Skip to content
    FIG
    Earnings call· Jun 2026(Q2 FY26)

    Figma Q2 FY26 earnings call FIG

    Aug 5, 2026 Source

    Executive summary

    Figma Q2 FY26 — Accelerated Revenue Growth and AI Monetization

    Figma delivered strong Q2 FY26 results, marked by accelerated revenue growth and the first full quarter of AI monetization. The company is strategically investing in new AI-powered features like Code Layers and Figma Agent, currently in beta, to expand its market and drive future consumption. This investment, alongside seasonal event costs, temporarily impacts near-term margins as the company navigates evolving pricing models and aims for durable, profitable growth.

    Highlights

    5

    • Revenue reached $370 million, representing 48% year-over-year growth and the third consecutive quarter of acceleration.

    • Net dollar retention rate remained strong at 136% for paid customers with over $10,000 in ARR.

    • Non-GAAP gross profit dollars grew by 40% year-over-year, accelerating 9 percentage points quarter-over-quarter.

    • Paid customers with more than $10,000 in ARR grew 34% year-over-year, and those with over $100,000 in ARR grew 46% year-over-year.

    • Over 80% of paid customers with more than $10,000 in ARR were consuming AI credits weekly by the end of Q2.

    Concerns

    3

    • Non-GAAP operating margin was 10%, impacted by the seasonal costs associated with the Config user conference.

    • Free cash flow margin was 14%, also affected by increased inference spend and Config expenses.

    • Full-year non-GAAP operating income guidance was maintained at $125 million to $135 million, implying a 9% operating margin at the midpoint, reflecting strategic investment over near-term margin expansion.

    Guidance & targets

    3
    CategoryTargetConfidence
    Revenue
    $373 million to $375 million
    high materiality
    High
    Full-year Revenue
    $1.463 billion to $1.467 billion
    high materiality
    High
    Full-year Non-GAAP Operating Income
    $125 million to $135 million
    medium materiality
    High

    Operational metrics

    16
    Net dollar retention rate
    136%remained strong
    Q2 FY26

    Even as we begin to anniversary our pricing and packaging changes from March 2025.

    Non-GAAP gross profit dollars growth
    40%year-over-year
    Q2 FY26

    Accelerated 9 percentage points quarter-over-quarter.

    Non-GAAP operating margin
    10%
    Q2 FY26

    Reflecting the typical seasonal impact of Config.

    Free cash flow margin
    14%
    Q2 FY26

    Impacted by increased inference spend and Config expenses.

    Cash and investments balance
    $1.7 billion
    end of Q2 FY26

    Cash, cash equivalents and marketable securities.

    MCP write-to-Figma usage growth
    75%quarter-over-quarter
    Q2 FY26

    Usage of MCP to push work into Figma.

    Weekly plugin creation growth
    more than doubleprior to the launch of generative plugins
    as of July 31, 2026

    Reflects the impact of generative plugins.

    Paid customers with >$10K ARR using Figma Agent weekly
    over 50%
    as of July 31, 2026

    Early signs of Figma Agent adoption in open beta.

    Weekly credit consuming users on paid plans exclusively using Figma Agent
    more than 20%
    as of July 31, 2026

    Indicates the agent is expanding who uses AI in Figma.

    Paid customers with >$10K ARR adding full seats at renewal
    approximately 2/3consistent with prior quarters
    Q2 FY26

    Indicates continued expansion within existing customers.

    Gross retention rate
    mid- to high 90sstable
    Q2 FY26

    Highlighting the mission-critical nature of the platform.

    Paid customers with >$10K ARR consuming AI credits weekly
    over 80%
    end of Q2 FY26

    Indicates broadening adoption of AI credit consumption.

    International revenue growth
    50%year-over-year
    Q2 FY26

    Driven by global business expansion and localization efforts.

    AI credit consumption increase
    2.5xquarter-over-quarter
    Q2 FY26

    Following a successful trial of Figma Make and new admin tools.

    AI credit consumption increase
    2.5xmonth-over-month
    first month following engagement

    Driven by targeted training for power users and a new contract.

    Non-GAAP gross margin
    85%up 2.5 percentage points quarter-over-quarter
    Q2 FY26

    Result of the first full quarter of AI credit monetization.

    Industry KPIs

    6
    MetricValueDetails
    Revenue growth$370 millionUSD
    Customer account count34% (>$10K ARR), 46% (>$100K ARR)%
    Gross retention renewal ratemid- to high 90s%
    Operating FCF margin rule of 4010% (operating margin), 14% (FCF margin)%
    Ai product adoption monetization>80% (AI credit consumption), >50% (Agent usage), >20% (Agent exclusive users)%
    Net revenue net dollar retention136%%

    Product announcements

    8
    ProductTypeDetails
    Code Layerslaunch
    Figma Make enhancementsupdate
    Motionlaunch
    Shaderslaunch
    Figma Weave Toolsupdate
    Figma Agentlaunch
    Generative Pluginslaunch
    User-level limits for AI creditsupdate

    Deals & partnerships

    4
    One of the world's largest technology companiesExpanded enterprise contract and AI credit add-on purchase

    Expanded its enterprise contract with Figma in Q2, purchasing an AI credit add-on.

    Technology infrastructure companyExpanded AI credit add-ons multiple times

    Expanded its AI credit add-ons multiple times within a single quarter as part of a company-wide push for AI native workflows.

    Global financial institutionPurchase of enterprise AI credit add-on subscription

    Held an internal Hackathon using Figma Make, reducing prototype development time from a full quarter to days, leading to a significant enterprise AI credit add-on purchase.

    One of Europe's largest software providersNew contract and targeted training for AI product adoption

    Building on a successful 5-year partnership, Figma identified opportunities to further accelerate AI product adoption with targeted training.

    Risks & headwinds

    4
    Seasonal impact of Config user conferenceQ2 FY26

    Impacts Q2 operating income and free cash flow

    Mitigation: Viewed as an investment in community and customers.

    Increased inference spendQ2 FY26

    Largest single driver for year-over-year variance in free cash flow

    Mitigation: Company is developing first-party models and optimizing across providers to manage inference costs as adoption scales.

    Investment in new beta productsNear term (H2 FY26)

    Gross margin will vary from quarter-to-quarter in the near term; full-year non-GAAP operating income guidance maintained despite revenue raise.

    Mitigation: These products (Figma Agent, Code Layers, Motion, Shaders, Generative Plugins) do not currently consume paid credits, so Figma bears the cost of inference. This is a strategic investment to drive future usage, retention, and growth, with monetization expected upon GA transition.

    Tougher year-over-year comparisonsQ3 and Q4 FY26

    Sequential growth appears smaller

    Mitigation: Due to anniversarying pricing changes made in the prior year (March 2025).

    What to watch in Q3 FY26

    5

    AI credit monetization from new beta products

    Latter part of FY26, early FY27
    CurrentNot yet monetized, costs borne by Figma
    TargetTransition to GA, begin monetizing, contribute to revenue

    Why it matters

    These products (Agent, Code Layers, Motion, Shaders, Weave) are key to Figma's future growth and AI consumption expansion.

    Our products and features that are in beta and are still rolling out to customers, including Figma agent, Figma Make on local code, Motion, generative plugins and Code Layers do not currently consume paid credits. Early usage of these new products and features is trending ahead of expectations.

    Q&A highlights

    7

    How does Figma continue to win in a market with many design and coding platforms, and what is the confidence in its continued differentiation?

    Dylan emphasized Figma's unique offering for professional designers, focusing on a performant canvas for human/agent collaboration, deep product context for useful agents, and full creative control through AI and direct manipulation. Praveer added that key indicators like 2/3 of large customers adding seats at renewal and a 136% NDR rate demonstrate continued strength.

    “Our offering is really optimized for professional designers and it's unique. And the way we get there is a performant professional-grade canvas, one where humans and agents can work side by side, deep product context that makes those agents actually useful and very importantly, full creative control through a combination of AI, but also direct manipulation.”

    asked by Aleksandr Zukin · answered by Dylan Field

    2 min read6 chapters

    Detailed Narrative

    01

    AI Monetization & Adoption

    Q2 FY26 marked Figma's first full quarter of AI monetization, with over 80% of paid customers with more than $10,000 in ARR consuming AI credits weekly. This sustained usage is translating into revenue through increased seat value, supporting upgrades and retention, and direct purchases of additional credit add-ons or pay-as-you-go options. The company is actively learning and iterating on its pricing model to provide customers with more control and choice over AI usage.

    02

    Product Innovation: Code Layers & Figma Make

    Figma is expanding its platform towards 'full stack creation' by integrating code more deeply. Code Layers, soon to be in early access, will allow interactive code directly on the Figma canvas, enabling teams to edit designs and code visually. Enhancements to Figma Make, including the ability to work directly in production codebases, are streamlining workflows from idea to shipped product. MCP write-to-Figma usage grew 75% quarter-over-quarter, indicating strong adoption of tools that push work into Figma.

    03

    New Creative Capabilities: Motion, Shaders, Weave

    At Config, Figma launched Motion and Shaders, new native capabilities for building custom animations and visual effects directly on the canvas, which previously required leaving Figma. Figma Weave brings a similar approach to AI-generated media, allowing users to sculpt and refine outputs. These tools aim to enable more distinctive creative work, moving beyond generic AI-generated content, and are opening up Figma to new audiences like in-house brand designers and creative agencies.

    04

    Figma Agent & Generative Plugins

    The Figma Agent, rolled out in open beta in June, is designed as a capable design intern, assisting with tasks from documenting design systems to generating design variations. Generative plugins allow users to describe needed tools, and the agent builds them for reuse. Weekly plugin creation more than doubled since launch, and over 50% of paid customers with more than $10,000 in ARR are using the Figma Agent weekly, with over 20% of weekly credit-consuming users exclusively using the agent.

    05

    Strategic Leadership Transitions

    Figma announced several leadership changes, including Kris Rasmussen transitioning from CTO to Chief Architect to focus on business-critical engineering challenges like the Figma Agent. Loredana Crisan, Chief Design Officer, will expand her scope to lead the product function, and Nairi Hourdajian, Chief Communications Officer, will become the new CMO. These internal transitions reflect a strategic focus on AI engineering and leveraging existing talent for future growth.

    06

    International Expansion & Customer Wins

    Figma continues its global expansion, opening a new office in Sao Paulo and introducing local data hosting in Brazil, Australia, and India. International revenue grew 50% year-over-year in Q2. The company highlighted significant customer wins, including a large technology company expanding its enterprise contract with an AI credit add-on for over 25,000 seats, and a global financial institution purchasing a significant AI credit add-on after a successful Figma Make trial.

    AI-generated summary of the company’s earnings call. Not investment advice.