Q2 2026 Figma Inc Earnings Call Transcript
Key Points
- Figma Inc (FIG) delivered a strong Q2 with revenue of $370 million, up 48% year-over-year, marking the third consecutive quarter of accelerated growth.
- AI credit monetization is gaining traction, with over 80% of paid customers with more than $10,000 in ARR consuming AI credits weekly, and net dollar retention rate remains strong at 136%.
- New product launches, including Figma Agent, Motion, Shaders, and Weave, are expanding the platform's capabilities and attracting new user segments, such as brand designers and creative agencies.
- The company is seeing strong adoption of its Figma Agent, with over 50% of paid customers with more than $10,000 in ARR using it weekly, and it is driving new user engagement and credit consumption.
- Figma Inc (FIG) is investing in first-party models and model-agnostic architecture to optimize inference costs, which could improve gross margins over time while maintaining quality and latency.
- International revenue grew 50% year-over-year, supported by expansion into new markets like Brazil, and the company continues to add large enterprise customers, with customers over $100,000 in ARR growing 46% year-over-year.
- The company's Q3 revenue guidance of $373-375 million implies a sequential growth slowdown, which may concern investors given the strong Q2 performance.
- Gross margin is expected to fluctuate in the near term due to investments in beta products that do not yet generate revenue, potentially pressuring profitability.
- Figma Inc (FIG) faces increasing competition from AI-powered design and coding tools, such as Claude Design and Vercel, which could impact market share.
- The company is not yet monetizing several new products (e.g., Figma Agent, Code Layers, Motion) as they are in beta, meaning the full revenue potential is not yet realized.
- Operating margin guidance for the full year is maintained at 9%, indicating that the company is prioritizing investment over near-term profitability, which may limit margin expansion.
- The transition to AI credit-based pricing is still evolving, and customer feedback indicates a need for more control and choice, which could lead to pricing model changes that may affect revenue predictability.
Hello, everyone.
Thank you for joining us and welcome to the Figma second quarter 2026 earnings call. After today's prepared remarks, we will host a question-and-answer session. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again.
I will now hand the conference over to Kate DeLeo, Vice President of Investor Relations. Kate, please go ahead.
Good afternoon, and thank you for joining us on today's conference call to discuss Figma's results for the second quarter of 2026. On the call, we have Dylan Field, Figma's co-founder and Chief Executive Officer, and Praveer Malwani, our Chief Financial Officer.
During the course of today's call, we may make forward-looking statements, including but not limited to statements regarding our guidance and future financial performance, market demand, product development, growth prospects, business strategies and plans,
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