hosted Config, its annual user conference, in San Francisco.
Concerns
- GAAP loss from operations was $(117.3) million and GAAP operating margin was (32)%.
- GAAP and non-GAAP operating income were impacted by increased investment in sales and marketing spend related to Config.
- GAAP net loss was $(112.2) million.
What to watch
- Third Quarter 2026 revenue guidance of between $373.0 million and $375.0 million.
- Full Year 2026 revenue guidance of between $1.463 billion and $1.467 billion.
- Full Year 2026 non-GAAP operating income guidance of between $125.0 million and $135.0 million.
- Sustained seat expansion and AI credit add-on adoption.
- Weekly AI credit consumption and Figma agent usage among Paid Customers with more than $10,000 in ARR.
Balance sheet and cash flow
- Cash, cash equivalents, and marketable securities were $1.7 billion as of June 30, 2026.
- Net cash provided by operating activities was $60.9 million; operating cash flow margin was 16%.
- Free Cash Flow was $53.2 million; Free Cash Flow Margin was 14%.
Analysis
Figma reported $370.1 million of Q2 revenue, up 48% year-over-year and above its previously issued second-quarter guidance range. The company described this as its third straight quarter of accelerated year-over-year revenue growth. Management attributed the performance to customer seat expansion and AI credit add-ons, with Net Dollar Retention Rate at 136% as of June 30, 2026.
Gross-profit growth accelerated to 40% year-over-year on both a GAAP and non-GAAP basis. GAAP gross profit was $309.6 million at an 84% margin, while non-GAAP gross profit was $314.0 million at an 85% margin. Customer expansion indicators also remained strong: Paid Customers with more than $10,000 in ARR grew 34% year-over-year to 15,964, and Paid Customers with more than $100,000 in ARR grew 46% year-over-year to 1,635.
The quarter paired positive non-GAAP profitability and cash generation with sizable GAAP losses. Non-GAAP operating income was $36.1 million, with a 10% operating margin, while GAAP loss from operations was $(117.3) million, with a (32)% operating margin. The company said GAAP and non-GAAP operating income were impacted by increased sales and marketing investment related to Config. Net cash provided by operating activities was $60.9 million and Free Cash Flow was $53.2 million, while cash, cash equivalents, and marketable securities were $1.7 billion at period end.
AI monetization and product adoption are central to the reported operating narrative. The quarter was Figma’s first full quarter of AI credit monetization, and over 80% of Paid Customers with more than $10,000 in ARR were consuming AI credits weekly as of June 30, 2026. The company also introduced Code Layers, new creative tools, and the Figma agent. As of July 31, 2026, over 50% of Paid Customers with more than $10,000 in ARR were using the Figma agent weekly.
Figma raised full-year revenue guidance by $40.0 million to between $1.463 billion and $1.467 billion, implying 39% year-over-year growth at the midpoint. Third-quarter revenue guidance is between $373.0 million and $375.0 million, implying 36% year-over-year growth at the midpoint. Full-year non-GAAP operating income guidance is between $125.0 million and $135.0 million, representing a 9% non-GAAP operating margin at the midpoint, indicating continued investment alongside the raised revenue outlook.
Management, verbatim
Q2 was Figma’s third straight quarter of accelerated revenue growth, and as code gets commoditized and value moves up the stack, the opportunity ahead of us has only grown.
Dylan Field, Figma's CEO
Q2 was a record quarter and our first full quarter of AI credit monetization.
Praveer Melwani, Figma’s CFO
Revenue grew 48% year-over-year, accelerating for the third consecutive quarter, and gross profit growth accelerated alongside it.
Praveer Melwani, Figma’s CFO
Not in the filing
stated, not guessed- Prior-year revenue amount
- Prior-quarter revenue amount and sequential revenue change
- Prior-year and prior-quarter amounts for gross profit, gross margin, operating income, operating margin, net income, EPS, operating cash flow, Free Cash Flow, cash, and customer metrics
- Debt balance
- Capital returns, including share repurchases and dividends
- Segment revenue and segment profitability
- Third Quarter 2026 gross margin, operating expenses, and tax-rate guidance
- Full Year 2026 gross margin, operating expenses, and tax-rate guidance
- Prior outlook section needed for metric-by-metric comparison with prior guidance
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
This is Figma’s SEC 8-K for Q2 2026 results (Item 2.02) with product updates tied to AI agents and guidance updates.
Ticker impact
Figma reported Q2 revenue up 48% YoY to $370.1M and raised full-year revenue guidance to $1.463B-$1.467B.
Near-term upside bias as traders reprice FY growth and AI credit monetization trajectory; watch for any margin or cash-flow follow-through.
The filing includes specific, time-sensitive datapoints: Q2 beat vs prior guidance, AI credit monetization commentary, and a $40M full-year revenue guidance raise with explicit Q3 and FY ranges.
Market effects
Supports the narrative that design-software platforms can monetize AI usage via credits and agents, potentially lifting sentiment for adjacent dev/design tooling.
Limited, as the disclosure is company-specific with no stated regional policy or macro linkage.
Moderate for global SaaS sentiment, but primarily a single-name repricing event.
Counterpoint
Despite revenue acceleration, GAAP operating loss widened materially, so the stock may be sensitive to whether non-GAAP profitability can be sustained without further spend.
Key entities
- public_companyFigma, Inc.
Design and prototyping platform reporting Q2 2026 results and raising full-year revenue guidance.
- executiveDylan Field
CEO quoted on AI consumption surface and full-stack creation strategy.
- executivePraveer Melwani
CFO quoted on AI credit monetization and confidence in raised outlook.
