TLDR
- Figma (FIG) shares jumped ~15% after-hours Wednesday after Q4 revenue and guidance beat Wall Street estimates.
- Q4 revenue hit $303.8M, up 40% year over year, topping the $293.15M consensus.
- Q1 guidance of $315–$317M crushed analyst expectations of $292M.
- Net Dollar Retention Rate rose to 136%, up from 131% in Q3.
- Figma will start charging for AI usage in March, with credit limits enforced across account tiers.
Figma stock surged roughly 15% in after-hours trading Wednesday after the company posted stronger-than-expected fourth-quarter results and issued guidance that left Wall Street estimates in the dust.
Results:
📊 Adj. EPS: $0.08 🟢
💰 Revenue: $303.8M 🟢
📈 Net Loss: $226.6M
🔎 Fourth quarter revenue of $303.8 million reflects an accelerated 40% year-over-year growth rate. pic.twitter.com/8zOO2JX5Ip— EarningsTime (@Earnings_Time) February 18, 2026
Q4 revenue came in at $303.8 million, up 40% year over year, beating the LSEG consensus of $293.15 million. Adjusted EPS was $0.08, ahead of the $0.07 expected.
The net loss for the quarter was $226.6 million, or $0.44 per share, compared to net income of $33.1 million, or $0.15 per share, in Q4 2024. Adjusted free cash flow was positive at $38.5 million, a 13% margin.
For Q1 2026, Figma guided revenue of $315–$317 million, implying 38% growth. Analysts had penciled in $292 million.
Full-year 2026 guidance called for revenue of $1.366–$1.374 billion, well above the $1.29 billion consensus. Adjusted operating income is expected to land between $100 million and $110 million.
Customer Growth Holding Firm
Net Dollar Retention from customers spending at least $10,000 in annualized revenue 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.
CFO Praveer Melwani noted that more than half of customers spending over $100,000 per year had employees using Figma Make weekly during Q4.
Weekly active users of Figma Make, the AI-powered app prototyping tool, grew over 70% quarter over quarter. Despite that jump, Figma’s adjusted gross margin held steady at 86%, helped by infrastructure optimizations that lowered per-user costs.
AI Monetization Starting in March
Figma will begin enforcing monthly AI credit limits in March across different account types. Customers will either pay based on usage or subscribe for AI credits.
Melwani described usage as following a “power law distribution,” where a small group of users within organizations consume a disproportionate share of AI credits. The company sees this as an upsell opportunity going forward.
CEO Dylan Field said that AI is not a threat to software demand — quite the opposite. “If you look at software, not only is it not going away. There’s going to be way more of it than ever before,” he said, while acknowledging the market is “potentially increasingly competitive.”
Figma also announced a collaboration with ServiceNow during the quarter to convert designs into enterprise applications.
RBC analyst Rishi Jaluria, who holds the equivalent of a hold rating, said the results showed “positive commentary around both Figma Make and Figma Design, indicating increased adoption of AI workflows.”
Despite the after-hours pop, FIG shares were still down around 35% year to date as of Wednesday’s close.
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