Figma exhibits operational resilience by maintaining positive free cash flow margins, which reached 26.6% in 2026Q1, even as stock-based compensation reached $1.1 billion in 2025Q3.
| Cash from Operations | 250.81M | 250.68M | -61.72M | 1.05B |
| Operating CF Margin % | - | 23.74% | -8.24% | 207.44% |
| Operating CF Growth % | -45.29% | 506.18% | -105.89% | - |
| Net Income | -1.47B | -1.25B | -732.12M | 737.84M |
| Depreciation & Amortization | 20.17M | 15.59M | 7.69M | 8.5M |
| Stock-Based Compensation | 1.36B | 1.36B | 947.55M | 2.7M |
| Deferred Taxes | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 210.21M | 23.21M | -14.88M | 17.29M |
| Working Capital Changes | 94.24M | 98.2M | -269.96M | 281M |
| Change in Receivables | -76.2M | -117.72M | -42.67M | -39.58M |
| Change in Inventory | 0 | 0 | 0 | 0 |
| Change in Payables | 5.2M | 154K | 525K | -2.67M |
| Cash from Investing | -420.11M | -371.41M | -784.26M | -57.34M |
| Capital Expenditures | -18.47M | -4.44M | -7.42M | -6.46M |
| CapEx % of Revenue | 1.59% | 0.42% | 0.99% | 1.28% |
| Acquisitions | -37.34M | -58.34M | 0 | 0 |
| Investments | - | - | - | - |
| Other Investing | -57.37M | -45.26M | -982K | -196K |
| Cash from Financing | -44.54M | 43.34M | 62.45M | 0 |
| Debt Issued (Net) | -1.4M | -1.4M | 0 | 0 |
| Equity Issued (Net) | 572.26M | 543.75M | 59.14M | -2K |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | -861K | -2K |
| Other Financing | -615.4M | -499.01M | 3.31M | 2K |
| Net Change in Cash | -193.93M | -77.39M | -783.52M | 990M |
| Free Cash Flow | 237.41M | 246.24M | -69.14M | 1.04B |
| FCF Margin % | 20.45% | 23.32% | -9.23% | 206.17% |
| FCF Growth % | - | 456.15% | -106.64% | - |
| FCF per Share | 0.45 | 0.48 | -0.15 | 2.14 |
| FCF Conversion (FCF/Net Income) | -0.16x | -0.20x | 0.08x | 3.66x |
| Interest Paid | 0 | 0 | 0 | 0 |
| Taxes Paid | 4.95M | 0 | 195.76M | 7.04M |
Operating margin volatility
As reported in recent financial statements, Figma consistently generates positive operating cash flow despite significant net losses, with the OCF/NI ratio reaching an extreme 73.82 in 2025Q2, highlighting a substantial disconnect between GAAP accounting results and the company's actual ability to generate cash from its core operations.
The persistent gap between net income and operating cash flow suggests that non-cash charges, likely including heavy stock-based compensation and merger-related accounting adjustments, are significantly depressing reported earnings. Investors should interpret this divergence as a sign that the company's underlying business model is more cash-generative than the headline net income figures imply.
Based on the provided quarterly data, Figma maintained a positive free cash flow margin in every period since 2024Q4, peaking at 41.4% in 2025Q1, which indicates that the company's subscription-based revenue model is successfully funding its own growth without requiring external capital injections for day-to-day operations.
The ability to sustain positive FCF margins while simultaneously reporting large net losses suggests that the company is prioritizing aggressive reinvestment in R&D and market expansion. This trajectory appears to validate the product-led growth strategy, though the sustainability of these margins warrants further investigation as competitive pressures in the collaborative software space intensify.
According to the latest quarterly filings, Figma's capital expenditure remains remarkably low, with the CapEx/Revenue ratio peaking at only 2.6% in 2026Q1, reflecting a highly efficient, asset-light business model that avoids the heavy infrastructure requirements typical of traditional industrial or legacy software firms.
The minimal capital intensity confirms that the company's primary investment focus is on human capital and software development rather than physical hardware or data center ownership. This structure allows for significant operating leverage, as incremental revenue growth is unlikely to be constrained by the need for substantial capital outlays.
As evidenced by the positive working capital changes in four of the last six quarters, including a $34.6 million inflow in 2026Q1, Figma effectively utilizes its subscription billing cycle to bolster its cash position, suggesting strong collection efficiency and favorable payment terms with its enterprise customer base.
The consistent positive contribution from working capital changes indicates that the company is successfully managing its cash conversion cycle, likely benefiting from upfront annual payments common in enterprise SaaS contracts. This dynamic provides a critical liquidity buffer that helps offset the volatility observed in the company's reported net income.
Based on the provided financial data, stock-based compensation reached $1.1 billion in 2025Q3, a massive non-cash expense that significantly distorts the company's profitability profile and complicates the assessment of true economic costs associated with maintaining its engineering talent and competitive position in the UI/UX market.
While SBC is a standard tool for talent retention in the technology sector, the sheer scale of these adjustments suggests that the company's reported net income is not a reliable proxy for operational performance. Investors should monitor whether this reliance on equity-based compensation remains sustainable as the company transitions toward a potential public offering.
Quick answers to the most common questions about buying FIG stock.
Figma, Inc. (FIG) generated $250.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Figma, Inc. (FIG) generated $246.2M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Figma, Inc. (FIG) spent $4.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.