Revenue accelerated to $370.1M in 2026Q2 (48.2% YoY growth), yet operating margin remained deeply negative at -31.7%, with R&D and SG&A expenses exceeding gross profit by $117.3M.
Figma, Inc. (FIG) annual income statement — 3-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 |
|---|
| Sales/Revenue | 1.28B | 1.06B | 749.01M | 504.87M |
| Revenue Growth % | - | 40.96% | 48.36% | - |
| Cost of Goods Sold | 267.32M | 185.53M | 87.51M | 44.5M |
| COGS % of Revenue | - | 17.57% | 11.68% | 8.81% |
| Gross Profit | 1.01B | 870.26M | 661.5M | 460.37M |
| Gross Margin % | 79.14% | 82.43% | 88.32% | 91.19% |
| Gross Profit Growth % | - | 31.56% | 43.69% | - |
| Operating Expenses | 2.6B | 2.16B | 1.54B | 533.83M |
| OpEx % of Revenue | - | 204.65% | 205.46% | 105.74% |
| Selling, General & Admin | 1.38B | 1.13B | 787.81M | 369.06M |
| SG&A % of Revenue | - | 107.13% | 105.18% | 73.1% |
| Research & Development | 1.22B | 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 | -1.59B | -1.29B | -877.43M | -73.46M |
| Operating Margin % | -123.84% | -122.23% | -117.15% | -14.55% |
| Operating Income Growth % | - | -47.07% | -1094.5% | - |
| EBITDA | -1.57B | -1.27B | -869.74M | -64.96M |
| EBITDA Margin % | -122.22% | -120.75% | -116.12% | -12.87% |
| EBITDA Growth % | - | -46.58% | -1238.91% | - |
| D&A (Non-Cash Add-back) | 20.79M | 15.59M | 7.69M | 8.5M |
| EBIT | -1.56B | -1.23B | -793.07M | 945.92M |
| Net Interest Income | 30.9M | 62.2M | 63.7M | 19.85M |
| Interest Income | 30.9M | 62.2M | 63.7M | 19.85M |
| Interest Expense | 0 | 0 | 0 | 0 |
| Other Income/Expense | 23.85M | 64.81M | 84.36M | 1.02B |
| Pretax Income | -1.56B | -1.23B | -793.07M | 945.92M |
| Pretax Margin % | -121.98% | -116.09% | -105.88% | 187.36% |
| Income Tax | 15.01M | 24.82M | -60.95M | 208.08M |
| Effective Tax Rate % | -0.96% | -2.03% | 7.69% | 22% |
| Net Income | -1.58B | -1.25B | -732.12M | 285.86M |
| Net Margin % | -123.15% | -118.44% | -97.74% | 56.62% |
| Net Income Growth % | - | -70.8% | -356.11% | - |
| Net Income (Continuing) | -1.58B | -1.25B | -732.12M | 737.84M |
| Discontinued Operations | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.99 | -2.45 | -3.11 | 0.59 |
| EPS Growth % | - | 21.22% | -627.12% | - |
| EPS (Basic) | - | -2.45 | -3.11 | 0.59 |
| Diluted Shares Outstanding | 527.46M | 511.04M | 448.21M | 487.46M |
| Basic Shares Outstanding | 527.46M | 511.04M | 448.21M | 487.46M |
| Dividend Payout Ratio | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Persistent negative operating margins
Metrics are mathematically derived from official filings.
Accelerating Revenue Momentum
Figma's revenue grew 48.2% year-over-year in 2026Q2, accelerating from 40.0% in 2025Q4, according to reported financials, suggesting sustained demand for its collaborative design platform.
The sequential acceleration in revenue growth, from 40.0% in 2025Q4 to 48.2% in 2026Q2, indicates that the company is gaining traction, possibly driven by expansion into developer workflows and enterprise adoption. This trend appears durable given the company's product-led growth model and the increasing importance of design in software development. However, investors should monitor whether this acceleration is sustainable as the base of revenue grows.
Gross Margin Volatility and Recovery
Gross margin swung from 88.8% in 2025Q2 to 69.4% in 2025Q3, then recovered to 83.7% in 2026Q2, based on reported figures, indicating significant variability in cost of goods sold.
The gross margin dip in 2025Q3 to 69.4% appears anomalous, possibly due to one-time costs or accounting adjustments, as it rebounded to 83.7% in 2026Q2. This volatility suggests that the underlying cost structure is not as stable as typical software companies, warranting further investigation into the drivers of COGS. The long-term trend, excluding the outlier quarter, shows gross margins in the low-to-mid 80s, which is competitive but below Adobe's 88.6%.
Operating Leverage Yet to Materialize
Despite revenue growth, operating losses widened to -$117.3M in 2026Q2 from -$195.5M in 2025Q4, as reported, indicating that operating expenses are scaling faster than gross profit.
The operating margin improved from -64.4% in 2025Q4 to -31.7% in 2026Q2, but the company remains deeply unprofitable. The heavy investment in R&D and SG&A, which together exceeded gross profit in most quarters, suggests that Figma is prioritizing growth over profitability. This may be a deliberate strategy to capture market share, but investors should monitor when operating leverage will kick in, as the current trajectory implies continued cash burn.
Earnings Distorted by One-Time Items
Net income swung from a positive $97.8M in 2024Q4 to a loss of -$1.1B in 2025Q3, according to financial statements, likely reflecting the Adobe termination fee and other non-recurring charges.
The extreme volatility in net income, including a massive loss in 2025Q3, appears to be driven by one-time items such as the $1 billion termination fee from the failed Adobe merger. Excluding these anomalies, the underlying earnings quality is poor, with persistent operating losses and significant stock-based compensation (SBC) of $147.6M in 2026Q2. SBC inflates expenses and dilutes shareholders, making reported EPS less indicative of cash-generating ability.
R&D and SG&A Outpacing Revenue
R&D and SG&A expenses totaled $426.9M in 2026Q2, exceeding gross profit of $309.6M, as reported, highlighting the company's aggressive investment in product development and sales.
The cost structure is dominated by R&D and SG&A, which are growing faster than revenue, indicating that Figma is investing heavily in expanding its product suite and go-to-market capabilities. While this is typical for high-growth SaaS companies, the scale of investment is substantial, and management's expense discipline will be critical to achieving profitability. The recent launch of new products like Figma Slides and AI tools likely contributes to elevated R&D costs.
2025Q3: A Pivotal Quarter
In 2025Q3, Figma reported a net loss of -$1.1B and an operating margin of -4.1%, according to reported data, marking a significant inflection point driven by the Adobe merger termination.
The 2025Q3 quarter stands out as a major inflection point, with a massive loss and a spike in R&D and SG&A expenses to $680.9M and $646.2M, respectively. This appears to be directly related to the termination of the Adobe acquisition, which likely triggered one-time charges and a strategic pivot to standalone operations. The lasting impact is that Figma now faces the challenge of proving its ability to operate profitably without the backing of a larger acquirer, and the subsequent quarters show a gradual recovery in margins but still deep losses.
Profitability Concerns Loom Large
Despite accelerating revenue, Figma's operating margin of -31.7% in 2026Q2, as reported, remains far worse than peers like Adobe's 36.6%, raising questions about the path to profitability.
Short-sellers would likely focus on the persistent negative operating margins, which have not improved meaningfully even as revenue scales. The company's heavy reliance on stock-based compensation and the potential for AI to reduce the need for design seats could threaten its per-seat revenue model. Additionally, the competitive landscape, with Adobe's strong margins and the emergence of AI-driven design tools, may pressure Figma's pricing power. Investors should monitor whether management can rein in expenses and achieve operating leverage, as the current trajectory suggests continued cash burn and dilution.