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Earnings analysis · 10-Q

FIG earnings analysis

Filed May 14, 2026 · Our reading of the company's report

The latest report

Figma reported a strong Q1 for 2026 with revenues of $333.4 million, exceeding expectations by 5.5% and reflecting a significant year-over-year growth of 46%. While gross margins improved to 79%, substantial operating…

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Figma reported a strong Q1 for 2026 with revenues of $333.4 million, exceeding expectations by 5.5% and reflecting a significant year-over-year growth of 46%. While gross margins improved to 79%, substantial operating losses persisted, impacting net income despite strong revenue performance; considerable investments in AI and other operational areas increased costs significantly.

Read the original on SEC.gov

From revenue to operating profit

Where each $100 of revenue went in this report.

Of every $100 of revenue Cost of sales $21 Operating expenses $120 Left as operating profit $-41

Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.

Reported figures

Earnings per share
$0.1
Segment
Figma Design
Segment
FigJam
Segment
Figma Weave
Segment
Figma Make

What stood out

  • Revenue Exceeds Estimates

    Q1 revenue reached $333.4 million, surpassing estimates by 5.5%.

  • Operating Cash Flow Maintained

    Operating cash flow was $97.3 million, showing strong liquidity.

  • Guidance Upgraded for 2026

    Full-year revenue guidance was raised to $1.422 billion - $1.428 billion.

  • Strong Year-over-Year Growth

    Revenue up 46% from $228.2 million in the prior year.

  • Segment Growth

    Paid customers grew by 37% for those with over $10,000 in ARR.

  • Improved Margins

    Gross margin improved to 79%, up from 91% previously, indicating healthier cost management.

What to watch

  • Substantial Operating Losses Persist

    Net loss of $142.4 million for Q1 2026, significantly affecting profitability.

  • High Operating Expenses

    Total operating expenses swelled to $402.2 million, up 138% year-over-year.

  • Dependencies on Third-Party Technologies

    Reliance on AWS and AI providers exposes Figma to risks of service disruptions.

Management's outlook

Outlook reflects growth driven by customer expansion and AI feature adoption.

This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.