Live: What To Expect When Figma Announces Its First Earnings Report

You can tune into the conference call at 5 pm est here.

Figma proved it can deliver profitable growth and expand its product footprint aggressively. But with revenue just under consensus and margins squeezed, the debut quarter didn’t clear the high bar set by its IPO hype. The story now hinges on whether AI products (Make, Buzz) and enterprise seat expansion can sustain momentum as lock-up expirations loom.

• Consensus Reset: Street will likely nudge FY25 numbers up slightly given raised guidance.

• Sentiment: Neutral to Bearish — execution was solid, but valuation + technical lock-up pressure outweigh the fundamentals tonight.

• Early release: 25% of employee-held shares eligible Sept 5, 2025.
• Extended lock-up: 54% of shares locked through Aug 2026, with staged releases in 2026

Having shares locked up into next year creates near term pressure.

Headline Numbers

• Revenue: $249.6M (+41% YoY)
• Non-GAAP Operating Income: $11.5M (5% margin)
• Adjusted Free Cash Flow Margin: 24%
• Cash & Equivalents: $1.6B on balance sheet
• Net Dollar Retention: 129% among >$10k ARR customers — still healthy, though trending down from prior highs.
• Customer Base:
• 11,906 customers >$10k ARR (up from 9,071 YoY)
• 1,119 customers >$100k ARR (up from 787 YoY)
• Platform Expansion: Over 80% of customers now use 2+ products, two-thirds use 3+

Guidance was stronger than consensus, but with FIG already trading at ~200× earnings, the Street demanded more upside. But more color in the conference call could get the stock moving higher.

“We delivered record revenue in Q2 as we continued to innovate with the launch of four new products. Looking ahead, we’re excited to keep building for our customers and help define the next era of digital products and experiences.” — Dylan Field, CEO

Management emphasized innovation and product expansion (Figma Make, Draw, Sites, Buzz) as drivers of platform stickiness, but avoided directly addressing valuation pressures or lock-up overhang.

Earnings are in and the stock immediately dropped 6.9%.

Metric	Actual	Consensus	Beat/Miss
Revenue	$249.6M	$250.0M
Non-GAAP Net Income	$19.8M	~$22M implied
GAAP Net Income	$28.2M	N/A	—
Net Dollar Retention	129%	N/A	—

Despite delivering 41% YoY growth and staying profitable on a non-GAAP basis, the tiny revenue miss and modest margins weren’t enough to satisfy lofty expectations. Shares are selling off as investors weigh the debut hype against execution and upcoming lock-up expirations.

BofA Securities initiated coverage of Figma (FIG) with a Neutral rating and an $85 price target, citing its strong positioning in the $36 billion digital design industry. They highlighted Figma’s 13 million monthly active users, 450,000 paid customers, expansive product suite (whiteboarding, development, website, vector, social), strong collaboration features, and nascent generative AI tools as key competitive advantages. However, they cautioned that the stock already trades above fair value, suggesting limited near-term upside.