Figma (FIG) Stock: Q4 Earnings Beat Sends Shares 15% Higher

TLDR

• Figma (FIG) stock surged ~15% after hours Wednesday after Q4 earnings and guidance topped Wall Street estimates.
• Q4 revenue of $303.8M grew 40% year over year, beating the $293.15M consensus.
• Q1 2026 guidance of $315–$317M came in well above the $292M analyst estimate.
• Net Dollar Retention rose to 136%, up from 131% in Q3.
• AI credit limits roll out in March, opening a new monetization stream.

Figma stock jumped roughly 15% in after-hours trading Wednesday after the company posted Q4 results and forward guidance that cleared analyst expectations by a wide margin.

Q4 revenue landed at $303.8 million, up 40% year over year, ahead of the $293.15 million LSEG consensus. Adjusted EPS came in at $0.08, beating the $0.07 estimate.

Figma, Inc., FIG

The quarter also produced a GAAP net loss of $226.6 million, or $0.44 per share, compared to net income of $33.1 million in Q4 2024. On the cash side, adjusted free cash flow came in positive at $38.5 million, a 13% margin.

Guidance Well Above Expectations

For Q1 2026, Figma guided revenue of $315–$317 million, implying 38% growth and comfortably above the $292 million consensus.

Full-year 2026 revenue guidance came in at $1.366–$1.374 billion, ahead of the $1.29 billion analyst estimate. Adjusted operating income is projected at $100–$110 million.

Net Dollar Retention from customers spending at least $10,000 annually climbed to 136%, up from 131% in Q3, beating internal targets. Figma ended the quarter with 13,861 paid customers in that tier, including 1,405 above $100K ARR and 67 above $1 million.

AI Usage Surging — and Now It’ll Cost More

Weekly active users of Figma Make, the company’s AI-powered prototyping tool, grew over 70% quarter over quarter. Adjusted gross margin held at 86% despite the surge, thanks to infrastructure optimizations that reduced per-user costs.

Starting in March, Figma will enforce monthly AI credit limits across account tiers. Customers will either pay by usage or opt for AI credit subscriptions.

What Analysts Are Saying

RBC analyst Rishi Jaluria, who carries the equivalent of a hold rating, noted “positive commentary around both Figma Make and Figma Design, indicating increased adoption of AI workflows across Figma’s platform.”

Despite Wednesday’s after-hours pop, FIG shares were still down around 35% year to date at the close.

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