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Company Research23 May 2025
Upcoming IPOs to Watch in 2025
Potential IPOs in 2025 include prominent names like Shein, Databricks, Klarna, eToro, and Figma, to name a few. Let's take a closer look.
Figma
Figma (FIG) investor relations material
Figma Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary18 Feb, 2026
Executive summary
Q4 2025 revenue reached $304 million, up 40% year-over-year, marking the best quarter to date and exceeding guidance.
Full-year 2025 revenue was $1.056 billion, up 41% year-over-year, with international revenue growing 45%.
Net dollar retention for customers with over $10,000 ARR rose to 136%, with gross retention at 97%.
Paid customers with over $10,000 in ARR reached 13,861, with 1,405 over $100,000 and 67 over $1 million.
Weekly active users of Figma Make grew over 70% quarter-over-quarter, with over 50% of $100K+ ARR customers using it weekly.
Financial highlights
Q4 gross profit was $262 million (86% margin); full-year gross profit was $931 million (88% margin).
Q4 non-GAAP operating income was $44 million (14% margin); full-year non-GAAP operating income was $130 million (12% margin).
Q4 adjusted free cash flow margin was 13%; full-year adjusted free cash flow margin was 23%.
Cash, cash equivalents, and marketable securities stood at $1.7 billion at year-end.
Q4 GAAP loss from operations was $(195.5) million, impacted by IPO-related stock-based compensation.
Outlook and guidance
Q1 2026 revenue expected between $315–$317 million, implying 38% growth at midpoint.
Full-year 2026 revenue guidance is $1.366–$1.374 billion, 30% growth at midpoint.
Full-year non-GAAP operating income expected between $100–$110 million (8% margin midpoint).
Adjusted free cash flow expected to be consistent with non-GAAP operating profit.
Monetization of AI credits to begin in March 2026, not yet reflected in historical revenue.
Path to GAAP operating profitability
Quantify AI's impact on customer engagement
Factors for FY26 revenue growth deceleration
AI credit monetization impact on revenue predictability
Figma Make: new user types and seat expansion
Figma's differentiation as AI automates coding
Partial view of Summaries dataset, powered by Quartr API
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Next Figma earnings date
Q1 20266 May, 2026
Figma
Next Figma earnings date
Q1 20266 May, 2026
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Frequently asked questions
Figma is a software company that provides a collaborative interface design platform used for user interface (UI) and user experience (UX) design. Its primary product enables teams to design, prototype, and gather feedback in real time through a browser-based environment. Figma also offers tools for vector graphics editing, design systems management, and developer handoff, aiming to streamline the digital product development process. The platform is widely used by designers, developers, and product teams across various industries to create and iterate on web and mobile interfaces. The company is headquartered in San Francisco, California, and its shares are listed on the NYSE.
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