FIG raises its 2026 revenue outlook as AI credit use broadens, while Q3 guidance and beta-product costs keep monetization and margins in focus.
Figma NYSE: FIG reported second-quarter 2026 revenue of $370 million, up 48% from a year earlier, as the company recorded its third consecutive quarter of accelerating growth and its first full quarter of AI credit monetization.
Figma remains a contrarian "Buy," offering hyper-growth, strong net retention, and reasonable valuation despite recent share price weakness and market skepticism. FIG posted Q2 revenue growth of 48% y/y to $370.1 million, beating expectations, with net dollar retention at an exceptional 136% and gross margins reaching 85%. AI-driven agentic features and credit monetization are driving deeper customer engagement and supporting both top-line acceleration and margin expansion.
Figma is downgraded to a sell rating due to weakening business momentum and an elevated valuation. Q2 showed strong customer growth and net dollar retention, but gross margin contracted YoY to 85%. Revenue growth is set to decelerate in Q3 and the full year, raising concerns about the durability of AI-driven catalysts.
Shares of Figma Inc (NYSE: FIG) are down more than 14% in premarket trading on Thursday as investors appear to be having doubts about its heavy investments in AI.
Figma, Inc. (FIG) Q2 2026 Earnings Call Transcript
While the top- and bottom-line numbers for Figma, Inc. (FIG) give a sense of how the business performed in the quarter ended June 2026, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.
Figma, Inc. (FIG) came out with quarterly earnings of $0.08 per share, beating the Zacks Consensus Estimate of $0.04 per share. This compares to a loss of $0.04 per share a year ago.
Figma, Inc. (FIG) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Figma (NYSE:FIG) has whipsawed from post-listing euphoria into a brutal reset.
Figma continues to be plagued by concerns about AI disruption. Favorable analyst commentary helped stabilize the stock and led to a comeback in July.
Figma (NYSE:FIG) was reinstated with a ‘Buy' rating and a $30 price objective by Bank of America, with the firm arguing that artificial intelligence is likely to strengthen the company's competitive position rather than undermine it. Shares of Figma traded higher on the news, adding more than 7% at about $23 on Tuesday afternoon.