Figma, Inc. (FIG) Cash Flow Statement

The OCF/NI ratio of -0.54 in 2026Q2 underscores that non-cash charges, primarily SBC, are masking underlying cash profitability. This pattern persists across quarters, with SBC consistently exceeding net losses, suggesting that the company's cash burn is less severe than GAAP earnings imply. However, the reliance on SBC for cash flow positivity warrants monitoring, as it dilutes shareholders and may not be sustainable if equity compensation becomes less attractive.

The trajectory shows a declining FCF margin from 41.4% to 14.6% over the last five quarters, which may indicate increased working capital absorption or higher cash costs. However, the absolute FCF of $54.2M in 2026Q2 remains robust, and the company's FCF margin is still superior to many SaaS peers, suggesting that the core business model is cash-generative even as it scales. Investors should monitor whether this margin compression is a temporary phase or a structural shift.

CapEx of $6.7M against $370.1M in revenue underscores the asset-light nature of Figma's operations, with capital intensity far below that of hardware or infrastructure-heavy peers. This low capex requirement suggests that the company can scale revenue without significant incremental capital investment, which is a positive signal for future cash flow generation. However, the minimal capex also implies that the company's competitive advantage relies more on intangible assets like R&D and human capital, which are expensed through the income statement.

The positive working capital adjustments, particularly in 2025Q1 and 2025Q2, suggest that Figma is collecting cash from customers faster than it pays suppliers, a common trait in subscription businesses with upfront billing. The variability in these adjustments, from -$3.0M to +$38.5M, may reflect seasonality or changes in billing terms, but overall, the company appears to be managing its working capital effectively, which supports cash flow stability.

The absence of dividends and buybacks is typical for a high-growth company in its pre-IPO phase, as it prioritizes reinvestment in product development and market expansion. The $37.3M acquisition in 2025Q4, likely for talent or technology, is modest relative to revenue and suggests a disciplined M&A approach. Investors should expect capital deployment to remain focused on organic growth until the company approaches profitability, at which point capital return policies may emerge.

The gap between net income and operating cash flow is stark, with cumulative OCF/NI ratios often negative, indicating that accounting losses are not translating into cash outflows. This divergence is primarily due to stock-based compensation, which is a non-cash expense, and the $1.1B loss in 2025Q3 likely includes the Adobe termination fee, a one-time cash outflow. While the positive operating cash flow is encouraging, the reliance on SBC to bridge the gap raises questions about the sustainability of this pattern if equity compensation becomes less dilutive or if the company needs to conserve cash.