Figma (FIG) Q4 2025 earnings summary

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%, a five-point sequential increase.

• Paid customers with over $10,000 in ARR reached 13,861, with 1,405 customers exceeding $100,000 and 67 surpassing $1 million.

• Expanded product suite from four to eight products in 2025, launching over 200 features, including AI-native functionality.

Financial highlights

• Q4 gross profit was $262 million (86% margin); full-year gross profit was $931 million (88% margin).

• Q4 operating income was $44 million (14% margin); full-year operating income was $130 million (12% margin).

• Q4 adjusted free cash flow was $38 million (13% margin); full year impacted by a $25 million one-time IP transfer tax.

• Q4 non-GAAP gross margin was 86%; Q4 GAAP gross margin was 82%.

• Cash, cash equivalents, and marketable securities totaled $1.7 billion at year-end.

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).

• Monetization of AI credits to begin in March 2026, not yet reflected in historical revenue.

• Adjusted free cash flow expected to be consistent with non-GAAP operating profit.