Figma's CEO went on a podcast to warn that AI makes creative work look the same, and investors who wrote off the stock at a 38% loss this year may have missed the part where that warning is actually Figma's…
Dylan Field, co-founder and chief executive of Figma (NYSE:FIG), used an All-In podcast appearance on October 19 to say that people who let AI do their thinking end up making generic work. It sounds like philosophy. It also describes how Figma plans to make money. That matters now because the stock trades at $22.91 and is down 38.69% year to date, which tells you investors still fear AI will make design software obsolete.
Field Warns Against Joining the Hive Mind
“As a human in general, pre-AI, post-AI, you have a choice,” Field said. “Do you want to consume or create? Do you want to take the easy path or do you want to climb the mountain?” He said he sees people “letting AI think for them,” less at Figma than in his everyday interactions with the world. “Why would I want something else to think for me? My entire life has been about figuring out how to think,” he added.
He also said AI tools risk making creative output all look the same, and he described Figma’s internal policy of tagging content written by AI. His answer to the sameness problem is Weave, a node-based system that feeds one model’s output into another model’s input. “You need a way to craft that clay, you need a way to mold it,” he said.
Talking about OpenAI’s release of 700+ math papers on famous problems, Dylan Field called it “the greatest day of discovery in human history,” and added that “it felt like we lost something and gained something at the same time.”
Human Control Is Already Figma’s Product Plan
Field made the same argument on the August 5 earnings call. He proposed “a performant professional-grade canvas where humans as well as agents can work side by side” and said of AI models: “These models are trained on what already exists. So what you get back is in distribution. It’s the expected answer.”
Customers are paying for that idea. In Q2 2026, revenue rose 48.3% to $370.08M, ahead of the $351.52M consensus. It was the third consecutive quarter of faster growth. Net dollar retention, which tracks how much more existing customers spend year over year, came in at 136%. More than 80% of paid customers above $10,000 in annual recurring revenue (ARR) used AI credits every week, and more than 50% used the Figma agent weekly. Figma raised its full-year revenue guidance by $40M to $1.463B–$1.467B.
That guidance leaves out some products. The agent, Code Layers, Motion and Make on local code are still in beta and don’t use paid credits yet, so management hasn’t counted them in the outlook.
Margins Are the Price of Keeping Humans in Charge
Running AI models costs money. GAAP gross margin fell to 84% from 89% a year earlier. Stock-based compensation jumped to $147.6M from $7.3M, which helped drive a GAAP operating loss of $117.3M. Free cash flow margin dropped to 14% from 24%. Last week, Reuters reported that the CFO said Figma is willing to put margins on the line to boost AI demand. Third-quarter guidance of $373M–$375M implies growth slowing to about 36%.
What Field’s Comments Mean for Figma Stock
Shares are down 80.16% from their $115.50 close on July 31, 2025. The market cap of about $10.46B is roughly 7 times the midpoint of 2026 revenue guidance. Our earlier look at Figma’s rough debut walked through how that sell-off happened.
We think Field has read the AI shift right, and his numbers support him. If AI models keep making “the expected answer,” teams that want unique work will pay more for tools that let them shape it, and Figma charges for every credit along the way. The current price already reflects the fear that AI replaces designers and misses the upside if beta products start bringing in money. In the next quarterly report, look at two things: whether the agent and Code Layers start using paid credits, and whether gross margin holds near current levels. If both happen, Field’s warning against letting AI think for you becomes Figma’s best case for investors.
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Figma oznámila 20 nových partnerů pro MCP, přestože spoluzakladatel Dylan Field považuje tento protokol za nedokonalý a upozorňuje na riziko zneužití sdílených dat.
Despite Figma co-founder Dylan Field’s concerns about MCP (model context protocol), which standardizes how AI agents connect to external data sources and tools, the company is expanding its support for the open source standard.
At the design company’s first Config conference held in India, the company announced 20 new model context protocol (MCP) partners, including Amp, ClickUp, Dia, Junie by JetBrains, Linear, Meta Muse, Mistral, Notion, OpenCode, and Sarvam Agents.
Field has expressed his misgivings about MCP before. Days before this announcement, one of MCP’s co-creators complained about Figma not supporting the open-source tool Pi. As part of his response, Field made a comment about Anthropic not making its various resources available via MCP.
“I find it interesting that Anthropic (creators of MCP standard) do not expose artifacts / other cloud resources created via MCP,” he wrote on X. “The debate is framed as open vs closed. Everyone always prefers open… obviously. And meanwhile issues of asymmetric context sharing are ignored.”
(Field later added that Figma plans support Pi.)
Can you help me understand why you don't make various Anthropic resources available via MCP? Maybe I'm missing something.
— Dylan Field (@zoink) September 30, 2026 At a media briefing, I asked Field about this debate. The co-founder explained that while Figma wants to be open, he doesn’t think MCP is a perfect protocol.
“I’m really excited about what we’re doing in terms of opening up our ecosystem. I also think that MCP is not a perfect protocol. And I think that it is something that has tons of room for improvement,” the co-founder responded. “It is advantaged more to frontier labs. Also, I understand everyone online who just wants a protocol that they can use when they want to use their Figma data, and I want them to use it, too.”
Figma’s CEO said that the reason the company doesn’t want to be fully open is that the more data the company exposes through MCP, the higher the chance of abuse.
He also clarified that while most users don’t intend to use MCP or Figma data in a malicious way, the company still has to think about those potential risks.
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Ivan covers global consumer tech developments at TechCrunch. He is based out of India and has previously worked at publications including Huffington Post and The Next Web.
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Figma stock has slipped sharply this year and is hovering at its lowest level on record. It traded at $21.54 on Monday, down 85% from its all-time high. The retreat has coincided with growing “SaaSpocalypse” fears, as investors worry that AI tools such as Claude and ChatGPT could disrupt its business. Still, evidence suggests that the company’s growth remains intact.
Figma is a top technology company in the design and collaboration industry. Its platform makes it easier for teams to implement tasks like UI and UX design, prototyping, and collaboration.
The company, like other top software firms, has come under pressure this year as AI tools get more advanced. Investors fear that the company could be ripe for disruption over time.
However, early evidence shows that the company’s growth is continuing, with more clients moving to its ecosystem. The most recent results showed that Figma’s revenue jumped by 48% last quarter to $370 million, much higher than its guidance and what analysts were expecting.
This growth came as both small and large companies joined Figma’s ecosystem. The number of customers paying more than $10,000 a year rose to nearly 16,000, while those paying more than $100,000 annually grew to 1,635.
The growth continued even as the company moved to a credit-based system, in which Professional plans receive 3,000 credits per month, Organization plans receive 3,500, and Enterprise plans receive 4,250. Additionally, SimilarWeb data shows that Figma’s website traffic has continued growing, hitting 77.5 million last month.
Wall Street analysts expect the company’s revenue growth to continue in the last quarter. The average estimate is that its revenue will come in at $376 million, up by 37% from the same period last year. For the year, analysts see its revenue rising by 39% to $1.47 billion, followed by $1.82 billion next year.
Figma’s management has remained confident that AI will not disrupt its business. Instead, it is leveraging AI to improve its business. This includes launching Figma agent, a first-party agent built into its canvas. It handles everything from automating tasks to generating motion animations. In a statement, the CEO said:
“The tools are changing, the creative possibilities are expanding and Figma finds itself at the forefront of this shift. We have so much work ahead and even more left to build for our customers.”
Most analysts tracking the company have a bullish outlook on the company. Wells Fargo has a target of $30, while Bank of America, Citigroup, and Morgan Stanley have targets of $33, $37, and $33, respectively.
FIG stock chart | Source: TradingView
The daily chart shows that FIG stock slumped after its initial public offering. It reached a record low of $16.48 in April and then bounced back to $28 in June. The stock then retested the same level in June and bounced back to a high of $31.
Recently, however, Figma shares have remained below the 50-day moving average and Supertrend indicator. It is also slowly forming a bearish flag pattern. Therefore, the most likely scenario is that it drops and retests the support of $16.48, forming a triple-bottom pattern. In most cases, this pattern normally leads to a strong rebound. A drop below that level will point to more downside over time.
Figma je ochotna nadále obětovat marže ve prospěch AI a růstu počtu uživatelů; její čtvrtletní hrubá marže se během posledního roku snížila z více než 90 % na hodnotu kolem 85 %.
Figma's CFO said on Thursday it was uncertain if the design software firm would return to peak gross margin levels as it ramps up AI spending, but said the investments will help draw users and better compete with sophisticated tools from labs such as OpenAI and Anthropic.
The company (FIG.N) has been spending heavily on AI features, including its Figma design assistant and tools that can create prototypes and web applications using text prompts, which have helped drive a steady surge in revenue but weighed on margins.
"Are we going to get back to the low-90s gross margin percentage? I don't know. But is that the thing I would be acutely focused on? No," CFO Praveer Melwani told the Reuters Global Markets Forumon the sidelines of the company's Config user conference in Bengaluru, India.
Figma's quarterly gross profit margins have shrunk to the mid-80% range over the past year, down from above 90% historically.
The company is betting that boosting AI adoption, even at the cost of margins, will help expand its user base at a time when increasingly capable AI models threaten to disrupt demand for traditional software.
Earlier this year, Figma moved to a usage-based pricing model for AI credits on its platform, and has said the monetization effort will help deliver stronger earnings in the upcoming quarters.
Investors, however, have been scrutinizing shrinking margins and free cash flow at tech companies as they assess the returns on costly AI bets. Those concerns, coupled with worries over AI-driven disruptions, have dragged Figma's stock down about 43% this year.
"I would be willing to take the hit on margin the same way that we did over the last year if it means that we're able to serve a much larger total addressable market," Melwani said.
"What may be good for us may not always be what an investor is looking for... We know we're going to have the ability to take price at the right point."
(Join GMF, a chat room on LSEG Messenger for live interviews: https://lseg.group/3KFHrhe)
SummaryIntuitive, AI-native design workflows have driven robust adoption across Figma's growing seat-based subscription and AI credit consumption at >80% of $10K+ ARR customers.New launches remain in beta mode and, therefore, are yet to consume paid AI credits, with the eventual general launch likely to be top/bottom-line accretive.Premium valuation persists at EV/Sales of 7.12x, but FIG’s Rule of 67.2% outperformance (revenue growth/FCF margin) and net cash of $1.66B underpin long-term resilience.Risks include insider selling, a hefty SBC to revenue ratio of 44.9%, and equity dilution, but the trading floor at the $16s and resistance at the $27s offers a swing trade potential.FIG remains a contrarian Buy, supported by robust SaaS adoption, resilient high-value customer growth, and strong net retention metrics despite sector-wide SaaSpocalypse fears. Mininyx Doodle/iStock via Getty Images
Figma (FIG) has proven their ability to strategically integrate new acquisitions/AI-native functionalities into the existing creative workflows, with it driving the robust adoption and top-line growth prospects despite the ongoing SaaSpocalypse fears.
Given the
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Ředitel účetnictví společnosti Figma Tyler Herb prodal v rámci předem sjednaného plánu 10b5-1 1 418 akcií za průměrnou cenu 21,62 USD za akcii, celkem za 30 657,16 USD.
Figma, Inc. (NYSE:FIG – Get Free Report) CAO Tyler Herb sold 1,418 shares of Figma stock in a transaction on Monday, October 5th. The shares were sold at an average price of $21.62, for a total value of $30,657.16. Following the completion of the sale, the chief accounting officer directly owned 246,130 shares of the company’s stock, valued at approximately $5,321,330.60. This represents a 0.57% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Tyler Herb also recently made the following trade(s):
On Thursday, September 3rd, Tyler Herb sold 1,416 shares of Figma stock. The shares were sold at an average price of $26.29, for a total value of $37,226.64. On Thursday, August 27th, Tyler Herb sold 2,000 shares of Figma stock. The stock was sold at an average price of $30.00, for a total value of $60,000.00. On Friday, August 21st, Tyler Herb sold 1,840 shares of Figma stock. The stock was sold at an average price of $27.14, for a total value of $49,937.60. On Tuesday, August 4th, Tyler Herb sold 709 shares of Figma stock. The shares were sold at an average price of $26.00, for a total value of $18,434.00. On Monday, August 3rd, Tyler Herb sold 1,536 shares of Figma stock. The shares were sold at an average price of $26.00, for a total value of $39,936.00. Figma Price Performance NYSE FIG opened at $21.64 on Thursday. The company has a market cap of $9.85 billion, a P/E ratio of -5.95 and a beta of 1.32. Figma, Inc. has a 12 month low of $16.60 and a 12 month high of $71.48. The company has a 50-day moving average of $24.28 and a 200-day moving average of $22.04.
Figma (NYSE:FIG – Get Free Report) last released its earnings results on Wednesday, August 5th. The company reported $0.08 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.22) by $0.30. Figma had a negative net margin of 123.15% and a negative return on equity of 100.03%. The business had revenue of $370.08 million for the quarter. During the same period in the prior year, the business posted $0.09 earnings per share. Figma’s revenue was up 48.2% on a year-over-year basis. As a group, equities research analysts anticipate that Figma, Inc. will post -0.75 EPS for the current year. Institutional Investors Weigh In On Figma Institutional investors have recently bought and sold shares of the business. Greylock XIV GP LLC purchased a new position in shares of Figma in the 2nd quarter valued at $1,056,824,403. SC US Ttgp LTD. increased its holdings in Figma by 5.8% in the 1st quarter. SC US Ttgp LTD. now owns 26,728,171 shares of the company’s stock valued at $565,034,000 after purchasing an additional 1,466,851 shares in the last quarter. Bank of America Corp DE increased its holdings in Figma by 428.1% in the 1st quarter. Bank of America Corp DE now owns 4,180,575 shares of the company’s stock valued at $88,377,000 after purchasing an additional 3,388,902 shares in the last quarter. Cosmic Management LLC acquired a new stake in Figma in the 4th quarter valued at $151,535,000. Finally, Index Venture Growth Associates V Ltd purchased a new position in Figma in the fourth quarter valued at about $87,780,000.
Analyst Upgrades and Downgrades Several analysts have recently issued reports on the stock. Citigroup boosted their price objective on shares of Figma from $35.00 to $37.00 and gave the company a “buy” rating in a research note on Friday, August 7th. Bank of America increased their target price on Figma from $30.00 to $33.00 and gave the stock a “buy” rating in a research report on Wednesday, August 19th. KeyCorp assumed coverage on Figma in a research report on Monday, September 14th. They issued a “sector weight” rating on the stock. Weiss Ratings upgraded Figma from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday. Finally, Wells Fargo & Company lowered their price target on Figma from $42.00 to $36.00 and set an “overweight” rating for the company in a research report on Friday, June 26th. Four equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Figma has an average rating of “Hold” and an average target price of $32.56.
Get Our Latest Research Report on Figma
Figma Company Profile (Get Free Report)
Figma, Inc is a collaborative software company that provides browser-based tools for designing, prototyping and developing digital products. Its platform enables product designers, developers, researchers, marketers and other stakeholders to work together on user interfaces and digital experiences in real time.
The company’s product portfolio includes Figma Design for interface design and prototyping, FigJam for collaborative brainstorming and whiteboarding, and Dev Mode, which helps developers inspect designs and translate them into working products.
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Figma klesá o 4,16 % na 24,17 USD, protože silnější dolar a vyšší očekávání úrokových sazeb tlačí na softwarový sektor. Firma přesto ve 2. čtvrtletí zvýšila tržby na 370,1 milionu USD a zvýšila celoroční výhled.
Shares of Figma Inc. (NYSE:FIG) are trading lower Friday afternoon, extending recent weakness as broader macro headwinds hit the cloud software sector despite the company’s strong underlying fundamental momentum. Here’s what investors need to know.
Figma shares are retreating from recent levels. What’s pressuring FIG stock? Stronger Dollar and Interest Rate Fears Pressure Growth SectorShares of software companies are trading lower after August’s hotter-than-expected payrolls report increased expectations that the Federal Reserve could raise interest rates at its next meeting.
A stronger U.S. dollar and higher rate expectations are weighing on growth stocks by reducing investor appetite for higher-risk assets.
Q2 Revenue Beat and Raised Guidance Highlight AI MonetizationThe macro selling comes despite a strong second-quarter financial performance released on Aug. 5, where Figma generated revenue of $370.1 million, up 48.2% year-over-year, and delivered adjusted EPS of 8 cents, handily beating Wall Street consensus estimates for a net loss.
Driven by expanding enterprise adoption and momentum in its AI credit monetization features, management raised its full-year 2026 revenue outlook to between $1.463 billion and $1.467 billion, representing 39% year-over-year growth at the midpoint. For the third quarter, Figma projected revenue between $373 million and $375 million.
FIG Stock Falls Friday AfternoonFIG Price Action: Figma shares were down 4.16% at $24.17 at the time of publication on Friday, according to Benzinga Pro data.
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Figma v srpnu vzrostla o 13 % díky oživení softwarových titulů a silné výsledkové zprávě, přestože po ní akcie krátce klesly. Tržby ve 2. čtvrtletí stouply o 48 % na 370,1 milionu USD a firma zvýšila celoroční výhled.
Shares of Figma (FIG -5.40%) were moving higher last month, benefiting from a broad recovery in software stocks as fears of AI disruption faded and as the cloud design software delivered another strong earnings report, though the stock fell immediately after it.
According to data from S&P Global Market Intelligence, the stock finished August up 13%. As you can see from the chart below, the stock was volatile over the course of the month, falling on its earnings report early in the month, but jumped on Aug. 13 and later in the month on Aug. 27 when Salesforce delivered a strong earnings report.
FIG data by YCharts
What happened to Figma After Figma jumped on Aug. 4 in sympathy with Palantir, which surged following its earnings report, Figma tumbled on Aug. 6 on its own quarterly report, despite better-than-expected results.
Second-quarter revenue jumped 48%, marking the third straight quarter of revenue acceleration, and the company credited new AI products like Code Layers for the strong growth. Revenue of $370.1 million beat the consensus at $351.5 million.
Overall customer growth was strong, and the company reported adjusted earnings per share of $0.08, which increased from break-even adjusted EPS in the quarter a year ago, and estimates at $0.04.
Figma even raised its guidance, calling for full-year revenue growth of 39% to $1.463 billion-$1.467 billion.
Despite the strong numbers, investors were wary of its spending as its cost of revenue more than doubled in the quarter, reflecting spending to run new AI features, and it reported a wide generally accepted accounting principles (GAAP) loss due to spending roughly 40% of revenue on stock-based compensation.
Still, Figma bounced back soon after that. The stock gained 11% on Aug. 13 after a softer-than-expected CPI report eased fears of interest rate hikes, and it jumped again on Aug. 27 in response to strong results from Salesforce, which lifted the software sector and showed it can continue to grow in the AI era.
Image source: Figma.
What's next for Figma Figma is still struggling to convince investors it can continue to thrive in the AI era. While three straight quarters of accelerating revenue should help undo those concerns, its rising cost of revenue could be a problem.
Overall, the company continues to look well-positioned as it challenges Adobe for leadership in design software, but it will have to assuage investor concerns about margin compression.
Jeremy Bowman has positions in Figma. The Motley Fool has positions in and recommends Adobe, Figma, Palantir Technologies, and Salesforce. The Motley Fool recommends the following options: long January 2028 $330 calls on Adobe and short January 2028 $340 calls on Adobe. The Motley Fool has a disclosure policy.
Figma ve 2. čtvrtletí zvýšila výnosy o 48 % na 370 mil. USD a počet zákazníků stoupl na 15 964. Akcie jsou na nejvyšší úrovni od 5. března a po proražení nad 50denní průměr míří k rezistenci na 40 USD.
Buy FIG. It’s breaking out after a double-bottom at ~$16.80, reclaiming the 50-day moving average, and posting strong fundamentals: Q2 revenue +48% to $370M, customer count up to 15,964, and 80% of paid customers using AI credits weekly. The market is also starting to reward software strength again (Salesforce’s surge), and FIG’s next resistance is ~$40.
Key Risk: AI fears return and investors decide Figma’s growth is “already priced,” causing the stock to fall back below the ~$27.80 neckline.
Software rally basket (CRM/ADBE/PLTR)
Buy the group: add to Salesforce (CRM) and Adobe (ADBE) exposure alongside FIG. The article shows FIG’s rebound is tracking the broader top-software earnings/guidance momentum, and these names are benefiting from the same “AI is additive, not disruptive” narrative.
Key Risk: A broad software de-rating—earnings/guidance disappoint across the group—kills the whole rally at once.
Figma stock continued its recovery this week, reaching its highest level since March 5 this year. FIG jumped to $30.62, up by 81% from its lowest level this year, mirroring the performance of other top software companies like Salesforce, Adobe, and Palantir.
Figma, a top player in the software industry, has come under pressure since going public last year. It dropped from a record high of $142.7 to a low of $16.80. This retreat happened as investors dumped software companies amid fears that their businesses will be disrupted by artificial intelligence tools.
Recently, however, Figma stock has rebounded as we predicted. This rebound continued on Thursday after Salesforce, a top software company, soared after its strong earnings and guidance.
Figma’s fundamentals showed that its business was doing well and was still adding customers despite the AI fears. The most recent results showed that Figma’s revenue jumped by 48% in the second quarter to $370 million, higher than what analysts were expecting. It was also higher than what the management guided during its first quarter results.
The company’s gross profits also jumped during the quarter. Most importantly, Figma’s number of customers continued growing and now has 15,964 customers paying $10,000 a year.
Figma has continued to boost its business using AI tools, with 80% of paid customers using its AI credits weekly.
Analysts are optimistic that Figma’s business will continue to do well in the coming years as demand for its products rises. The average estimate is that its revenue will come in at $375 million, up by 37% from a year earlier.
Its fourth quarter revenue is expected to grow by 27% to $388 million, bringing the annual figure to over $1.47 billion. Since going public, Figma has constantlly done better than estimates, meaning that its results will be much higher.
Analysts have started to take note, with Bank of America’s Tal Liani hiking his target from $30 to $33. He pointed out that the company may start to benefit from AI tokens and the stickiness of its platform. Citigroup has a buy rating with a target of $37, while Wells Fargo sees it rising to $36.
Figma stock chart | Source: TradingView
The daily chart shows that the FIG stock topped at $142 in August last year and then plunged to a low of $16.80. This sell-off happened amid the rising SaaSPocalypse fears.
The stock formed a large double-bottom pattern at $16.80 and a neckline at $27.80, its highest level on June 1 this year. A double-bottom is one of the most common bullish reversal signs in technical analysis.
The stock has moved above the 50-day moving average, while the Relative Strength Index (RSI) has jumoped to 67. It is hovering near its overbought level of 70.
Therefore, the stock will likely continue rising as bulls target the next key resistance level of $40, its highest point in December last year.
READ MORE: Figma stock is rising: a golden opportunity to buy at a bargain price?
Figma po prvním plném čtvrtletí monetizace AI kreditů zvýšila výhled tržeb na rok 2026. Více než 80 % platících zákazníků s ročním opakovaným výnosem (ARR) nad 10 000 USD týdně čerpalo AI kredity.
Key Takeaways Figma raised 2026 revenue guidance after its first full quarter of AI credit monetization.More than 80% of Figma paid customers above $10,000 ARR consumed AI credits weekly; NDR held at 136%.FIG guided Q3 revenues to $373M-$375M as unmonetized beta products continued to pressure gross margin. Figma, Inc. (FIG - Free Report) used its second-quarter 2026 earnings call to frame AI consumption as the next expansion layer on top of seat growth, while noting that several new AI products still do not draw paid credits.
Management raised its 2026 revenue outlook after the first full quarter of AI credit monetization, but analysts focused on the modest sequential third-quarter guide and the gross-margin cost of funding beta products before monetization.
Figma Sees AI Monetization BroadeningCEO Dylan Field said the second quarter marked Figma’s first full quarter of AI monetization and described adoption as following a familiar pattern: concentrated usage among power users that broadens across organizations.
CFO Praveer Melwani said more than 80% of paid customers with over $10,000 in ARR were consuming AI credits weekly. Net dollar retention remained 136%, while roughly two-thirds of those customers added full seats at renewal.
Non-GAAP EPS of 8 cents topped the Zacks Consensus Estimate of 4 cents. Revenues of $370.10 million exceeded the consensus mark of $350.80 million and rose 48% year over year.
FIG Expands the Full-Stack Creation PushField positioned Code Layers, Figma Make and the MCP server as core pieces of Figma’s move toward a full-stack creation canvas. Write-to-Figma MCP usage rose 75% quarter over quarter.
Management also highlighted Motion, Shaders and Weave as tools extending the platform beyond interface design into animation, visual effects and AI-generated media.
More than 50% of paid customers above $10,000 in ARR were using the Figma agent weekly by July 31. More than 20% of weekly credit-consuming users on paid plans were exclusively using credits through the agent.
Figma Balances AI Costs With Margin DisciplineMelwani said non-GAAP gross profit rose 40% year over year to $314 million, while non-GAAP gross margin reached 85%, up 2.5 percentage points sequentially.
He emphasized model routing, provider optimization and first-party models as levers for lowering inference costs. Field said cost improvements would not come at the expense of quality or latency.
The agent, Make on local code, Motion, generative plugins and Code Layers do not yet consume paid credits while in beta or early access. Management said that can pressure gross margin before monetization begins.
FIG Guidance Faces Sequential Growth ScrutinyFigma guided third-quarter revenues to $373-$375 million, implying 36% year-over-year growth at the midpoint. Full-year guidance rose $40 million to $1.463-$1.467 billion, or 39% growth at the midpoint.
Goldman Sachs and Citigroup analysts pressed management on the limited sequential increase implied by third-quarter guidance. Melwani said the outlook reflects high-visibility trends and begins to lap the March 2025 pricing changes.
In response to JPMorgan, Melwani said the full-year outlook does not include revenues from products still in beta or early access that are not drawing paid credits. Figma will incorporate them only after observing monetization.
Figma Deepens Enterprise ExpansionMelwani said paid customers with more than $10,000 in ARR increased 34% year over year to 15,964, while customers above $100,000 in ARR rose 46% to 1,635. International revenues grew 50%.
He also cited enterprise customers increasing AI commitments after productivity gains and broader adoption. One technology infrastructure customer increased its purchased credit commitment fivefold from its first add-on within the quarter.
Asked by RBC whether new products drive new logos or expansion, Melwani said the larger opportunity currently centers on adding paid seats within existing enterprise plans, while the lower end has also seen stronger customer acquisition.
FIG Keeps Investment Ahead of Near-Term MarginManagement maintained full-year non-GAAP operating income guidance of $125-$135 million, equal to a 9% operating margin at the midpoint, despite raising revenue guidance.
Melwani said Figma will keep investing in product and go-to-market capacity where it can strengthen long-term advantage, even at a temporary margin cost. He also said AI tools have allowed the company to hire fewer people than originally planned.
Zacks Signals for FigmaFIG carries a Zacks Rank #2 (Buy). Its Momentum Score of B is the strongest Style Score, while the Value Score is F, the Growth Score is D and the VGM Score is F.
Zacks Style Scores complement the rank, with A and B grades preferred alongside Zacks Rank #1 (Strong Buy) or 2. FIG’s profile therefore combines a favorable rank and Momentum reading with weak Value, Growth and VGM signals. The Zacks Rank can change as earnings estimates are revised after the just-reported results. You can see the complete list of today’s Zacks #1 Rank stocks here.
Figma ve 2. čtvrtletí zvýšila tržby na 370 milionů USD, meziročně o 48 %, a zaznamenala své první plné čtvrtletí monetizace AI kreditů. Firma zároveň zvedla celoroční výhled tržeb na 1,463 až 1,467 miliardy USD.
Investors Abandoned These 3 AI Stocks Too Early, Says Jeff ClarkFigma NYSE: FIG reported second-quarter 2026 revenue of $370 million, up 48% from a year earlier, as the company recorded its third consecutive quarter of accelerating growth and its first full quarter of AI credit monetization.
Co-founder and CEO Dylan Field said companies are “doubling down on Figma” as they adapt product-development workflows for artificial intelligence. The company ended the quarter with $1.7 billion in cash equivalents and marketable securities.
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Financial Results and Outlook 3 Sectors to Buy While They're Down and 1 to Walk Away FromFigma’s net dollar retention rate for paid customers with more than $10,000 in annual recurring revenue was 136% in the second quarter. Chief Financial Officer Praveer Melwani said approximately two-thirds of those customers added full seats at renewal, while gross retention remained in the mid- to high-90% range.
Paid customers with more than $10,000 in annual recurring revenue increased 34% year over year, while customers with more than $100,000 in annual recurring revenue rose 46%. International revenue grew 50% from a year earlier.
Insiders Step in to Buy These 3 Tanking StocksOn a non-GAAP basis, gross profit totaled $314 million, up 40% year over year, and gross margin reached 85%, improving 2.5 percentage points sequentially. Non-GAAP operating income was $36 million, representing a 10% operating margin. Free cash flow was $53 million, or a 14% margin.
Melwani said the company’s annual Config user conference, which drew more than 10,000 community members in San Francisco during the quarter, affected both operating income and free cash flow. Increased AI inference costs were also the largest driver of the year-over-year change in free cash flow.
For the third quarter, Figma forecast revenue of $373 million to $375 million, representing 36% growth at the midpoint. The company raised its full-year revenue outlook by $40 million to a range of $1.463 billion to $1.467 billion, implying 39% growth at the midpoint. It maintained its full-year non-GAAP operating-income outlook of $125 million to $135 million.
Melwani said the full-year revenue increase reflects strength in monetized AI credit consumption, customer conversion and expansion, as well as early signals from recently launched products. However, products still in beta or early-access programs are not included in the outlook because they do not yet consume paid credits.
AI Monetization and Product Expansion Figma began applying credit limits to all seats in mid-March, with customers able to buy additional credits through add-on subscriptions or pay-as-you-go arrangements. As of the end of the second quarter, more than 80% of paid customers with over $10,000 in annual recurring revenue were consuming AI credits weekly, according to Melwani.
Field said the company is expanding the potential uses of AI across design and software-development workflows. In June, Figma announced Code Layers, a planned early-access feature that will allow interactive code to exist on the Figma canvas, enabling teams to edit code, manipulate it visually and compare code-backed prototypes side by side.
The company is also expanding Figma Make, including an ability introduced in May for teams to work directly in production code bases. Field said 1Password uses Figma from prototyping through code that is deployed to production.
Figma’s Model Context Protocol, or MCP, server is intended to let teams move work between Figma and external tools. Usage of MCP write-to-Figma capabilities rose 75% sequentially in the second quarter, Field said.
Other new capabilities include Figma Motion for animations, Shaders for generating and editing visual effects, and Weave for refining AI-generated visual media on the canvas. Field said these features could expand Figma’s reach to audiences including in-house brand designers and creative agencies.
Agent Adoption and Cost Management Figma’s agent entered open beta in June. As of July 31, more than half of paid customers with over $10,000 in annual recurring revenue were using the Figma agent weekly, according to Field. More than 20% of weekly credit-consuming users on paid plans were exclusively consuming credits through the agent.
The company also reported that weekly creation of generative plugins had more than doubled from levels before the feature’s launch. Generative plugins allow users to describe a needed tool, which the agent can create for teams to reuse.
Melwani said Figma is investing in model routing, provider optimization and first-party models trained on its design corpus. The company seeks to improve quality and latency while reducing inference costs, though it expects gross margin to vary quarter to quarter as it funds usage of products in beta before monetizing them.
“We do not charge our customers for their usage of products that are currently in beta, and we bear the cost of inference without offsetting consumption revenue,” Melwani said.
Figma has begun rolling out user-level AI credit limits, providing administrators more control over credit allocations. Executives said customers want greater choice, governance and visibility into the return on AI spending.
Leadership Changes Field announced several leadership transitions. Chief Technology Officer Kris Rasmussen will become chief architect and focus on business-critical engineering challenges, beginning with the Figma agent. The company has started a search for a new CTO, while the engineering teams responsible for AI and editor efforts will report directly to Field in the interim.
Security leader Dev Akhawe will become chief security officer. Chief Product Officer Yuhki Yamashita will depart after seven years to take extended time off, with Chief Design Officer Loredana Crisan expanding her responsibilities to lead the product function. Chief Marketing Officer Sheila Vashee will leave at the end of August, and Chief Communications Officer Nairi Hourdajian will become CMO.
About Figma (NYSE:FIG)Figma is a San Francisco–based software company that offers a web-based platform for interface design, prototyping and collaboration. Its flagship product, Figma, enables teams to create and refine user interfaces, vector graphics and design systems directly in a browser, eliminating the need for local installations. The platform's real-time collaboration features allow multiple stakeholders—designers, developers and product managers—to edit and comment simultaneously, streamlining workflows and reducing version control issues.
In addition to its core design tool, Figma provides FigJam, a digital whiteboarding solution that facilitates brainstorming sessions, wireframing and diagramming.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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Akcie Figma před otevřením trhu klesají o více než 14 % poté, co investory znepokojily vysoké výdaje na AI. Tržby sice meziročně vzrostly o 48 % na 370,1 milionu USD, ale provozní ztráta činila 117,3 milionu USD.
Shares of Figma Inc (NYSE: FIG) are down more than 14% in premarket trading on Thursday as investors appear to be having doubts about its heavy investments in AI.
On Wednesday, August 5, the design software firm published its second quarter earnings report, including $426.9 million in operating expenses—nearly double year over year (YOY).
The largest chunk of expenses came from research and development, at $167.3 million for the quarter, compared to $83.1 million the year before.
Figma further reported a $117.3 million GAAP loss from operations.
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While Figma touted a 48% YOY revenue increase to $370.1 million, it wasn’t enough to calm investors, who have become easily spooked by fears of AI overinvestment.
The stock drop came despite Figma executives’ hinting at AI’s potential to reduce overhead.
In Figma’s postearnings call, CFO Praveer Melwani said the company is “hiring fewer people today than we originally had planned. And that’s because we’ve been able to augment the team that we have with AI and tools, and it’s seen modernization of processes across the board.”
CTO společnosti Figma Kris Rasmussen prodal 261 301 akcií za zhruba 6,6 milionu USD v rámci předem nastaveného plánu 10b5-1. Po transakci mu zůstává asi 9,5 milionu akcií.
Chief Technology Officer Kris Rasmussen disclosed a sale of ~261,000 shares of Figma, Inc. (FIG -13.94%) at $25.07 per share on July 29, 2026, according to a recent SEC Form 4 filing.
Transaction summaryMetricValueTransaction value~$6.6 millionShares sold261,301Post-transaction shares (directly held)9,492,946Post-transaction value$235.05 millionTransaction value based on SEC Form 4 weighted average sale price ($25.07); post-transaction value based on July 29, 2026 market close ($24.76).
Key questionsWhat was the nature of the transaction?
The sale was non-discretionary and structured through a Rule 10b5-1 trading plan established in August 2025, which allows insiders to set up a pre-arranged schedule for selling stocks to address personal liquidity needs.What is the insider's remaining exposure to Figma?
Following this sale, Kris Rasmussen retains ~9.5 million shares in direct ownership, which corresponds to a 0.0008% ownership percentage of the company.How has the company performed financially leading into this transaction?
Figma develops collaborative, browser-based design software and reported trailing-twelve-month revenue of $1.2 billion alongside a net loss of $1.5 billion.Company OverviewMetricValueShare Price (as of market close 2026-07-30)$23.76Market Capitalization$11.6 billionRevenue (TTM)$1.2 billionNet Income (TTM)-$1.5 billionCompany SnapshotFigma develops and operates a collaborative, browser-based design platform that enables teams to design, prototype, and build digital experiences through integrated tools including Figma Design for collaborative design workflows, Dev Mode for code inspection and translation, and FigJam for ideation and alignment.The company generates revenue through a subscription-based software-as-a-service (SaaS) model, providing tiered access to its design and collaboration platform for individual designers, design teams, and enterprise organizations.Figma's primary customers include design teams, product development organizations, and enterprises across technology, media, financial services, and other sectors seeking collaborative design and prototyping capabilities.Figma operates as a leading collaborative design platform serving a global market of design professionals and product teams. The company's cloud-native architecture and browser-based accessibility provide competitive advantages in enabling seamless cross-functional collaboration without requiring local software installation.
With 1,886 employees and a market cap of $11.6 billion, Figma continues to establish itself as a critical infrastructure provider in the digital product development ecosystem.
What this transaction means for investorsThe July 29 sale of Figma shares by Kris Rasmussen occurred amidst a 79% decline in price over the past year as of the transaction date. However, as a non-discretionary disposition executed as part of a Rule 10b5-1 plan, the sale doesn’t reflect a change in Rasmussen’s investment stance.
A Rule 10b5-1 plan allows corporate insiders to schedule share sales in advance to mitigate potential concerns regarding the use of material non-public information. Moreover, Rasmussen retained 9.5 million shares post-transaction, a substantial equity holding ensuring continued alignment with shareholder interests.
Figma stock is down after Wall Street became concerned artificial intelligence would wipe out the need for SaaS offerings, resulting in a sell-off earlier this year. Despite this fear, Figma is showing no slowdown in customer demand for its products.
In the second quarter, the company reported a whopping 48% year-over-year increase in sales to $370.1 million. It also raised its full-year guidance.
Figma management recently announced Kris Rasmussen’s departure from the Chief Technology Officer role to take over as Chief Architect.
Robert Izquierdo has positions in Figma. The Motley Fool has positions in and recommends Figma. The Motley Fool has a disclosure policy.
Figma, Inc. (FIG) Q2 2026 Earnings Call August 5, 2026 5:00 PM EDT
Company Participants
Kate DeLeo - VP of Business Operations & Investor Relations
Dylan Field - CEO, President & Chairman
Praveer Melwani - CFO & Treasurer
Conference Call Participants
Aleksandr Zukin - Wolfe Research, LLC
Gabriela Borges - Goldman Sachs Group, Inc., Research Division
Michael Turrin - Wells Fargo Securities, LLC, Research Division
Arjun Bhatia - William Blair & Company L.L.C., Research Division
William Fitzsimmons - Piper Sandler & Co., Research Division
Rishi Jaluria - RBC Capital Markets, Research Division
Elizabeth Elliott - Morgan Stanley, Research Division
Samik Chatterjee - JPMorgan Chase & Co, Research Division
Nicholas Altmann - BTIG, LLC, Research Division
Tyler Radke - Citigroup Inc., Research Division
John McShane - Stifel, Nicolaus & Company, Incorporated, Research Division
Presentation
Operator
Hello, everyone. Thank you for joining us, and welcome to the Figma Second Quarter 2026 Earnings Call.
[Operator Instructions]
I will now hand the conference over to Kate DeLeo, Vice President of Investor Relations. Kate, please go ahead.
Kate DeLeo
VP of Business Operations & Investor Relations
Good afternoon, and thank you for joining us on today's conference call to discuss Figma's results for the second quarter of 2026. On the call, we have Dylan Field, Figma's Co-Founder and Chief Executive Officer; and Praveer Melwani, our Chief Financial Officer.
During the course of today's call, we may make forward-looking statements, including, but not limited to, statements regarding our guidance and future financial performance, market demand, product development, growth prospects, business strategies and plans, partnerships, ability to attract and retain customers and ability to compete effectively.
These forward-looking statements are based on management's current views and assumptions and should not be relied upon as of any subsequent date, and we disclaim any obligation to update any forward-looking statements. Actual results may vary materially from today's statements. Information concerning our risks, uncertainties
Figma stock is taking a hit today. What’s weighing on FIG shares? Figma Q2 HighlightsFigma reported second-quarter revenue of $370.08 million, beating estimates of $351.56 million, per Benzinga Pro. The collaborative web-based software company reported adjusted earnings of eight cents per share, beating estimates of four cents per share.
Total revenue was up 48% year-over-year. Figma generated $60.9 million of net cash from operations and $53.2 million of free cash flow during the quarter.
“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,” said Dylan Field, CEO of Figma.
Figma had 15,964 paid customers with more than $10,000 in ARR and 1,635 paid customers with more than $100,000 in ARR as of June 30.
Figma said it expects third-quarter revenue to be in the range of $373 million to $375 million versus estimates of $364.87 million. The company also raised its full-year revenue outlook from a range of $1.422 billion to $1.428 billion to a new range of $1.463 billion to $1.467 billion, versus estimates of $1.437 billion.
“Net Dollar Retention Rate remained strong at 136% as customers expanded both seats and AI credit add-ons. The strength of these signals gives us the confidence to raise our full year revenue outlook while continuing to invest behind the products we introduced at Config,” said Praveer Melwani, CFO of Figma.
Figma executives will further discuss the quarter on an earnings call set for 5 p.m. ET.
FIG Shares Face Heavy Selling PressureFIG Price Action: Figma shares were down 16.52% in after-hours Wednesday, trading at $23.50 at the time of publication, according to Benzinga Pro.
Image: Shutterstock.com
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Shares of the software company Figma (FIG +4.20%) tumbled 16.5% this week, according to data provided by S&P Global Market Intelligence, as investors continue to worry that artificial intelligence companies will disrupt software stocks.
Figma reports its second-quarter results early next month, and investors don't appear eager to wait around and find out how the company is navigating the increasingly complex AI software space.
Image source: Getty Images.
No room for error It's not uncommon for some shareholders to sell ahead of an earnings report if they're concerned about an unusually poor quarter or the overall direction of the company.
In Figma's case, the company's shares are trading at a premium compared to the broader tech sector, leaving little room for error in the quarterly results. Figma stock has a forward price-to-earnings (P/E) ratio of 158, which is quite a premium when shareholders are already worried that AI could replace some of the company's services.
There's no question that AI is becoming more capable, with news surfacing this week that an unreleased OpenAI ChatGPT model went rogue during a cybersecurity test and hacked another website to try to find answers to the test. Even though Figma isn't a cybersecurity company, the incident underscores that AI models are far more sophisticated than many software companies' services.
Figma is showing signs of life, however, even if its falling stock price doesn't reflect that. First-quarter revenue rose 46% from the year-ago quarter to $333.4 million, net dollar retention was 139%, and Figma management raised the company's full-year guidance to more than $1.4 billion -- a 35% increase year-over-year.
Still, it clearly hasn't been enough to ease investors' concerns. Anthropic launched Claude Design at the end of April, and it directly competes with Figma's platform. The sell-off this week shows that shareholders aren't yet confident that Figma can outlast its AI rivals.
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More insight is coming If you're trying to decide whether to buy shares of Figma right now, it's probably best to wait until after the company's second-quarter results are released on Aug. 5.
Personally, I'd probably wait a few quarters before considering buying shares, to see how well the company adapts to its new competition and if it can continue retaining customers -- and adding new ones -- amid the rollout of Anthropic's Claude Design.
At this point, Figma will have to report some very impressive results to ease investor fears.
Figma po vytvoření formace dvojitého dna na 16,80 USD a návratu nad 50denní EMA míří k rezistenci na 27,80 USD. Management očekává, že nadcházející výsledky ukážou pokračující růst byznysu v Q2.
Figma stock has staged a modest comeback in the past few days, moving from a record low of $16.80 to the current $23.65.
This rebound may continue in the coming weeks after the stock formed a double-bottom pattern and as its earnings report looms.
The daily chart shows that Figma’s tide is turning after months of falling. It formed a double-bottom pattern at $16.80, its lowest level in April and June this year. Its neckline was at $27.80, its highest point on June 1 this year.
The stock has now moved above the 50-day Exponential Moving Average (EMA), while the Relative Strength Index (RSI) has jumped to 61 from the year-to-date low of 17.83.
Therefore, the stock will likely continue rising in the near term, potentially to the key resistance at $27.80.
A move above that level will point to more gains, potentially to the Ultimate Resistance of the Murrey Math Lines of $31.25, which is about 35% above the current level.
Figma Inc. stock chart | Source: TradingView
Figma is a top player in the software industry, where it offers a platform that simplifies how companies design. It is used widely by companies of all sizes, including giants like Google, Airbnb, Atlassian, Microsoft, GitHub, and Duolingo.
Its stock initially jumped after its IPO last year and then started a strong downward trend, reaching a record low this year.
This retreat happened as investors dumped software companies in a process that has become known as the SaaSApocalypse. Other top software companies like Atlassian, Adobe, Autodesk, and ServiceNow have plunged.
In reality, however, Figma’s business has continued to grow as more companies have embraced its solution.
Its last financial results showed that its revenue jumped by 46% in Q1 to $333.4 million, higher than its previous guidance.
The company’s results showed that its business continued to attract clients despite the AI disruption. The number of companies paying over $10,000 jumped to 15,218 from 11,107 in the same period last year.
Those paying $100,000 and above jumped to 1,525 from 1,031. Notably, the company received an order from one hyperscaler that added 35,000 paid seats during the quarter.
Instead of being disrupted by AI, the company is using this technology to improve and monetize its solution. For example, it started to implement AI credit limits for all its customers in March, without experiencing any significant churn.
The management team expects that the upcoming earnings report will show that its business continued growing in Q2.
Its guidance is that its revenue will be between $348 million and $350 million, up by 40% YoY.
It expects its annual revenue to be between $1.422 billion and $1.428 billion, representing a 35% YoY growth. The real figure will likely be higher than that, as the management tends to be highly conservative.
Most analysts have a price target that is higher than the current one. Bank of America analysts have a target of $30, while Wells Fargo’s Michael Turrin has a target of $36.
Piper Sandler, Citigroup, and JPMorgan analysts have targets of above $30.
Figma does have some challenges. For example, competition continues to rise, with companies like Sketch and Adobe being major ones.
Also, it is still losing money, with its loss from operations rising to $137 million in the first quarter. Its valuation is still high, with its forward price-to-sales ratio rising to 7.7.
Shares of Figma (FIG 5.26%) fell 51.6% in the first half of 2026, according to data from S&P Global Market Intelligence.
The collaborative design platform posted excellent financial results, but investors spent the first half of the year worrying about what AI might do to the business.
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Great quarter, rough six months Figma's Q1 2026 report in mid-May was impressive by most measures. Revenue rose 46% year over year to $333.4 million. Non-GAAP earnings per share came in at $0.10, nearly doubling the $0.06 consensus estimate. Net dollar retention hit 139%, the highest level in over two years. Management raised full-year revenue guidance by $55 million.
The stock jumped 10% after hours on the news. But the relief was short-lived. June happened, and shares lost 29% in a single month.
The culprit? Fear of AI-native competition, particularly Anthropic's Claude Design. The fear is that generative AI could commoditize design work, making Figma's collaborative platform less essential over time. It's a legitimate question, but one that Figma's actual results haven't validated yet.
Management is working to integrate AI features and monetize them through credit-based pricing, but investors remain skeptical.
Image source: The Motley Fool.
Figma started charging for AI credits in mid-March. Early signs were positive: over 75% of enterprise users who hit their limits kept paying for more. Teams buying AI add-ons spend more than three times as much annually as those who don't. CEO Dylan Field has emphasized that Figma's multiplayer canvas and deep product context give it advantages that AI-only tools can't easily replicate.
But the narrative around potential AI disruption proved more powerful than the numbers.
Activist investor Findell Capital piled on in late May, calling the stock "significantly undervalued" and urging management to examine its relationship with Anthropic. A securities law investigation announced in March added to the noise. None of this helped the stock find its footing.
Not cheap, but worth a premium price Figma's stock isn't cheap. Trading at 47 times free cash flow and 62 times forward earnings, the valuation still soars in the stratosphere even after the recent price drops.
But that's typical for a company growing revenue at 46% year over year with improving profitability. The company has $1.6 billion in cash and nearly 690,000 paid customers with strong upsell dynamics. Switching costs are real, whether you're moving to other collaborative design platforms or to newfangled AI prompts.
Think of Figma as an AI-fueled Adobe (ADBE +0.50%) for teams. The product is embedded in enterprise workflows. AI-native tools might erode that moat over time, but the revolution won't be quick. Can Figma stay ahead by building AI into its own platform?
It's probably not the time to back up the truck and load up on Figma stock. But this innovative growth story is worth keeping on the watch list. Q2 earnings in August should offer more clarity on whether the AI threat is real or overblown.
Anders Bylund has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Adobe and Figma. The Motley Fool recommends the following options: long January 2028 $330 calls on Adobe and short January 2028 $340 calls on Adobe. The Motley Fool has a disclosure policy.
Bank of America vidí Figma jako vítěze AI, protože generativní umělá inteligence podle ní zvyšuje poptávku po spolupráci při vývoji produktů. Akcie Figma byly v době zveřejnění o 9,49 % výše.
The brokerage said Figma’s stock has fallen about 85% from its 52-week high as investors worried that generative AI would reduce the need for design software.
However, Bank of America believes AI is expanding demand for collaborative product development and creating new monetization opportunities through Figma’s hybrid seat-based and usage-based pricing model.
The firm values Figma at 8 times estimated 2027 enterprise value-to-sales, above the peer average of about 5.9 times, citing the company’s stronger growth outlook and growing role in AI-powered software development.
AI Seen Driving AdoptionBank of America said AI is increasing the number of people creating digital products while also making workflows more complex. That, in turn, should increase demand for a centralized platform where designers, developers and product teams can collaborate.
The analysts pointed to early evidence that AI is already contributing to revenue growth. During the first quarter of 2026, 75% of enterprise customers that exceeded their AI credit limits purchased additional credits, while more than 95% remained active on the platform. Enterprise customers generating more than $100,000 in annual recurring revenue increased 48% year over year, while net dollar retention reached 139%.
Growth OutlookBank of America projects revenue growth of 35.6% in 2026 and 23% in 2027, compared with peer averages of 19.3% and 15.7%, respectively. The brokerage expects AI investments to pressure margins in the near term but forecasts operating margin expansion from 9.2% in 2026 to 13.8% by 2028, alongside improving free cash flow margins.
The analysts also highlighted continued enterprise adoption as a key growth driver. They estimate the number of customers generating more than $100,000 in annual recurring revenue will grow 26.2% in 2026 before moderating to more than 22% annually through 2028.
Risks RemainDespite its bullish stance, Bank of America said risks include slower-than-expected AI adoption, increasing competition from AI-native design tools and weaker monetization of AI features. Even so, the firm believes those concerns are already reflected in Figma’s valuation and views the company as an AI beneficiary rather than an AI casualty.
FIG Stock Price Activity: Figma shares were up 9.49% at $23.08 at the time of publication on Tuesday, according to Benzinga Pro data.
Photo via Shutterstock
Market News and Data brought to you by Benzinga APIs
Image Credits:Figma Figma is trying to become more than a design platform by adding more AI and bringing the coding and prototyping layer closer to its canvas. Toward that end, it has acquired the team behind the vibe-coding and AI agent platform Bud (formerly Orchids).
“Figma is one of, if not the, defining product companies of our time to capitalize on this. It’s where ideas start, iterate, and come to life, and a natural home for this exciting new era of work,” Bud’s CEO Kevin Lu posted on X.
The Y Combinator-backed startup began as a vibe-coding platform letting users spin up apps for mobile, web, Slack, browser, and more. It later rebranded as Bud, an agent platform that can access various services, browse the web, and write code to automate tasks.
Under the deal, the startup will shut down both Bud and Orchids by July 18, requiring users to migrate their projects by then.
Earlier this year, citing a security researcher, the BBC reported that apps created on Orchids were susceptible to cyberattacks.
Figma didn’t specify how it aims to use this team, but recent product launches hint that the public company wants to give teams more tools for building and prototyping apps, not just ideating over static concepts. Last year, it released Figma Make for creating web apps. This year, it integrated with tools like Codex and Claude Code, and rolled out its own agents.
Figma ve 1. čtvrtletí 2026 vytvořila provozní cash flow 97,3 mil. USD a volné cash flow 88,6 mil. USD, podpořené předplatbami zákazníků. Hotovost, ekvivalenty a obchodovatelné cenné papíry dosáhly zhruba 1,6 mld. USD.
Key Takeaways Figma generated $97.3M operating cash flow and $88.6M free cash flow in Q1 2026 with strong margins.FIG benefited from customer prepayments, boosting liquidity through higher deferred revenue and collections.Figma ended the quarter with about $1.6B in cash to support AI, product development and growth initiatives. Figma's (FIG - Free Report) cash flow profile remains exceptionally strong. During the first quarter of 2026, Figma generated an operating cash flow of $97.3 million, representing an operating cash flow margin of 29%, while free cash flow reached $88.6 million, or a 27% free cash flow margin.
Working capital also provided a meaningful boost to operating cash flow. Accounts receivable declined by $59.5 million, reflecting strong collections and customer payments, while deferred revenues increased $32.3 million as customers continued to pay upfront for subscription services.
This favorable working capital structure allows Figma to receive cash before recognizing revenues, creating a sustainable source of operating liquidity. Capital expenditures remained modest at $7.8 million, while only $0.9 million was invested in capitalized internal-use software, underscoring the company's low capital intensity and enabling most operating cash flow to convert into free cash flow.
Figma's investing cash flows were largely driven by routine purchases and maturities of marketable securities rather than significant business investments, while financing cash flow primarily reflected employee equity-related tax settlements and stock option exercises.
The company ended the quarter with approximately $1.6 billion in cash, cash equivalents and marketable securities, providing substantial financial flexibility to fund AI initiatives, product development and future growth opportunities. Figma's recurring subscription revenues, customer prepayments, low capital requirements and strong free cash flow generation position it among the highest-quality cash-generating software companies.
How Competitors Fare Against FigmaFigma operates in a crowded design and product workflow market with established incumbents and newer AI-native tools, including AI coding tools, AI design tools, AI website builders and AI product-development platforms.
Figma faces constant competitive challenges from established players, including Adobe (ADBE - Free Report) and Atlassian (TEAM - Free Report) . Atlassian is focusing on adding generative AI features to some of its collaboration software.
Atlassian is partnering with Google Cloud to bring Atlassian’s AI-powered teamwork platform, including Jira, Confluence and Loom, onto Google’s AI-optimized infrastructure. Maintaining product leadership in this marketplace requires sustained investment and higher operating costs. Adobe recently partnered with Google Cloud to enhance Adobe’s creative ecosystem with AI.
Figma’s Share Price Performance, Valuation and EstimatesFigma shares have lost 48.9% year to date. The Zacks Internet - Software industry has declined 14.2% in the same period.
FIG YTD Performance Chart
Image Source: Zacks Investment Research
Figma stock is trading at a premium, with a forward 12-month Price/Sales of 5.41X compared with the Internet - Software industry’s 3.62X. FIG has a Value Score of F.
Figma po IPO prudce klesla na 16 USD, zatímco tržby v 1. čtvrtletí vzrostly o 46 % na 334 milionů USD. Firma zároveň zvýšila výhled díky poptávce a růstu počtu uživatelů.
Figma's stock price has imploded since its initial public offering (IPO) last year as the exuberance that fueled its private-market valuation collided with the realities of life as a publicly traded company. FIG dropped to $16 on Thursday, down sharply from the all-time high of $142.
Figma is one of the best-known software companies in the corporate world. Over the years it has become a beloved name among designers because of the collaborative aspect.
This popularity surged before it became a publicly traded company. At its peak, it reached a $20 billion valuation when Adobe placed a bid. Adobe terminated the agreement after it faced opposition in the UK and the EU, forcing it to pay a $1 billion breakup fee.
Figma’s popularity helped its valuation to surge to over $60 billion following its IPO. Today, the figure has tumbled to $8.9 billion, and the situation is getting worse by the day.
The rise and fall of Figma is emblematic of what has been going on in the market today. It is common for highly valued companies to suffer a rude awakening when they go public. A good example of this is Klarna, whose valuation peaked at $17 billion following its IPO. Today, the company is valued at $7.2 billion.
Another example of this phenomenon is Circle Internet Group whose valuation peaked at $60 billion before plummeting to $17 billion today.
The main reason why the Figma stock price is imploding is known as SaaSpocalypse, a situation where investors are dumping software stocks in fear that their businesses will be disrupted by AI tools.
These fears explain why other companies in the software industry like Salesforce, Adobe, Intuit, and ServiceNow are in a freefall this year.
However, in reality, some popular individuals, including Jensen Huang, argues that the fear that AI will disrupt software companies is not backed by reality.
Instead, AI will improve these companies by helping them reduce their operational costs and improve their service offerings.
Indeed, the most recent results showed that Figma’s business is still firing on all cylinders this year. Its revenue surged by 46% in the first quarter to $334 million, with the management boosting its forward guidance citing demand and seat expansion.
The management now expects that its second-quarter revenue will jump by 40% to between $348 million and $350 million. For the year, the company is expected to make between $1.42 billion and $1.428 billion.
Therefore, there are signs that Figma is being punished unfairly, as the management is also predicting that profitability will happen soon. It is also showing that more companies are subscribing to its services.
FIG stock price chart | Source: TradingView
The daily chart shows that the FIG stock price has imploded and is now sitting at a crucial support level of $16.85. A closer look shows that this price coincides with the lowest swing in April this year. That is a sign that it has formed a double-bottom pattern whose neckline is at $27.80.
The double-bottom pattern suggests that a rebound is possible. However, the most likely scenario is where the stock continues falling for a while before bouncing back eventually. This view will be confirmed if it drops below the double-bottom level of $16.85.
