📊 Figma 2025 Q4 & Full Year Financial Report (Released 2026-02-18)

I. Core Financials (Q4 2025)

- Revenue: $303.8M, +40% YoY, exceeding guidance

- Net Dollar Retention (NDR): 136% (+5pct QoQ)

- Non-GAAP Operating Profit: $44.0M, margin 14%

- Adjusted Free Cash Flow: $38.5M, margin 13%

- Cash Reserves: $1.7B

II. Full Year (FY 2025)

- Total Revenue: $1.056B, +41% YoY

- International Revenue: +45% YoY

- Non-GAAP Operating Profit: $129.5M, margin 12%

- Operating Cash Flow: $250.7M, margin 24%

- GAAP Loss: $1.3B (including $975.7M one-time IPO stock-based compensation)

III. Customer & Product Highlights

- Large Customers (>$10k ARR): 13,861; >$100k: 1,405; >$1M: 67

- Figma Make Weekly Active Users: +70% QoQ; >50% of >$100k ARR customers use weekly

- AI Integration: Claude Code→Figma editable layers; integrated Gemini 3 Pro/Claude Opus 4.6; acquired Weavy (Figma Weave)

- International Expansion: Opened office in India, local data hosting (India is the second-largest MAU market)

IV. 2026 Guidance

- Q1 Revenue: $315–317M, +38% YoY (midpoint)

- Full Year Revenue: $1.366–1.374B, +30% YoY (midpoint)

- Non-GAAP Operating Profit: $100–110M

🎤 Key Takeaways from Earnings Call (CEO Dylan Field + CFO Praveer Melwani)

1. Growth Thesis: AI is not a threat, but an amplifier

- AI makes design more important, not a replacement; Figma becomes the central canvas for AI workflows

- Expanded from 4 to 8 products, 200+ features for the year, accelerated rollout of AI-native features

- Claude Code→Figma: Code directly converts to editable designs, bridging the dev→design workflow

2. Customers & Retention: Strong enterprise stickiness

- NDR 136%: Strong willingness to pay, price increases, and multi-product adoption among large customers

- **>80%** of Figma Make full-seat users also use Figma Design, demonstrating significant platform synergy

3. Finance & Investment: High-quality growth

- Healthy cash flow, continued investment in AI and platform, while maintaining financial discipline

- 2026 growth slows to 30%, but margin targets improve, shifting from "growth first" to a balance of "profitability + growth"

4. Competition & Moat

- Design collaboration network effects + entrenched enterprise processes create extremely high switching costs

- Deep partnerships with Anthropic and OpenAI provide leading AI capabilities vs. competitors

✅ Core Conclusions

- Growth exceeded expectations: Q4 40% growth, NDR 136%, positive cash flow, validating the AI+platform strategy

- AI is the core engine: Explosive penetration of Figma Make, bridging the AI code→design workflow

- 2026 gear shift: Growth slows but margins improve, entering a stage of high-quality growth

- Risks: Valuation remains high, intensifying AI competition, volatility in enterprise IT budgets