Revenue growth remains strong at 46.1% year-over-year, yet gross margins have compressed to 79.4% in 2026Q1, reflecting potential cost pressures in cloud infrastructure or product mix shifts.
| Sales/Revenue | 1.16B | 1.06B | 749.01M | 504.87M |
| Revenue Growth % | - | 40.96% | 48.36% | - |
| Cost of Goods Sold | 234.74M | 185.53M | 87.51M | 44.5M |
| COGS % of Revenue | - | 17.57% | 11.68% | 8.81% |
| Gross Profit | 926.29M | 870.26M | 661.5M | 460.37M |
| Gross Margin % | 79.78% | 82.43% | 88.32% | 91.19% |
| Gross Profit Growth % | - | 31.56% | 43.69% | - |
| Operating Expenses | 2.39B | 2.16B | 1.54B | 533.83M |
| OpEx % of Revenue | - | 204.65% | 205.46% | 105.74% |
| Selling, General & Admin | 1.26B | 1.13B | 787.81M | 369.06M |
| SG&A % of Revenue | - | 107.13% | 105.18% | 73.1% |
| Research & Development | 1.13B | 1.03B | 751.12M | 164.77M |
| R&D % of Revenue | - | 97.53% | 100.28% | 32.64% |
| Other Operating Expenses | 0 | 0 | 0 | 0 |
| Operating Income | -1.47B | -1.29B | -877.43M | -73.46M |
| Operating Margin % | -126.41% | -122.23% | -117.15% | -14.55% |
| Operating Income Growth % | - | -47.07% | -1094.5% | - |
| EBITDA | -1.46B | -1.27B | -869.74M | -64.96M |
| EBITDA Margin % | -125.71% | -120.75% | -116.12% | -12.87% |
| EBITDA Growth % | - | -46.58% | -1238.91% | - |
| D&A (Non-Cash Add-back) | 8.02M | 15.59M | 7.69M | 8.5M |
| EBIT | -1.44B | -1.29B | -877.43M | -73.46M |
| Net Interest Income | 46.67M | 62.2M | 63.7M | 19.85M |
| Interest Income | 46.67M | 62.2M | 63.7M | 19.85M |
| Interest Expense | 0 | 0 | 0 | 0 |
| Other Income/Expense | 53.22M | 64.81M | 84.36M | 1.02B |
| Pretax Income | -1.41B | -1.23B | -793.07M | 945.92M |
| Pretax Margin % | -121.82% | -116.09% | -105.88% | 187.36% |
| Income Tax | 23.36M | 24.82M | -60.95M | 208.08M |
| Effective Tax Rate % | -1.65% | -2.03% | 7.69% | 22% |
| Net Income | -1.47B | -1.25B | -732.12M | 285.86M |
| Net Margin % | -126.19% | -118.44% | -97.74% | 56.62% |
| Net Income Growth % | - | -70.8% | -356.11% | - |
| Net Income (Continuing) | -1.44B | -1.25B | -732.12M | 737.84M |
| Discontinued Operations | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.80 | -2.45 | -3.11 | 0.59 |
| EPS Growth % | - | 21.22% | -627.12% | - |
| EPS (Basic) | - | -2.45 | -3.11 | 0.59 |
| Diluted Shares Outstanding | 523.49M | 511.04M | 448.21M | 487.46M |
| Basic Shares Outstanding | 523.49M | 511.04M | 448.21M | 487.46M |
| Dividend Payout Ratio | - | - | - | - |
Operating margin volatility
According to the latest quarterly data, Figma achieved a 46.1% year-over-year revenue growth rate in 2026Q1, demonstrating that the company continues to successfully scale its subscription-based model despite the broader macroeconomic headwinds currently impacting enterprise software spending across the technology sector and professional design tool markets.
The acceleration in revenue growth suggests that the company's land-and-expand strategy, particularly through the adoption of Dev Mode and FigJam, is effectively capturing incremental seat volume. Investors should monitor whether this growth trajectory remains durable as the company attempts to penetrate deeper into the developer workflow, which may face higher competition from incumbent productivity suites.
As reported in recent financial statements, Figma's gross margin contracted to 79.4% in 2026Q1, a notable decline from the 92.4% peak observed in 2024Q4, which may indicate rising cloud infrastructure costs or a shift in product mix toward lower-margin offerings within the collaborative suite.
While an 80% range gross margin remains robust for a SaaS platform, the downward trend suggests that the cost of delivering real-time, browser-based rendering is scaling faster than anticipated. This compression warrants further investigation into whether the company is sacrificing pricing power to defend its market position against emerging generative AI-integrated design competitors.
Based on the provided figures, Figma's R&D expenditure reached $173.0 million in 2026Q1, representing a significant portion of revenue that reflects the company's aggressive investment in maintaining its proprietary WebAssembly-based rendering engine and expanding its feature set to compete with established enterprise software incumbents.
The high R&D spend appears to be a strategic choice to widen the moat, yet it creates a heavy burden on the income statement that prevents meaningful operating leverage. Analysts should evaluate whether these investments are yielding proportional increases in user engagement or if they represent a permanent, high-cost baseline required to sustain the platform's performance advantage.
As evidenced by the extreme volatility in net income, including the $1.1 billion loss reported in 2025Q3, the company's bottom-line performance is heavily influenced by non-recurring items, likely related to the termination of the Adobe merger, which complicates the assessment of underlying operational profitability for potential investors.
The massive fluctuations in net income and the significant stock-based compensation charges suggest that GAAP earnings are currently an unreliable metric for assessing the company's health. Investors should focus on normalized operating metrics to determine if the core business can achieve sustainable profitability once these one-time accounting distortions are fully cycled out of the financial results.
Quick answers to the most common questions about buying FIG stock.
For fiscal year 2025, Figma, Inc. (FIG) reported total revenue of $1.06B. This represents a 109.1% increase compared to $504.9M in 2023.
Figma, Inc. (FIG) reported a net loss of $1.25B for the fiscal year ending 2025.
Figma, Inc. (FIG) reported an operating income of $-1290.5M, resulting in an operating profit margin of -122.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Figma, Inc. (FIG) generated $870.3M in gross profit for the year, representing a gross profit margin of 82.4%. This demonstrates the company's core pricing power and production efficiency.