Figma NYSE: FIG delivered a fiscal fourth-quarter performance that not only beat expectations but also challenged a prevailing market fear. For months, a narrative dubbed the "SaaSpocalypse" has weighed on software stocks.
Figma CEO Dylan Field joins 'Squawk Box' to discuss the company's quarterly earnings results, Anthropic partnership, state of the AI tech race, and more.
Figma, Inc. (FIG) Q4 2025 Earnings Call Transcript
The headline numbers for Figma, Inc. (FIG) give insight into how the company performed in the quarter ended December 2025, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.
Figma forecast annual revenue above Wall Street expectations on Wednesday, as the design software maker anticipates robust demand and bets on its efforts to expand its user base, sending its shares up around 15% in extended trading.
Figma's fourth-quarter results and quarterly guidance surpassed consensus. The company will start enforcing monthly limits on artificial intelligence use in March.
FIG gears up for Q4 results as AI product launches and rapid customer growth drive revenues toward $293 million, but rising costs may pressure margins.
Figma shares have fallen 58% since the last quarterly report, compressing valuation to an EV/S of 9.4x, despite hyper revenue growth (38% year on year last quarter) and market leadership. Recent AI-driven product launches, notably Figma Make, and a shift to usage-based pricing are expected to drive revenue acceleration and expand the addressable market. Concerns over Anthropic Claude Cowork competition are overstated; Figma's collaboration moat and integration with AI partners underpin its sustained growth potential.
AI stocks look set to keep gaining. Figma is now trading near its IPO price.
FIG's 2025 AI push, from Gemini image tools to ChatGPT-powered creation, is driving customer growth and retention despite recent share weakness.
FIG's stock decline and margin pressures meet rapid customer and product growth, raising key questions about FIG's near-term outlook.
Figma is upgraded to a "Buy" rating after the valuation reset. FIG demonstrates strong fundamentals with 38% YoY revenue growth, 131% net dollar retention, and robust AI integration driving customer engagement. Consensus estimates appear too conservative; I expect FIG to deliver higher growth and margins, positioning it as a long-term AI winner in software.