10-Q · May 14, 2026
Figma reported a strong Q1 for 2026 with revenues of $333.4 million, exceeding expectations by 5.5% and reflecting a significant year-over-year growth of 46%. While gross margins improved to 79%, substantial operating…
Earnings analysis · 10-Q
FIG earnings analysis
Filed November 4, 2026 · Our reading of the company's report
The latest report
Figma delivered Q3 revenue of $391.415 million and non-GAAP diluted EPS of $0.10, exceeding consensus revenue of $376.313 million and EPS of $0.01. Revenue increased from $370 million in Q2 2026 and $274 million in Q3…
Read full summary
Figma delivered Q3 revenue of $391.415 million and non-GAAP diluted EPS of $0.10, exceeding consensus revenue of $376.313 million and EPS of $0.01. Revenue increased from $370 million in Q2 2026 and $274 million in Q3 2025, while full-year revenue guidance was raised by $33.0 million to $1.497 billion-$1.499 billion. However, GAAP losses remain substantial at a $119.2 million operating loss and an $81.3 million net loss, and management expects AI investments to pressure margins in the short term.
Reported figures
- Earnings per share
- $0.1
What stood out
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Revenue and EPS Beat Estimates
Q3 revenue was $391.415 million, up from $370 million in Q2 2026 and $274 million in Q3 2025; the company also reported non-GAAP diluted EPS of $0.10 versus consensus of $0.01.
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Full-Year Outlook Raised
Full-year revenue guidance increased by $33.0 million to $1.497 billion-$1.499 billion, while Q4 revenue guidance was set at $402.0 million-$404.0 million.
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Strong Liquidity Position
The company held $508.0 million of cash and cash equivalents and $1.2 billion of marketable securities as of September 30, 2026, providing substantial liquidity for operations and investment.
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No Revolver Borrowings
The company had no amounts outstanding under its $500.0 million Revolving Credit Facility as of September 30, 2026, while the facility requires minimum quarterly liquidity of $100.0 million.
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Controls Remained Effective
Disclosure controls and procedures were concluded effective at a reasonable assurance level as of September 30, 2026, and management reported no changes in internal control over financial reporting that materially affected controls.
What to watch
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GAAP Losses Persist
GAAP operating profitability remained negative, with a $119.2 million operating loss and an $81.3 million net loss in Q3, despite reported non-GAAP diluted EPS of $0.10.
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AI Investment May Pressure Margins
Management states that AI investments and AI technologies are expected to negatively impact gross and operating margins in the short term; the filing also cites a $391.415 million Q3 revenue base against full-year non-GAAP operating income guidance of $158.0 million-$163.0 million.
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AI Billing and Churn Risk
The company reported elevated customer support volume, customer dissatisfaction, and reduced usage by certain customers after enforcing AI credit limits beginning in March 2026; the filing states that AI credit and usage billing errors could lead to credits, refunds, disputes, and regulatory scrutiny.
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Sanctions Compliance Exposure
The company disclosed a voluntary OFAC self-disclosure concerning potential sanctions violations; in September 2026 OFAC issued a Cautionary Letter, although no monetary penalties or further enforcement action were taken.
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Cryptocurrency Investment Volatility
As of September 30, 2026, the company held $14.4 million of Bitcoin and $70.3 million of Bitcoin ETF investments, exposing results and liquidity to cryptocurrency price volatility.
Management's outlook
Full-year revenue guidance was raised by $33.0 million to $1.497 billion-$1.499 billion; full-year non-GAAP operating income guidance is $158.0 million-$163.0 million, and Q4 revenue guidance is $402.0 million-$404.0 million.
Earlier filings 1
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.