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%, 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.