Figma, Inc. Class A (FIG) Q2 2026 Earnings Report

The call presented strong top-line and gross profit growth driven by the first full quarter of AI credit monetization, high net dollar retention (136%), expanding product adoption (agent, MCP, plugins) and healthy cash reserves. Management reiterated a cautious, conservative guidance posture for Q3 and highlighted near-term margin variability driven by increased inference costs, Config-related investments and the fact that many new AI surfaces remain in beta and are not yet monetized. While these factors create short-term volatility and conservative near-term guidance, the underlying metrics (revenue growth, gross profit acceleration, retention, and enterprise/international expansion) and a clear plan to optimize inference costs support a constructive long-term outlook.

Figma guided Q3 revenue of $373–375M (≈36% YoY at the midpoint) and raised full‑year revenue to $1.463–1.467B (≈39% YoY at the midpoint, a $40M raise) while maintaining full‑year non‑GAAP operating income of $125–135M (≈9% operating margin at the midpoint). The raise reflects strength in AI credit consumption and early signals from new launches, but management reiterated its conservative guidance philosophy — products in beta/early access (Figma agent, Figma Make/local code, Motion, Code Layers) that do not yet consume paid credits are excluded until monetization is observed. Q2 actuals were strong: revenue $370M (+48% YoY), non‑GAAP gross profit $314M (+40% YoY) with gross margin 85% (+2.5ppt QoQ), non‑GAAP operating margin 10%, free cash flow $53M (14% margin), cash and marketable securities $1.7B, and net dollar retention 136%. Customer and usage metrics cited as drivers include paid customers >$10k ARR +34% YoY (>$100k ARR +46% YoY), ~80% of paid >$10k ARR consuming AI credits weekly, >50% of those customers using the Figma agent weekly (as of July 31), >20% of weekly credit‑consuming paid users consuming exclusively via agent, MCP write‑to‑Figma usage +75% QoQ, and ~2/3 of >$10k customers added full seats at renewal.