Figma Earnings Lift Shares on AI Monetization

Figma Inc. (FIG) reported earnings on Feb. 18, 2026, that exceeded expectations as the design platform posted strong growth in enterprise and AI adoption. The company’s FY2026 revenue guidance topped Wall Street forecasts, and its plan to monetize AI through a March shift to hybrid seat-plus-consumption pricing drove shares up about 15% in after-hours trading.

Results and Guidance

Figma said in a press release on Feb. 18, 2026, that FY2025 revenue reached $1.056–$1.1 billion, up 41% year over year, marking the first time annual revenue surpassed $1 billion. Q4 revenue was $303.8–$304 million, up 40% year over year and above the high end of guidance.

The company forecast FY2026 revenue of $1.366–$1.374 billion, about 30% growth at the midpoint, and Q1 revenue of $315–$317 million, roughly 38% growth at the midpoint. It projected non-GAAP operating income of $100–$110 million for FY2026 and said adjusted free cash flow should remain “relatively consistent” with operating profit, noting that the Config user conference historically weighs on Q2 operating income.

Non-GAAP gross margin was 86% in Q4 and 88% for the full year. Operating income was $44 million in the quarter (14% margin) and $130 million for the year (12% margin). Adjusted free cash flow declined sequentially to $38 million (13% margin) in Q4, reflecting infrastructure and AI investments, vendor payment timing, and a one-time $25 million intellectual property transfer tax related to the Weavy acquisition. The company ended the year with $1.7 billion in cash, equivalents, and marketable securities.

Shares rose about 15% in after-hours trading following the earnings release.

AI Monetization and Enterprise Growth

Figma will shift in March 2026 to a hybrid seat-plus-consumption pricing model to monetize AI usage. The plan includes embedding AI credits across starter and paid seats, activating consumption limits, and offering add-on packs that co-term with subscriptions, along with pay-as-you-go options for burst usage.

Enterprise metrics supported the quarter’s strength. Net dollar retention for customers with more than $10,000 in annual recurring revenue (ARR) reached 136%, the highest in 10 quarters and up five points sequentially. Gross retention for that cohort was 97%. The company added 951 net new customers above $10,000 ARR and 143 above $100,000 ARR in the quarter. The $100,000-plus ARR cohort grew 46% year over year, up three points from Q3, and Figma reported 67 million-dollar ARR customers at year-end, a 68% increase year over year.

Usage data showed broader adoption beyond designers. Weekly active users of Figma Make grew more than 70% quarter over quarter in Q4. Nearly 60% of Make files created in 2025 were produced by developers, product managers, and marketers. About three-quarters of paid customers above $10,000 ARR consumed AI credits weekly, and more than half of customers above $100,000 ARR were building in Make weekly.

The company expanded its product lineup from four to eight in 2025 and launched over 200 features, including AI-native capabilities. It completed the Weavy acquisition in Q4 2025, rebranding it as Figma Weave to broaden AI image, video, animation, and motion generation. On Feb. 17, 2026, Figma launched a Claude Code integration enabling a round-trip workflow between Claude Code and Figma Design.

CEO Dylan Field said, “As AI gets better, Figma gets better—and we’re shipping faster than ever.” Management expects AI infrastructure investment to accelerate in 2026 as it builds the team and go-to-market motion to support paid, consumption-driven growth.