Figma Revenue Beats Expectations as Artificial Intelligence Strategy Accelerates Growth
San Francisco, Wednesday, 18 February 2026.
Figma shares climbed over 15 percent after reporting 40 percent revenue growth, driven by a 70 percent surge in weekly users for its generative AI tools.
Defying the ‘SaaSpocalypse’
Design software platform Figma (FIG) effectively countered fears regarding software sector disruption on Wednesday, reporting fourth-quarter revenue of $303.8 million [1][6]. This figure represents a 40 percent year-over-year increase [2][6] and surpasses analyst expectations of $293.15 million by approximately 3.633 percent [1]. Following the release, shares surged as much as 16 percent in after-hours trading [2], offering a reprieve for a stock that had been down roughly 35 percent year-to-date prior to the report [1]. The results suggest that rather than being displaced by generative AI, Figma is successfully integrating the technology to drive enterprise value.
Monetizing Generative Design
The central narrative of the quarter was the rapid adoption of “Figma Make,” the company’s generative AI toolset. Weekly active users for the feature increased by 70 percent compared to the third quarter [1][3]. Crucially, this adoption is penetrating the enterprise tier; over half of customers contributing more than $100,000 in annualized revenue utilized the tool weekly during the quarter [1]. This usage correlates with strong customer loyalty, as the company reported a net dollar retention rate of 136 percent, the highest in ten quarters [2][3]. Furthermore, the number of customers spending over $1 million annually grew 68 percent year-over-year to reach 67 [3].
Balancing Infrastructure Costs with Scale
While top-line growth accelerated, the integration of artificial intelligence has introduced new cost dynamics. Figma’s adjusted gross margin settled at 86 percent for the quarter [1], a decrease from approximately 92 percent earlier in 2025 [3]. This compression is directly attributed to the substantial costs associated with running AI inference at scale [3]. Despite this, the company reported non-GAAP operating income of $44.0 million, representing a 14 percent margin [6]. However, on a GAAP basis, the company sustained a net loss of $226.6 million [1][6], heavily influenced by stock-based compensation and infrastructure investments [6]. Executives indicated that the cost of running the Make service has been lowered through infrastructure optimization, a detail CFO Praveer Melwani is expected to expound upon during calls with analysts [1].
Forward Guidance and Market Outlook
Looking ahead, Figma issued strong guidance that suggests continued momentum. For the first quarter of 2026, the company projects revenue between $315 million and $317 million, implying a growth rate of 38 percent [1][6]. Full-year 2026 revenue is anticipated to reach between $1.366 billion and $1.374 billion [6], exceeding the consensus estimate of $1.29 billion [1]. To further monetize its AI capabilities, Figma plans to implement monthly AI credit limits and consumption-based pricing starting in March 2026 [1][3]. CEO Dylan Field emphasized the expanding market, stating that while competition is increasing, the volume of software being created is set to grow significantly [1].